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FINANCIALRESULTS 3Q - 2025
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Legal Disclaimer Financial Results This document was prepared by Ecopetrol S.A. (the “Company” or “Ecopetrol”) with the purpose of providing the market and interested parties certain financial and other information of the Company. This document may include strategy discussions and forward-looking statements regarding the probable development of Ecopetrol’s business. Said projections and statements include references to estimates or expectations of the Company regarding its future and operational results. Potential investors and the market in general should be aware that the information provided herein does not constitute any guarantee of its performance, risks or uncertainties that may occur or materialize. Actual results may fluctuate and differ from those provided herein due to several factors outside of the control of the Company. Such forward-looking statements speak only as at the date in which they are made and neither Ecopetrol nor its advisors, officers, employees, directors or agents, make any representation nor shall assume any responsibility in the event actual performance of the Company differs from what is provided herein. Moreover, Ecopetrol, its advisors, officers, employees, directors or agents shall not have any obligation whatsoever to update, correct, amend or adjust this presentation based on new information or events occurring after its disclosure. Additional factors that may affect the future results of Ecopetrol are set forth in the section entitled “Risk Factors” in the Company’s Report on Form 20-F for the year ended December 31, 2023, and in the Company’s other filings with Securities and Exchange Commission (the “SEC”), which are available at www.sec.gov. This presentation is for discussion purposes only and is incomplete without reference to, and should be viewed solely in conjunction with, the oral briefing provided by Ecopetrol. Neither this presentation nor any of its contents may be used for any other purpose without the prior written consent of Ecopetrol. The information contained in this earnings report relating to operational information, financial information and/or statistical data pertaining to companies or institutions that might be considered peer group companies to Ecopetrol has been obtained from public sources available to the general public and is being used solely for informative and statistical purposes. We have not independently verified any such operational information, financial information and/or statistical data, although we believe such operational information, financial information and/or statistical data has been obtained from reliable sources. Ecopetrol S.A. is not liable and does not assume any responsibility for the accuracy, veracity or authenticity of any such operational information, financial information and/or statistical data. 2
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Rafael Guzmán Executive VP of Hydrocarbons Camilo Barco Chief Financial Officer Bayron Triana Executive VP Energies for the Transition Ricardo Roa Chief Executive Officer 3
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Strategic Pillars Driving our 2025 Targets Safeguarding our Core Business Capital Discipline & Cost Control Developing Natural Gas Projects and Delivering Profitable Contributions to Energy Security Integration of Renewable Energy Challenges Ahead for 2025 closure Volatility of external factors External events Progress in regulatory and licensing processes 4
