Eeb ppt corporate en vf

EEB Regional Leader in the Energy Sector

Armenia Project

2

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.

3

EEB CORPORATE STRUCTURE EEB generally controls its subsidiaries or partners with world class operators following a long track record of success.

Transmission Distribution Distribution

Electricity

Transport

Natural Gas Services

Generation

51.5%

2.5% 1.7%

51%(1)

16.2% 99.97%

15.6%

25%

100%(2)

66%(2)

100% 51.5%

95.3% 100%

100%

100%

40%

40%

100%(3)

Colombia

Peru

Guatemala

Brazil

(1) EEB ownership through DECSA Special Purpose Vehicle. (2) EEB effective

ownership via direct and indirect stakes. (3) Through GEBBRAS Special Purpose

Vehicle acquired on August 21, 2015 51% stake in four concessions for ~USD158

mm.

Selling process Law 226

|

Companies in process of merger

http://www.iconarchive.com/show/all-country-flag-icons-by-custom-icon-design/Colombia-Flag-icon.html

http://www.iconarchive.com/show/all-country-flag-icons-by-custom-icon-design/Peru-Flag-icon.html

http://www.iconarchive.com/show/all-country-flag-icons-by-custom-icon-design/Guatemala-Flag-icon.html

http://www.iconarchive.com/show/all-country-flag-icons-by-custom-icon-design/Brazil-Flag-icon.html

4

INVESTMENTS Highlights

FINANCIAL Highlights

Overview of

MAIN INVESTMENTS

APPENDIX

5



Overview of

MAIN INVESTMENTS

APPENDIX

6

KEY INVESTMENT HIGHLIGHTS EEB represents an extraordinary opportunity to participate in a leading diversified platform across regional 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

Leading Participant in Relevant Energy Markets 1

Sound industry dynamics as well as strong growth outlooks for electricity and natural gas sectors in Colombia, Peru, Brazil and Guatemala provide significant growth opportunities for EEB and its subsidiaries

Strong Footprint in Attractive Energy Markets in LatAm 2

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

Growing Revenue Base Propelled by Disciplined Capex Planning 3

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

Track Record of Creating Value for Shareholders 4

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

Continued Access to Financial Markets to Fund Expansions 5

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, Furnas, etc.)

Strong Shareholders and Partners 6

7

LEADING PARTICIPANT IN RELEVANT ENERGY MARKETS EEB’s subsidiaries have market leading participations across the energy chain in Colombia, Peru and Guatemala.

1

Electricity Natural Gas

Generation Market Share Inst. Capacity (%)

Market Share Generation (%)

# 3 Colombia

19.9%

21.1%

Transmission Market Share (%)

(% NTS(1) Revenues)

# 2 Colombia

12.7%

Distribution Market Share (%)

(Kwh)

# 1 Colombia

24.1%

Transmission Market Share (%)

(Km of 220-138 kV lines)

# 1 Peru

57.3%

Transmission Project Ongoing

(850 Km L/T and 24 S/E)

# 1 Guatemala


(No. clients)

# 1 Colombia

59.0%

Transportation Market Share (%)

(Average volume transported)

# 1 Colombia

85.9%


(No. clients)

# 1 Perú

86.1%

(1) National Transmission System

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-controladas/eec

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-controladas/trecsa

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-controladas/eebis

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-controladas/tgi




http://www.iconarchive.com/show/all-country-flag-icons-by-custom-icon-design/Guatemala-Flag-icon.html





522 590 658 638 697 635

1,900

2010 2011 2012 2013 2014 2015 … 2025E

8

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.

2

Source: ANH, MEM, UPME (medium scenario).

Perú Colombia

Natural Gas

Footprint

Natural Gas Footprint

Natural Gas Demand (mmcfd) Natural Gas Demand (mmcfd)

Proved Reserves 14,626

BCF

Residential

Industrial

Natural Gas Pipeline

Main grid expansion

References

Natural Gas Reserves City Field

Bucaramanga

Bogota

Neiva Cali

Medellin

3.15 tcf

1.97 tcf

Eastern Producers: Ecopetrol Equion

Upper Magdalena Valley

Lower and Middle Magdalena Valley

Northern Producers:

Chevron Ecopetrol 1.89 tcf

Ballena

Cusiana

860 892 905 1,047 1,106 1,030

1,285

2010 2011 2012 2013 2014 2015 … 2018E

9

…AND IN LATAM ELECTRICITY MARKETS AS WELL Sound electricity industry dynamics expected to positively impact EEB’s performance, via its

investments in Codensa, Emgesa, REP-CTM among others.

