A Regional Leader in the Energy Sector EEB Corporate Structure EEB generally controls its subsidiaries or partners with world class operators following a long track record of success.

Electricity Natural Gas Services

Generation Transmission Distribution Transport Distribution

51.5% 100% 51.5% 15.6% 100%

2.5% 1.7% 51%(1) 99.97%(2) 25% 100%

Colombia 16.2% 100%

40% 100%(3) 99.9%

Peru 40% 66%(3)

95.3% 100% Guatemala

51%(4)

51%(4)

Brazil 51%(4)

51%(4)

Source: Company filings. (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) Acquired on August 21, 2015 for ~USD158 mm. 2 Selling process Law 226 | Companies in process of merger | Companies in process of liquidation

Investment Highlights Key InvestmentKey Investment Highlights Highlights EEB represents an extraordinary opportunity to participate in a leading diversified platform across regional energy markets.

1 Leading Participant in Relevant Energy Markets  EEB’s subsidiaries have market leading participations across the energy chain and are well positioned to benefit from the expected growth in electricity and natural gas markets in the region

2 Strong Footprint in Attractive Energy Markets in LatAm  Sound industry dynamics as well as strong growth outlooks for electricity and natural gas sectors in , Peru and Guatemala provide significant growth opportunities for EEB and its subsidiaries

3 Growing Revenue Base Propelled by Disciplined Capex Planning  Due to the industry’s regulated framework, EEB’s distribution and transportation businesses provide stable streams of predictable earnings. Carefully selected brownfield projects also provide significant growth opportunities

4 Track Record of Creating Value for Shareholders  EEB receives a stable flow of dividends from its subsidiaries with dividend policies that promote maximum payout ratios. In turn, EEB pays out an attractive and reliable amount of dividends to its shareholders

5 Continued Access to Financial Markets to Fund Expansions  EEB has successfully accessed the debt and equity markets in recent years to help finance important investment plans, including the acquisition of a 32% stake in TGI. Several liability management transactions undertaken to reduce EEB’s overall financial costs

6 Strong Shareholders and Partners  EEB has strong relationships with its shareholders, including the Government of Bogotá, as well as with its partners (e.g. Grupo Enel, Gas Natural, ISA, etc.)

4 1 Leading Participant in Relevant Energy Markets EEB’s subsidiaries have market leading participations across the energy chain in Colombia, Peru and Guatemala.

Electricity Natural Gas

Distribution # 1 Colombia Distribution # 1 Colombia Market Share (%) 26.6% Market Share (%) 59.0% (Kwh) (No. clients)

Transmission # 2 Colombia Transportation # 1 Colombia Market Share (%) 10.1% Market Share (%) 87.0% (Km of lines) (Average volume transported)

Generation # 3 Colombia Distribution # 1 Perú Market Share Inst. Capacity (%) 19.1% Market Share (%) 100.0% Market Share Generation (%) 21.2% (No. clients)

Transmission # 1 Peru Market Share (%) 57.6% (Km of 220-138 kV lines)

Transmission # 1 Guatemala Project Ongoing (850 Km L/T and 24 S/E)

5

Source: EEB, UPME, OSINERGIM, CNEE. 2 Strong Footprint in LatAm Natural Gas Markets… EEB is well positioned to benefit from the expected growth in the natural gas sector via its investments in TGI, Gas Natural, Promigas, Calidda & Contugas.

Colombia Perú

Natural Gas Footprint Natural Gas Footprint Ballena Northern Producers: Chevron Ecopetrol References 1.89 tcf Natural Gas Reserves City 14,626 Field BCF Lower and Middle Proved Magdalena Valley 1.97 tcf Reserves Bucaramanga Medellin Residential

Bogota Industrial Cusiana Eastern Natural Gas Pipeline Cali Producers: 3.15 tcf Neiva Ecopetrol Equion Main grid expansion Upper Magdalena Valley

Natural Gas Demand (mcfd) Natural Gas Demand (mcfd)

1,285 5,161 1,106 4,700 1,047 4,459 905 3,982 860 892

2,900 2,774

2010 2011 2012 2013 2014 … 2018E 2010 2011 2012 2013 2014 … 2018E 6

Source: ANH, MEM, UPME (medium scenario). 2 …And in LatAm Electricity Markets As Well Sound electricity industry dynamics expected to positively impact EEB’s performance, via its investments in Codensa, Emgesa, among others.

