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GEB Earnings Results3Q 2018November 15/2018

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Disclaimer

The information provided herein is for informational and illustrative purposesonly and is not, and does not seek to be, a source of legal, investment orfinancial advice on any subject. This presentation does not purport to addressany specific investment objectives, financial situation or particular needs ofany recipient. It should not be regarded by recipients as a substitute for theexercise of their own judgment. This information does not constitute an offerof any sort and is subject to change without notice. GEB is no obligation toupdate or keep current the information contained herein.

GEB expressly disclaims any responsibility for actions taken or not takenbased on this information. GEB does not accept any responsibility for lossesthat might result from the execution of the proposals or recommendationspresented. GEB is not responsible for any content that may originate withthird parties. GEB may have provided, or might provide in the future,information that is inconsistent with the information herein presented. Norepresentation or warranty, either express or implied, is provided in relationto the accuracy, completeness or reliability of the information containedherein.

This presentation may contain statements that are forward-looking withinthe 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 basedon current expectations, projections and assumptions about future eventsand trends that may affect GEB and are not guarantees of futureperformance.

The shares have not been and will not be registered under the U.S. SecuritiesAct of 1933, as amended (the “Securities Act”) or any U.S. State securitieslaws. Accordingly, the shares are being offered and sold in the United Statesonly to qualified institutional buyers as defined under Rule 144A under theSecurities Act, and outside the United States in accordance with Regulation Sof the Securities Act.

We converted some amounts from Colombian pesos into U.S. dollars solelyfor the convenience of the reader at the TRM published by the SFC as of eachperiod. These convenience translations are not in accordance with U.S. GAAPand have not been audited. These translations should not be construed as arepresentation that the Colombian peso amounts were, have been or couldbe converted into U.S. dollars at those or any other rates.

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1.GEB Overview

2. Key Updates

3.Expansion Projects

4. Financial Performance

5.Q&A

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GEB Overview1

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Power Distribution

Natural Gas Distribution

3,7 mm clients in Power Distribution

3,0 mm clients in Natural Gas Distribution

13.729 km of Transmission Lines

4.334 km of Gas Pipelines

Power Transmission

Natural Gas Transportation

USD$880 mm YTDConsolidated Revenue

3Q 2018

USD$743 mm YTDConsolidated EBITDA

3Q 2018

USD$6,2bnMarket Cap.Sep 30, 2018

~USD$249 mmCAPEX 3Q 2018

8,4%3Q 2017 – 3Q 2018

9,3%3Q 2017 – 3Q 2018

5,7%Dividend Yield

Avg. 2011 – 3Q 2018

Approved a profit distribution of COP$1.055.835 mm

GEB paid its shareholders a record dividend of COP$115 per share

Power Generation

3.526 MW in Installed Capacity

14.765 GWh in Power Generation

GEB is a leading energy holding in LatAm with a diversified portfolio of Power and Natural Gas companies,classified in three strategic business groups:

GEB at a Glance1.1

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GEB’s subsidiaries have market leading participations across the energy chain in Colombia, Peru and Guatemala

Guatemala

Colombia

Peru

Brazil

Guatemala# 1 Guatemala(1)

(Private Company)Market Share% Revenue NTS

Power Transmission

20,9%(1)

Market Share% Distributed Volume

Natural Gas Dist. / Transp.

80,2%(3)

# 1 Peru(3)

Market Share% Revenue NTS

Power Transmission

65,2%(2)

# 1 Peru(2)

Peru

Brazil

Market Share% Network NTS (km)

Power Transmission

0,8%(9)

Colombia

# 1 Colombia(8)

Market Share% National Network (km)

Natural Gas Transportation

54,0%(8)

# 1 Colombia(4)

Market Share% Subscriptions

Power Distribution

24,0%(4)

#1 Colombia(6)

Market Share% Power Generated

Power Generation

20,7%(6)

# 2 Colombia(7)Natural Gas Distribution

Market Share% Connected Users

32,5%(7)

# 2 Colombia(5)

Market Share% Revenue NTS

Power Transmission

17,9%(5)