2

Colombia

Electricity Demand

(GWh)

Perú Guatemala

56,148 57,157 59,367 60,885 63,964 66,174 73,867

2010 2011 2012 2013 2014 2015 … 2018E

32,314 36,779

40,940 43,559 43,102 48,066

67,492

2010 2011 2012 2013 2014 2015 … 2018E

8,134 8,473 8,730 8,945 9,231 10,886

12,630

2010 2011 2012 2013 2014 2015 … 2018E

$ 826,676

$ 632,706 $ 556,743

$ 705,122

$ 998,152

$ 269,985

2011 2012 2013 2014 2015 IQ 16

$820,851 $948,514

$1,113,894

$1,365,600

$1,675,765

$647,233

2011 2012 2013 2014 2015 IQ 16

$3,513,739 $3,699,245 $3,802,041 $4,092,963

$4,455,857

$1,239,413

2011 2012 2013 2014 2015 IQ 16

$1,693,167 $1,902,952

$2,183,395

$2,530,768

$3,370,038

$983,416

2011 2012 2013 2014 2015 IQ 16

10

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)

3

Source: Company filings.

Note: Total of operating revenues per company – aggregated figures for comparable purposes.

USD/COP average exchange rates used for every year were the following;2011: $1,943; 2012: $1,768, 2013:$1,927; 2014: $2,393, 2015:$2,744, IQ 16:$3,022.

Natural Gas Distribution Revenue Electricity Distribution Revenue

Natural Gas Transportation Revenue Electricity Transmission Revenue

(COP mm)

(COP mm) (COP mm)

(COP mm)

$325 $872 $1,076 $1,133 $1,145 $1,079 (USD mm) $410 $1,809 $2,092 $1,973 $1,711 $1,415 (USD mm)

CAGR2011-2015: 6.1%

$207 $423 $536 $578 $571 $532 (USD mm) $89 $426 $358 $289 $295 $317 (USD mm)

REP

CTM EEB Transmission

TGI

PROMIGAS

GAS NATURAL

CALIDDA

CODENSA

EEC

EMSA

1.3

2.0

18.2

53.8

93.0

1.1

34.9

3.4

68.7

7.3

Gas Distribution

Gas Transportation

Electricity Distribution

Electricity Transmission

Electricity Generation

1Q20161Q2015

11

Associates


(1) Excludes Brazil – GEBBRAS Capex

(2) Expected annual revenues.

Executed Capex by Segment(1)

(USD mm)

Executed Capex by Segment (USD mm)

Projects Update (1Q 2016)

UPME Project Status EAR(2)

USD MM On Stream

Chivor II 50.9% 5.5 26/12/2016

Cartagena Bolívar 32.4% 11.6 07/03/2017

Río Córdoba 32.5% 1.8 30/11/2016

Armenia 94.0% 1.3 30/08/2016

Tesalia 80.0% 11.0 18/05/2016

Sogamoso Norte 25.1% 21.1 30/09/2017

Refuerzo Suroccidental 500 kV 7.0% 24.4 30/09/2018

Ecopetrol San Fernando 18.4% 6.3 18/06/2017

Río Cordoba Transformadores 28.9% 0.6 30/11/2016

La Loma 500 Kv 26.8% 1.3 30/11/2016

La Loma 100 Kv 0% 6.9 30/06/2018

Drummond Rio Cordoba 11.9% 0.6 30/11/2016

Projects Update (1Q 2016)

El Quimbo Project (400 MW)

Total investment: USD1,231 mm (including contingencies)

Execution 1Q 16: 100%

Full operation: On stream since november 23rd

Quimbo will deliver ~5% of Colombia Power Generation

(Avg. 2,216 GWh/yearly)

Subsidiaries

On-going projects:

CONCESION - MANTARO – MARCONA

LA PLANICIE –INDUSTRIALES

FRIASPATA MOLLEPATA and ORCOTUNA

Substation

Capex by Company (1Q 16)

USD 115.4 mm

14.6

4.0

20.2

33.3

1.9

3.2

19.8

23.8

Gas Transportation


Gas Distribution


1Q 2016

1Q 2015

EEC 6.6%

TGI 3.9%

Contugas 1.0%

Cálidda 39.6% Trecsa

24.5%

EEBIS GTM/PE 12.7%

EEB Trans. 11.7%

Capex by Company (1Q 16)

USD 48.7 mm

Promigas 30.3%

Gas Natural

1.0%

REP 5.2%

Codensa 3.0%

Emgesa 6.3%

CTM 54.3%

… PROPELLED BY A SOLID CAPEX PLAN Revenue growth has been sustained by a strong capex plan at the subsidiary and the associate level.

