Forward-Looking Statements

This Annual Report to Shareholders contains forward-looking statements which are subject to risks and uncertainties. The words "intend," "expect," "plan," "will," "anticipating," "positioned" and similar words indicating future events or results identify forward-looking statements. Risks that could cause these forward-looking statements not to come true include, among others: Gran Tierra Energy's operations are located in South America, and unexpected problems can arise due to guerilla activity, technical difficulties and operational difficulties which may impact its testing and drilling operations, and the production, transportation or sale of its products; geographic, political, regulatory and weather conditions can impact testing and drilling operations and the production, transportation or sale of its products; and other risks set forth under the caption "Risk Factors" in Gran Tierra Energy's Annual Report on Form 10-K filed with the United States Securities and Exchange Commission on February 26, 2014. These filings are available on a website maintained by the Securities and Exchange Commission at www.sec.gov and on SEDAR at www.sedar.com.