Electricity Demand Colombia (GWh)

73,867

63,964 59,367 60,885 56,148 57,157

2010 2011 2012 2013 2014 … 2018E

Perú Guatemala

12,630 67,492

9,231 8,730 8,945 8,134 8,473 43,559 40,940 43,102 36,779 32,314

2010 2011 2012 2013 2014 … 2018E 2010 2011 2012 2013 2014 … 2018E

7

Source: ANH, MEM, UPME (medium scenario). 3 Growing Revenue Base… As a result of participating in a regulated industry, EEB’s revenues are stable and predictable (81% of total revenues come from regulated businesses)

Natural Gas Distribution Revenue Electricity Distribution Revenue

(COP mm) $3,370,038 (COP mm) GAS NATURAL CODENSA $4,412,222 $2,530,768 $4,092,963 CALIDDA EEC $3,699,245 $3,802,041 $2,183,395 $3,513,739 EMSA $3,311,701 $1,902,952 $1,693,167

$1,237,673

2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015 (USD mm) $647 $872 $1,076 $1,133 $1,145 $1,079 (USD mm) $1,730 $1,809 $2,092 $1,973 $1,711 $1,401

Natural Gas Transportation Revenue Electricity Transmission Revenue

(COP mm) $1,675,765 (COP mm) TGI REP PROMIGAS $1,365,600 CTM EEB Transmission $ 990,976 $1,113,894 $ 826,676 $948,514 $820,851 $ 700,443 $ 705,122 $769,161 $ 632,706 $ 556,743

2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015

(USD mm) $402 $423 $536 $578 $571 $537 (USD mm) $366 $426 $358 $289 $295 $317

Source: Company filings. Note: Total of operating revenues per company – aggregated figures for comparable purposes. 8 Average COP/USD exchange rates used for every year were the following; 2010:$1,914; 2011: $1,943; 2012: $1,768, 2013:$1,927; 2014: $2,393, 2015:$3.149. 3 … Propelled by a Solid Capex Plan Revenue growth has been sustained by a strong capex plan at the subsidiary and the associate level. Subsidiaries Associates Executed Capex by Segment(1) Executed Capex by Segment 2015 2014 430 2015 2014 Electricity Generation 365 55 M&A 264 47 Capex by Company (2015) Capex by Company (2015) 31 131 Electricity Transmission Electricity Transmission Promigas 130 160 6.0% CTM Gebbras EEC 13.6% 101 15.7% 9.1% TGI 220 Gas Distribution Electricity Distribution 143 8.4% Contugas 144 EEB Trans. 4.6% 32 156 Electricity Distribution 10.8% Gas Transportation Codensa Emgesa 24 18.2% 54.4% EEBIS 10 29 GTM/PE Cálidda Gas Transportation 14 REP 36 11.9% 24.4% Gas Distribution 6.6% Trecsa 15.1% Gas Natural Projects Update (2015) Projects Update 1.2%

EAR(2) UPME Project Status On Stream  El Quimbo Project (400 MW) USD MM Chivor II 50.9% 5.5 08/07/2017  Total investment: USD1,231 mm (including contingencies) Cartagena Bolívar 32.4% 11.2 07/03/2017  Execution 4Q15: 96.6% Río Córdoba 32.5% 1.8 30/11/2016  Full operation: 4Q15 Armenia 94.0% 1.3 26/11/2015 Tesalia 80.0% 11.0 14/02/2016  On-going projects: Nueva Esperanza, Norte Norte 25.1% 21.1 30/09/2017 Refuerzo Suroccidental 500 kV 7.0% 24.4 30/09/2018  Concluded first stage of Public Lightning Modernization project Ecopetrol San Fernando 18.4% N.A 30/04/2017 Río Cordoba Transformadores 28.9% 0.6 30/11/2016  Started Bacatá Substation operations (0.5 MW) La Loma 26.8% 1.3 30/11/2016

Source: Company filings. 9 (1) Includes acquisition 3Q Equity portion USD 55 Mm (2) Expected annual revenues. 4 Track Record of Creating Value – Share Price Appreciation EEB’s shares have outperformed the Colcap, MSCI EM LatAm and the S&P 500 over the last year providing stable returns in a volatile market environment. Historical Share Price Evolution – Last 12 Months