3

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0

20

40

60

80

100

120

140

04/2015 05/2015 06/2015 07/2015 08/2015 09/2015 10/2015 11/2015 12/2015 01/2016 02/2016 03/2016

Vo

lum

e (

CO

P m

m)

Pri

ce (

Ind

exed

100)

Volume

EEB Equity

Colcap Index

12

TRACK RECORD OF CREATING VALUE – SHARE PRICE APPRECIATION EEB’s shares have outperformed the Colcap over the last year providing stable returns in a volatile market environment.

4

Historical Share Price Evolution – Last 12 Months

• Ticker EEB: CB • As of March 31st, 2016 EEB’s market capitalization was USD

5.7 Billion

Source: Bloomnerg since April 1st 2015 until March 31st 2016.

(1) Average target price calculated as the average of the following brokers: Credicorp: COP1,810; BTG: COP1,820; Gobal Securities Colombia: COP1,900;

Asesores en Valores: COP1,740; Corredores Asociados: COP1,940; Ultrabursatiles: COP1,850 & Valores Bancolombia: COP1,810. Larrainvial: COP 2,050.

(16.9%)

(0.5%)

Colombia Colcap

• The stock is part of COLCAP, COLEQTY COLIR and DJSI • Average Target Price COP1,865 (USD 0.59) (1)

Potential upside return: 9.5%

$1,190

$1,745

$1,175 $1,270

$1,535 $1,700 $1,720

$1,476

2.9%

4.7%

3.0% 3.5%

4.2% 7.1%

4.3%

4.2%

$0

$500

$1,000

$1,500

$2,000

0.0%

2.0%

4.0%

6.0%

8.0%

2010 2011 2012 2013 2014 2015 2016 Avg 2010-2015

Closing Share Price at the End of the Previous Year in COP Dividend Yield

$98

$354

$571

$157

$391 $438 $419

$272

$337

$138 $143

$368

$165

$228 $307

$470

$71

$236

141%

40% 64%

105%

58%

70% 112%

26%

77%

$0

$100

$200

$300

$400

$500

$600

0%

50%

100%

150%

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

13

TRACK RECORD OF CREATING VALUE – DIVIDENDS PAID EEB receives a stable stream of dividends from subsidiaries with dividend policies that promote maximum payout ratios.

4

(COP / Share)

Source Company filings.

(1) The values of years prior to 2011 dividend were adjusted split 100:1, which applied since the 20.06.11. Outstanding shares after that day: 9,181,177,017.

(2) EEB decreed no dividends neither 1Q 11 nor 1Q 15 due to an anticipated close of the financial statements.

(USD mm)

Dividend Yield Dividends per Share(1)(2)

Dividend Payout Ratio Evolution

(COP / Share)

$34.0

$82.0

$34.9 $44.0

$64.3

$119.9

$50.0

$24.4

1Q 10 4Q 10 1Q 11 1Q 12 1Q 13 1Q 14 4Q 14 1Q 15 3Q 15 1Q 16

$0.04 $0.02 $0.02 $0.03 (USD) $0.02 $0.05 -- -- $0.02 $0.01

14

CONTINUED ACCESS TO FINANCIAL MARKETS TO FUND EXPANSIONS EEB has successfully accessed the debt and equity capital markets in recent years, helping finance important investments.

5

Transactions Executed in the Capital Markets

Outstanding Bonds (2015)

Source: Company filings and Bloomberg

(USD mm)

EEB/Subsidiaries Associates Issuer Baa2 BBB- AAA (Col)

Moody’s Baa2; stable S&P BBB-; negative Fitch BBB; stable

$750 mm

TGI 2022

Issuer Baa3 BBB- BBB

Moody´s Baa3; Stable S&P BBB-; Negative Fitch BBB-; Positive

Issuer Baa3 BBB- BBB-

(USD mm)

