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Grupo Energía de Bogotá

1Q 2017 Key Results and Developments

May 23rd 2017

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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.

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Agenda

01 EEB Overview

03 Expansion Projects

04 Financial Performance 1Q 2017

05 Q&A

02 Key Updates 1Q 2017

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EEB Overview01

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EEB Corporate Structure01EEB generally controls its subsidiaries or partners with world class operators following a longtrack record of success.

VT

Urban Energy SolutionsInterconnecting for Market

DevelopmentLow Emission

Generation

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EEB’s strategic business units01EEB is focused on natural monopolies in regulated sectors around three businesses, with aclear competitive strategy.

3.5

Electricity

Distribution

Million of customers in

Colombia

Natural Gas

Distribution Perú

440k

Power Generation

23%Market share generation

In Colombia

1,500

Electricity Transmission

Km of transmission

grid in Colombia

9,500 Km of transmission

grid in Perú

400Km of transmission grid

in Centroamérica

Natural Gas transportation

4,000 Km of

pipelines

Natural Gas

Distribution Colombia

2.1Million of

customers

1,100Km of transmission

grid in en Brasil

14,975 GWhPower generated in

2016

Urban Energy

Solutions

Interconnecting for

Market

Development

Low Emission Generation

Customers

6.0Million of

customers

Total

12.5kKm of

transmission

grid

Total

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Key Updates 1Q 201702

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Key Updates - Corporate Highlights02First Bond Issuance Local Market

On February 28th, EEB completed its first bond issuance in the local market for COP 650,000 million, with an over-

demand of COP 1.3 billion. Credit Rating Issuance and Issuer: AAA Local by Fitch Ratings Colombia. Maturities of 7,15

and 25 years, increasing exposure of EEB to COP.

Highest Dividends in History

Shareholders meeting EEB authorized to pay 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 5th, 2017

Second Installment (50%) : Until October 31st, 2017

On July 5th EEB will pay the first installment of the release of occasional reserves to the District of Bogota, amounting

COP 35,000 mm + interest (CPI + 4,15%), for a total of COP 66,000 mm

Shareholders Assembly also approved statutory reform which includes mainly changes in corporategovernance.

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Key Updates – Natural Gas Segment02TGI

Resolution 026 of 2017 published in April, which addresses issues related to compensation and competitive processes for

projects included in the Natural Gas Supply Plan, includes the following projects that are complementary to the TGI system:

Bidireccioality Yumbo – Mariquita

Loop 10, Mariquita - Gualanday

Bidireccionalidad Barrancabermeja – Ballena

Compressors El Cerrito – Popayán

Additionally, it defines projects that, given their location, are complementary to the TGI system, and which will have a

competitive selection process, which are mentioned below:

Regasification Pacífic – Plant

Buenaventura – Yumbo - Pipeline

Bid process is expected be lauched during 2H 2017 and awarded process expected in 1H 2018.

As of year-end, the average transported volume through TGI’s infrastructure was 428 mmcfd (14.0 MM3D), which

represents a market share of 46.9% of the transported volume during 1Q 2017.

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Key Updates – Natural Gas Segment02Cálidda

Fitch Ratings upgraded the corporate credit rating for Calidda in local and foreign currencies to 'BBB‘ from 'BBB-' , stable outlook.

Calidda’s client base and invoiced volume both increased during 1Q 17 by 26% and 8%, respectively, compared to 1Q 2016’s figures.

(464,785 vs 369,542 clients). And volume (751 mmcfd vs 698 mmcfd)

During 2016, our network length was enlarged by 266 km, wherewith the distribution system reached a total of 7,691 km of

underground pipelines.

Total Revenues of 1Q 2017 have increased by 13% due to higher distribution revenues mainly from additional contracted Take or Pay

volume, and higher connection fees from the NGV segment

The EBITDA grew 21% mainly due to the higher income mentioned above (higher distribution revenues of natural gas) and a lower

operational expenses during 1Q 16

BBB Stable Outlook

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Expansion Projects03

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Expansion Projects03Revenue growth has been sustained by a strong capex plan

Executed Capex by Segment(1) (1Q 17 | 194.4 USD Mm)Executed Capex by Companies(1) (1Q 17 | 194.4 USD Mm)

Executed Capex by Country(1) (1Q 17| 194.4 USD Mm)

Source: Company filings

(1) Excludes Brazil – GEBBRAS Capex

Executed Capex by Investment(1) (1Q 17| 194.4 USD Mm)

Colombia43,1%

Perú51,3%

Guatemala5,6%

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Expansion Projects (Direct invesment in Colombia) 03Revenue growth has been sustained by a strong capex plan.

Projects Update (1Q 17)

(1) Expected annual revenues.

UPME Projects ProgressEAR(1)

USD MM On Stream

Chivor II 55.2% 5.50 02/06/2017

Cartagena Bolívar 63.4% 11.60 18/11/2017

Río Córdoba 64.3% 1.80 22/07/2017

Armenia 96.0% 1.28 12/08/2017

Tesalia 86.0% 10.90 18/05/2017

Sogamoso Norte 42.3% 21.10 30/09/2017

Refuerzo Suroccidental 500 kV 19.5% 24.40 30/09/2018

Ecopetrol San Fernando 53.5% 6.00 18/06/2017

Río Cordoba Transformadores 89.7% 0.65 08/08/2017

La Loma 500 kV 61.9% 1.30 10/08/2017

La Loma 110kV 21.1% 6.96 30/06/2018

Conexión Drummond Ltd 29.2% 0.87 22/07/2017

92.36

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Expansion Projects032013-2020 Investments and Funding Sources – Controlled Companies

