GRUPO ENERGÍA DE BOGOTA 1Q 2016 Key Results and Developments

Armenia Project

May 24th 2016

2

EEB OVERVIEW Key Updates 1Q

EXPANSION PROJECTS Highlights Review 1Q

FINANCIAL Q&A

3

EXPANSION PROJECTS Highlights Review 1Q

FINANCIAL Q&A EEB OVERVIEW Key Updates 1Q

4

EEB CORPORATE STRUCTURE EEB generally controls its subsidiaries or partners with world class operators following a long track record of success.

Transmission Distribution Distribution

Electricity

Transport

Natural Gas Services

Generation

51.5%

2.5% 1.7%

51%(1)

16.2% 99.97%(2)

15.6% 100%

25%

100%(3)

66%(3)

100% 51.5%

99.9%

95.3% 100%

100%

100%

40%

40%

100%(4)

Colombia

Peru

Guatemala

Brazil

(1) EEB ownership through DECSA Special Purpose Vehicle. (2) EEB ownership

directly and indirectly through IELAH Spain (additional 31.92%).

(3) EEB effective ownership via direct and indirect stakes. (4) Through GEBBRAS

Special Purpose Vehicle acquired on August 21, 2015 51% stake in four

concessions for ~USD158 mm.

Selling process Law 226

|

Companies in process of merger

Companies in process of liquidation

5

KEY UPDATES Corporate Highligths

Shareholders Assembly Decision

06/07/2015: Approved the release of occasional reserves amounting to COP 458,851 million. The extraordinary dividend of COP ~49.98 per

share will be paid out to minority shareholders in one installment in July 5th 2016. For the major shareholder, the District of Bogotá, holding a

stake of 76.28% in EEB, will be paid the dividend as of 2017 in 10 annual installments until 2026.

31/03/2016: In the Shareholders meeting EEB declared dividends to its shareholders amounting to COP 224,350 million, equivalent to COP

24.43 per share.

Minority shareholder Payment (100%) July 5th 2016.

Major Shareholder Payment: First Installment (40%) July 5th 2016

Second Installment (60%) October 28th 2016

ISAGEN Divestiture

Bogota’s municipality council authorized EEB on March 31st of 2016 to divest ISAGEN shares.

On April 20th, the first phase addressed to the solidarity sector (Law 226/95) started and it will be open until June 20th 2016 then during the

second phase EEB could offer the shares to BRE Colombia Investments.

After that date, the share will be offer to the general public and offer to any Open OPA (Oferta Publica de Acciones).

Ecopetrol selling process

On May 23rd, Ecopetrol announced the second offering of its EEB’s participation of 3.03%. On June 1st 2016 the auction will be open in

the Colombian Securities Exchange.

6

KEY UPDATES Natural gas transportation & distribution activities

Calidda

Cálidda´s client base has increased 33% compared to first quarter of 2015, ate the closing of the first quarter 2016 Calidda has a client base

of ~ 370,000 clients

During the first quarter, 371 km of network were built, whereby the distribution system has reached a total of 6,360 km of underground

pipelines.

The EBITDA finalize in USD 106.6 Mm, increasing in 10% compared with the same period of 2015. This increase was mainly due to the

costs reductions explained by the renegotiation of the main contracts at lower prices

On March 2016 the shareholders meeting approved to distribute USD 30.4 Mm in dividends to shareholders based on net profit 2015.

Dividends were paid on April 1st 2016.

TGI

Dividends declared

On March 30th 2016 the shareholders meeting approved to distribute USD 22.1 MM in dividends to shareholders based on net profit 2015

Dividends were paid on April 4th 2016

IELAH Merging: On January 29th 2016, the Colombian Societies Superintendence (Supersociedades) approved the merger between TGI and IELAH. On May 11th 2016 TGI finalized the merger with IELAH; which was the Final Phase of the acquisition plan. As a result the remaining debt of that entity will be in TGI´s BS

Current outstanding debt of IELAH is USD 219 MM(1), after three partial repayments done: i) March 2015 (USD 76 MM) ; ii) September 2015 (USD 175 MM); iii) On March 11th 2016 (USD 175 MM).

