Grupo Energía de Bogotá

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1 Grupo Energía de Bogotá 2016 Key Results and Developments March 23 rd

2 Disclaimer The information provided herein is for informational and illustrative purposes only and is not, and does not seek to be, a source of legal, investment or financial advice on any subject. This presentation does not purport to address any specific investment objectives, financial situation or particular needs of any recipient. It should not be regarded by recipients as a substitute for the exercise of their own judgment. This information does not constitute an offer of any sort and is subject to change without notice. EEB is no obligation to update or keep current the information contained herein. EEB expressly disclaims any responsibility for actions taken or not taken based on this information. EEB does not accept any responsibility for losses that might result from the execution of the proposals or recommendations presented. EEB is not responsible for any content that may originate with third parties. EEB may have provided, or might provide in the future, information that is inconsistent with the information herein presented. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information contained herein. This presentation may contain statements that are forward-looking within the meaning of Section 27A of the Securities Act and Section 21E of the U.S. Securities Exchange Act of Such forward-looking statements are based on current expectations, projections and assumptions about future events and trends that may affect EEB and are not guarantees of future performance. The shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the Securities Act ) or any U.S. State securities laws. Accordingly, the shares are being offered and sold in the United States only to qualified institutional buyers as defined under Rule 144A under the Securities Act, and outside the United States in accordance with Regulation S of the Securities Act. We converted some amounts from Colombian pesos into U.S. dollars solely for the convenience of the reader at the TRM published by the SFC as of each period. These convenience translations are not in accordance with U.S. GAAP and have not been audited. These translations should not be construed as a representation that the Colombian peso amounts were, have been or could be converted into U.S. dollars at those or any other rates. 2

3 Agenda EEB Overview Key Updates 2016 Expansion Projects Financial Performance Q&A 3

4 01 EEB Overview 4

5 EEB Corporate Structure 01 EEB generally controls its subsidiaries or partners with world class operators following a long track record of success. Urban Energy Solutions Interconnecting for Market Development Low Emission Generation VT 5

EEB s strategic business units 01 EEB is focused on natural monopolies in regulated sectors around three businesses, with a clear

5 Million of customers in Colombia Natural Gas Distribution Colombia 2.

5k Km of transmission grid 1,500 9,500 Electricity Transmission Km of transmission grid in Colombia Km of transmission grid in Perú

6 EEB s strategic business units 01 EEB is focused on natural monopolies in regulated sectors around three businesses, with a clear competitive strategy. Urban Energy Solutions Total 6.0 Million of customers Electricity Distribution 3.5 Million of customers in Colombia Natural Gas Distribution Colombia 2.1 Million of customers Natural Gas Distribution Perú 440k Customers Interconnecting for Market Development Total 12.5k Km of transmission grid 1,500 9,500 Electricity Transmission Km of transmission grid in Colombia Km of transmission grid in Perú 400 1,100 Km of transmission grid in Centroamérica Km of transmission grid in en Brasil Natural Gas transportation 4,000 Km of pipelines Power Generation Low Emission Generation 23% Market share generation In Colombia 14,975 GWh Power generated in

7 02 Key Updates

8 02 Key Updates - Corporate Highlights First Bond Issuance Local Market On February 28 th, EEB completed its first bond issuance in the local market for COP 650,000 million, with an overdemand of COP 1.3 billion. Credit Rating Issuance and Issuer: AAA Local by Fitch Ratings Colombia The main results were: General Results (COP mm) Placement by Series Placement by Investor Demanded Amount Placed Amount Bid To Cover: 2.33x Trust & Consortiums 284, , , , , , % 43.5% 28.8% 27.4% 30.2% 24.5% 6.4% 4.9% Insurance Pension Funds Other legal persons Brokers Credit Companies Investment Funds Natural persons 7 years 15 years 25 years A7 A15 A25 Bid to cover 1.52x 1.49x 3.33x Rate CPI % CPI % CPI % 8