120

0.11 110 102.41

0.011 100

0.0011 90

0.00011 80

0.000011 70 69.94

0.0000011 60 sep 2014 oct 2014 nov 2014 dic 2014 ene 2015 feb 2015 mar 2015 abr 2015 may 2015 jun 2015 jul 2015 ago 2015 sep 2015 oct 2015 nov 2015 dic 2015

Volume EEB COLCAP Index EEB CB Equity • Ticker EEB: CB • As of December 31st , 2015 EEB’s market capitalization was USD 5.0 Billion • The stock is part of COLCAP, COLEQTY and COLIR • Target Price as of December 31st , 2015 was COP1,885 (USD 0.59) (1)  Potential upside return: 9.5%

Source: Bloomnerg as of December 31st 2015. (1) Average target price calculated as the average of the following brokers: Credicorp: COP1,810; BTG: COP1,820; Gobal Securities Colombia: COP1,900; 10 Asesores en Valores: COP1,740; Corredores Asociados: COP1,940; Ultrabursatiles: COP1,850 & Valores Bancolombia: COP1,810. Larrainvial: COP 2,050. 4 Track Record of Creating Value – Dividends Paid EEB receives a stable flow of dividends from subsidiaries with dividend policies that promote maximum payout ratios.

Dividends per Share(1)(2) Dividend Yield

(COP / Share) (COP / Share) 8.0% $2,000 $1,745 $1,700 $1,720 $1,800 $119.9 7.0% $1,535 $1,476 $1,600 6.0% 7.1% $1,270 $1,190 4.7% $1,175 $1,400 $82.0 5.0% 4.2% 4.2% $1,200 $64.3 4.0% 3.5% $1,000 $50.0 2.9% 3.0% 4.3% $44.0 3.0% $800 $34.0 $34.9 $600 $24.4 2.0% $400 1.0% $200 1Q 10 4Q 10 1Q 11 1Q 12 1Q 13 1Q 14 4Q 14 1Q 15 3Q 15 1Q 16 0.0% $0 2010 2011 2012 2013 2014 2015 2016 Avg 2010- (USD) $0.02 $0.04 -- $0.02 $0.02 $0.03 $0.05 -- $0.02 $0.01 2015 Closing Share Price at the End of the Previous Year in COP Dividend Yield

Dividend Payout Ratio Evolution

(USD mm) 160% $600 141% $571 140% $470 $500 $438 120% $419 105% $391 112% $368 $400 100% $354 $337 $307 77% $272 80% 64% $228 70% $300 58% $236 60% 40% $157 $165 $200 $138 $143 40% $98 26% $71 $100 20%

0% $0 2008 2009 2010 2011 2012 2013 2014 2015 Avg 2008-2015 Net Profit Dividends Value Dividend Payout + Including Released Reserves

Source Company filings. (1) The values of years prior to 2011 dividend were adjusted split 100:1, which applies the 20.06.11 shares. Outstanding shares of November 11: 9,181,177,017. 11 (2) EEB decreed no dividends in 1Q 11 and 1Q 15 due to an anticipated close of the financial statements. Continued Access to Financial Markets to Fund 5 Expansions EEB has successfully accessed the debt and equity capital markets in recent years, helping finance important investments. Transactions Executed in the Capital Markets

(USD mm)

EEB Bond 8.75% $610 mm Re-IPO Contugas Addition $415 mm $24 mm(1) Contugas Syndicated Loan Liability Management $310 mm IELAH Syndicated TGI Bond 9.5% Liability Management TGI Bond 5.7% Loan $750 mm EEB Bond 6.125% Cálidda Bond 4.375% $645 mm $750 mm $320 mm CAF Loan $610 mm $100 mm Re Opening EEB Bond TRECSA Loan $139 mm $87 mm 2007 2008 2011 2012 2013 2014

Outstanding Bonds

(USD mm) Controlled Subsidiaries Non-Controlled Subsidiaries

$749 mm $1,655 mm $556 mm Issuer EEB 2021 Local AAA Local AAA Baa2 Moody’s Baa2; stable S&P BBB-; stable Fitch AAA; stable BBB- S&P BBB-; negative Fitch BBB-; stable Fitch BBB; stable AAA (Col) $450 mm Local AAA $750 mm $460 mm Issuer TGI 2022 Local AAA Baa3 Moody’s Baa3; stable S&P BBB-; stable BBB- S&P BBB-; negative Fitch AAA F1+; stable BBB $487 mm Fitch BBB; stable Moodys Baa3; neg Local AAA

$320 mm $596 mm Cálidda 2023 Issuer Local AAA - F1 + (col) Baa3 Moody´s Baa3; Stable Fitch BBB; stable $270 mm BBB- S&P BBB-; Negative S&P BBB-; stable Local AAA Fitch BBB-; Positive BBB- Moodys Baa2; stable

12 Source: Company filings. (1) An additional USD8 mm will be disbursed during 2015. 6 Strong Shareholders and Partners EEB has strong relationships with its shareholders, including the Government of Bogotá, as well as with its partners (e.g. Endesa, Gas Natural, ISA, etc.)