(1) Excluding intercompanies loans

7

EEB OVERVIEW Key Updates 1Q

EXPANSION PROJECTS Highlights Review 1Q

FINANCIAL Q&A

1.3

2.0

18.2

53.8

93.0

1.1

34.9

3.4

68.7

7.3

Gas Distribution

Gas Transportation

Electricity Distribution

Electricity Transmission

Electricity Generation

1Q20161Q2015

8

EXPANSION PROJECTS REVIEW Revenue growth has been sustained by a strong capex plan at the subsidiary and the associate level.

Associates

Source: Company filings.

(1) Excludes Brazil – GEBBRAS Capex

(2) Expected annual revenues.

Executed Capex by Segment(1)

(USD Mm)

Executed Capex by Segment (USD Mm)

Projects Update (1Q 2016)

UPME Project Status EAR(2)

USD MM On Stream

Chivor II 50.9% 5.5 08/07/2017

Cartagena Bolívar 32.4% 11.6 07/03/2017

Río Córdoba 32.5% 1.8 30/11/2016

Armenia 94.0% 1.3 26/11/2015

Tesalia 80.0% 11.0 14/02/2016

Sogamoso Norte 25.1% 21.1 30/09/2017

Refuerzo Suroccidental 500 kV 7.0% 24.4 30/09/2018

Ecopetrol San Fernando 18.4% 6.3 30/04/2017

Río Cordoba Transformadores 28.9% 0.6 30/11/2016

La Loma 500 Kv 26.8% 1.3 30/11/2016

La Loma 100 Kv 0% 6.9 30/06/2018

Drummond Rio Cordoba 11.9% 0.6 30/11/2016

Projects Update (1Q 2016)

El Quimbo Project (400 MW)

Total investment: USD1,231 mm (including contingencies)

Execution 1Q 16: 100%

Full operation: On stream since november 23rd

Quimbo will deliver ~5% of Colombia Power Generation

(Avg. 2,216 GWh/yearly)

Subsidiaries

On-going projects:

CONCESION - MANTARO – MARCONA

LA PLANICIE –INDUSTRIALES

FRIASPATA MOLLEPATA and ORCOTUNA

Substation

Capex by Company (1Q 16)

USD 115.4 Mm

14.6

4.0

20.2

33.3

1.9

3.2

19.8

23.8

Gas Transportation

Electricity Distribution

Gas Distribution

Electricity Transmission

1Q 2016

1Q 2015

EEC 6.6%

TGI 3.9%

Contugas 1.0%

Cálidda 39.6% Trecsa

24.5%

EEBIS GTM/PE 12.7%

EEB Trans. 11.7%

Capex by Company (1Q 16)

USD 48.7 Mm

Promigas 30.3%

Gas Natural

1.0%

REP 5.2%

Codensa 3.0%

Emgesa 6.3%

CTM 54.3%

9

FINANCIAL PLAN 2013-2019 Investments and Funding Sources

Source: Company filings.

(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

2013 – 2019 Funding Investments

64 80 69 153

204 211 84 74 94

126 93

35 36 29

77 29

11

12 11

202 143 101

108 94

82

80 81

264

55

$386

$597(2)

$347(3)

$465 $420

$304

$92 $92

2013 2014 2015 2016E 2017E 2018E 2019E 2020E

Electricity Colombia Electricity Overseas Natural Gas Colombia

Natural Gas Overseas M&A Natural Gas M&A Electricity

USD mm %

Executed Capex 2013-2015 $1,330 49%

Cash Generation After Dividends 2016-2020 $1,147

Incremental Debt 2016-20 $225

Subtotal 2016-2020(1) $1,372 51%

TOTAL 2013-2019 $2,702

EEB Capex Profile – Controlled Companies

(USD mm)

10

Review 1Q

FINANCIAL EEB OVERVIEW Key Updates 1Q

EXPANSION PROJECTS Highlights

Q&A

11

CONSISTENT FINANCIAL PERFORMANCE Consolidated Results (IFRS) 1Q2015– 1Q2016

Revenues (+31%): Growth is explained mainly by:

(+77% COP 30,275 mm) Electricity Transmission: Coming on

stream of the Alferez Substation & SVC Tunal.

(+20% COP 64,105 mm) Natural Gas distribution: New clients

(residential and industrial) connected by Cálidda & Contugas and

higher volume distributed.

(+37% COP 101,224 mm) Natural Gas transportation. Larger

transported volume due to major thermal generation demand.

