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GEB Earnings Results

2Q 2018

September 13/2018

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Disclaimer

The information provided herein is for informational and illustrative purposes

• nly 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

• f 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

• n 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
• nly to qualified institutional buyers as defined under Rule 144A under the

Securities Act, and outside the United States in accordance with Regulation S

• f 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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• 1. GEB Overview
• 2. Key Updates

3.Expansion Projects

• 4. Financial Performance

5.Q&A

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GEB Overview

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5 Power Distribution Natural Gas Distribution 3.8 mm clients in Power Distribution 2.9 mm clients in Natural Gas Distribution 13,580 km of Transmission Lines 4,200 km of Gas Pipelines Power Transmission Natural Gas Transportation USD$579 mm YTD Consolidated Revenues 2Q 2018 USD$569mm YTD Consolidated EBITDA 2Q 2018 USD$6.3bn Market Cap. June 30, 2018 ~USD$157 mm CAPEX 2Q 2018 11.7% 2Q 2017 – 2Q 2018 10.9% 2Q 2017 – 2Q 2018 5.6% Dividend Yield

• Avg. 2011 – 2Q 2018

Approved a profit distribution of over COP$1.055.835 mm GEB will pay its shareholders a record dividend of COP$115 per share Power Generation 3,467 MW in Installed Capacity 14,765 GWh in Power Generation GEB is a leading energy company in LatAm, composed by a diversified portfolio of Power and Natural Gas companies, classified in three strategic business lines:

GEB at a Glance

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Leading Participant in Relevant Energy Markets

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

% Revenues NTS

Power Transmission 20.90%(1)

Transmission Network(10)

867 km Market Share

% Distributed Volume

Natural Gas Dist. / Transp. 73.53%(3)

# 1 Peru(3)

Market Share

% Revenues NTS

Power Transmission 65.9%(2)

# 1 Peru(2)

Peru

Clients(11) 600K

• Trans. Network(13) ~10,994 km

Brazil

Market Share

% Network NTS (km)

Power Transmission 0.77%(9)

Transmission Network 1,100 km(10)

Colombia

# 1 Colombia(8)

Market Share

% National Network (km)

Natural Gas Transportation 54%(8)

# 1 Colombia(4)

Market Share

% Subscriptions

Power Distribution 24.7%(4) Clients 3.4mm(10)

#1 Colombia(6)

Market Share

% Power Generated

Power Generation 20.7%(6)

Generation ‘17

14,835 GWh(12)

# 2 Colombia(7)

Natural Gas Distribution Market Share

% Connected Users

32.6%(7) Clients 2.1mm(10)

# 2 Colombia(5)

Market Share

% Revenues NTS

Power Transmission 17.8%(5)

• Trans. Network 1,503 km(10)
• Trans. Network

3,994 km

• 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

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Key Updates

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2Q 2018 – Corporate Highlights Highest Dividends in History

• Cálidda reported an increase of residential clients in an additional 148 thousand.
• Cálidda decreed dividends in USD$52.7 million.
• Capitalization to Trecsa in USD$11.9 million and to Contugas together with TGI in the 2018 cumulative in USD$41 million.
• On June 28, 2018 the first dividend payment was made corresponding to 50% of the amount decreed on the value of the 2017

profit (COP $ 527,917 million). The second payment will be on October 25 and in total $ 115 / share will be paid.

• On July 4, a notice of offer for the second stage of democratization was published.
• On July 23, the results for the award of the second stage of democratization were presented.
• On July 31, the second stage of democratization was completed with the recording in the disposed shares account.
• On August 1, GEB informs of changes in its share composition.
• Gas Natural S.A. E.S.P. informed that on June 1, 2018, Gamper Acquireco S.A.S. acquired a stake of 43.71% in the Company

(16.137.037 shares), which added to the stake of Gamper AcquireCo II S.A.S. (one of its affiliates and also part of Brookfield Infrastructure Group), equals 11.22% of the Company (4.142.772 shares), and gives Gamper Acquireco S.A.S and Gamper AcquireCo II S.A.S joint control in the Company with a stake of 54.93% in the Company (20.279.809 shares).