$749 mm EEB 2021

Moody’s Baa3; stable S&P BBB-; negative Fitch BBB; stable

$320 mm Cálidda 2023

TGI Bond 9.5% $750 mm

Liability Management EEB Bond 6.125%

$610 mm Re Opening EEB Bond

$139 mm TRECSA Loan

$87 mm EEBIS Gt Loan $40 mm

Cálidda Bond 4.375% $320 mm

IELAH Syndicated Loan

$645 mm

Calidda Loan $30 mm

CAF Loan $100 mm

EEB Bond 8.75% $610 mm

Re-IPO $415 mm

Liability Management TGI Bond 5.7%

$750 mm

Contugas Syndicated Loan

$310 mm

Contugas Addition $24 mm

Contugas Addition $8 mm

2007 2008 2011 2012 2013 2014 2015

Local AAA - F1 + (col) Fitch BBB; stable S&P BBB-; stable Moodys Baa2; stable

Local AAA Fitch AAA , Stable

$1,655 mm $450 mm

$487 mm

Local AAA

Local AAA S&P BBB-; stable Fitch BBB-; stable

$556 mm

$596 mm

Local AAA

Local AAA

$270 mm

15

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, Furnas etc)

6

Ownership Structure – March 2016 Key Partners (2015)

2 million clients

4 countries

USD994 mm revenues

61 million clients

40 countries

USD97,266 mm revenues

20 million clients

25 countries


9 countries


12 Brazil States


Bogota D.C. 76.28%

Ecopetrol 3.03%

Corficol 3.56%

AFPs 14.80%

Retail Investors

2.33%

16



Overview of

MAIN INVESTMENTS

APPENDIX

Lower net income due to Emgesa,

Codensa and Gas Natural

declaring extraordinary dividends

at the end of 2010 based on

partial year results

$305,294 $690,701

$843,560 $816,349

$1,013,867

$1,330,113

2011 2012 2013 2014 2015 I 16 LTM

$1,082,047 $1,279,394

$1,775,908

$2,572,071

$1,807,667

$2,557,193

2011 2012 2013 2014 2015 I 16 LTM

$1,421,664 $1,585,105 $1,958,521

$2,598,215 $3,419,609 $3,637,477

2011 2012 2013 2014 2015 I 16 LTM

17

CONSOLIDATED FINANCIAL RESULTS EEB has exhibited sound growth rates in terms of revenues and operating profit.


Note: Figures for the years 2006–2013 are presented under ColGaap standards. Figures for 2014, 2015 & 2016 are presented under IFRS standards.

Operating Revenues Operating Profit

(COP mm) (COP mm)

Consolidated Adjusted EBITDA Net Income to Common Shareholders

(COP mm) (COP mm)

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

$557 $724 $922 $1,274 (USD mm) $948 $878 $157 $391 $438 $341 (USD mm) $493 $369

$1,348

$550,659 $558,518 $607,965 $696,550

$1,070,859 $1,173,461

2011 2012 2013 2014 2015 I 16 LTM

$435

18

EVOLUTION OF EBITDA Operational EBITDA has increased from 19% to 68% of Consolidated Adjusted EBITDA over the last 10 years demonstrating increased strength of EEB’s controlled assets.

(COP mm)


Note: Figures for the years 2006–2013 are presented under ColGaap standards. For 2014, 2015 & 2016 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.

Normalized Consolidated Adjusted EBITDA(1) Consolidated Adjusted EBITDA 1Q 16 LTM by Subsidiary

(USD mm)

Consolidated Adjusted EBITDA 1Q 16 LTM by Segment

EEB has significantly increased its operational EBITDA generation

68% 64%

56%

52%

55% 56%

39% 45%

44% 33%

19%

32% 36%

44% 48%

45% 44% 61% 55% 56% 67%

81%

2,557,193 2,413,812

1,964,666

1,775,908

1,447,335

1,369,533

1,122,343

1,053,942

934,163 949,599

539,319

948 878 973 922 819 705 586 516 416 471 241

1Q 2016LTM

2015201420132012201120102009200820072006

EEB Transmisión,

Trecsa & EEBIS Guate

6%

TGI 45%

Decsa/EEC 4%

Cálidda, Contugás & EEBIS Perú

14%

Emgesa 16%

Codensa 9%

Gas Natural 2%

Promigás 2%

ISA, REP & CTM 1%

Otros 1%

Electricity Generation

16.5%


6.9%


13.0% Gas Transportation

46.9%

Gas Distribution 16.3%

Others 0.4%

19

FINANCIAL PLAN 2013-2020 Investments and Funding Sources


(1) Mainly concentrated on electricity transmission businesses (COL / Overseas).