(+27% COP 22,264 mm) Electricity Distribution

Profit from Operating Activities (+51%):

Operational costs and expenses showed an increase due to:

(+82.1% COP 33,137 mm) Natural gas distribution: new clients connected

in Cálidda & Contugas.

(+71.8% COP 12,621 mm) Electricity Transmission: new projects under

execution and some already on stream.

(+38.3% COP 65,675 mm) Natural gas Transportation: Increase on

transported volume and FX effects.

(+185.8% COP 8,749 mm) Electricity distribution. Increase on energy sales

through EEC.

(1) Excludes administrative expenses & net of other expenses and gains

709,669

927,537

77%

27%

20%

37%

31%

69,736 103,840

376,712

377,249

1Q 15 ElectricityTransmission

ElectricityDistribution

Natural GasTransportation

Natural GasDistribution

1Q 16

EEB's Operating Revenues By Segment 1Q 16 - 1Q 15 COP Millions - Growth Rate

234,310

354,492

186%

72%

82%

38% 51%

13,459 30,198

73,508

237,327

1Q 15 ElectricityDistribution

ElectricityTransmission

Natural GasDistribution

Natural GasTransportation

1Q 16

EEB's Operating Profit By Segment (1)1Q 16 - 1Q 15 COP Millions - Growth Rate

1Q 15 1Q 16 COP %

Profit from operating activities 214,623 317,225 102,602 48%

Financial Income 24,807 32,135 7,328 29%

Financial Expenses -106,393 -127,957 -21,564 20%

Exchange gain (loss) -67,193 64,736 131,929 -196%

Share of profit (loss) of associates

and joint ventures accounted for

using equity method

209,103 232,376 23,273 11%

Tax income (expense) -60,652 12,026 72,678 -120%

Profit (loss) 189,488 498,406 308,918 163%

Owners of parent 205,972 508,720 302,748 147%

Non-controlling interests 8,323 21,821 13,498 162%

COP Million Var.

12

CONSISTENT FINANCIAL PERFORMANCE Consolidated Results (IFRS) 1Q2015– 1Q2016

(1) Includes administrative expenses & net of other expenses, other gains

Finance income increased 29.5% due to (a)

Valuation on hedging operations COP 9,297

mm. (b) less Interest returns on financial

investments COP 1,969 mm

Finance costs increased 20.2% due to:(a)

Greater Interest payments; (b) Exchange

difference in interest payments, commisions

and other banking costs.

Net Exchange difference increase over 1Q 16

in 196%

Increase in equity method of Associates.

Generated tax income due to deferred tax at

the level of TGI and Cálidda.

Net income, grew by 148% due to operational

results and equity method contribution from

associates.

214,623

-81,586 -67,193

209,103

-60,652

214,295 205,972

317,225

-95,822

64,736

232,376

12,026

530,541 508,720

17%

-196%

11%

-120%

+24%

147%

Profit from operatingactivities

Net FinancialExpenses

Exchange gain (loss) Share of profit (loss)of associates and

joint venturesaccounted for using

equity method

Tax income (expense) Profit (loss) Owners of parent

1Q 15 1Q 16

(1)

13

EVOLUTION OF EBITDA Operational EBITDA has increased from 19% to 68% of Consolidated Adjusted EBITDA over the last 10 years demonstrating increased strength of EEB’s controlled assets.

(COP mm)

Source: Company filings.

Note: Figures for the years 2006–2013 are presented under ColGaap standards. For 2014 & 2015 are presented under IFRS

(1) Normalized for timing differences in dividends declared and paid. 2010 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 2012. 2014 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.

Normalized Consolidated Adjusted EBITDA(1) Consolidated Adjusted EBITDA 1Q 16 LTM by Subsidiary

(USD mm)

Consolidated Adjusted EBITDA 1Q 16 LTM by Segment

EEB has significantly increased its operational EBITDA generation

68% 64%

56%

52%

55% 56%

39% 45%

44% 33%

19%

32% 36%

44% 48%

45% 44% 61% 55% 56% 67%

81%

2,557,193 2,413,812

1,964,666

1,775,908

1,447,335

1,369,533

1,122,343

1,053,942

934,163 949,599

539,319

948 878 973 922 819 705 586 516 416 471 241

1Q 2016LTM

2015201420132012201120102009200820072006

EEB Transmisión,

Trecsa & EEBIS Guate

6%

TGI 45%

Decsa/EEC 4%

Cálidda, Contugás & EEBIS Perú

14%

Emgesa 16%

Codensa 9%

Gas Natural 2%

Promigás 2%

ISA, REP & CTM 1%

Otros 1%

Electricity Generation

16.5%

Electricity Transmission

6.9%

Electricity Distribution

13.0% Gas Transportation

46.9%

Gas Distribution 16.3%

Others 0.4%

14

DESCRIPTION OF INDEBTEDNESS 2013-2019 Investments and Funding Sources

Net Debt / Consolidated Adjusted EBITDA(1)(2)(3) Consolidated Adjusted EBITDA / Net Interest(1)(2)(3)

