Corporate Presentation October 2019 1 Disclaimer This - - PowerPoint PPT Presentation

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Corporate Presentation

October 2019

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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. GEB is no obligation to update or keep current the information contained herein. GEB expressly disclaims any responsibility for actions taken or not taken based on this information. GEB does not accept any responsibility for losses that might result from the execution of the proposals or recommendations

• presented. GEB is not responsible for any content that may originate with

third parties. GEB 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 GEB 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.

Disclaimer

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GEB at a Glance

Section 1

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Timeline

More than 120 years of sustainable organic and inorganic growth, record of success

Recurrent issuer in the local and international capital markets Int’l Bond Issuance for USD$320 mm Empresa de Energía de Bogotá (“EEB”) is founded to generate, transmit and distribute electricity in Bogotá

1896

The District

• f Bogotá

acquires 100% of the company

1959

EEB is transformed from a state-owned entity into a stock corporation

• rganized as a public

utilities company

1996

Creation of & through a capitalization and transformation process within EEB

1997

Concession Granted

2002

Acquisition of assets and agreements of Ecogas through TGI

2007 2008 2009 2011 2012 2015

• Codensa absorbs EEC
• New Corporate Strategy
• Approved sale of up to a

20.0% stake of major shareholder

• Other minor stake

divestitures

2013 2006

Acquisition

• f

Int’l Bond Issuance for USD$750 mm

2010

Merger between TGI & Transcogas Acquisition

51,0%

IPO EEB

Int’l Bond Issuance for USD$749 mm

2016

• 2017

2018

GEB reports change in its shareholding structure after democratization

2019

Acquisition

Foundation & Transformation Diversification Growth and Consolidation New Corporate Strategy

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65,7% 21,2% 5,2%

Others

7,9%

76,3% 16,5% 3,6%

Others

3,6% Pension Funds

Number of shares outstanding: 9,181,177,017 Total shareholders: 3.688

Shareholders as of January 31, 2018

Pension Funds

Number of shares outstanding: 9,181,177,017 Total shareholders: 6.180

Shareholders as of September 30, 2019

Shareholding Structure

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*Divest up to 20% of GEB’s Common shares owned by the District, authorized by Bogotá Council (November 2016) Note: In accordance with the agreement 656 of 2016 of the District Council of Bogota, the District will execute a Democratization process. The information herein countained is

• nly for information and illustrative purposes. It is not intended to be an exact estimation, nor is it a source of legal, investment or financial advice information on any matter

1 Due diligence, valuation and structuring process, February 2017 - 2nd Semester 2017 City Government Council endorses the Disposal Program and sets minimum price December 20th, 2017 2 Issuance of Democratization decree and program December 20th, 2017 3 4 First phase Solidarity sector

• Dec. 26th – Feb 26th,2018

Second phase General public July 5th – July 18th, 2018 Operation completion and closure July 31st, 2018 5 6

20/12/2017

Management Agreement SDH-EEB Organize and manage the Democratization* process February 2017 In process Completed

Offer period Notice of

• ffer

Roadshow Offer period Notice of

• ffer

Roadshow

Law 226 of 1995

Democratization Results: (First and second phase)

• District of Bogotá received COP$1.963.020 million
• This amount represents 10,6% of GEB’s common

shares 7 District of Bogotá has authorization to sell the remaining 9,4%. The

• peration should be

considered by the next local government

Democratization*

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Investment Highlights

Section 2

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Leading Participant in Relevant Latin American Energy Markets Experienced Management Team, Supported by World-Class Strategic Partners and Strong Corporate Governance Standards A Sustainable Company with Track Record of Value Creation Stable and Predictable Cashflow Generation Proven Ability to Integrate, Develop and Operate Diversified Energy Businesses 1 2 3 4 5

Investment Highlights

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Proven Ability to Integrate, Develop and Operate Diversified Energy Businesses

GEB is a leading energy holding in LatAm with a diversified portfolio of power and natural gas utilities, classified in three strategic business groups:

Revenue Jun-2019 COP$2.230.522 mm 23,0% YoY 2018 COP$4.001.754 mm 11,8% YoY 5,9% Dividend Yield(2) Dividends Approved on 2018 Net Income COP$1.193.533 mm COP$130 per share (+13%) CAPEX Jun-2019 USD$146,5 mm 2018 USD$396,5 mm Stock Market Capitalization COP$20.060.872 mm USD$5,8 bn September 30 2019 Operating Income Jun-2019 COP$850.562 mm 32,7% YoY 2018 COP$1.302.494 mm 18,2% YoY EBITDA Jun-2019 COP$1.947.172 mm 16,8% YoY 2018 COP$2.643.537 mm 7,7% YoY Net Income(1) Jun-2019 COP$1.103.760 mm 34,5% YoY 2018 COP$1.785.168 mm 13,8% YoY

(1) Net Income: Controlling Interest + Non Controlling Interest (2) Calculated based on the closing price of the share at September 30 2019

Power Distribution Natural Gas Distribution 3,8 mm of clients in Power Distribution 3,2 mm customers in Natural Gas Distribution 13.928 km of Transmission Lines 4.288 km of Gas Pipelines Power Transmission Natural Gas Transportation Power Generation 3.500 MW in Installed Capacity 7.215 GWh in Power Generation (YTD)

Distribution Generation Transportation and Transmission

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Proven Ability to Integrate, Develop and Operate Diversified Energy Businesses

* * 10

*Not controlled Company

* * *

Distribution Transportation & Transmission Generation

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Leading Participant in Relevant Energy Markets

Guatemala Colombia Peru Brazil

Guatemala

# 1 Guatemala(1)

(Private Company) Market Share % Revenue NTS Power Transmission 22,6%(1) Market Share % Distributed Volume Natural Gas Dist. / Transp. 77,3%(3)

# 1 Peru(3)

Market Share % Revenue NTS Power Transmission 67,3%(2)

# 1 Peru(2)

Peru Brazil

Market Share % Network NTS (km) Power Transmission 0,7%(4)

Colombia

# 1 Colombia(5)

Market Share % Nat’l Network (km) Natural Gas Transportation 54,0%(5)

# 1 Colombia(6)

Market Share % Subscriptions Power Distribution 23,7%(6)

# 1 Colombia(8)

Market Share % Installed Capacity Power Generation 20,2%(8)

# 2 Colombia(9)

Natural Gas Distribution Market Share % Connected Users 32,3%(9)

# 2 Colombia(7)

Market Share % Revenue NTS Power Transmission 19,8%(7)

(4)

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

Source(1) https://www.amm.org.gt/portal/?page_id=145; (2) http://www.coes.org.pe/Portal/Integrantes/AportesIntegrantes; (3) http://www.minem.gob.pe/_estadisticaSector.php?idSector=5 & http://www.perupetro.com.pe/exporta/, http://www.perupetro.com.pe/exporta/; (4) http://www.mme.gov.br/web/guest/secretarias/energia-eletrica/publicacoes/boletim-de-monitoramento-do-sistema-eletrico/boletins-2019; (5) http://www1.upme.gov.co/Hidrocarburos/publicaciones/Plan_Transitorio_Abastecimiento_Gas_Natural.pdf; (6) http://reportes.sui.gov.co/fabricaReportes/frameSet.jsp?idreporte=ele_com_094; (7) www.xm.com;(8) http://informacioninteligente10.xm.com.co/oferta/Paginas/HistoricoOferta.aspx; (9) Projection, based on the average growth of Users connected quarterly.

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Note: Figures for the years 2006–2013 are presented under ColGaap standards. From 2014 are presented under IFRS Electricity Generation 8,6% Power Generation 12,3% Power Distribution 8,8%

Stable and Predictable Cashflow Generation

Consolidated adjusted EBITDA has grown over the last 10 years demonstrating increased strength of GEB’s controlled assets

COP$2.924.267 mm +14,1% YoY COP$2.924.267 mm +14,1% YoY

Adjusted consolidated EBITDA June 2019 | LTM EBITDA by Business Lines, June 2019| LTM EBITDA by Segment, June 2019| LTM

Transportation and Transmission 57,1% Distribution 29,9% Generation 12,8% Otros 0,2% Power Transmission 14,3% Power Distribution 7,9% Natural Gas Transportation 42,8% Natural Gas Distribution 22,0% Power Generation 12,8% Other 0,2%

COP$ mm USD$ mm

39% 56% 55% 52% 56% 65% 67% 70% 69% 68% 61% 44% 45% 48% 44% 35% 33% 30% 31% 32%

1.122.343 1.369.533 1.447.335 1.775.908 1.964.666 2.437.419 2.528.614 2.455.225 2.643.537 2.924.267 2010 2011 2012 2013 2014 2015 2016 2017 2018 jun-19