Ownership Structure – December 2015 Key Partners (2015)

 61 million clients Shareholders Composition (Post Ecopetrol Phase I)  40 countries  USD97,266 mm revenues Retail Investors  20 million clients AFPs 2.26% 14.87%  25 countries

Corficol  USD32,819 mm revenues 3.56%

Ecopetrol  2 million clients 3.03%  4 countries  USD994 mm revenues

Bogota D.C. 76.28%  9 countries  USD1,959 mm revenues

 12 Brazil States  USD1,519 mm revenues

13 Source: Company filings. A Regional Leader in the Energy Sector Financial Highlights Consolidated Financial Results EEB has exhibited sound growth rates in terms of revenues and operating profit.

Operating Revenues Operating Profit

(COP mm) $3,419,609 (COP mm) $2,598,215 $1,070,859

$1,958,521 $696,550 $1,585,105 $607,965 $1,421,664 $550,659 $558,518

$932,435 $268,287

2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015

(USD mm) $487 $732 $896 $1,016 $1,287 $1,244 (USD mm) $140 $283 $316 $316 $345 $390

Consolidated Adjusted EBITDA Net Income to Common Shareholders

(COP mm) (COP mm)

Lower net income $1,092,944 due to Emgesa, $2,572,071 $1,013,867 $2,413,812 Codensa and Gas Natural declaring extraordinary $843,560 dividends at the $816,349 $1,806,889 $1,775,908 end of 2010 $690,701 based on partial year results $1,279,394 $1,082,047 $305,294

2010 2011 2012 2013 2014 2015 2010 2011 2012 2013 2014 2015

(USD mm) $944 $557 $724 $922 $1,274 $878 (USD mm) $571 $157 $391 $438 $341 $369

Source: Company filings. Note: Figures for the years 2006–2013 are presented under ColGaap standards. Figures for 2014 & 2015 are presented under IFRS. 15 Evolution of EBITDA Operational EBITDA has increased from 19% to 64% of Consolidated Adjusted EBITDA over the last 10 years demonstrating increased strength of EEB’s controlled assets. Normalized Consolidated Adjusted EBITDA(1) Consolidated Adjusted EBITDA 4Q 15 by Subsidiary

(COP mm) Promigás ISA, REP & Otros Gas 2% CTM 1% EEB Natural 1% Transmisión, 3% Trecsa & Operational EBITDA Codensa EEBIS Guate 9% 5% 2,413,812 Dividends

Emgesa 64% 19% TGI 1,964,666 43% 1,775,908 56% Cálidda, 52% Contugás & 1,447,335 1,369,533 EEBIS Perú 13% Decsa/EEC 55% 4% 1,122,343 56% 1,053,942 949,599 934,163 39% Consolidated Adjusted EBITDA 4Q 15 by Segment 45% 33% 44% Others 539,319 0.2% 48% 19% 67% 61% 44% 36% 55% 45% Gas 56% 44% Electricity 81% Distribution 15.4% Generation 19.9% Electricity 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 Transmission 6.1% (USD mm) 241 471 416 516 586 705 819 922 973 878 Gas Electricity Transportation Distribution 45.1% EEB has significantly increased its operational EBITDA 13.2% generation

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. 16 Financial Plan 2013-2019 Investments and Funding Sources

2013 – 2019 Funding Investments EEB Capex Profile – Controlled Companies

(USD mm)

$597(2)

$465 264 $420 USD mm % $386 108 $347(3) Executed Capex 2013-2015 $1,330 49% 94 $304 Cash Generation After Dividends 2016-2020 $1,147 42% 55 77 29 202 143 82 Incremental Debt 2016-20 $225 8% 101 93 126 11 (1) Subtotal 2016-2020 $1,372 51% 35 36 29 $92 $92 74 94 TOTAL 2013-2019 $2,712 84 204 211 153 80 81 64 80 69 12 11 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

