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3Q 2018 TGI Results and Key DevelopmentsNovember 08, 2018

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Disclaimer

This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities

Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as

amended. Such forward-looking statements are only predictions and are not guarantees of future performance. All

statements other than statements of historical fact are, or may be deemed to be, forward-looking statements.

Forward-looking statements include, among other things, statements concerning the potential exposure of TGI, its

consolidated subsidiaries and related companies to market risks and statements expressing management’

expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are

identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”,

“may”, “plan”, “objectives”, ”outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and similar

terms and phrases. Forward-looking statements are statements of future expectations that are based on

management’s current expectations and assumptions and involve known and unknown risks and uncertainties that

could cause actual results, performance or events to differ materially from those expressed or implied in these

statements. Although TGI believes that the expectations and assumptions reflected in such forward-looking

statements are reasonable based on information currently available to TGI’s management, such expectations and

assumptions are necessarily speculative and subject to substantial uncertainty, and as a result, TGI cannot

guarantee future results or events. TGI does not undertake any obligation to update any forward-looking statement or

other information to reflect events or circumstances occurring after the date of this presentation or to reflect the

occurrence of unanticipated events.

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Table of contents

01 Key Updates

02 Operational and Financial Performance

03 Expansion Projects

04 Q&A

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Key Updates01

5

Highlights1

During August: Natural gas transportation agreements for the Cusiana - Sebastopol route were subscribed with EPM. Approximately 15.000 Kpcd for the year 2020 and 21.400 Kpcd for the years 2021 and 2022.

September 4th: The Extraordinary General Meeting approved the issuance of bonds with maturity on 2028 for USD$750 million, according to the terms presented by the management.

September 28th: S&P Global Ratings affirmed its 'BBB-' issuer credit rating for TGI. The outlook remains stable. The company's 'bbb-' stand-alone credit profile (SACP) remains unchanged. At the same time, affirmed the 'BBB-' issue-level ratings for TGI's senior unsecured debt.

Compression unit No. 8 at Puente Guillermo station started operations during the third quarter.

Operational Performance

Financial Performance

Expansion Projects

October 9th: Fitch Ratings affirmed TGI Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs), as well as international senior unsecuredbond issuance at 'BBB’. The outlook for TGI is stable.

October 17th: TGI successfully completed the issuance of international bonds for USD$750 million, an operation that had bid-to-cover ratio ofapproximately 3,5x and accomplished a rate reduction from 5,70% to 5,55% with maturity 2028.

At the end of July: i) Initiated the commissioning of the Magdalena River Crossing, which eliminates the risk of shortage for 84 municipalities and 8departments; and ii) Loop Armenia (37 Km of pipeline in capacity) entered into operation.

An agreement with Emgesa was subscribed for 2.000 kpcd in the Cusiana - Vasconia route for the 2020- 2024 period. The agreement is associated tothe Cusiana Phase IV expansion project that is estimated to start operations towards the end of 2019 and will represent USD$32,8 millionapproximately in revenue for TGI.

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TGI Overview1

New opportunities in evaluation Pipeline Network(1)

Resolution 182 of 2017 published in December, which

addresses issues related to compensation and competitive

processes for projects included in the Natural Gas Supply Plan,

prepared by the UPME and adopted by the Ministry of Mines

and Energy through the Resolution 40006 of January 4, 2017.

On December 29, 2017, the UPME notifies the following IPAT

projects susceptible to be executed by TGI:

• Loop Marquita – Gualanday

• Bidireccionalidad Barrancabermeja – Ballena

• Bidireccionalidad Yumbo - Mariquita

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 Plant - Buenaventura

• Buenaventura – Yumbo - Pipeline

Cartagena Refinery

Barrancabermeja Refinery

Bucaramanga

Bogota

Neiva

Cali

Medellin 2.27 tcf

0,49 tcf

EasternProducers:

EcopetrolEquion

Upper Magdalena

Valley

Lower and Middle

Magdalena Valley

NorthernProducers:

ChevronEcopetrol

0,71 tcf

Guajira

Cusiana-Cupiagua

References

TGI Pipelines

Natural Gas Reserves

City

Field

Refinery

Third Party Pipelines

Reserves in other regions 0.4 2tcf

Total reserves 3.89 tcf

Pac

ific

Oce

an

Caribbean Sea

VE

NE

ZU

ELA

(1) Has access to the three main gas production fields, Guajira and Cusiana-Cupiagua

Source: Mining and Energy Planning Unit. National Hydrocarbons Agency.

The UPME, through Resolution 280 of 2018 dated June 22,

2018, defines the Compressor Branch Jamundi – Downstream

project of the Pradera node, as a priority IPAT project and

susceptible of being executed in first instance by TGI SA ESP.

Currently, the Company is preparing the necessary information

to state interest to the CREG for its execution.

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Operational and Financial Performance02

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Solid Operational Performance2Network length

(km)

Capacity Firm Contracted Capacity(1)

Transported Volume

Load factor

(MMscfd) (MMscfd) (%)

(MMscfd)

(1)The trend line refers to the ratio: Firm contracted capacity/available capacity. The Available capacity differs from the Total Capacity as TGI requires a percentage of it for its own use.