EBITDA… Dividendos

586 705 819 922 821 887 909 883 894 917

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2019 RobecoSAM Sustainability Yearbook Included for the second consecutive year Dow Jones Sustainability Index Included for the eighth consecutive year within the emerging markets category

A Sustainable Company

Energy for Peace (Colombia ) De-mining of 25.000 hectares with the Colombian Army and NGO The HALO Trust, to the benefit of 11 municipalities and 82 rural districts that have suffered from the armed conflict

We transform territories through shared value projects that create sustainable progress to local communities

Community gas diners (Peru) Installation of free gas connections to over 900 gas diners benefiting more than 63.000 people Tecnigas: Training for the Future (Peru) Training young people from underprivileged backgrounds as gas installation technicians, to facilitate their entry into the workforce Women’s economic empowerment (Guatemala) Training 450 indigenous women in traditional crafts and supporting the commercialization of their embroideries

Social sensibility and genuine relationships that create sustainable progress

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Source: BVC

At national and international level, the group meets high information transparency and disclosure standards, according to regulations imposed by the Financial Superintendency of Colombia. The group has gained recognition within the Colombian Stock Exchange’s Investor Relations 2016 program Security Issuer

Track Record of Value Creation

GEB share price performance

Average trading volume 2019 YTD COP$4.436 mm / USD$1,4 mm 2.127.334 shares

5.000.000.000 10.000.000.000 15.000.000.000 20.000.000.000 25.000.000.000 30.000.000.000 September-18 October-18 November-18 December-18 January-19 February-19 March-19 April-19 May-19 June-19 July-19 August-19 September-19 1.200 1.400 1.600 1.800 2.000 2.200 Volume (COP) GEB CB Equity COLCAP

Historical High: COP$ 2.230 April 30, 2019

$2.185 23,5% YTD Sep 26, 2019 1.588 19,8% YTD Sep 26, 2019

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Andrés Baracaldo VP Distribution, Transport & Transmission Álvaro Villasante VP Power Generation Felipe Castilla CFO Astrid Álvarez CEO

Seasoned executive with over 30 years of experience in leadership roles at Public Utilities and Energy Companies in Colombia Senior executive with over 30 years of experience in senior financial roles at global energy companies Senior executive with over 20 years

• f experience in Investment

Banking and Business Development in Power and Utilities Senior executive with over 12 years of experience in Investment roles in Private Equity and Infrastructure in LATAM

Nestor Fagua General Counsel

Senior executive with over 30 years of experience in Laws, Compliance, Banking and Capital Markets

Liliana Pérez Legal Affairs Director Mónica Jimenez Chief Compliance Officer Camila Merizalde Head of Corporate Affairs

Senior executive with over 15 years of experience in corporate affairs Senior executive with 16 years

• f experience as compliance
• fficer in Insurance, Finance

and Utility sectors Senior executive with over 20 years of experience in Law

Rafael Díaz Auditor

Senior executive with over 25 years of experience in audits from multinationals and local companies

Ernesto Moreno Senior VP

Senior executive with over 20 years of experience leading the Power Transmission Business at Grupo Energía Bogotá

Experienced Management Team

Leadership

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Partner in Cálidda

10mm Clients / 2 Countries Market Cap: US$2,074mm Sources: Promigas Website

Partner in Brazil’s Power Transmission

Leading generation and transmission company in Brazil Market Cap: US$ 12,758mm Sources: Eletrobras Website

Partner in REP and Transmantaro

Presence in 13 countries / 62.038 Km of grid network Market Cap: US$ 6.241mm Sources: ISA Website

Partner in Emgesa & Codensa

Presence in 34 countries / 2.2mm km of grid network Market Cap: US$ 59,882mm Sources: Enel Website

Partner in Vanti

(formerly Gas Natural)

Presence in over 30 countries / 115 years of operational experience Market Cap: US$ 47,176mm Sources: Brookfield Website