(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 – 2020 Funding Investments EEB Capex Profile

(USD mm)

USD mm %

Executed Capex 2013-2016 $1,557 50%

Expected Capex 2017 -2020(1) $1,580 50%

Cash Generation After Dividends 2016-2020 $1,130

Incremental Debt 2016-2020 $450

TOTAL 2013-2020 $3,137

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Financial Performance 1Q 201704

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Financial Performance04Consolidated Results (as of 1Q 2017)

Operating Revenue 1Q 17 by Segment Operating Profit 1Q 17 by Segment (1)

(COP 296,707 mm)(COP 771,425 mm)

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

On YoY Basis: 1Q 17 compared to 1Q 16 showed a decrease of 16.8%

Due to EEC was merged with Codensa since October 1st, 2016, revenues

from the segment Electricity Distribution are reported with Codensa data,

non-controlled subsidiary.

(+3.9%; COP 2,704 mm) Electricity Transmission: coming on stream of

UPME Projects awarded. Tesalia y Quimbo/Cali

(-20.3%; COP 76,501 mm) Natural Gas transportation: decrease in TGI’s

revenues due to FX conversion effects and less transported volume.

(+5.7%; COP 21,524 mm) Natural Gas distribution: increase in Cálidda’s

revenues, mainly from higher transported volume and FX conversion effects..

On YoY Basis: 1Q 17 vs 1Q 16 operating profit showed a decrease of 16.3%,

Due to lower income from natural gas transported volume due to Niño

Phenomenon.

(+11.0%; COP 3,331 mm) Electricity Transmission: higher revenues from new

projects combined with controlled costs. Some costs at the level of TRECSA

related to activated easements.

(-19.5% COP 46,210 mm) Natural gas Transportation: Lower revenues also

combined with lower costs from maintenance

(-2.0%; COP 1,447 mm) Natural gas distribution: higher revenues, combined

with 10% increase costs due to new users connected to the network.

72.440 9%

398.773 52%

300.211 39%Electricity Transmission

Natural Gas Distribution

Natural Gas Transportation

33.529 11%

72.061 24%

191.117 65%

Electricity Transmission

Natural Gas Distribution

Natural Gas Transportation

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Financial Performance04Consolidated Results (as of March 2017)

(+84.7%, COP 27,232 mm) Finance income: increased due to interest returns on financial investments.

(+6.2%, COP 7,951 mm) Finance expenses: increased mainly to debt interest payments, and banking commissions

(-95.2%, COP 61,670 mm) Net Exchange Difference: Net Exchange difference increase due to a revaluation during the period of 4%, which impact positively

liabilities denominated in foreign currency.

(+15.7%, COP 36,580 mm) Equity Method: increase in equity method of Associates mainly from Emgesa & Codensa due to operational performance.

(+598,7%, COP 72,006 mm) Taxes: Due to increase on deferred tax at the level of TGI. Fx effects.

(+0.94%, COP 4,968 mm) Net Income: grew due to operational results, financial income and equity method contribution from associates.

On YoY Basis: 1Q 17 compared to 1Q 16

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

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Financial Performance04 Ebitda Evolution 2006 – 1Q 2017 LTM

(COP mm)

Source: Company filings.

Note: Figures for the years 2006–2013 are presented under ColGaap standards. For 2014, 2015 & 2016 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.

(2) EBITDA excludes EMSA contribution

Normalized Consolidated Adjusted EBITDA(1) Consolidated Adjusted EBITDA by Subsidiary(2)

(USD mm)

Consolidated Adjusted EBITDA by Segment

75%

70%

64%

56%

52%

55%56%

39%45%44%33%

19%25%

30%36%44%48%

45%44%61%55%56%

67%

81%

2.394.250

2.611.932

2.413.812

1.964.666

1.775.908

1.447.3351.369.533

1.122.3431.053.942

934.163949.599

539.319

806859871973922819705586516416471241

1Q 17 LTM20162015201420132012201120102009200820072006

Operational Ebitda

Dividends

Lower EBITDA from lower revenues due to the EEC merger effect and lower transportedvolume in TGI

Lower decreed dividends from associates companies

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Financial Performance04Description of Indebetness (as of March 2017)

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

Consolidated Debt Composition Debt Maturity Profile (3)(4)

(USD mm) (USD mm)

COP| PENUSD

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 2021. 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 2016.

(4) 2024,2032,2042 corresponds to the local bond maturities denominated in Colombian Pesos.

2,84x 2,56x

2,40x 2,63x

2,78x

4,50x

1Q 174Q 163Q 162Q 161Q 16

$1.543$1.737 $1.733

$2.218

$3.009$2.803

$2.567$2.791

3,4% 6,4% 2,9%

2,2%

0,7% 1,2%

1,00%9,34%

96,6% 93,6% 97,1%

97,8%

99,3% 98,0%

99,0%

90,7%

2010 2011 2012 2013 2014 2015 2016 2017

120,044,7

588,0

36,9

773,7 758,7

328,7

66,08,7 8,7 8,7 4,4

83,9 53,4

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2032 2042

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Q&A Session05

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

Felipe Castilla

Canales

Julian Naranjo

Financing & IR

Manager

+57 (1) 326 8000

Ext 1536

CFO

jnaranjo@eeb.com.co

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

ir@eeb.com.co

+57 (1) 326 8000

Ext 1501 Fabián Sánchez

Financing & Investor

Relations Advisor

+57 (1) 326 8000

Ext 1827

fsanchez@eeb.com.co

Rafael Salamanca

Financing & Investor

Relations Advisor

+57 (1) 326 8000

Ext 1675

rsalamanca@eeb.com.co

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