9 02 Key Updates - Corporate Highlights Shareholders Assembly Proposal Dividends In the next Shareholders meeting EEB propose declared dividends to its shareholders amounting to COP 908,936 million, equivalent to COP 99 per share, with a dividend yield of 5.5%. The proposal payment date for all shareholders are: First Installment (50%) : Until July 5 th, 2017 Second Installment (50%) : Until October 31 st, 2017 EEB s credit ratings: Investment Grade On September 30 th, Standard & Poor s affirmed the EEB corporate debt and issuer rating in BBB-, and change outlook. from negative to stable. On October 19 th, Fitch Ratings affirmed EEB s corporate debt and issuer rating in BBB, stable outlook. On November 16 th, Moody s ratings affirmed EEB s corporate debt and issuer rating in Baa2, stable outlook. EEB s current ratings are as follows: BBB Stable Outlook Baa2 Stable Outlook BBB- Stable Outlook 9

10 02 Key Updates - Corporate Highlights Accounting Policies Changes EEB decided to early adopt IAS 27 "Consolidated and Standalone Financial Statements" was recognized, recognizing the Equity Method of the associates in the Standalone financial statements. TRECSA Impairment An impairment test was carried out on the company, resulting in adjustment of USD 8.2 million. Occasional reserves release 2015 On July 6 th 2015, EEB s shareholders meeting approved the release of occasional reserves amounting to COP 458,851 million. The extraordinary dividend of COP ~49.98 per share was paid out to minority shareholders in one installment in July 5 th For the major shareholder, the District of Bogotá, holding a stake of 76.28% in EEB, this dividend will be paid in 10 equal annual installments plus the recognition of interests of (CPI+4.15%), until Starting 2016, the account payable corresponding to these dividends has been reclassified as a long term liability. 10

11 Key Updates Natural Gas Segment 02 TGI Moody s Ratings and Fitch Ratings ratified the corporate credit rating for TGI in local and foreign currencies, holding the Investment Grade Rating, stable outlook. On the other hand, Standard & Poor s ratified the corporate debt and issuer ratings as BBB-, improving perspective from negative to stable, aligning the TGI outlook with its parent company, EEB. Thus, TGI continued to hold in 2016 an investment grade rating by the three major international credit rating agencies. BBB Stable Outlook Baa3 Stable Outlook BBB Stable Outlook Second package of completion of the regulatory useful life: Considering the completion of the regulatory useful life period according to the provisions of the CREG Resolution, for 18 gas pipelines composing the TGI s transportation system. Capex for these projects has an approximate value of USD 56.4 Mm (USD 16.8 Mm for replacement with 5 new gas pipelines, and USD 39.6 Mm from Capex for maintenance of the remaining 13 gas pipelines). As of year-end, the average transported volume through TGI s infrastructure was 494 mmcfd (14.0 MM3D), which represents a market share of 50.5% of the transported volume during

12 Key Updates Natural Gas Segment 02 Cálidda Fitch Ratings upgraded ratified the corporate credit rating for Calidda in local and foreign currencies to 'BBB from 'BBB-', stable outlook. BBB Stable Outlook Calidda s client base and invoiced volume both increased during 2016 by 27% and 6%, respectively, compared to 2015 s figures. (438,400 vs 345,136 clients). During 2016, our network length was enlarged by 1,435 km, wherewith the distribution system reached a total of 7,425 km of underground pipelines. Total Revenues of 2016 have decreased 1% due to the reduction in natural gas prices, a pass-through concept for Cálidda. However, Total Adjusted Revenues increased by 4% driven by higher distribution revenues, mainly from Take-or-Pay contracts, and pipeline relocation services. The EBITDA and Adjusted EBITDA margin grew mainly due to the higher income mentioned above (higher demand of natural gas) and a lower operational expenses (-10% vs. 2015). 12

13 03 Expansion Projects 13

Expansion Projects 03 Revenue growth has been sustained by a strong capex plan Executed Capex by Companies (1) (2016 950.5 USD Mm) Executed Capex by Segment (1) (2016 950.