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681 684 720 741 754 751 979 1,012 1,075 1,127 1,108 1,118 324 354 395 410 401 429 3Q-2020 3Q-2021 3Q-2022 3Q-2023 3Q-2024 3Q-2025 Operational Strengthening Leveraged Goal Achievements 5 mboed mbd mbd 9M: Nine Months. 3T: Third Quarter 751 9M-2025 1,098 413 9M-2025 9M-2025 Upstream Midstream Downstream Exploratory Activity Above Plan 10* wells drilled and 3 in progress (2025 target: 10 wells in total) Production at the Upper End of Target (target 2025: 740 to 750 mboed) ANLA Enabled Gas Imports leveraging Cenit infrastructure in Coveñas Reversal of Coveñas–Ayacucho Pipeline to enable crude imports 3Q25 Throughput – Returning to High Levels Boosted after ending maintenance cycles during 1H25 Commercializationof Solid Asphalt Exports initiated from Cartagena *Includes 8 wells drilled by Ecopetrol and 2 wells drilled under joint venture agreements
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34.6 34.8 31.4 29.7 29.8 14.0 11.9 13.3 11.1 12.3 3.6 3.9 3.1 1.8 2.6 3Q24 4Q24 1Q25 2Q25 3Q25 322 322 314 280 273 79 74 75 67 68 Cost Control Drives Recovery in Financial Performance 6 Brent USD/Bl EBITDA (TCOP) Revenues (TCOP) Net Income (TCOP) EBITDA Margin 11.0 7.5 3.8 9M - 2024 9M-2025 Normalized 11.3 Efficiencies 9M-2025 Early achievement of annual target (4 Bcop) 4.1 TCOP CapEx 9M-2025 +117 MUSD vs 9M-2024 72% of annual target 4,179 MUSD 40% 34% 42% 38% 41% 98.5 90.9 42.3 36.7 11.0 7.5 9M24 9M25 Cumulative figures 9M25 Competitive Crude Differential Versus Historical Levels -3.9 USD/BL 43% 40% Exchange Rate Average COP/USD 82 70 Brent USD/Bl -15% Net income affected by external factors (TCOP) 76% Market* 13% External events 11% Others** Brent in pesos kCOP/Bl * Includes Brent price, exchange rate, and inflation 4,094 4,347 4,193 4,199 4,004 ** Include taxes and ISA tariff adjustment
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Advances in TESG Position Ecopetrol as a Great Place to Work 379 mTCO2e Accumulated GHG1 Emission Reductions 55% above target (244 mTCO₂e) 105 BCOP Savings for Energy Source Substitution 9M25 - Including grid purchases from specific FNCER² projects “Highly Satisfactory” level in Work Environment Index, improved from 60 to 68. “Outstanding achievement in workplace environment management” GPTW Director 234 MW FNCER Projects in Operation La Iguana Solar Farm begins operation Awards and Certifications • Global Red Pact Colombia – Best Practices in Sustainable Development • ISO 37001 – Anti-Bribery Management System Certification Employee Representation on the Board of Directors Approved at the Extraordinary Shareholders’ Meeting 1. Greenhouse Gases 7 321 BCOP Cumulative Investments made in Sustainable Territorial Development Portfolio 2. non-conventional renewable energy sources
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Hydrocarbons
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Exploratory success: • Sirius-2 ST2 • Currucutú-1 • Toritos Sur-3 • Toritos Oeste-1 • Toritos Norte-3 • Matraquero-1 Under evaluation: 8 wells drilled 3 Wells being drilled • Floreña N-18Y • Papayuela-1 • Toritos Este-1 2 wells drilled under association contracts • Cosecha GNE-1 (Exitoso) • Guarilaque West-1 (Falla) Exploration and Production Exploratory Activity above plan Diversified Production Portfolio Drove Goal Achievement Production (MBOED) 502 508 516 512 519 522-525 142 155 148 137 118 118-12029 42 66 103 114 100-105 673 706 729 752 751 740-750 9M 2021 9M 2022 9M 2023 9M 2024 9M 2025 Py 2025 National crudeNational gas + whitesInternational 41% Contribution of enhanced recovery to production 915 MBPE Contingent Resources (Gross) – Air Injection in Chichimene Mid/long-term potential +4.4 mboed 2Q25 vs 