• Source: GEB.• Notes: (1) AMM, November 2017 (http://www.amm.org.gt//ite.php?fecha=09-2017&anio=2017); (2) COES, September 2017 (http://www.coes.org.pe/portal/); (3) Perupetro, September 2017

(http://www.minem.gob.pe/_estadisticaSector.php?idSector=5); (4) SSPD, December 2017 (http://reportes.sui.gov.co/fabricaReportes/frameSet.jsp?idreporte=ele_com_094); (5) XM, December 2017P (http://www.xm.com.co); (6) XM, December 2017 (http://www.xm.com.co); (7) Minminas, September 2017 (Natural Gas Coverage Report as of 3Q 2017); (8) Market share of TGI as of December 2016 (Promigas – Natural Gas Sector Report 2017) and excluding Promigas; (9) MME/ANEEL/ONS, September 2017 (http://www.mme.gov.br/web/guest/secretarias/energia-eletrica/publicacoes/boletim-de-monitoramento-do-sistema-eletrico/boletins-2017 ).

1.2 Leading Participant in Relevant Energy Markets

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Key Updates2

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• During July: Reactivated and strengthened the relationship with research analysts, and provided them with GEB’s current outlook andvision. These have translated into an increase of coverage and follow-up reports on the Company.

• July 31st: Closing of the second stage of democratization with the registration of divested shares.• August 1st: GEB informed about changes in its shareholding structure.• September 7th: A request was submitted before the National Planning Department (DNP) for a favorable opinion on the external

indebtedness for 2018-2023 period.• September 18th: Colombian Stock Exchange granted GEB the IR Recognition for fourth consecutive year.• September 28th: S&P Global Ratings (S&P) reaffirmed the credit rating (BBB-) for the corporate debt of Grupo Energía Bogotá S.A. E.S.P.

(GEB), a rating that corresponds to investment grade. S&P also stated that it will keep GEB’s outlook as stable for the following 24 months.These reflect the sound and stable position of the Company in relation to current projects and assets in the portfolio, and investmentopportunities in the medium and long-term, mainly in Colombia and Peru.

• October 2nd: An Extraordinary General Meeting approved a Statutory Amendment, the Rules and Regulations of the Annual GeneralMeeting, and the Nomination, Remuneration and Succession Policy of the Board of Directors.

• October 9th: Fitch Ratings reaffirmed the credit rating of Grupo Energía Bogotá S.A. E.S.P. (GEB) at investment grade "BBB" on aninternational scale and "AAA" on a local scale, with a stable outlook in both cases.

• October 12th: On the occasion of specific debates on the Investment Framework Agreements signed with Enel Américas and as reported bymedia, main controversies between the parties are related to the non-compliance of mentioned documents in regard to the percentage ofdividends distribution, businesses development in new technologies, and intellectual property matters, with respect to Emgesa andCodensa. It has been decided to raise the unresolved conflicts between the parties before an arbitration tribunal, a procedure agreed tosettle the differences between shareholders.

2.1 Key Updates 3Q 2018GEB

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2.2 Key Updates 3Q 2018TGI

• Compression unit No. 8 at Puente Guillermo station started operations during the third quarter.• At the end of July: i) Initiated the commissioning of the Magdalena River Crossing, which eliminates the risk of shortage for 84

municipalities and 8 departments; and ii) Loop Armenia (37 Km of pipeline in capacity) entered into operation.• 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 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.• October 9th: Fitch Ratings affirmed TGI Long-Term Foreign and Local Currency Issuer Default Ratings (IDRs), as well as international senior

unsecured bond issuance at 'BBB’. The outlook for TGI is stable.• October 17th: TGI successfully completed the liability management program through an issuance of international bonds for USD$750

million, an operation that had bid-to-cover ratio of 3,5x and accomplished a rate reduction from 5,70% to 5,55% with maturity 2028.• An agreement with Emgesa was subscribed for 2.000 kpcd in the Cusiana - Vasconia route for the 2020 - 2024 period. The agreement is

associated to the Cusiana Phase IV expansion project that is estimated to start operations towards the end of 2019 and will representUSD$32,8 million approximately in revenue for TGI.