(2) 2014 Incliudes M&A transaction IELAH Equity Portion

(3) 2015 Includes M&A transaction Brazil Equity portion

2013 – 2020 Funding Investments

64 80 69 153

204 211 84 74 94

126 93

35 36 29

77 29

11

12 11

202 143 101

108 94

82

80 81

264

55

$386

$597(2)

$347(3)

$465 $420

$304

$92 $92

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

USD mm %

Executed Capex 2013-2015 $1,330 49%

Cash Generation After Dividends 2016-2020 $1,147

Incremental Debt 2016-2020 $225

Subtotal 2016-2020(1) $1,372 51%

TOTAL 2013-2020 $2,702 100%

EEB Capex Profile – Controlled Companies

(USD mm)

20

DESCRIPTION OF INDEBTEDNESS 2013-2020 Investments and Funding Sources

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

Consolidated Debt Composition Debt Maturity Profile(3)

(USD mm) (USD mm)


(1) Covenant associated to this indicator is currently suspended since the bond EEB 2021 has investment grade, granted by two out of 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) Increase is mainly explained by increase of foreign exchange (USD/COP movements).

(3) 2019:Syndicated loan acquired by Contugas (USD342 mm) and additional indebtedness incurred by SPV in order to reacquire 31.92% shares of TGI IELAH (USD219 mm outstanding debt)

Debt maturity profile as of 1Q 2016.

$1,543 $1,737 $1,733

$2,218

$3,009 $2,803 $2,650

3.4% 6.4% 2.9%

2.2%

0.7% 1.2%

4.6%

96.6% 93.6% 97.1%

97.8%

99.3% 98.0%

95.4%

2010 2011 2012 2013 2014 2015 1Q 16

169.5 147.5

51.2

604.6

13.1

749.0 750.0

320.0

2016 2017 2018 2019 2020 2021 2022 2023

2.78x 3.20x 3.27x

2.41x 3.03x

4.50x

1Q 164Q 153Q 152Q 151Q 15

8.80x 7.30x

11.12x

15.83x 15.47x

2.25x

1Q 164Q 153Q 152Q 151Q 15

COP USD

21



Overview of

MAIN INVESTMENTS

APPENDIX

22

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

EMGESA is 51.5% owned by EEB and 48.5% owned by Endesa

Company completed its 400MW “El Quimbo” hydro plant in Huila department in 4Q15

● El Quimbo required a total investment of ~USD1,231 mm with the ability to generate

~2,000 GWh per year

Other projects include 4 hydro plants with a total a installed capacity of ~1,070 MW

which are expected to generate a total of ~5,400 GWh per year

~93% of all energy produced by EMGESA comes from hydro generation facilities

Strong growth in underlying cash flows (EBITDA increasing by a 11.0% CAGR from

2011 – 2014)

Energy Generated (GWh) 13,741

Energy Sales (GWh) 16,886

Installed Capacity (MW) 3,459

Fuel Mix (Based on MW) Hydro – 89% / Thermo – 11%

Contracted Energy Sales(1) 52%

Dispatch Factor 90.8%

Load Factor 51.9%

Company Overview Summary Financials

Key Operational Statistics (2015) Generation Evolution (2015)

(GWh) Lower generation due to lower hydro

generation (-7.2%) caused by low

precipitation in the year

13,741 13,631 12,748

13,294

12,092

20152014201320122011

Summary Income (COP mm) 2012 2013 2014 2015 IQ 16 LTM ´12 - ´15

Revenues $2,144,233 $2,397,428 $2,640,021 $3,268,277 $3,752,086 15.1%

% Growth 12.9% 11.8% 10.1% 23.8% 14.8% --

EBITDA $1,380,920 $1,480,177 $1,730,802 $1,725,429 $1,879,171 7.7% % Growth 9.9% 7.2% 16.9% (0.3%) 8.9% -- % Margin 64.4% 61.7% 65.6% 52.8% 50.1% --

Net Income $783,529 $870,141 $1,015,945 $885,455 $911,775 4.2% % Growth 17.3% 11.1% 16.8% (12.8%) 3.0% -- % Margin 36.5% 36.3% 38.5% 27.1% 24.3% --

Summary Balance Sheet Dividends and Reserves Declared to EEB 343,894 405,659 739,668 1,045,672 187,911 44.9%

CapEx 646,645 642,787 872,495 752,972 21,969 5.2%

Net Debt 1,841,385 2,354,496 3,741,406 3,790,971 3,785,733 27.2% Net Debt / LTM EBITDA 1.3x 1.6x 1.5x 2.2x 2.0x --


(1) Based on 2014 revenues.

15,048 13,667 13,342 12,972 12,424

20152014201320122011

23

CODENSA COMPANY OVERVIEW CODENSA is a leading distribution company in Colombia with a market share of ~23% and approximately 3.2 million customers.