World-Class Strategic Partners

Partnerships

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Corporate Governance

General Shareholders’ Meeting GEB’s CEO Appointment Group Agreement

✓ Extension of terms for notice ✓ Majority for convoking the General Shareholders’ Meeting ✓ Commitments of Bogotá Capital District (70%) ✓ Ad-hoc committee designation for election of 3 candidates ✓ Selection process along with a headhunter ✓ Board of Directors elects the CEO from the 3 candidates The Agreement is the instrument that regulates the interaction and general framework of behavior for the relationship between the Headquarters and its subsidiary companies, looking forward to facilitating accomplishment of corporate strategy and GEB’s goals

Board of Directors

✓ Composition: 9 members (without deputies) ✓ Increase of independent members: at least 4 members, but GEB has 6 ✓ Independence criteria: based on the “Corporate Governance Guide”

• f the New York Stock Exchange (NYSE)

✓ Adoption of Nomination and Succession Policy of the Board of Directors (experience, candidates’ suitability assessment) ✓ Board of Directors’ qualified majority (6 out of 7 present members) ✓ Board of Directors’ President: independent member ✓ Board of Directors’ committees presided by an independent member

We have accomplished more than 92% of OECD’s recommendations on Corporate Governance Implementation of the Architectural Control Model, which is based on 3 defense lines

Strong Corporate Governance

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Investments Forecast

Section 3

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Executed CAPEX by Controlled Companies

CAPEX Execution

Revenue growth has been sustained by a strong investment plan

2Q 2019 – USD$76,5 mm

Contugas 1,2% Trecsa 8,4% EEBIS 0,1% Calidda 45,1% TGI 11,6% Transmission 33,7%

YTD 2019 – USD$146,5 mm

Contugas 0,9% Trecsa 10,3% EEBIS 0,4% Calidda 38,1% TGI 14,4% Transmission 35,7%

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Note: From 2019 corresponds to forecasts that are adjusted annually

CAPEX Forecast

2019 - 2023 Investments – Controlled companies

Base Scenario

$896 $1.147 $120 Total $2.163

USD$ mm

Capex GEB (Forecast)

Controlled Companies

Distribution Transportation and Transmission Generation Company 2018 2019P 2020P 2021P 2022P 2023P Total Transmission 140 133 140 133 132 107 645 Trecsa y EEBIS 52 46 73 7 1 1 128 TGI 73 85 82 51 66 90 375 Cálidda 119 120 112 108 111 113 565 Contugas 13 4 10 5 19 Other projects 260 43 43 43 43 432 Total 396 649 449 352 359 355 2.163

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Colombia

• GEB has 9 projects in execution with an EAR(2) of USD$98,4 mm
• Expected start of operations(3):

✓ 2019: 5 projects – EAR of USD$24,4 mm ✓ 2020: 3 projects – EAR of USD$52,5 mm ✓ 2022: 1 project – EAR of USD$21,5 mm

• Main projects by EAR are: Refuerzo Suroccidental, Colectora, Sogamoso

Norte and Tesalia

(1) Controlled companies (2) Expected annual revenue (3) 5 of the projects under execution are currently generating revenue. The expected start of operations refers to commissioning date of the projects

Guatemala

• Trecsa develops Guatemala’s major power interconnection project (PET):

✓ 76,1% completion ✓ 19 out of 23 substations; 16 energized ✓ 542 Km out of 863 Km of transmission lines; 421 Km in operation

• EEBIS :

✓ Project Anillo Pacífico Sur: USD$62,7 mm (CAPEX) - Completed ✓ Project CEMPRO: USD$21,7 mm (EPC contract) ▪ Phase 1: 88% ▪ Phase 2: 92% ✓ Project CEMPRO Varinte el Pilar: USD$1,06 mm ▪ Variant el Pilar: 89%

Investment Projects (1) – Power Transmission

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Investment Projects – Natural Gas

Colombia

• TGI’s main projects in execution (CAPEX):

✓ Cusiana Phase IV: USD$92,3 mm (3Q 2020) ✓ Branches reposition: USD$11,6 mm (2Q 2020)

Peru

• Cálidda’s main projects in execution (CAPEX):

✓ Polyethylene pipelines: USD$63 mm (711 Km as of 2Q2019) ✓ Residential clients connection: USD$27mm (90.343 users in 2Q 2019) ✓ Steel pipelines (high pressure): USD$10 mm (5 Km in 1Q 2019 out of 12,7 Km) ✓ City gate expansion: USD$6 mm for expanded capacity of 540 Mcfd (Works start in Sept. 2019)