Source: Company filings. (1) Mainly concentrated on electricity transmission businesses (COL / Overseas). (2) 2014 Incliudes M&A transaction IELAH Equity Portion 17 (3) 2015 Includes M&A transaction Brazil Equity portion

Description of Indebtedness

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

15.83x

4.50x 15.47x 11.12x 11.80x 3.27x 3.03x 3.20x 7.30x 2.41x 2.09x 2.25x

2014 1Q 15 2Q 15 3Q 15 2015 2014 1Q 15 2Q 15 3Q 15 2015

Consolidated Debt Composition Debt Maturity Profile

(USD mm) (USD mm) Indebtedness in USD increased as a result of TGI’s shares acquisition (31.92%) through IELAH’s SPV 749.0 750.0 0.7% 1.2% 99.3% 584.4 98.0% 2.2%

6.4% 2.9% 97.8% 3.4% 320.0 93.6% 97.1% $3,009 96.6% $2,803 $2,218 158.8 $1,543 $1,737 $1,733 127.4 31.0 8.1

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 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). 18 (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). Overview of Main Investments EMGESA Company Overview EMGESA is one of the largest generators operating in Colombia with 3,459MW of installed capacity and a market share of ~21%, based on total electricity generated in 2015. Company Overview Summary Financials

(COP mm) SummaryIncome 2011 2012 2013 2014 2015 ´11 - ´15  EMGESA is 51.5% owned by EEB and 48.5% owned by Endesa Revenues $1,899,062 $2,144,233 $2,397,428 $2,607,960 $3,268,277 19.8%  Company is set to complete its 400MW “El Quimbo” hydro plant in Huila % Growth 0.7% 12.9% 11.8% 8.8% 25.3% -- EBITDA $1,256,231 $1,380,920 $1,480,177 $1,728,343 $1,725,429 11.2% department in 4Q15 % Growth 12.9% 9.9% 7.2% 16.8% (0.2%) -- ● At completion, El Quimbo is expected to have required a total investment % Margin 66.2% 64.4% 61.7% 66.3% 52.8% -- of ~USD1,231 mm with the ability to generate ~2,000 GWh per year Net Income $667,755 $783,529 $870,141 $1,012,091 $885,455 9.9% % Growth 16.7% 17.3% 11.1% 16.3% (12.5%) --  Other projects include 4 hydro plants with a total a installed capacity of ~1,070 % Margin 35.2% 36.5% 36.3% 38.8% 27.1% -- MW which are expected to generate a total of ~5,400 GWh per year Summary Balance Sheet Dividends and  ~93% of all energy produced by EMGESA comes from hydro generation Reserves Declared to facilities EEB 80,537 343,894 405,659 739,668 1,045,672 135.0% CapEx 290,407 646,645 642,787 872,495 752,972 37.4%  Strong growth in underlying cash flows (EBITDA increasing by a 11.0% CAGR Net Debt 1,615,117 1,841,385 2,354,496 2,673,539 3,790,971 32.9% from 2011 – 2014) Net Debt / LTM EBITDA 1.3x 1.3x 1.6x 1.5x 2.2x --

Key Operational Statistics (2015) Generation Evolution

(GWh) Energy Generated (GWh) 10,761

Energy Sales (GWh) 16,886 Lower generation due to lower hydro generation 13,741 Installed Capacity (MW) 3,459 (-7.2%) caused by low 13,631 13,294 in the year Fuel Mix (Based on MW) Hydro – 89% Thermo – 11% 12,748 Contracted Energy Sales(1) 52% 12,092 Dispatch Factor 90.8% Load Factor 51.9%

2011 2012 2013 2014 2015 20 Source: Company filings. (1) Based on 2014 revenues. CODENSA Company Overview CODENSA is a leading distribution company in Colombia with a market share of ~23% and approximately 2.8 million customers.