Company Overview Summary Financials

Key Operational Statistics (2015) Energy Sales & Growth

CODENSA is 51.5% owned by EEB and 48.5% owned by Endesa

Serves nearly 3.2(1) million customers as of 1Q 16

Reduced energy losses from over 23% in 1997 to 10.2% in 2003 and 7.2% in 2015, its

lowest level in company history

Demand expected to continue to grow above national GDP during upcoming years

Approved project for an additional 600MW of transformation capacity to meet the

growing demand from the north of Bogota and Cundinamarca

Summary Income (COP mm) 2012 2013 2014 2015 IQ 16 LTM ´12 - ´15

Revenues $3,141,800 $3,212,218 $3,435,157 $3,711,866 $3,857,076 5.7%

% Growth 5.2% 2.2% 6.9% 8.1% 3.9% --

EBITDA $1,090,892 $1,108,179 $1,170,377 $1,238,636 $1,268,004 4.3% % Growth 11.8% 1.6% 5.6% 5.8% 2.4% -- % Margin 34.7% 34.5% 34.1% 33.4% 32.9% --

Net Income $510,993 $535,911 $536,696 $516,935 $529,933 0.4% % Growth 11.7% 4.9% 0.1% (3.7%) 2.5% --

% Margin 16.3% 16.7% 15.6% 13.9% 13.7% --

Summary Balance Sheet Dividends and Reserves Declared to EEB 69,624 264,951 463,156 552,744 78,076 99.5% CapEx 241,801 280,634 373,119 537,343 10,331 30.5% Net Debt 524,517 545,203 587,065 776,801 976,279 14.0% Net Debt / LTM EBITDA 0.5x 0.5x 0.5x 0.6x 0.8x --

Energy Sales (GWh) Residential Other

15,048 33% 67%

Total Customers (‘000s) 2,889

Customer Split: Residential Other

89% 11%

Energy Losses (% of Energy Distributed) 7.2%

(GWh)

Losses

Ratio (%) 7.8% 7.3% 7.0% 7.2% 7.2%


(1) Including EEC Clients

672

647 628

604

560

20152014201320122011

24

TGI COMPANY OVERVIEW TGI is one of the two main natural gas transportation companies operating in Colombia with a ~54% market share based on transported natural gas volumes.

Company Overview Summary Financials(1)

Key Operational Statistics (2015) Contracted Firm Capacity & Availability

EEB holds a 99.9% stake in TGI and consolidates the company for financial reporting

purposes

Largest natural gas transporter in Colombia with ~54% market share

Only natural gas transporter in Colombia connecting main sources of supply (Guajira

and Cusiana) with the main consumption centers

Transports gas through a network of 3,957km of pipeline

~92% of its capacity is contracted, with firm capacity contracts extending to the year

2026, ensuring a stable stream of cash flows

Summary Income (USD mm) 2012 2013 2014 2015 IQ 16 LTM ´12 - ´15

Revenues $391 $465 $468 $439 $447 4.0% % Growth 15.2% 19.0% 0.6% (6.2%) 1.8% --

EBITDA 293 359 372 361 366 7.2% % Growth 12.4% 22.5% 3.7% (3.0%) 1.3% --

% Margin 75.0% 77.1% 79.5% 82.2% 81.8% --

Net Income 138 70 69 45 94 (31.2%)

% Margin 35.3% 15.0% 14.7% 10.2% 21.0% --

Summary Balance Sheet Dividends and Reserves Declared to EEB --- --- --- 140 --- NA CapEx 188 35 36 29 2 (46.3%) Senior Net Debt 717 510 632 612 801 (5.1%) Senior Net Debt / LTM EBITDA 2.4x 1.4x 1.7x 1.7x 2.2x --

Total Nominal Capacity (MMCF/d) 733,8

Contracted Capacity (MMCF/d) 672

Average Volume (MMCF/d) 566

Availability Factor (%) 100%

Annual Load Factor (%) 66.9%

Gas Pipeline Length (Mi) 2,459

(MMCF; %)

Availability (%) 96.1% 82.7% 86% 88.6% 91.6%


(1). TGI’s functional currency is the USD..

25

CÁLIDDA COMPANY OVERVIEW Cálidda has residential presence in 17 districts and industrial network in more than 34 districts within Lima & Callao (Metropolitan area).

Company Overview Summary Financials(1)

Key Operational Statistics (2015) Contracted Firm Capacity & Availability

Cálidda has the concession of the Peruvian State to build and operate the system of

distribution of natural gas in the Department of Lima and Callao for a period of 33 years,

renewable every 10 years to a maximum of 60 years.

Cálidda concession area concentrates more than 34% of the Peru´s population and

more than 44% of the GDP of the Peru.