Consolidated Debt Composition Debt Maturity Profile

(USD mm) (USD mm)

Source: Company filings.

(1) Covenant associated to this indicator is currently suspended since the bond EEB 2021 has investment grade, granted by three risk rating agencies monitoring the latter. Covenant established

in Offering Memorandum of USD749,000,000 EEB 6.125% Senior Notes due 2021. It includes anticipated dividends.

(2) 2015 EBITDA includes dividends declared based on 2014 early close of Gas Natural’s, Emgesa’s and Codensa’s financial statements

(3) Increase is mainly explained by increase of foreign exchange (USD/COP movements).

(4) 2019:Syndicated loan acquired by Contugas (USD342 mm) and additional indebtedness incurred by SPV in order to reacquire 31.92% of TGI IELAH (USD219 mm).

$1,543 $1,737 $1,733

$2,218

$3,009 $2,803 $2,650

3.4% 6.4% 2.9%

2.2%

0.7% 1.2%

4.6%

96.6% 93.6% 97.1%

97.8%

99.3% 98.0%

95.4%

2010 2011 2012 2013 2014 2015 1Q 16

169.5 147.5

51.2

604.6

13.1

749.0 750.0

320.0

2016 2017 2018 2019 2020 2021 2022 2023

2.78x 3.20x 3.27x

2.41x 3.03x

4.50x

1Q 164Q 153Q 152Q 151Q 15

8.80x 7.30x

11.12x

15.83x 15.47x

2.25x

1Q 164Q 153Q 152Q 151Q 15

15

TRACK RECORD OF CREATING VALUE – SHARE PRICE APPRECIATION EEB’s shares have outperformed the Colcap over the last year providing stable returns in a volatile market environment.

Historical Share Price Evolution

• Ticker EEB: CB | Part of COLCAP, COLEQTY and COLIR • As of March 31st 2016 EEB’s marketcap was USD 5.7 Billion • Average Target Price COP1,865 (USD 0.59) (1)

Source: Bloomberg as of March 31st 2016.

(1) Average target price calculated as the average of the following brokers: Credicorp: COP1,810; BTG: COP1,820; Gobal Securities Colombia: COP1,900;

Asesores en Valores: COP1,740; Corredores Asociados: COP1,940; Ultrabursatiles: COP1,850 & Valores Bancolombia: COP1,810. Larrainvial: COP 2,050.

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0

20

40

60

80

100

120

Vo

lum

e (

CO

P M

m)

Pri

ce (

Ind

exed

100)

Volume

EEB Share

Colcap Index

(6.6%)

(-23.2%)

Colombia Colcap

• Dividend Payout Ratio 2015: 26% Avg 2008 - 2015: 77% • Dividend Yield 2015: 4.3 % Avg 2010 - 2015: 4.2%

16

Q&A EEB OVERVIEW Key Updates 1Q

EXPANSION PROJECTS Highlights Review 1Q

FINANCIAL

Webcast Link Conference ID: 42570647

Phone Numbers: Audience Colombia - Bogotá Local +57 1 380 804 Audience US Toll Free +1 (888) 771-4371 Audience Peru Freephone 0800 54051 UK Freephone 0808 238 9578

Appendix

1. Business Regulatory Update

2. EEB Corporate Governance

Electricity Transmission

Ongoing discussions on a new methodological proposal to remunerate the electricity transmission activity (Res CREG 023 de 2016). The main issue currently under discussion is the transition to a new scheme to remunerate assets from the methodology Net Replacement Value (NRV) to a methodology of Depreciated Assets (DORC).

The cross-sectional methodology was issued (for all regulated activates undertaken by CREG) to calculate WACC rate. To date, WACC has not been calculated for the transmission activity.