3Q25 Management of external events in Caño Limón 95 -100 mboed Estimated 2025 Vs. 90 mboed Plan Permian Floreña UP16 Development well Production since October 19th Gas Exploratory wells ***First Gas: 3 years after obtaining all environmental licenses Sirius Project Progress Commercial discoveries: Toritos & Saltador 50%50% 4 commercial discoveries during the year enabling resources to progress to development 44.44%55.56% 1,900 BPD net Daily production of 4,600 BPD gross (sep) **52% progress across 120 communities for subsea pipeline and beach crossing First gasSirius-1 Discovery Exploration + Delimitation Development plan Sirius-2* FID Environmental licenses Prior consultations** Project execution*** Completed In execution Scheduled 2022 2023 2024 2025 2026 2027 2028 2029 2030 *2024 potential confirmation. 2025: Sirius-2ST2 technical tests
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Sustained Financial Performance Integrated Throughput (mbpd)Transported Volume (mbd) 824 802 303 296 9M24 9M25 1,126 1,098 -3% ∼77% - External Events ∼23% - Scheduled Maintenance in Refineries • Reversal of the Ayacucho–Coveñas L16” system for crude imports to the Barrancabermeja Refinery • Historic record in pipeline capacity usage: Vasconia–Barrancabermeja Refinery: 204.6 kbd and Colombia Pipeline (ODC): 203 kbd • Recovery of transported volume through operational resilience Stable financial results supported by operational efficiency and cost control Solid Operational and Financial Results in Transportation and Refining Third-party volumes, increased deliveries from refineries 9M24 9M25 3.9 8.3 3.8 8.8 +6% MIDSTREAM DOWNSTREAM 418 413 9M24 9M25 401 3Q24 401 4Q24 396 1Q25 413 2Q25 429 3Q25 +7% +4% 3Q25: Second quarter with the highest throughput of the segment’s history, driven by the completion of scheduled maintenances and better prices 2,001 9M24 1,930 9M25 Financial Performance Recovery • 70% progress in the electrical reliability recovery plan at the Cartagena Refinery • Cleaner fuels: marine diesel with 2% biodiesel 9M24 9M25 10.3 12.6 +22% Gross Refining Margin (USD/Bl) 120 0.7% 3Q24 246 1.4% 4Q24 482 2.8% 1Q25 665 4.2% 2Q25 783 4.7% 3Q25 +18% EBITDA BCOP EBITDA margin EBITDA on an upward trend, reflecting cost efficiency and greater operational stability 808 790 803 787 815 299 306 289 297 303 3Q24 4Q24 1Q25 2Q25 3Q25 1,108 1,096 1,092 1,084 1,118 +1% +3% Products Crude 3Q24 4Q24 1Q5 2Q25 3Q25 1.2 2.7 1.3 2.7 1.3 3.1 1.3 2.9 1.2 2.8 +2% Net income (TCOP) EBITDA (TCOP) Maximizing Infrastructure Utilization 1. Higher average exchange rate 2. Contingent operation Caño Limón – Banadía 3. Tariff updates Transportation & Refining
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Operating Efficiency Underpinned Value Maximization and Mitigated Cost Pressures Cost and Efficiencies Total Unit Hydrocarbon Cost* Maximized Value in Refining Efficiencies contributed 0.38 USD/Bl to cost reduction USD/Bl Lifting Cost 74.4% 2016 84.9% 2018 87.6% 2020 88.2% 2022 90.6% 2024 90.9% sept-25 +3.1% Reduction in fuel oil production by redirecting streams to more valuable products Conversion Index at Barrancabermeja Refinery (%) Most significant optimizations: Lifting Cost ~0.91 USD/Bl, transported Barrel Cost ~0,01 USD/Bl, Refining Cash Cost~ 0,1 USD/Bl *Total Unit Hydrocarbon Cost = (Purchases + Imports + Operating Costs + Operating Expenses – Depreciation – Amortization – Taxes) / Equivalent barrels sold. Includes volumes of crude oil, gas, refined products, and petrochemicals. 0 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 0 10,000 20,000 30,000 40,000 50,000 60,00051,795 3Q24 56,905 4Q24 46,964 1Q25 50,260 2Q25 48,755 3Q25 12.7 13.1 11.2 12.0 12.2 Lifting Cost USD/BI Lifting Cost COP/BI 9M24 0.45 Exchange rate 0.04 Volume 0.35 Operation 0.38 Efficiencies 11.81 9M25 12.25 -0.44 -4% 3Q24 3Q25 9M24 9M25 48.2 46.4 47.3 45.5 -1.8 -1.8 USD/Bl