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ElectroDunas

Peruvian portfolio comprised of 3 companies engaged in power distribution, O&M services and sector-related projects development ElectroDunas:

• Ica, Huancavelica and Ayacucho

(5.402 Km 2, 11 provinces)

• Power distribution to 240.981

clients (1.022 GWh)

• High receivables collection level,

low power loss, low operating costs and high quality service indicators Peru Power Company:

• Power efficiency and asset

construction solutions (EPC contracts)

• Clients include ElectroDunas

and third parties Cantalloc:

• Technical services (power

meters checking, maintenance, reconnections, projects and works execution)

Transaction Rationale

• New

business segment in Peru (power distribution and commercialization) and contribution to establishment of a platform for

• rganic and inorganic growth in the country
• Alignment with GEB’s strategy and investment

highlights: ✓ Predictable and stable perspective

• n

dividends ✓ Regulated, stable and predictable market ✓ Trustworthy regulatory framework ✓ Low relative risk levels ✓ Perpetual concession

• Outstanding operational performance
• Highly experienced management
• Potential synergies with Contugas

24 We are growing through strategic investments that transform and empower the communities we serve

Strong pipeline of opportunities to build energy transmission lines and midstream gas pipelines within the regulated market GEB will bid for the LNG Regasification Project of Buenaventura Actively seeking M&A opportunities in energy transmission and distribution Actively seeking M&A opportunities in renewable power generation Actively seeking M&A opportunities in energy transmission and in renewable power generation

Growth Strategy

GEB is on track to become the leading utilities company in LATAM growing through inhouse initiatives and being an active player in M&A throughout the region

GEB acquired: Since August 7, 2019, GEB controls 100% of the companies of the Electrodunas Group, which meets the demand for electric power of 250.000 new customers in southern Peru (Ica, Huancavelica and Ayacucho) Likewise, GEB continues in the permanent search for investments that allow it to consolidate a growth platform in Peru in the energy and gas sectors

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Capital Structure

Section 4

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Debt Profile

97% 94% 97% 98% 99% 98% 99% 85% 84% 85% 3% 6% 3% 2% 1% 2% 1% 15% 16% 15% 1.543 1.737 1.733 2.218 3.009 2.803 2.567 2.946 2.943 2010 2011 2012 2013 2014 2015 2016 2017 2018 jun-19 2,8x 2,9x 3,2x 2,8x 2,9x 4,0x jun-18 sep-18 dic-18 mar - 2019 jun - 2019

EBITDA LTM / Net Interests LTM

(1) Reasonable indebtedness limit (2) 2024, 2032, 2042 y 2047, corresponds to local maturities of bonds expressed in Colombian pesos

Net Debt / EBITDA LTM

USD$ mm COP$ USD$

Consolidated Debt Composition Debt Maturity Profile June 2019 (2) (USD$2.926 mm)

2.926 8,7X 8,3x 7,4x 7,2x 6,4x 2,25x jun-18 sep-18 dic-18 mar - 2019 jun - 2019 428 14 40 80 1.069 99 890 148 56 102 2019 2020 2021 2022 2023 2024 2028 2032 2042 2047

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Debt management operation

• USD$749 mm Syndicated loan
• The purpose is to improve the debt profile and cost:

✓Extend maturity from 2023 to 2024 ✓Spread over Libor from 2,15% to 1,625% ~ USD$3,9 mm annual reduction in interest expenses

Bonds issuances

• Estimated in USD$800 mm
• Approximately, 50% local market - 50% international market
• Purpose of the issuance:

✓Investment projects ✓Repayment of short-term liabilities ✓Increase the Company's maturity profile ✓Match better liabilities’ composition by currency (COP$ - USD$) to cash flow generation

Syndicated Loan

• Refinancing USD$342 mm
• Spread over Libor from 3,50% to 1,75% ~ USD 5,8 mm annual

reduction in interest expenses

• Total amount of the liability USD$355 mm

Refinancing

• From a current amount of USD$48 mm to USD$53 mm as of 2024

BBB- / Stable

28/09/2018

BBB International - AAA local /Stable

09/10/2018

In the annual review process

2019

GEB’s Corporate Credit Ratings

2019 Financing Program

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Annexes

Section 5

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As of December 31 2018 S.A ESP.