Natural Gas Transportation

Issuance of new cross-sectional methodology (for all GREG regulated activities) for the calculation to WACC rate. To date WACC has not been calculated for gas transport

Procedure undertaken at CREG to assess 10 gas pipelines that completed the Useful Life Standars (20 years). investment acknowledged in this pipelines, if are maintained working, increased 13.4% with respect to the value acknowledged in the last tariff review (Res CREG 121 of 2012), from US$ 56,5 to US$ 64,1 million.

Electricity Transmission- Guatemala

Trecsa began a process at Ministry of Energy and Mines aimed at being acknowledged US$331,076.24 per year, on account of force majeure of Acts of God during the performance of the project; this petition was accepted by the Ministry as per Resolution 599 of 23 February 2015.

To date, it awaits that the National Commission for Electric Power (CNEE - for its Spanish acronym) issues the final resolution to include those additional resources to TRECSA.

Natural gas Distribution

Issuance of new cross sectional methodology (for all activities regulated by CREG) to calculate WACC rate. The actual WACC rate before taxes was established annually for 2015-2019 as follows:

Res.096/15 2015 2016 2017 2018 2019+ 13,28% 13,51% 13,97% 14,23% 12,47%

BUSINESS REGULATORY UPDATE

18

EEB CORPORATE GOVERNANCE

Experienced Management and Board of Directors Corporate Governance and Transparency

The government of the District of Bogotá is responsible for appointing a majority of the members of EEB’s board of directors and executive officers, including EEB’s president

Shareholder’s Meeting approved new bylaws according to the OCDE.

High quality practices and standards in accordance with national listing

requirements given that EEB is listed on the Colombian securities

exchange.

The Board of Directors has created operations, management and control

committees to aid in efficiently carrying out the activities of the Company

Note: (1) The Board of Directors is responsible for establishing general business policies and guidelines, as well as long-term strategy. All directors are elected for an

unlimited duration. Directors must remain in office until their successors are elected and have taken office (2) independent member.

.

Executives Position Year of a appointment

Astrid Álvarez President 2016

Leonardo Garnica Investments VP 2016

Ernesto Moreno Transmission VP 1997

Felipe Castilla Financial VP 2013

Lina Toro Human Resources & Services VP 2016

Diana Vivas Legal & Regulation VP 2016

Juan Daniel Avila Sustainable Development Director 2016

Mauro Hernan Mejia Strategic Supply Chain Director 2016

Sandra Aguillón Internal Audit Director 2011

Maria José Quiceno Communications Director 2016

Board of Director(1) Possition Actual Position Year

Beatriz E. Arbeláez Martínez President District’s Finance Secretary 2016

Jaime E. Ruiz Llano Vice-president Colvivienda CEO 2016

Alberto Gutiérrez Bernal Director Titularizadora Colombiana CEO 2016

Gisele Manrique Director Major’s Office Chief Counsel 2016

Margarita Ma. Rehbein Dávila Director CFO Sanford Management 2016

Carlos A. Sandoval Reyes Director Structured Finance VP FDN 2016

Antonio J. Núñez Trujillo Director(2) Partner Nuñez Rincon Lawyers 2016

Rafael Herz Stenberg Director(2) Asoc. Colom. del Petróleo VP 2016

Gustavo Ramirez Director(2) Investment VP Corficolombiana 2012

Shareholders’ Meeting Peak governance body

Compensation Committee and Financial insvestments Committee Made up by three independent board members

External Controls Tax Review, External Audit, specialized audits, City Controllers Office, SSPD and SFC

Strategic Supply Chain Committee and Executive

Contract Committee Analysis of contracting procedures

and recommendations to the Executive Committee

Audit and risk Committee

Made up by three independent board members

Corporate Governance Committee

Three board members. At least one of them must be

independent

19

INVESTOR RELATIONS For more information about Grupo Energía de Bogotá (GEB) contact our Investor Relations team:

Felipe Castilla Canales

Rafael Andrés Salamanca Investor Relations

Advisor GEB

+57 (1) 326 8000 Ext 1675

CFO

rsalamanca@eeb.com.co

www.eeb.com.co www.grupoenergiabogota.com/en/investors

ir@eeb.com.co

+57 (1) 326 8000 Ext 1501 Fabián Sánchez

Aldana Investor Relations

Advisor GEB

+57 (1) 326 8000 Ext 1827

fsanchez@eeb.com.co

20

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 1934. 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.