14 Expansion Projects 03 Revenue growth has been sustained by a strong capex plan Executed Capex by Companies (1) ( USD Mm) Executed Capex by Segment (1) ( USD Mm) Executed Capex by Country (1) ( USD Mm) Executed Capex by Investment (1) ( USD Mm) Source: Company filings (1) Excludes Brazil GEBBRAS Capex 14

15 Expansion Projects 03 Revenue growth has been sustained by a strong capex plan. Projects Update (2016) Projects Update (2016) UPME Project Status EAR (1) USD MM On Stream Chivor II Norte 54.9% /05/2017 Cartagena Bolívar 58.9% /11/2017 Río Córdoba 53.3% /07/2017 Armenia 96.0% /04/2017 Tesalia 85.0% /05/2017 On-going projects: Nueva Esperanza, Norte. New and existing demand Quality service and continuity Control operational risk Smart metering Sogamoso Norte 40.8% /09/2017 Refuerzo Suroccidental 500 kv 18.3% /09/2018 Ecopetrol San Fernando (2) 50.4% /06/2017 Río Cordoba Transformadores (2) 79.2% /08/2017 La Loma 500 Kv 62.1% /03/2017 La Loma 110 Kv (2) 9.5% /06/2018 On-going projects: CONCESION - MANTARO MARCONA LA PLANICIE INDUSTRIALES FRIASPATA MOLLEPATA and ORCOTUNA Substation Drummond Rio Cordoba (2) 24.2% /07/ (1) Expected annual revenues. (2) Revenues are in COP, EOP: COP 3,

16 Expansion Projects Investments and Funding Sources Controlled Companies Funding Investments EEB Capex Profile (USD mm) USD mm % Executed Capex $1,557 50% Expected Capex (1) $1,580 50% Cash Generation After Dividends $1,130 Incremental Debt $450 TOTAL $3,137 (1) Mainly concentrated on electricity transmission businesses (COL / Overseas). (2) 2014 Incliudes M&A transaction IELAH Equity Portion (3) 2015 Includes M&A transaction Brazil Equity portion 16

17 04 Financial Performance

18 Financial Performance 04 Consolidated Results (as of Dec 2016) Operating Revenue 2016 by Segment Operating Profit 2016 by Segment (1) (COP 3,132,827 mm) Electricity Distribution Electricity Transmission 1,316,145 42% 274,508 9% (COP 1,153,089 mm) Electricity Distribution Electricity Transmission 102,158 9% 157,844 14% Natural Gas Distribution Natural Gas Transportation 1,542,174 49% Natural Gas Distribution Natural Gas Transportation 893,087 77% Due to EEC was merged with Codensa since October 1st, 2016 the segment Electricity Distribution is reported with Codensa data, non-controlled subsidiary. On YoY Basis: 2016 compared to 2015 showed a decrease of 8.4% On YoY Basis: 2016 vs 2015 operating profit showed an increase of 3.7%, due to minor cost and expenses of COP 327,577 mm (-14.2%) (+40.3%; COP 78,791 mm) Electricity Transmission: coming on stream of UPME Projects awarded. (+8.3%; COP 100,913 mm) Natural Gas transportation: increase in TGI s revenues due to FX conversion effects. (+6.5%; COP 107,239 mm) Natural Gas distribution: decrease in Cálidda s revenues, mainly from tariffs and FX conversion effects.. (1) Excludes administrative expenses & net of other expenses and gains (+12.5%; COP 11,322 mm) Electricity Transmission: higher revenues despite of impairment in Trecsa. (-27.8%; COP 60,655 mm) Natural gas distribution: lower revenues, combined with maintenance costs and new users connected to the network. (+17% COP 129,690 mm) Natural gas Transportation: Larger Operating Balance Agreements OBA s and maintenance costs. 18

19 Owners of Parent 1,288,984 Financial Performance 04 Consolidated Results (as of Dec 2016) From EBIT (1) to Net Income (COP Mm) +911, ,611 1,079, , ,773 Non - Controlling Interest 66, ,402 EBIT Financial Income Financial Expenses Exchange gain (loss) Share of profit (loss) of associates for using equity method On YoY Basis: 2016 compared to 2015 Tax income (expense) Profit (loss) (+60.6%, COP 65,662 mm) Finance income: increased due to interest returns on financial investments. (+10.6%, COP -48,835 mm) Finance expenses: increased mainly to debt interest payments, banking commissions and major losses in hedge valuations at the level of TGI & Calidda. (+145.7%, COP 454,217 mm) Exchange Gain: Net Exchange difference increase due to a revaluation during the period of 4.7%, which impact positively liabilities denominated in foreign currency. (-21.5%, COP -250,290mm) Equity Method: decrease in equity method of Associates mainly tariff review in GOT and MGE concessions and PPA (2). (-+27.8%, COP 295,640 mm) Net Income: grew due to operational results, net exchange difference and equity method contribution from associates. (1) Includes administrative expenses & net of other expenses, other gains (2) Purchase Price Acquisition 19