Company Overview Summary Financials

(COP mm)  CODENSA is 51.5% owned by EEB and 48.5% owned by Endesa Summary Income 2011 2012 2013 2014 2015 ´11 - ´15 Revenues $2,986,153 $3,141,800 $3,212,218 $3,435,157 $3,711,866 7.5% % Growth 7.1% 5.2% 2.2% 6.9% 8.1% --  Serves nearly 2.8 million customers as of 4Q 14 EBITDA 976,001 1,090,892 1,108,179 1,170,377 1,238,636 8.3% % Growth (0.8%) 11.8% 1.6% 5.6% 5.8% --  Reduced energy losses from over 23% in 1997 to 10.2% in 2003 and 7.2% in % Margin 32.7% 34.7% 34.5% 34.1% 33.4% -- 2014, its lowest level in company history Net Income 457,664 510,993 535,911 536,696 516,935 4.1% % Growth (4.7%) 11.7% 4.9% 0.1% (3.7%) -- % Margin 15.3% 16.3% 16.7% 15.6% 13.9% --  Demand expected to continue to grow above national GDP during upcoming years Summary Balance Sheet Dividends and Reserves Declared 237,157 69,624 264,951 463,156 552,744 32.6%  Approved project for an additional 600MW of transformation capacity to meet CapEx 306,246 241,801 280,634 373,119 537,343 20.6% the growing demand from the north of Bogota and Cundinamarca Net Debt 650,350 524,517 545,203 587,065 776,801 6.1%

Net Debt / LTM EBITDA 0.7x 0.5x 0.5x 0.5x 0.6x -- Key Operational Statistics (2015) Energy Sales & Growth

(GWh) Energy Sales (GWh) 13,937 Residential 33% 13,937 Other 67% 13,667 13,342 Total Customers (‘000s) 2,865 12,972 12,424 Customer Split: Residential 89% Other 11% 2011 2012 2013 2014 LTM 3Q 15

Losses Energy Losses (% of Energy Distributed) 7.2% Ratio (%) 7.8% 7.3% 7.0% 7.2% 7.2%

21

Source: Company filings. TGI Company Overview TGI is one of the two main natural gas transportation companies operating in Colombia with a ~49% market share based on transported natural gas volumes.

Company Overview Summary Financials

(COP mm)  EEB holds a 99.9% stake in TGI and consolidates the company for financial reporting purposes Summary Income Statement 2011 2012 2013 2014 2015 CAGR Revenues $626,838 $702,309 $874,645 $946,752 $1,215,232 14.7% % Growth 12.1% 12.0% 24.5% 8.2% 28.4% --  Largest natural gas transporter in Colombia with ~50% market share EBITDA 481,570 526,721 674,163 753,904 998,702 16.1% % Growth 12.0% 9.4% 28.0% 11.8% 32.5% --  Only natural gas transporter in Colombia connecting main sources of supply % Margin 76.8% 75.0% 77.1% 79.6% 82.2% -- Net Income 25,614 247,680 130,067 144,943 127,766 78.2% (Guajira and Cusiana) with the main consumption centers % Margin 4.1% 35.3% 14.9% 15.3% 10.5% -- Summary Balance Sheet  Transports gas through a network of 3,957km of pipeline Dividends and Reserves Declared ------440,005--- NA CapEx 712,311 332,873 63,967 86,510 91,794 (50.5%)  ~89% of its capacity is contracted, with firm capacity contracts extending to the Net Debt 1,280,496 1,266,880 982,400 1,583,874 2,735,740 7.3% year 2021, ensuring a stable stream of cash flows Net Debt / LTM EBITDA 2.7x 2.4x 1.5x 2.1x 2.7x --

Key Operational Statistics ( 2015) Contracted Firm Capacity & Availability

(MMCF; %)

Total Nominal Capacity (MMCF/d) 733,8 672 647 Contracted Capacity (MMCF/d) 672 621 604 Average Volume (MMCF/d) 522 560 Availability Factor (%) 100%

Annual Load Factor (%) 66.9% 2011 2012 2013 2014 2015

Gas Pipeline Length (Mi) 2,459 Availability (%) 99.6% 99.9% 100.0% 99.9% 100.0%

Source: Company filings. 22 (1) LTM financials reported in USD and converted at average COP/USD exchange rate of $2,585 and EOP exchange rate of $2,600. Cálidda Company Overview Cálidda has residential presence in 17 districts and industrial network in more than 34 districts within & Callao ().