Holdco

EEB Perú HoldingsLtd

Trecsa

Gebbras

Contugas

96,11% ofGEB 3,89% of EDEMTEC 99,9% ofGEB 0,1% of MARCOSDIEZ 68,58% ofGEB 31,42% of TGI TGI International TGI Regasificadora SAS 100% ofTGI 100% ofGEB 40% of GEB 40% of GEB 16,23% of GEB 15,24% ofEEB GAS SAS 25% of GEB 51,51% of GEB 51,32% of GEB 60% of EEBPERÚ HOLDINGS LTD 40% ofPromigas

AFFILIATES SUBSIDIARIES UNCONTROLLED COMPANIES

TGI

99,99% ofGEB 0,01% Other COLOMBIA GUATEMALA EEB Gas SAS 100% ofGEB COLOMBIA COLOMBIA CAIMANISLANDS BRAZIL PERU BRAZIL PERU

100% of GEB BERMUDA

EnergyRe

99,999% of GEB GUATEMALA 0,001% EEB GAS SAS

AFFILIATES Transmission Branch

Assets and Investments

100% of GEB PERÚ

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Status of pending divestitures programs: Phase 2 - Promigas

• The corporate management has not

authorized yet the 2nd phase directed to the general public

• Percentage for disposing of 15,24%

(172.916.643 shares) Banco Popular

• Percentage for disposing of 0,1136%

(8.772.703 shares)

2016 2017 2018

2019

Jun.12.17 – Aug.14.17 Phase 1 Solidarity Sector Acceptance period Dec.13.16 Agreement 656 of 2016 Authorization for the divestitures of the shareholding in Promigas, ISA, Banco Popular & Nutresa Sep.12.17 Phase 1 Promigas Allocation of shares Sep.09.17 Start Phase 2 Divestiture processes to general public: ISA, Banco Popular & Nutresa Sep.19.17 Phase 2 Nutresa Allocation of shares Dec.21.17 / Dec.28.17 Phase 2 ISA Allocation of shares

Divestitures

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Infrastructure

Colombia

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Cartagena Refinery Barrancabermeja Refinery

Bucaramanga Bogotá Neiva Cali Medellín

2.27 tcf

0,49 tcf

Producers In the east: Ecopetrol Equion Alto Valle del Magdalena Magdalena Medio Bajo Magdalena Producers from the north: Chevron Ecopetrol

0,71 tcf

Guajira

Cusiana-Cupiagua

References TGI’s pipelines Natural Gas Reserves City Field Refinery Gas pipelines from third parties

Reserves in other regions 0.4 2tcf

Total reserves 3.89 tcf

Pacifc Ocean Caribean Sea

VENEZUELA

(1) It has access to three of the main gas production fields: Guajira and Cusiana-Cupiagua Source: Unidad de Planeación Minero Energética - Agencia Nacional de Hidrocarburos

Infrastructure

Colombia

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Lima - Callao

Infrastructure

Peru

35

Ica

Infrastructure

Peru

36

Infrastructure

Guatemala

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12,7 15,4 15,0 14,6 14,1 16,1 8,8 7,7 6,5 6,4 3,8 1,9 401,2 418,8 430,6 456,4 441,2 494,4 2011 2012 2013 2014 2015 2016 Reservas Probadas de Gas Natural Reservas Probables de Gas Natural Producción de Gas Natural

Peru Colombia

Natural Gas

Footprint

Bucaramanga Bogota Neiva Cali Medellin

Mountain ranges Oriental and Ocidental Magdalena Valley

Ballena Cusiana

Natural Gas Demand (Mcfd)

Source: UPME, “Balance Gas Natural 2017”, demand forecast – April 2018

References

Natural Gas Reserves City Field

Llanos Orientales Guajira Offshore

Natural Gas Massification

Altoandina Region In bidding process (Proinversión) Tumbes In award process Piura In award process Quavii Lambayeque, Cajamarca, La Libertad and Ancash In operation (virtual supply) Commitment: 150.000 users Lima y Callao In operation (pipelines) 761.187 users (2018) Contugas - Ica In operation (pipelines) 50.517 users (2018)

Proved reserves of natural gas Production of natural gas Probable reserves of natural gas 806 899 975 961 934 863 901 2012 2013 2014 2015 2016 2017 … 2021E

Fenosa Arequipa, Moquegua y Tecna Virtual transportation Commitment: 64.000 users