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Operating Optimization of Costs and Investments 5.94 4.74 5.14 4.85 9M22 9M23 9M24 9M25 1,326 1,502 1,396 1,374 9M22 9M23 9M24 9M25 # of maintenance operations (Well services) Average cost per intervention(USD) 7.07 7.84 8.40 8.79 9.281.73 1.64 1.62 1.71 1.64 2021 2022 2023 2024 9M25 Total fluids per day, annual average (MBFED) Energy intensity (kWh/MBFE) Energy efficiency: more energy-efficient processes in energy consumption Technology upgrades (e.g., widespread adoption of permanent magnet motors) Efficient energy management (21% Lifting Cost) Dilution cost (USD/Bl) USD/Bl Efficient Subsurface Management (13% Lifting Cost) Cost Management Efficient Dilution Management 10.3 8.9 8.8 1.1 1.4 1.2 Tiempo Operacional Impactos Ext 11.4 10.3 10 (USD/FT) 242 236 204 51 23 15 CPP Operacional Impactos Ext 293 259 218 2023 2024 @Sep 2025 • Orotoy Station: Multi-field facility • Frontera Project to maintain water injection in Akacías and Chichimene wells • Utilization of CPO09 and Chichimene pipelines *Figures from Ecopetrol S.A. direct operation, excluding Piedemonte Chichimiene Station Akacías Lorito Tejón Cluster Orotoy Station 1.64 Investment management Operating synergies between facilities Cost per foot drilled* Average drilling times* (Days) 2023 2024 @Sep 2025 Cost and Efficiencies 134,009 142,652 163,625 147,949 Operational cost External Effects External EffectsOperational time
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Energies for the Transition
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Solar 103.2 Oil fields 96.8 Pumping stations Midstream 4 Cartagena Refinery La Iguana (ECP) (energization in sep -25) 26.1 Barrancabermeja Refinery Cantayús (PCH) 4.3 Pumping stations Midstream Energies for Transition Quarterly Electricity Demand by Segments (GWh-day) Self-generation + supply contracts Total Demand (GWh-day) 21.8 22.7 24.1 Capacity (MW) Consumption Centers 41.7 BCOP 4 in savings in 9M-2025 NCRE Capacity in Operation 9M-2025 Total portfolio in operation: 234 MW Windpeshi Jul-25 deal closed 3T25 – engineering and territorial management Inorganic Project Development Total renewable portfolio3: 630 MW Portfolio Acquisition Solar projects: ~0.6 GW5 -5% 23.5 GWh-day 1. NCRE: Non-Conventional Renewable Energy Sources; 2Does not include own infrastructure costs (T&D). Consolidated GE data (Upstream, GRB, GRC, Cenit, ODL, ODC, Ocensa, Esenttia). 3. renewable portfolio consists of projects in operation, under construction, execution, and purchases within the SIN. 4. 105 BCOP, including purchases from the network of specific NCRE projects. 5. Acquisition of solar projects under agreement with Statkraft European Wind and Solar Holding. Unit Cost of Electric Supply GE² (COP/kWh) Unit Supply Cost Reduced to Meet Higher Electricity Demand of the Hydrocarbons Business Line, while Increasing the NCRE¹ Capacity in Operation 54.6% 33.8% 8.4% 3.2% Conventional self-generation Contracts (electricity market) Spot market NCRE self-generation 14.1 14.1 14.0 14.5 14.4 14.7 15.1 14.8 15.7 15.8 16.1 2.6 2.7 2.9 3.1 3.3 3.3 3.2 3.2 3.3 3.1 3.3 4.9 4.8 4.8 4.9 4.8 4.8 4.3 4.6 4.4 4.5 4.6 78% 84% 97% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% - 5.00 10.00 15.00 20.00 25.00 30.00 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 1Q25 2Q25 3Q25 Upstream Midstream Downstream Coverage