Company Overview Summary Financials

(COP mm)  Cálidda has the concession of the Peruvian State to build and operate the system CAGR ´11 - of distribution of natural gas in the Department of Lima and Callao for a period of Summary Income Statement 2012 2013 2014 2015 ´15 33 years, renewable every 10 years to a maximum of 60 years. Revenues $654,339 $888,051 $1,017,067 $1,416,386 29.4% % Growth - 35.7% 14.5% 39.3% -- EBITDA 113,959 138,942 204,098 327,592 42.2%  Cálidda concession area concentrates more than 34% of the Peru´s population % Growth - 21.9% 46.9% 60.5% -- and more than 44% of the GDP of the Peru. % Margin 17.4% 15.6% 20.1% 23.1% -- Net Income 46,858 32,232 86,002 105,897 31.2% % Growth - (31.2%) 166.8% 23.1% --  Calidda´s pipeline current capacity is 420MMPCD (from Citi Gate Lurín to Lima). % Margin 7.2% 3.6% 8.5% 7.5% -- Independent and regulated customers located down flow Lurín use nearly Summary Balance Sheet Dividends and Reserves 295MMPCD, equivalent to 70% of our capacity. 343,894 405,659 822,548- 33.7% CapEx 169,793 204,440 254,246 0 14.4%  During the first quarter, 279 km of network were built, being mostly polyethylene Net Debt 269,547 414,349 575,595 0 28.8% (270 km), whereby the distribution system reached a total of 4,957 km of Net Debt 2.4x 3.0x 2.8x 0.0x -- underground pipelines. Key Operational Statistics (2015) Contracted Firm Capacity & Availability

(MMCF; %)

Total Nominal Capacity (MMCF/d) 572 540 543 Contracted Capacity (MMCF/d) 543 445 363 Average Volume (MMCF/d) 547

Market Share (%) 230

GNV stations Service (%) 77.91%

Gas Pipeline Length (km) 5,989 2012 2013 2014 2015

Source: Company filings. 23 (1) LTM financials reported in USD and converted at average COP/USD exchange rate of $3,122 and EOP exchange rate of $2,540. Appendix EMGESA Projects: El Quimbo El Quimbo will be the first hydroelectric project built by a private company in Colombia. The project will provide EMGESA with an additional 400MW of installed capacity.

Project Overview Project Footprint

 El Quimbo is a reservoir located on the , 12 km ahead of the Betánia hydroelectric power plant ● The project has a total area of 8,586 hectares covering 6 municipalities including Gigante, Garzón, Altamira, El Agrado, Paicol and Tesalia  The hydroelectric project will use Francis turbines with an installed capacity of 400MW (2 x 200MW) Bogotá

 The plant will generate approximately 2,216GWh per year with Betánia an estimated load factor of 60% El Quimbo  The environmental license was obtained in May 2009 and works will continue until 2015 when the dam will start operating  Other considerations: ● El Quimbo will improve EMGESA’s operations since it will increase its regulation capacity Total Investment: USD1,231 mm ● The project will provide firm electricity production until 2034 and will cover approximately 8% of the national Project Executed: 97% demand Full Operation: 4Q15 ● Will ensure the future reliability of electricity supply in Colombia

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Source: Company filings. TGI Projects TGI has undertaken an aggressive expansion plan as illustrated by its portfolio of projects.

Project Overview Project Footprint

 Enhance the capacity of the pipeline compression in the stretch Cusiana Cusiana Vasconia, through the provision and operational startup of three new natural gas compression units Phase III  The project will increase capacity by 20 Mmcfd and entails an investment of approximately USD31 mm  Operational start-up will occur during 1Q 2016  As of today the project progress is at 48%

 Increase the pipeline’s transportation capacity of Cusiana – Apiay in 32 Cusiana Mmcfd and the stretch Apiay – Ocoa in 7 Mmcfd Apiay Ocoa  The project will allow supplying the natural gas demand of clients to thermal generation, residential distribution and industrial consumption  Total investment is ~USD48 mm  Expected operation is expected for the first half of 2017

Armenia  Increase current transportation capacity by 2.2 mpcd by building a Loop 37.5km loop  Investment of USD18 mm with expected start of operations in 2Q 2017

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Source: Company filings. Over than 100 year of energy

1896 1959 1997 2002 2005 - 2007 2008 - 2009 2010 - 2011 2012 - 2013 2014 - 2015

Growth Diversification Expansion Transformation . Capitalization of Citi Venture . EEBIS Gt is constituted in Foundation  EEB acquires Transcogas Capital International CVCI in Guatemala (2011). EEBIS (2005) and Ecogas (2007).  Capitalization Endesa: TGI for USD 400 million Pe is constituted in Perú Today, the two companies are  Private and vertically separation of generation (2010) for expansion (2013) integrated company (Emgesa) and distribution merged. . Acquired control of Calidda in . EEB continues its serving the market of (Codensa) businesses  To acquire Ecogas, EEB and Peru and a minority expansion in Transmission Bogotá. TGI issue bonds in international  Public-private model shareholding in Promigas Colombia (UPME Projects): markets by USD1,360 million Colombia (2011). 2012:Armenia/Alferéz/Tesa (2007). lia; 2013: Norte, Chivor II