Calidda´s pipeline current capacity is 420MMPCD (from Citi Gate Lurín to Lima).

Independent and regulated customers located down flow Lurín use nearly 295MMPCD,

equivalent to 70% of our capacity.

During the first quarter 2016, 371 km of network were built, being mostly polyethylene

(361 km), whereby the distribution system reached a total of 6,360 km of underground

pipelines.

Total Nominal Capacity (MMCF/d) 572

Contracted Capacity (MMCF/d) 543

Average Volume (MMCF/d) 547

Market Share (%) 72%

GNV stations Service (%) 86%

Gas Pipeline Length (km) 5,989


(1) Cálidda functional currency is USD.

(MMCF; %)

543 540 445 363

2015201420132012

Summary Income (USD mm) 2012 2013 2014 2015 IQ 16 LTM ´12 - ´15

Revenues $370 $461 $512 $541 $537 13.5%

% Growth 25% 11% 6% -1% --

EBITDA $64 $72 $91 $104 $107 17.2% % Growth 12% 27% 14% 3% -- % Margin 17% 16% 18% 19% 20% --

Net Income $27 $17 $35 $34 $40 8.2% % Growth -37% 111% -5% 18% --

% Margin 4% 7% 6% 7% --

Summary Balance Sheet Dividends and Reserves Declared to EEB 32 CapEx 96 98 83 85 19 (4.7%) Net Debt 151 213 239 266 278 16.4% Net Debt / LTM EBITDA 2.3x 3.0x 2.6x 2.6x 2.6x --

26



Overview of

MAIN INVESTMENTS

APPENDIX

27

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 Magdalena River, 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)

The plant will generate approximately 2,216GWh per year with an

estimated load factor of 60%

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

● The project will provide firm electricity production until 2034

and will cover approximately 5% of the national demand

● Will ensure the future reliability of electricity supply in Colombia

Total Investment: USD1,231 mm

Project Executed: 100%

Full Operation: 4Q15 El Quimbo

Bogotá

Betánia

28

TGI PROJECTS TGI has undertaken an aggressive expansion plan as illustrated by its portfolio of projects.

Project Overview

Increase capacity 20 mmcf/d by upgrading Vasconia, Miraflores, Puente Guillermo compression stations

Project is under execution (59.7%) with TGI having already signed firm transportation contracts

Operational start-up will occur during 2Q 2016

Total investment is ~USD 31 mm

Cusiana

Phase III

Increase the pipeline’s transportation capacity of Cusiana – Apiay in 32 Mmcfd and the stretch Apiay – Ocoa in 7 Mmcfd

The project will allow supplying the natural gas demand of clients to thermal generation, residential distribution and industrial consumption

Total investment is ~USD48 mm

This project is being reviewed under new strategy. Expected operation is expected for the 4Q 2017

Increase capacity 2.2 Mcfd of Armenia –Zarzal line through the construction of a 37.5 km 8” loop parallel to exiting 6” pipeline.

Project is under execution (25.7%) with TGI having already signed firm transportation contracts

Total investment is ~USD18 mm

Expected start of operations in 2Q 2017

Cusiana

Apiay Ocoa

Armenia

Loop

Increase capacity in Cusiana system:i) Cusiana – Vasconia: 43 mmcf/d with 49.6 km of loops (24”); ii) Puente Guillermo – Vasconia: 17

mmcf/d by upgrading Puente Guillermo compression station

Clients already has signed firm transportation contracts:i) Puente Guillermo – Vasconia: 17 mmcf/d; ii) Cusiana – Vasconia : 30 mmcfd ; iii)

For the remaining 13 mmcfd Cusiana – Vasconia there are also clients interested in signing LT contracts

Total investment is ~USD78 mm ; Expected Completion: i) Puente Guillermo – Vasconia 3Q 2017; ii)Cusiana - Vasconia 4Q 2018

Cusiana

Phase IV

10 tranches of TGI´s system end their regulatory life. With the regulatory framework and the analysis of the infrastructure, TGI has decided

to replace four tranches and to continue operating the other six .

Total investment is ~USD49 mm, ~$ 17mm CAPEX (replacement); ~$ 32 mm CAPEX maintenance

Regulatory

compliance life:

First Request

29

OVER THAN 100 YEAR OF ENERGY

1896

1959

1997

2002

2005-2007

2008-2009

2010-2011

2012-2013

2014-2015

Foundation

Private and

vertically

integrated

company

serving the

market of

Bogotá.