3.957 3.957 3.957 3.957 3.957

3.994

3Q 2013 3Q 2014 3Q 2015 3Q 2016 3Q 2017 3Q 2018

446

487

555

458432

460

3Q 2013 3Q 2014 3Q 2015 3Q 2016 3Q 2017 3Q 2018

730 730 734 734754

785

3Q 2013 3Q 2014 3Q 2015 3Q 2016 3Q 2017 3Q 2018

622650

672 673687

719

85%89%

92% 92% 91% 92%

3Q 2013 3Q 2014 3Q 2015 3Q 2016 3Q 2017 3Q 2018

60%62%

67%

57%52% 52%

3Q 2013 3Q 2014 3Q 2015 3Q 2016 3Q 2017 3Q 2018

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Revenues breakdown

Stable and predictable cash flow generation2TGI’s revenues are highly predictable as a result of regulated tariffs.

Revenues by Industry Revenues by Client

USD$ million

Revenues YTD

65,0%

13,0% 10,2%

2,7%7,7%

1,5%

64,5%

13,2%10,3%

2,3%8,2%

1,6%

Distributor Refinery Thermal Commercial Vehicular Others

3Q 2017

3Q 2018

▪ TGI’s revenues are highly regulated, with approximately 99% LTM coming from

tariffs that are reviewed at least every 5 years, ensuring cash flow stability and

attractive rates of return.

▪ The Company enjoys excellent contract quality:

✓ 99% of TGI’s contracts are firm contracts with an average remaining life of

8 years.

✓ 92,3% of 3Q regulated revenues are highly predictable as a result of fixed

tariffs, not dependent on transported volume.

✓ 65,5% of 3Q revenues are nominated in USD$. Only 34,5% nominated in

local currency.

327,2 332,3

308,6

330,7

3Q 2015 3Q 2016 3Q 2017 3Q 2018

31,5%

19,5%

13,5%

9,4%

5,6%

20,4%

31,1%

18,5%

14,7%

9,2%

5,1%

21,4%

Gas Natural Gases deOccidente

Ecopetrol EPM Isagen Others

3Q 2017

3Q 2018

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EBITDA and EBITDA Margin

TGI Financial Performance – Sept 2018 (YTD)2Sales Cost | Operational & Management Expenses Operational Profit

Net Profit

USD$ million USD$ million

USD$ million USD$ in million

206,40213,62

187,78193,20

Sep.2015 Sep.2016 Sep.2017 Sep.2018

274,50 281,23

251,22 251,68

83,9% 84,6%81,4%

76,1%

Sep.2015 Sep.2016 Sep.2017 Sep.2018

119,89 118,83 121,36

143,25

Sep.2015 Sep.2016 Sep.2017 Sep.2018

11,68

62,68

97,09

72,85

Sep.2015 Sep.2016 Sep.2017 Sep.2018

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TGI Financial Performance2

(USD$ million – end-of-year exchange rate for each period)

(USD$ billion – end-of-year exchange rate for each period) (USD$ billion – end-of-year exchange rate for each period)

Liabilities | EquityPPE

Cash and EquivalentsTotal Assets

(USD$ billion – end-of-year exchange rate for each period)

3,083,24

2,812,60 2,58

2014 2015 2016 2017 Sep. 2018

229,40

258,00

229,00

79,50

56,69

2014 2015 2016 2017 Sep. 2018

2,32 2,28 2,22 2,20 2,19

2014 2015 2016 2017 Sep. 2018

1,86 1,97 2,041,79 1,80

1,221,27

0,77

0,81 0,78

2014 2015 2016 2017 Sep. 2018

Liabilities Equity

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TGI Financial Performance2Total Debt / EBITDA

Total Net debt / EBITDA EBITDA / Interest expenses

Debt Profile

4.8

1.7

LTM

LTM

LTM

Total

USD$1,2billions

3,4 3,33,4

4,03,8 3,6

2013 2014 2015 2016 2017 3Q 2018

4,45,0 5,0

4,4

3,8 4,2

2013 2014 2015 2016 2017 3Q 2018

2,4

2,69 2,72

3,16

3,563,44

2013 2014 2015 2016 2017 3Q 2018

Bond64.0%

Intercompany

31.6%

IELAH

3.4%

Leasing & Renting

1.0%

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Growth Projects 03

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Growth Projects (ongoing)3

Project Description Cost Status

Expansion Cusiana -

Apiay -Villavicencio -

Ocoa

Increase capacity in 32 MMCFD at

Cusiana – Apiay line through the

construction of 2 new compression

stations (Paratebueno and Apiay). 7,7

MMCFD of this capacity will be turn aside

to the Apiay – Ocoa line

~$ 48,3 mm • Progress project (99,70%).

• Capex Executed 3Q 2018 – USD$1,5 millions

• Entry into operation – 1Q 2018

Increase capacity in Cusiana system:

• Cusiana – Vasconia: 58 MMCFD with

39,6 Km of loops (30”).