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55% Ton/year Green H2 production 5 - 7.7 PEM Technology (Proton Exchange Membrane) Decarbonization 800 kTon CO2e/yearMW Gas Commercialization and Optionality Contributing to Colombia’s Energy Security with the Supply of Natural Gas and LPG and by Advancing on Hydrogen plans Natural gas self- consumption -12% vs. Projection for 9M-25 GBTUD 3 años 24 - 11 Kbped ~28,000 Ton/month 10.8 EBITDA Gas y GLP 2,294 BCOP (+6%) vs. 2,165 BCOP @sep2024 Gas & LPG production 160,7 mboed vs. 172,5 @sep2024 Overall progress GBTUD over 6 years 249 GBTUD 110 GBTUD released 71 Joint Commercialization of natural gas– Sirius Project Ecopetrol and Petrobras – Contract sign scheduled for 2025 Sirius production (470 MMCFD) represents about 50% of demand1 Estimated start date: 20302 Opening of binding contracting process Comprehensive logistics and regasification service in Coveñas Start date: Oct 14, 2025 – Estimated closure: Jan 2026 Operational capacity up to 400 GBTUD Ecopetrol´s Contingency Plan Gas allocation to the market during SPEC maintenance, avoiding gas rationing in the country 37–43 GBTUD average contracted and delivered between Oct 10–16, 2025 Floreña Field commercialization First phase, represents 2% of 2026 demand1 Dec 2025 to Nov 2028 LPG Commercialization Deliveries Sep 2025 to Feb 2026 1 National demand projected by UPME2. Subject to obtaining required licenses and permits IA3 application on O&M4 Innovation in Sustainability® 100% Installation with local labor 100% OSBL5 equipment manufactured in Colombia 3.Inteligencia Artificial Intelligence 4Operation & Maintenance 5. Outside Baterry Limits Start of construction – Coral Project: The largest green hydrogen plant with PEM technology in LATAM by 2026
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Financial Performance
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Progress in Management Measures Financial Performance Sustained Production Levels and Efficiency Programs Offset Lower Brent and Exchange Rate Levels Net Income $2.6 TCOP +42% vs 2Q25 -30% vs 3Q24 $12.3 TCOP EBITDA +11% vs 2Q25 -12% vs 3Q24 41% EBITDA Margin +4pp* vs 2Q25 +1pp vs 3Q24 3Q-2025 Financial Results EBITDA 9M-2025 53% 24% 5% 18% Upstream** Midstream Downstream Transmission and Toll Roads 36.7 TCOP * PP: Percentage Points ** Includes gas Natural hedge of our operations. 42% of EBITDA comes from business diversification 17 64% 25% 8% 3% 0.3% Hydrocarbons Corporate Commercialization Transmission and Toll Roads Energies for the Transition 4.1 TCOP Profitability and Efficiency Program 84% 77% $1 TCOP OPEX target $500 MUSD CAPEX target Advances in capturing intervention resources. Cross-functional costs Maintenance Energy Logistics chain Focus on cost containment through efforts in: 9M-2025 Efficiencies +40% vs. the target for the period Transmission and Toll Roads $2.5 TCOP EBITDA 3Q25 +52% vs 2Q25 $0.2 TCOP Net Income 3Q25 +234% vs 2Q25 -18% vs 3Q24 -37% vs 3Q24 An extraordinary income in 2024 vs. an expense in 2025
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Liquidity Level Supports Financial Resilience 18.2 -19.0 -10.3 -3.8 14.1 Inicial Balance (Dec-2024) Operating Generation Capex Disbursements Net Dividends* Net Debt and Interest Closing Balance (Sep-2025) Cash Position Liquidity Position of the Ecopetrol Group BCOP 29.0 7.7 21.3 FEPC Operational activity Collection of FEPC from 2024 CAPEX disbursements Payment of 100% of dividends Interest payments 36.7 20.5 7.6 3.3 0 10 20 30 40 2022 2023 2024 9M25 TCOP Accumulated FEPC balance Working Capital Management 18Payment to Ecopetrol shareholders: COP 8.8 billion and payments from subsidiaries to non-controlling shareholders: COP 1.5 billion FEPC balance, unmaterial impact expected on working capital $2 TCOP Target 11% to 15% of dollar revenues hedged during 3Q-2025 80% Robust liquidity, with no extraordinary disbursements estimated outside planned Capex and Opex 4Q 2025 Foreign Exchange Hedge Tax credits $ 5.2 TCOP Total offset 9M25 $7.0 TCOP Total net receivables 9M25 ECP S.A. and Cartagena Refinery Outstanding Balance