• The arbitration claims initiated by Consorcio Graña & Montero (CG&M) – Conciviles against Contugas, were for an initial amount of

USD 80 million. Nevertheless, after the evidentiary hearing and the allegations of the parties, the tribunal decided that the only amount in favor of CG&M was for USD 38.4 million, and also deciding that CG&M was to pay to Contugas the replacement of some valves; thus, the final amount to be paid from Contugas was approximately USD 30 million.

Key Updates 2Q 2018 – GEB

2.1

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2Q 2018 – Corporate Highlights

• TGI continues to have control and operate the largest gas pipeline network in Colombia:

✓ Gas pipeline: 3,994 km, Capacity: 784.9 MMscfd ✓ Average of firm hired capacity: 716.3 MMscfd ✓ Covers 54% of the Colombian market

• On march 11 early payment was made on the syndicated loan acquired through the merger with IELAH in the amount of USD$44

million, leaving a remaining balance of USD$40 million.

• Commissioning of the Cusiana – Apiay project, which increases capacity from 33 Mscfd to 64.2 Mscfd, and of the Apiay – Villavicencio

– Ocoa section, from 17.2 Mscfd to 22 Mscfd, including completion of construction of two compression stations (Paratebueno and Pompeya).

• Capitalization in Contugas for USD$13.2 million in May.
• A payment of dividends to GEB was made in an amount of COP$150,038 million; the remaining will be paid in October 2018,

considering that the total declared was COP$300,077 million.

• June 1 – The Cusiana Phase IV project came into operation with its compression unit No. 8, located at the gas station of Puente

Guillermo (Puente Nacional - Santander) and with an additional transportation capacity of 17 Mmpcd. At the close of the period, firm transportation contracts with Natural Gas were signed (15 Mmpcd for the period from June 2018 until December 2024) as well as contracts with authorized future funding with: Gases de Occidente, Emgesa, Organizacion Terpel, Alcanos de Colombia and Cogasen.

• June 9 – The Subfluvial Crossing of the Magdalena River (La Dorada – Caldas and Guaduas – Cundinamarca) came into operation,

eliminating the shortage risk for 84 municipalities and 8 departments in the south-western part of the country.

• June 14 – The Loop Armenia came into operation with 37 Km of length and a capacity of 8.3 Mmpcd, supplying 8 municipalities of

Quindio, 2 municipalities of Valle del Cauca and distribution companies in the region.

Key Updates 2Q 2018 – TGI

2.2

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2Q 2018 – Corporate Highlights

• Fitch Ratings reaffirmed Calidda’s 'BBB‘ long-term local and foreign Issuer Default Rating (IDR) and senior unsecured notes

due in 2023, outlook stable (01/05/18).

• Standard & Poor’s reaffirmed its ‘BBB-’ corporate credit and senior unsecured ratings for Calidda, outlook stable (02/26/18).
• Moody's upgraded Calidda's Baa3 foreign currency senior unsecured rating to Baa2, outlook stable (07/10/18).
• Calidda’s client base and invoiced volume both increased during Q2 2018 by 31% and 3%, respectively, compared to Q2

2017’s figures: 655,131 vs 501,589 clients and 788 vs 762 MMscfd.

• During 1H 2018, our network length was enlarged by 340 km, wherewith the distribution system reached a total of 8,926 km
• f underground pipelines.
• Total Revenues and Total Adjusted Revenues1 as of Q2 2018 increased by 6% and 11%, respectively, driven by a higher

number connection services, mainly in the residential segment, and distribution revenues due to the combination of higher invoiced volume and higher distribution tariff.

• Calidda’s distribution tariff was increased by 11% since May 7th, 2018, after completing a successful rate review process.

Current tariff scheme2 will be valid until May 6th, 2018.

• The EBITDA grew accordingly and totaled USD 145 million (LTM), while the Adjusted EBITDA margin3 reached 60%.
• 1. Total Adjusted Revenues: Total Revenues less Pass-through concepts (gas, transport and IFRIC 12 revenues).
• 2. Tariff scheme considers periodical tariff adjustments for local (Peru) and US inflation (PPI), and for steel and polyethylene international prices.
• 3. Adjusted EBITDA Margin: EBITDA / Total Adjusted Revenues.