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2.3 Key Updates 3Q 2018Cálidda

• During the third quarter:✓ Client’s base and turnover increased in 32% and 2%, respectively, compared to the same period of 2017.✓ Total revenue, adjusted revenue and EBITDA increased in 12%, 19% and 7%, respectively, due to: (i) More revenue from the

distribution service due to more turnover; (ii) An increase in the tariff approved by Osinergmin; and (iii) More services for the residentialsegment, derived from a greater number of connections and the sale of 39.189 gas appliances in the period (474% YoY).

✓ 941 km of network built, reaching a total length of 9.289 km of pipeline in the distribution system.✓July 23rd: local bonds were issued for S/. 200 millions at 10 years bullet and hedged with a swap. Interest rate of the issuance was

6,47%.✓July: Dividend payment of USD$52,7 millions to shareholders.✓According to the result of the arbitration with Fenix Power, it was established to pay a compensation of USD $6.3 million.

• Ongoing Projects✓Ventanilla - Puente Piedra Interconnection (68% progress, USD$0,75 millions executed): 4,8 km installed (Total 6,9 km).✓Cluster La Perla (99% progress, USD$0,58 millions executed).✓Cluster Chilca Phase 02 (93% progress, USD$0,68 millions executed): 4,7 km installed (Total 4,8 km). Liner tunnel completed.

Archeological rescue completed.

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GEB’s shareholders as of September 30, 2018

65,68%

20,74%

5,18%

Others8,40%

Pension Funds

Number of shares outstanding:

9.181.177.017

Total Shareholders:

7.289

2.4 Shareholding Structure

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✓ Legal regime requires that at least 25%of Board member must beindependent, a requirement which isaccordingly fulfilled.

9 9Composition of the Board of Directors

Composition of the Board of Directors

by independence33%67%

Non-independents Independents

✓ No GEB’s Board member is a Board member representing GEB in other GEB’s companies or holds executive positions in such companies.✓ GEB’s Board members have no labor relationship with the company.✓ On October 2nd , 2018, an Extraordinary General Meeting approved a Statutory Amendment, the Rules and Regulations of the Annual General Meeting, and the

Nomination, Remuneration and Succession Policy of the Board of Directors.

The Board of Directors is chaired by a woman and the Capital District Mayor holds no position in representation of the majority shareholder

MAIN MEMBERS ALTERNATES

✓ Alternates are called to replace theirrespective main members when theseare temporarily or definitely absent.

✓ The Board of Directors holds generalmeetings once a month.

✓ The notice must be delivered fivecalendar days in advance to themeeting.

2.5 Board of Directors – Before Democratization

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Composition of the Board of Directors

by independence45

Non-independents Independents

9Composition of the Board of Directors

MAIN MEMBERS

President(Named under a special procedure with independent board members)

Nomination, Succession and Remuneration of the Board of Directors Policy

2.6 Board of Directors – After Democratization

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Expansion Projects GEB

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Revenue growth has been sustained by a strong capex plan (Direct Invesment in Colombia)

(1) Expected annual revenue.

Projects that currently generate revenue

Projects Update (3Q 2018) ProgressEAR (1)

USD$ mmDate expected

(On stream)

111,5

Chivor II 230 kV

Cartagena Bolivar 220 kV

Armenia 230 kV

Tesalia 230 kV

Sogamoso Norte 500 kV

La Loma 500 kV

Refuerzo Suroccidental 500 kV

Ecopetrol San Fernando 230 kV

La Loma STR 110 kV

Altamira 115 kV

Colectora 500 kV

Ampliación La Loma 500 kV

57,0%96,2%98,0%91,0%80,7%79,4%44,3%78,6%45,8%40,8%6,7%

77,0%

5,511,61,3

10,921,11,3

24,46,07,00,7

21,50,4

2Q 20193Q 20184Q 20182Q 20192Q 20194Q 20184Q 20201Q 20193Q 20191Q 20194Q 20224Q 2018

3.1 Expansion Projects

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Revenue growth has been sustained by a strong capex plan

Executed Capex by Controlled Companies

3Q 2018

USD$249,2 mm

3.2 CAPEX

TGI 22,2%

Trecsa7,0%

EBBIS Guatemala 2,7%

Transmisión GEB36,5%

Contugas 2,8%

Cálidda28,8%

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Financial Performance GEB (Consolidated)