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𝐷𝑒 Comprehensive Management of the Financing Strategy 19 Capital Structure 501 627 660 597 797 2,701 2,551 2025 2026 2027 2028 2029 2030 International Bonds Local Bonds Short-Term Loans Long-Term Loans Maturity Profile of Ecopetrol S.A. MUSD Optimization of short-term debt 1,200 500 30-jun-25 14-oct-25 Balance of short- term operations MUSD New Debt Facilities $700 BCOP Committed credit line: 5-year term Access for cash needs Financing for inorganic investments Leverage Indicators Ecopetrol Group Excluding ISA** 2.4x 2.1x 1.6x 1.5x Gross Debt/EBITDA Net Debt/EBITDA No material maturities in the next 3 years Gross Debt/EBITDA Median of Peers * (Jun-25) 2.0x *Peers included: Parex, Exxon, PTTEP, Chevron, Equinor, Shell, Total, Geopark, Gran Tierra, Eni, BP, Repsol, and Pemex.**For the Gross Debt/EBITDA ratio excluding ISA: debt of ISA, debt acquired by Ecopetrol to purchase ISA, and ISA’s EBITDA are excluded.For the Net Debt/EBITDA ratio excluding ISA: debt of ISA, debt acquired by Ecopetrol to purchase ISA, ISA’s cash and equivalents, and ISA’s EBITDA are excluded. Reduction of interest rates -105 pbs Renegotiation of all bank debt, with reductions of: -85 pbs Up to for external debt for local debt % Confidence of the financial sector in the company’s strength Fitch affirms global rating at BB+ and standalone rating at bbb-, highlighted the company’s solid financial profile Average life 7.6 years Average rate 7.4% Early repayment of short- term debt Progress in unwinding simultaneous operations
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Strategic Investments Focused on Growth and Sustainability 10% Gas 75% 25% Growth Maintainance Investment Plan 9M-2025 *72% of the low end of the annual plan ($5.8 billion). **Growth opportunities allow for an increase in asset value 72% advance on the annual plan* Investment Plan 2026 Financial Plan Basis Flexibility on Capex Management Additional Goal: 500 MUSD 77% 1,399 1,798 2,317 1,818 2,213 3,675 4,352 4,062 4,179 9M-2017 9M-2018 9M-2019 9M-2020 9M- 2021 9M- 2022 9M- 2023 9M- 2024 9M-2025 Historical Investments MUSD 20 62%21% 12%5% Colombia Brasil USA Others Execution focused on maintaining the domestic value chain and on generating future value Lifting Cost < 12 USD/Bl Focus on safeguarding cash Healthy debt metrics Gross Debt/EBITDA New focus on efficiencies Strict capital discipline2.5< 52% Oil &Gas E&P 4% Transport 6% Refining 62% 25% 13% Hydrocarbons Energy Transmission and Toll Roads Energies for Transition 4,179 MUSD 9M-2025
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To summarize... Delivering on our 2025 strategic objectives Maximizing efficiencies and reducing costs Strengthening our core business as a key source of capital for the energy transition Production Target: 740 to 750 mboed Exploration Target:10 Wells Throughput Target: 415 to420 mbd Ensuring national energy security while delivering sustainable returns to shareholders 751 mboed +10 Wells 413 mbd EBITDA Margin Target 39% Efficiencies Target: 5 TCOP CapEx Target: 5.8 to 6.8 BUSD 40% 4.1 TCOP Operating Financials Our focus: Advancing on recovery techniques to expand our reserves portfolio 4.2 BUSD 21
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Q&A