Key Updates 2Q 2018 – Cálidda

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GEB Shareholding as of July 31, 2018

65,68%

20,44%

5,18%

8,71% Others AFP

Number of shares outstanding: 9,181,177,017 Total Shareholders: 7.289

Note: GEB's shareholding structure is updated as of July 31, 2018. It includes the results of democratization.

Number of shares outstanding: 9,181,177,017 Total Shareholders: 3.357

GEB Shareholding as of June 30, 2017

2.4 Shareholding Structure

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Expansion Projects GEB

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Expansion Projects

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

(1) Expected annual revenues.

Projects that currently generate income

3.1

Projects Update (2Q 2018) Progress EAR (1)

USD$ mm

Date expected

(On stream)

111.91 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% 94.7% 98% 91% 80.1% 70.3% 42.3% 77.9% 45.9% 25.7% 3.2% 46.0% 5.5 11.6 1.3 11 21.1 1.3 24.4 6.3 6.9 0.66 21.5 0.35 3Q 2018 3Q 2018 4Q 2018 3Q 2018 2Q 2019 4Q 2018 3Q 2018 1Q 2019 3Q 2019 1Q 2019 4Q 2022 4Q 2018

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Expansion Projects

Revenue growth has been sustained by a strong capex plan

3.2

Executed Capex by Controlled Companies

2Q 2018

USD$157 mm

Transmisión GEB 32.5% TGI 25.7% Contugas 3.2% Trecsa 7.9% Cálidda 26.7% EEBIS Guatemala 4.0%

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Financial Performance GEB

(Consolidated)

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Costs and Expenses

Operational Revenues

Operational Profit

Net Profit

Financial Performance

4.1

$ 802,630 $ 812,044 $ 936,322 $ 830,938 $ 864,928 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 $ 496,180 $ 502,210 $ 706,337 $ 547,865 $ 506,833 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 $ 306,450 $ 309,834 $ 229,985 $ 283,073 $ 355,349 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018 $ 231,434 $ 461,597 $ 337,356 $ 342,336 $ 472,120 2Q 2017 3Q 2017 4Q 2017 1Q 2018 2Q 2018

17 180,706

27.3%

370,649

56%

110,535

16.7%

Natural Gas Distribution Natural Gas Transportation Electricity Transmisión

855,749

50.5%

620,975

36.6%

219,142

12.9%

Natural Gas Distribution Natural Gas Transportation Electricity Transmission

As of 2Q 2018 compared to 2Q 2017 showed an increase of 7.74% ▪ +41.81%; COP$64.611 mm Electricity Transmission:

Growth as a result of: Higher income recognized from UPME (Bolivar – Cartagena COP$5,079 million, Bolivar – Santa Rosa COP$4,880 million, Sogamoso – Betulia COP$10,852 million, Sogamoso – Gachancipa COP$20,582 million and Sogamoso – Soacha COP$5,998 million) projects and from CEMPRO and Prónico lines of EBBIS for USD$5.7 million.

+3.34%; COP$20.074 mm Natural Gas transportation:

Growth due to an increase in fixed charges and the start of operations of the Cusiana-Apiay-Ocoa project from February, which will have a positive impact in the performance of this line of business during the entire year.

+4.54%; COP$37.127 mm Natural Gas distribution:

Growth due to

• Contugas – Income from construction for the G&M Award; construction of networks for USD$2.6 million; new

industrial clients due to fishing season from April to June for USD$2.7 million; and increase of interests from financing to residential clients.

• Cálidda – Increase in the number of internal installations for USD$6.3 million; increase in the hired capacity,

which has a positive impact in transportation and natural gas consumptions in USD$4.6 million; and higher income from gas distribution based on higher volumes.

Financial Performance

COP$661,890 mm COP$1,695,866 mm

As of 2Q 2018 compared to 2Q 2017 gross profit showed an increase of 10.36% ▪ +57.7%; COP$40,461 mm Electricity Transmission:

As a result of higher maintenance and operating costs in COP$4.4 million, increase in contributions for COP$4.4 million with respect to UPME projects; with respect to Trecsa, an increase can be seen in maintenance expenses for lines and substations in COP$3.9 million, including personnel costs, utilities cost and billing costs to EBBIS.