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Costs and Expenses

(COP$ mm)

Operational Revenues

(COP$ mm)

Operational Income

(COP$ mm)

Net Income

(COP$ mm)

$ 812.044

$ 936.322

$830.938

$864.928

$ 921.069

3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018

$ 502.210

$ 706.337

$547.865$506.833

$558.644

3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018

$309.834

$229.985

$ 283.073

$ 355.349 $362.425

3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018

$464.597

$ 337.356 $ 342.336

$ 472.120

$ 412.152

3Q 2017 4Q 2017 1Q 2018 2Q 2018 3Q 2018

4.1 Financial Performance

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1.348.55851,5%

954.40536,5%

313.97212,0%

Natural Gas DistributionNatural Gas TransportationElectricity Transmission

COP$1.613.342 mmCOP$2.616.935 mm

3Q 2018 (YTD) compared to 3Q 2017 (YTD) showed an increase of 6,6%

+15,7%; COP$19.929 mm Electricity Transmission:• GEB: Increase in contributions for COP$13 mm; maintenance and repairs for COP$2 mm; expenditures for COP$3

mm; and depreciations for COP$1 mm.• EEBIS GT: Contributions COP$7 mm; depreciations and amortizations COP$4.1 mm; and maintenance COP$4 mm.• TRECSA: Cost of personnel COP$14 mm, and depreciation and amortization COP$2 mm.+19,2% COP$64.974 mm Natural gas Transportation:• Variation determined mainly by: Inspection and security services of the gas pipeline network COP$20 mm;

maintenance rights of way COP$6 mm; change of coating COP$8 mm; cost of personnel COP$10 mm; professionalfees, surveillance, transportation, hauling and general expenses, COP$9 mm.

+7,2%; COP$72.069 mm Natural gas distribution:• Increase of USD$23,5 mm mainly due to: Provisions for litigations and doubtful collections, higher distribution and

transportation of natural gas, increase of installations, personnel costs, contributions and taxes. Reductions foramortization and depreciation for new investments.

• Contugas: Cost increases for Addendum of Award with CONSORCIO GYM S.A. – CONCIVILES and construction ofnetwork (application CINIIF).

Operating Revenue by Segment | 2018 YTD Cost and Operational Expenses| 2018 YTD

3Q 2018 (YTD) compared to 3Q 2017 (YTD) showed an increase of 9,7%

+32%; COP$75.365 mm Electricity Transmission:• GEB’s revenue increase of COP$70 mm mainly from the following projects: UPME-05-2012 Bolívar - Cartagena 51%;

Bolívar – Santa Rosa 49%; UPME 01 – 2013 Sogamoso 500Kv Gachancipá 55%; UPME 01 – 2013 Sogamoso 500KvSoacha 16%; Connection Río Córdoba – Ciénaga Magdalena.

• Billing of TRECSA to EEBIS for administrative and payroll services in August 2018, and payment made by EEBIS.+5%; COP$47.074 mm Natural Gas transportation:• Variation determined mainly by: Increase of COP$29 mm in AOM fixed charges and USD$ Fixed Charge due to:

Increase in suspensions (2017) - Start of operations of Cusiana – Apiay project (2018) - Incorporation of tax stamp ondelta’s tariff charge for LOOP Armenia.

• A positive impact of COP$16 mm compared to 2017 due to the absence of negative comments during 2018. COP$2mm remuneration for the delay of the gas delivery.

+9%; COP$108.398 mm Natural Gas distribution:• Calidda: USD$16,6 mm revenue increase from internal installations services; USD$15,6 mm from higher volumes of

gas distribution; USD$7,9 mm from gas consumption and transportation due to the increase of hired capacity.

4.2 Financial Performance

1.079.185

66,9%

402.972

25,0%

146.764

9,1%

119.8747,4%

-135.453-8,4%

Natural Gas DistributionNatural Gas TransportationElectricity TransmisiónAdministrative ExpensesOther Revenue

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3Q 2018 from EBIT to net Income | YTD

• (COP$60.773 mm) Financial Revenue: Reduction related to higher investments in projects sourced through cash and equivalents.

