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GEB Earnings Results

3Q 2018

November 15/2018

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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 3,7 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 YTD Consolidated Revenue 3Q 2018 USD$743 mm YTD Consolidated EBITDA 3Q 2018 USD$6,2bn Market Cap. Sep 30, 2018 ~USD$249 mm CAPEX 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 Glance

1.1

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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

1.2 Leading Participant in Relevant Energy Markets

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Key Updates

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• During July: Reactivated and strengthened the relationship with research analysts, and provided them with GEB’s current outlook and
• vision. 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 investment

• pportunities 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 General

Meeting, 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 an

international 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 by

media, main controversies between the parties are related to the non-compliance of mentioned documents in regard to the percentage of dividends distribution, businesses development in new technologies, and intellectual property matters, with respect to Emgesa and

• Codensa. It has been decided to raise the unresolved conflicts between the parties before an arbitration tribunal, a procedure agreed to

settle the differences between shareholders.

2.1 Key Updates 3Q 2018

GEB

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2.2 Key Updates 3Q 2018

TGI

• 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 represent USD$32,8 million approximately in revenue for TGI.

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2.3 Key Updates 3Q 2018

Cálidda

• 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 residential segment, 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%

Others 8,40% Pension Funds

Number of shares outstanding: 9.181.177.017 Total Shareholders: 7.289

2.4 Shareholding Structure

12 ✓ Legal regime requires that at least 25%

• f

Board member must be independent, a requirement which is accordingly fulfilled.

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Composition of the Board

• f Directors

Composition of the Board

• f Directors

by independence

33% 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 their respective main members when these are temporarily or definitely absent. ✓ The Board of Directors holds general meetings once a month. ✓ The notice must be delivered five calendar days in advance to the meeting.

2.5 Board of Directors – Before Democratization

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Composition of the Board

• f Directors

by independence

4 5

Non-independents Independents

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Composition of the Board

• f 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

3

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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) Progress EAR (1)

USD$ mm

Date 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% 5,5 11,6 1,3 10,9 21,1 1,3 24,4 6,0 7,0 0,7 21,5 0,4 2Q 2019 3Q 2018 4Q 2018 2Q 2019 2Q 2019 4Q 2018 4Q 2020 1Q 2019 3Q 2019 1Q 2019 4Q 2022 4Q 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% Trecsa 7,0% EBBIS Guatemala 2,7% Transmisión GEB 36,5% Contugas 2,8% Cálidda 28,8%

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Financial Performance GEB

(Consolidated)

4

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Costs and Expenses

Operational Revenues

Operational Income

Net Income

$ 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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1.348.558 51,5% 954.405 36,5% 313.972 12,0%

Natural Gas Distribution Natural Gas Transportation Electricity Transmission

COP$1.613.342 mm COP$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; professional fees, 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 for amortization and depreciation for new investments.

• Contugas: Cost increases for Addendum of Award with CONSORCIO GYM S.A. – CONCIVILES and construction of

network (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 500Kv Soacha 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 on delta’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$2

mm 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%

119.874 7,4%

• 135.453
• 8,4%

Natural Gas Distribution Natural Gas Transportation Electricity Transmisión Administrative Expenses Other 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 joint

business: 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 rates

differential 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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Consolidated Adjusted EBITDA | LTM Consolidated EBITDA by Segment | YTD Consolidated EBITDA by Strategic Group | YTD

COP$ mm

COP$2.208.827 mm 3Q 2018 YTD COP$2.208.827 mm 3Q 2018 YTD

USD$ mm

586 705 819 922 821 877 909 883 897

1.122.343 1.369.533 1.447.335 1.775.908 1.964.666 2.437.419 2.528.614 2.455.225 2.666.546 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%

Others 0,2%

4.4 EBITDA Breakdown

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

(USD$ mm)

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% 1.543 1.737 1.733 2.218 3.009 2.803 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 60 110 2019 2020 2021 2022 2023 2024 2028 2032 2042 2047

4.5 Debt Profile

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Q&A 5

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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 GEB

ir@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.