Financial Performance 04 Ebitda Evolution 2006-2016 (COP mm) Normalized Consolidated Adjusted EBITDA (1)

Company filings. Note: Figures for the years 2006 2013 are presented under ColGaap standards.

2010 excludes dividends declared based on an early close of Gas Natural, Emgesa and Codensa s financial statements.

Anticipated dividends declared by Codensa on first half 2011, were included in 2012.

20 Financial Performance 04 Ebitda Evolution (COP mm) Normalized Consolidated Adjusted EBITDA (1) Consolidated Adjusted EBITDA 2016 by Subsidiary Consolidated Adjusted EBITDA 2016 by Segment (USD mm) Source: Company filings. Note: Figures for the years are presented under ColGaap standards. For 2014, 2015 & 2016 are presented under IFRS (1) Normalized for timing differences in dividends declared and paid excludes dividends declared based on an early close of Gas Natural, Emgesa and Codensa s financial statements. These figures are included in 2011, when such dividends would normally have been declared. Anticipated dividends declared by Codensa on first half 2011, were included in excludes dividends declared based on an early close of Gas Natural, Emgesa and Codensa s financial statements. These figures are included in 2015, when such dividends would normally have been declared. 20

21 Financial Performance 04 Description of Indebetness (as of Dec 2016) Net Debt / Consolidated Adjusted EBITDA (1)(2) Consolidated Adjusted EBITDA / Net Interest (1)(2) 4.50x 7.30x 8.80x 7.55x 7.63x 7.40x 3.20x 2.78x 2.63x 2.40x 2.56x 2.25x Q 16 2Q 16 3Q Q 16 2Q 16 3Q Consolidated Debt Composition Debt Maturity Profile (USD mm) USD COP PEN 3.4% 96.6% $1, % 2.9% 93.6% 97.1% $1,737 $1, % 97.8% $2, % 99.3% $3, % 98.0% $2, % 99.0% $2,567 (USD mm) Source: Company filings. (1) Covenant associated to this indicator is currently suspended since the bond EEB 2021 has investment grade, granted by two out of three risk rating agencies monitoring the latter. Covenant established in Offering Memorandum of USD749,000,000 EEB 6.125% Senior Notes due It includes anticipated dividends. (2) Increase is mainly explained by increase of foreign exchange (USD/COP movements). (3) 2019:Syndicated loan acquired by Contugas (USD342 mm) and additional indebtedness incurred by SPV in order to reacquire 31.92% shares of TGI IELAH (USD184 mm outstanding debt) Debt maturity profile as of Dec

22 05 Q&A Session 22

co Financing & Investor Relations Advisor fsanchez@eeb.com.

23 INVESTOR RELATIONS For more information about Grupo Energía de Bogotá (GEB) contact our Investor Relations team: Felipe Castilla Canales +57 (1) Ext 1501 Fabián Sánchez +57 (1) Ext 1827 CFO Financing & Investor Relations Advisor Julian Naranjo +57 (1) Ext 1536 Rafael Salamanca +57 (1) Ext 1675 Financing & IR Manager Financing & Investor Relations Advisor

24 Para uso restringido GRUPO ENERGÍA DE BOGOTÁ S.A. ESP. Todos los derechos reservados. Ninguna parte de esta presentación puede ser reproducida o utilizada en ninguna forma o por ningún medio sin permiso explícito de GRUPO ENERGÍA DE BOGOTÁ S.A ESP.

Grupo Energía de Bogotá

Grupo Energía de Bogotá 1Q 2017 Key Results and Developments May 23 rd 2017 1 Disclaimer The information provided herein is for informational and illustrative purposes only and is not, and does not seek