• Puente Guillermo – Vasconia: 17

MMCFD by upgrading Puente

Guillermo compression station.

~$ 70,7 mm

• Progress project (42,2%).

• Entry into operation 2Q 2018 (17 Mmscfd)

4Q 2019 (41 Mmscfd)

• Capex Executed 3Q 2018 – USD$6,9 millions

Cusiana Phase IV

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Growth Projects (ongoing)3

Project Description Cost Status

Replacement ofBranches

• 10 pipelines of TGI´s system end their

regulatory life

• With the regulatory framework and the

analysis of the infrastructure, TGI has

decided to replace four pipelines and

to continue operating the other six.

~$ 49mm

• ~$ 17 mm

CAPEX

replacement

• ~$ 32 mm

CAPEX

maintenance

• Progress project (17,6%).

• Expected Completion date: 2Q 2019.

• Capex Executed 3Q 2018 – USD$0,5 millions

Loop Armenia

Increase capacity 8,28 MMCFD of

Armenia line through the construction of a

36 km 8” loop parallel to exiting 6”

pipeline.

~$ 19,2 mm• Progress project (99,7%).

• Capex Executed 3Q 2018 – USD$1,2 millions

• Entry into operation – 2Q 2018

• Plan to replace 4 pipelines:

❖Ramal Yarigüíes - Puerto Wilches.

❖Ramal Z. Industrial Cantagallo –

Cantagallo. Ramal Cantagallo – San

Pablo.

❖Ramal Galán – Casabe – Yondó.

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Questions and Answers 04

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Investor RelationsFor more information about TGI contact our Investor Relations team:

Julio Alarcón

CFO TGI jalarcon@geb.com.co

+57 (1) 3138400

Valeria Marconi

Investor Relations

Officer GEB

+57 (1) 326 8000 Ext 1536

Felipe Castilla

CFO GEB fcastilla@geb.com.co

+57 (1) 326800

Sandra JimenezInvestor Relations

Advisor GEB

+57 (1) 326 8000 Ext 1827

vmarconi@geb.com.co

sjimenezv@geb.com.co

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

Sergio Gomez

TGI Financial

Planning and Control

Director

sergio.gomez@tgi.com.co

+57 (1) 3138400Ext 2111

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TGI History

1997

• Creation of Ecogas

• Gas business transferred from Ecopetrol

2006

• Ecogas business sold to EEB

• Creation of TGI2008

• TGI takes over the O&M of owned pipelines

2010

• Beginning of operations of the Ballena expansion

• Merger of TGI and Transcogas

2007

• First bond issuance

2009

• Transfer of first BOMT pipeline (GBS)

• Pipeline exchange with Promigas

2011

• CVCI capitalization 31.92%

• Transfer of second BOMT pipeline (Centragas)

• Cusiana Phase I start up

• Refinancing of EEB subordinated debt with

2012

• Refinancing of bonds

• Cusiana II start up

• TGI takes over the O&M of compressor stations

• Investment grade by Moody’s and Fitch

2013

• Investment grade by S&P

• Headquarters relocation to Bogota

2015

• IFRS implementation

• Initiated merger with IELAH

2014

• EEB acquire 31.92% stake IELAH

• Sabana station start up

• Fitch upgrades rating from BBB- to BBB

• First dividend distribution

2016

• IELAH’s SPV absorbed by TGI

2017

• Transfer Mariquita –Cali pipeline (BOMT)

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Regulation perspectives – Tariff Review Process• The latest tariff methodology was approved by CREG Resolution No. 126 in August 2010 and became effective for TGI in December 2012 (CREG

Resolution No. 121).

• The tariff methodology review process takes place every 5 years, but the actual tariff application is usually delayed.

• The previous tariff period was effective from December 2003 to December 2012, a total of 9 years

• The new regulation is expected to be approved in 1Q 2019, with the updated tariffs coming into effect in 2020 (the starting point for the 5 year-period is set

by the CREG approval of the new tariff methodology).

• Resolution CREG 090/2016 which sets regulated WACC is currently under discussion with regulator. Expected final resolution will be in 1Q - 2019.

▪New tariff

methodology

term sheet

proposition for

discussion

▪New tariff

methodology

proposition for

discussion Res.

CREG 090-16

▪First tariff

approval

resolution for

TGI

▪Appeal/ Request

for reinstatement

by TGI

▪Approval and

implementation of

final charges for

TGI

▪Definition of final tariff

methodology and

regulatory WACC

▪Information request by

CREG for the

definition of charges

Dec. 2014

Aug 2016

Mar. 2019 Dic 2019

Jan 2020

▪Beginning of

current tariff

methodology

period

▪Tariffs

become

effective

for TGI

Dec. 2012

5 year regulatory period

Sep 2020▪End of public information audit

stage by CREG and

expressions of interest by third

parties

Jun. 2019

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Para uso restringido GRUPO ENERGÍA 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 BOGOTÁ S.A ESP.