and SVC Tunal

Consolidation New Parent Company Internationalization Diversification . EEB acquired 31.92% of TGI (2014) owned by The . Contugas is constituted in Peru (2008)  Bogota district acquires  EEB acquires 40% of REP’s (2002) Rohatyn Group, (formerly CVCI) amounting USD 100% of the company and CTM (2006) stocks. . Through DECSA, EEB acquires EEC 880 million. (2009) . CONTUGAS, inaugurated the Ica Regional Pipeline . TRECSA is constituted in Guatemala (2014), Southern of Perú contributing to the (2009) massification of natural gas in Peru. EEB’s investment reached USD 345 million.

TRECSA energized five new transmission . substations Pacifico, La Vega II, Chixoy II, San Agustin, Rancho 69 kV in Guatemala . EEB continues its expansion in Transmission Colombia (UPME Projects):2014: Second Transmission Line Bolívar - Cartagena 220 kV, Sogamoso - Norte – Nueva Esperanza 500 Kv, Substation Rio Cordoba 220 kV. 2015: Reinforcement infrastructure in southwestern Colombia, Magdalena , La Loma 500kV Substation and the connection of Ecopetrol to the STN EEB has experienced management and strong 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 . High quality practices and standards in accordance with national listing officers, including EEB’s president requirements given that EEB is listed on the Colombian stock exchange

Executives(1) Possition Year of a appoiment . The Board of Directors has created operations, management and Astrid Álvarez Hernández President 2016 control committees to aid in efficiently carrying out the activities of the Leonardo Garnica VP Portfolio & Corporate Planning 2016 Felipe Castilla VP Financial 2013 Company Lina Toro VP Administrative 2016 Ernesto Moreno VP Transmission 1997 Diana Margarita Vivas Munar Legal Counsel 2016 Corporate Governance Sandra Milena Aguillón Rojas Internal Audit Director 2011 Shareholders’ Meeting Gabriel Rojas Subsidiaries Technical Director 2015 Committee Peak governance body Three board members. At least Corporate Affairs Director of Fabiola Leal 2014 one of them must be Subsidiaries independent

Board of Director(2) Possition Actual Possition Year External Controls Tax Review, External Audit, Audit Committee Beatriz E. Arbeláez Martínez President Secretaria de 2016 specialized audits, City Made up by three independent Jaime E. Ruiz Llano Vice-president Presidente Colvivienda 2016 Controllers Office, board members Presidente Titularizadora Alberto Gutiérrez Bernal Director 2016 SSPD and SFC Colombiana. Gisele Manrique Director Asesor Independiente 2016 Margarita Ma. Rehbein Dávila Director CFO Sanford Management 2016 Contracts Committee Carlos A. Sandoval Reyes Director VP Estructuración FDN 2016 Analysis of contracting procedures and (3) Antonio J. Núñez Trujillo Director Socio Nuñez Rincon Abogados 2016 recommendations to the Asesor independiente y VP de la Executive Committee Rafael Herz Stenberg Director(3) Asociación Colombiana del 2016 Petróleo

Gustavo Ramirez Director(3) VP Inversiones Corficolombiana 2012

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. Source: Offering Memorandum. 81% of revenues comes from regulated business

Electricity Natural Gas Services

Generation Transmission Distribution Transport Distribution Services

Spot 30%

Non- regulated Bilateral 16.5% Contracts 70% ENFICC * 2.5%

Regulated 81%

Predictability and stability in regulated revenues

ENFICC: Reliability - Regulated Entry Fee.  13% Of revenues from Emgesa are derived from the charge

for reliability (ENFICC), an income secured by the regulation

29 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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Investor Relations

For more information about Grupo Energía de Bogotá contact our Investor Relations team:

Felipe Castilla Canales +57 (1) 326 8000 - Ext 1501 [email protected]

Rafael Andrés Salamanca Fabián Sánchez Aldana Investor Relations Advisor GEB Investor Relations Advisor GEB +57 (1) 3268000 – Ext 1675 +57 (1) 3268000 – Ext 1827 [email protected] [email protected]

http://www.eeb.com.co http://www.grupoenergiadebogota.com/en/investors

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