• 3.0% (COP$11,520 mm) Natural gas Transportation:

As a result or: Increase of personnel costs (COP$7,182 million), maintenance from rights of way (COP$3,876 million) and repairs for change of coating (COP$4,121 million).

+22.5%; COP$33.205 mm Natural gas distribution:

and its behavior is related to:

• Contugas – Higher supply costs, based on a higher market consumption and construction of networks (CINIIF 12

expansion) in USD$2.6 million.

• Cálidda – Higher amortizations and depreciation in USD$4.5 million, increase of cost of installations and increase

in natural gas costs, based on transported volume (USD$3 million).

Operating Revenue by Segment | 2Q 2018 YTD Gross Profit by Segment | 2Q 2018 YTD

4.2

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• 9.35%, COP$8,439 mm Finance income: The growth is related to higher interests and returns from short term securities of GEB, TGI and Gebbras.
• 3.98%, COP$10,712 mm Finance expenses: The behavior is due to a decrease in financial expenses mainly from TGI and Cálidda, as a result of the prepayments of the debt that have been made up to

date.

• 66.67%, (COP$14,265 mm) Net Exchange Difference: The net change difference is connected to the behavior of the FX rates during the analyzed period in countries where GEB is present; thus, the

main cause occurred in Gebbras, as a result of the depreciation of the Real with respect to the American Dollar (USD), thus having an impact in the expenses related to a bank obligation expressed in USD.

• 3.55%, (COP$18.683 mm) Equity Method: In the equity participation method, the largest contribution is from Emgesa with 51.9%, followed by Codensa with 29.9% and Gas Natural with 6.1%. It

should be noted that the companies in Brazil are under joint business: GOT, MGE, TER and TSP.

• 12.09%, (COP$14,666 mm) Taxes: Differed taxes were significantly reduced mainly due to the performance of that item in TGI, in response to a regulatory change of fiscal effects, with respect to the

useful life of fixed assets. As of the close of Q2 2018, the expense for fiscal depreciation is lower as a result of a recalculation that was made.

• 6.19%, COP$47,514 mm Net Income: The performance is due to the solid generation of income in each one of the business segments and in the countries where the Company is present and cost and

expense control in the operational and administrative performance, reaching efficiencies in the development of each one of the executed activities.

2Q 2018 from EBIT to net profit

Financial Performance

4.3

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

2.562.019

2010 2011 2012 2013 2014 2015 2016 2017 2Q 2018

Operational EBITDA Dividends

USD$ mm

586

Normalized Consolidated EBITDA(1)

Consolidated EBITDA by Segment(2) Consolidated EBITDA by Strategic Group

COP$ mm

COP$1,666,442 mm 2Q 2018

Financial Performance

4.4

COP$1,666,442 mm 2Q 2018

Electricity Transmission 14.9% Electricity Distribution 13.9%

Natural Gas Transportation

32.7%

Electricity Generation

19.5%

705 819 922 821 877 909 883 874

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382 29 48 830 1,069 122 87 162 61 112 2019 2020 2021 2022 2023 2024 2028 2032 2042 2047

(USD$2,902 mm)

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

(USD$ mm)

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

Financial Performance

4.5

3,17x 3,07x 2,95x 2,85x 2,83x 4,50x

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

6,56x 6,53x 7,05x 7,56x 8,72x 2,25x

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

96.6% 93.6% 97.1% 97.8% 99.3% 98% 99% 84.7% 84.2% 3.4% 6.4% 2.9% 2.2% 0.7% 2% 1% 15.3% 15.8%

1.543 1.737 1.733 2.218 3.009 2.803 2.567 2.946 2.902 2010 2011 2012 2013 2014 2015 2016 2017 2Q 2018 LTM

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Q&A 5

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Felipe Castilla Paola Viloria

Financing & Investor Relations Officer +57 (1) 326 8000 Ext 1611

CFO GEB

pviloria@geb.com.co

www.geb.com.co www.grupoenergiabogota.com/en/investors

ir@geb.com.co

+57 (1) 326 8000

Sandra Jimenez

Financing & Investor Relations Advisor +57 (1) 326 8000 Ext 1827

sjimenezv@geb.com.co

Astrid Alvarez

CEO GEB

ir@geb.com.co

+57 (1) 326 8000

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

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.