• COP$38.911 mm Financial Expenses: Decrease in TGI’s debt due to pre-payments made during this year.

• (COP$578 mm) Net Exchange Difference: Related to FX rates behavior during the analyzed period in countries where GEB has presence.

• COP$7.166 mm Equity Method: Largest contribution from Emgesa with 51,9%, followed by Codensa with 29,9% and Gas Natural with 6,1%. It should be noted that companies in Brazil are under jointbusiness: GOT, MGE, TER and TSP.

• (COP$120.971 mm) Taxes: GEB: Corresponds to the consideration of the deferred tax base from exchange difference (debt) and difference of PP&E. TGI: effect of the change in useful life and ratesdifferential in PP&E. Calidda: Effect of the change in the residual value intangibles, deferred tax ORI (CCS and Swap Bonus) and exchange difference.

• (COP$4.931 mm) Net Income: Solid revenue generation in each business segments and countries where the Company has presence. Operational and administrative costs and expenses control,achieving efficiencies in the executed activities.

4.3 EBIT to Net Income

1.226.608

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Source: Company filings.Note: Figures for the years 2006–2013 are presented under ColGaap standards. For 2014, 2015 & 2017 are presented under IFRS.

Consolidated Adjusted EBITDA | LTMConsolidated EBITDA by Segment | YTD

Consolidated EBITDA by Strategic Group | YTD

LTM

COP$ mm

COP$2.208.827 mm3Q 2018 YTD

COP$2.208.827 mm3Q 2018 YTD

USD$ mm586 705 819 922 821 877 909 883 897

39%

56% 55%

52%

56%

65%

67% 70% 68%

61%

44%45%

48%

44%

35%33%

30%

32%

1.122.343

1.369.5331.447.335

1.775.908

1.964.666

2.437.4192.528.614

2.455.2252.666.546

2010 2011 2012 2013 2014 2015 2016 2017 3Q 2018

Operational EBITDA

Dividends

Electricity Transmission

15,8%

Electricity Distribution

10,5%

Natural Gas Transportation

38,0%

Natural Gas Distribution

21,2%

Electricity Generation

14,7%

Others-0,2%

52,4%

32,7%

14,7%

Others0,2%

4.4 EBITDA Breakdown

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Source: Company filings.(1) Increase is mainly explained by increase of foreign exchange (USD/COP movements). (2) TGI IELAH (USD$40 mm outstanding debt)(3) 2024, 2032, 2042 and 2047, corresponds to the local bond maturities denominated in Colombian Pesos.

Net Debt / Consolidated EBITDA LTM (1) Consolidated EBITDA LTM / Net Interest (1)

(USD$ mm)

COP$ USD$

Consolidated Debt Composition Debt Maturity Profile (2)(3)

3,07x 2,95x 2,85x 2,83x 2,88x

4,50x

3Q 17 4Q 17 1Q 18 2Q 18 3Q 18

6,53x

7,05x 7,56x

8,72x 8,30x

2,25x

3Q 17 4Q 17 1Q 18 2Q 18 3Q 18

(USD$2.978 mm)

97% 94% 97%

98%

99.3%98%

99% 85% 82%3%6% 3%

2%

0.7%2%

1%

15% 18%

1.5431.737 1.733

2.218

3.0092.803

2.567

2.946 2.978

2010 2011 2012 2013 2014 2015 2016 2017 3Q 2018 LTM

402

29 48 80

1.069

122

898

160

60110

2019 2020 2021 2022 2023 2024 2028 2032 2042 2047

4.5 Debt Profile

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Q&A5

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Felipe Castilla

Valeria Marconi

Investor Relations

Officer

+57 (1) 326 8000

Ext 1536

CFO GEB

vmarconi@geb.com.co

www.geb.com.co

www.grupoenergiabogota.com/en/investors

ir@geb.com.co

+57 (1) 326 8000 Sandra Jimenez

Investor Relations

Advisor

+57 (1) 326 8000

Ext 1827

sjimenezv@geb.com.co

Astrid Alvarez

CEO GEBir@geb.com.co

+57 (1) 326 8000

For more information about Grupo Energía Bogotá (GEB) contact our Investor Relations team:5.1 Investor Relations

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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.