Strong Footprint in LatAm Natural Gas Market

GEB is well positioned to benefit from the expected growth in the natural gas sector via its investments in TGI, Gas Natural, Calidda & Contugas

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Colombia

Electricity Demand (GWh)

Peru Guatemala

56.145 56.739 59.370 60.890 62.812 65.256 71.401 2010 2011 2012 2013 2014 2015 … 2019E 32.422 35.216 37.306 39.667 41.790 44.537 61.699 2010 2011 2012 2013 2014 2015 … 2019E 8.134 8.672 8.929 9.537 10.490 10.886 12.630 2010 2011 2012 2013 2014 2015 … 2019E

Presence in LatAm Power Markets

Sound power industry dynamics expected to positively impact GEB’s performance, via its investments in Emgesa, Codensa, REP-CTM, among others

Source: Ministerio de Minas y Energía Guatemala Source: Ministerio de Minas y Energía Colombia & UPME Source: Ministerio de Minas y Energía Peru & Dirección Nacional de Electricidad

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Operational Performance

Revenue from Operational Activities

$932.451 $1.178.642 2Q 2018 2Q 2019 +26,4% YoY

Revenue by Business Lines | 2Q 2019 2Q 2019 Vs. 2Q 2018 +26,4% Natural Gas Distribution +28,6%; +COP$144.586 mm:

• Cálidda: Expansion of the network; increase in distribution
• f natural gas; and higher placement of financing loans for

residential natural gas installations Natural Gas Transportation +24,1%; +COP$74.776 mm:

• The delta stamp fee rate for works in the Armenia Loop is

included in all contracts

• Variable charges +45% between 2Q 2018 and 2Q 2019 due

to higher volumes transported, corresponding to take-and- pay contracts

• Approximately 91,2% of the revenues derived from fixed

charges of "firm" transportation contracts Power Transmission +23,1%; +COP$26.829 mm:

• GEB: UPME-04-2014 Refuerzo Suroccidental Heliconia

(Antioquia), Pereira (Risaralda), Cali (Valle), Yumbo (Valle)

COP$1.178.642 mm

650.569 55,2% 385.127 32,7% 142.946 12,1% Natural Gas Distribution Natural Gas Transportation Power Transmission

3 months figures / Millions COP$

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Operational Performance

3 months figures / Millions COP$

$584.080 $759.591 2Q 2018 2Q 2019

Costs of Operational Activities

+30,0% YoY

Costs by Business Lines| 2Q 2019

COP$759.591 mm

2Q 2019 Vs. 2Q 2018 +30,0% Natural Gas Distribution +41,7%; +COP$162.002 mm:

• Cálidda: Expansion of the network, amortization and

depreciation of new investments; increase in facilities and volumes distributed and transported

• Contugas: Higher amortization expense of concession assets

due to the change of method to the straight line method Natural Gas Transportation -4,2% -COP$5.869 mm:

• TGI: Environmental impact studies of the Armenia Loop and

execution of the Integrity Management Plan for the gas pipelines in 2Q 2018, which are not presented in 2Q 2019 Power Transmission +34,8%; +COP$19.378 mm:

• GEB: Professional fees and services. In addition, since 2019,

a more specific allocation of costs is being made to the transmission branch

550.804 72,5% 133.695 17,6% 75.092 9,9% Natural Gas Distribution Natural Gas Transportation Power Transmission

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Consolidated Financial Results

3 months figures / Millions COP$

$522.570 $536.251 2Q 2018 2Q 2019 $358.095 $410.423 2Q 2018 2Q 2019

EBITDA by Business Lines | 2Q 2019 EBITDA Operating Income Net Income

+14,6% YoY +21,8% YoY

COP$536.251 mm

+2,6% YoY $450.412 $558.095 $28.175 $24.776 2Q 2018 2Q 2019 Controlling Net Income Non Controlling Net Income

Power Transmission 10,9% Natural Gas Transportation 58,4% Natural Gas Distribution 29,9% Other 0,7%

42

From Operating Income to Net Income

3 months figures / Millions COP$

Equity Participation Method | 2Q 2019

139.739 82.742 14.406 18.758 12.639 2.045 8.587 169.669 111.558 14.064 15.763 15.327 2.667 9.455 Emgesa Codensa CTM Vanti REP EMSA Negocios Conjuntos 2Q 2018 2Q 2019 +21,4% YoY

43

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