New Parent Company

• Bogota district

acquires 100% of the

company

Transformation

• Capitalization

Endesa:

separation of

generation

(Emgesa) and

distribution

(Codensa)

businesses

• Public-private

model

Internationalization

• EEB acquires 40% of

REP’s (2002) and CTM

(2006) stocks.

Diversification

• EEB acquires

Transcogas (2005)

and Ecogas (2007).

Today, the two

companies are

merged.

• To acquire Ecogas,

EEB and TGI issue

bonds in

international markets

by USD1,360 million

(2007).

Diversification

• Contugas is constituted in Peru (2008)

• Through DECSA, EEB acquires EEC (2009)

• TRECSA is constituted in Guatemala (2009)

Growth

• Capitalization of Citi Venture

Capital International CVCI in

TGI for USD 400 million (2010)

for expansion

• Acquired control of Calidda in

Peru and a minority

shareholding in Promigas

Colombia (2011).

Expansion

• EEBIS Gt is constituted in Guatemala (2011).

• EEB continues its expansion in Transmission Colombia (UPME Projects):

2012:Armenia/Alferéz/Tesalia; 2013: Norte, Chivor II and SVC Tunal

Consolidation

• EEB acquired 31.92% of TGI (2014) owned by The Rohatyn Group, (formerly

CVCI) amounting USD 880 million.

• CONTUGAS, inaugurated the Ica Regional Pipeline (2014), Southern of Perú

contributing to the 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

30

EEB HAS A EXPERIENCED MANAGEMENT TEAM

Experienced Management and Board of Directors

The government of the District of Bogotá is responsible for appointing a majority of the members of EEB’s board of directors and executive officers, including EEB’s president

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.

Executives Position Year of a appointment

Astrid Álvarez President 2016 Leonardo Garnica Investments VP 2016 Ernesto Moreno Transmission VP 1997 Felipe Castilla Financial VP 2013 Lina Toro Human Resources & Services VP 2016 Diana Vivas Legal & Regulation VP 2016 Juan Daniel Avila Sustainable Development Director 2016 Mauro Hernan Mejia Strategic Supply Chain Director 2016 Sandra Aguillón Internal Audit Director 2011 Maria José Quiceno Communications Director 2016

Board of Director(1) BoD Possition Actual Position Year

Beatriz E. Arbeláez Martínez President District’s Finance Secretary 2016 Jaime E. Ruiz Llano Vice-president Colvivienda CEO 2016 Alberto Gutiérrez Bernal Director Titularizadora Colombiana CEO 2016 Gisele Manrique Director Major’s Office Chief Counsel 2016 Margarita Ma. Rehbein Dávila Director CFO Sanford Management 2016 Carlos A. Sandoval Reyes Director Structured Finance VP FDN 2016 Antonio J. Núñez Trujillo Director(2) Partner Nuñez Rincon Lawyers 2016 Rafael Herz Stenberg Director(2) Asoc. Colom. del Petróleo VP 2016 Gustavo Ramirez Director(2) Investment VP Corficolombiana 2012

31

EEB HAS A STRONG CORPORATE GOVERNANCE

Corporate Governance and Transparency

Shareholder’s Meeting 2016 approved new bylaws according to the OCDE.

High quality practices and standards in accordance with national listing requirements given that EEB is listed on the Colombian

securities exchange.

The Board of Directors has created operations, management and control committees to aid in efficiently carrying out the activities of

the Company

Shareholders’ Meeting Peak governance body

Compensation Committee and Financial insvestments Committee Made up by three independent board members

External Controls Tax Review, External Audit, specialized audits, City Controllers Office, SSPD and SFC

Strategic Supply Chain Committee and Executive

Contract Committee Analysis of contracting procedures

and recommendations to the Executive Committee

Audit and risk Committee

Made up by three independent board members

Corporate Governance Committee

Three board members. At least one of them must be

independent

32

81% OF REVENUES COMES FROM REGULATED BUSINESS PREDICTABILITY AND STABILITY IN REGULATED REVENUES

Transmission Distribution Distribution

Electricity

Transport

Natural Gas

Generation

(1) ENFICC: Reliability - Regulated Entry Fee: 13% of revenues from Emgesa are derived from the charge for

reliability (ENFICC), an income secured by the regulation

Non-regulated

16.5%

ENFICC(1)

2.5% Regulated 81% Bilateral

Contracts:

70%

Spot:

30%

33

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

Felipe Castilla Canales

CFO

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

[email protected]

+57 (1) 326 8000 Ext 1501 Fabián Sánchez

Aldana Investor Relations

Advisor GEB

+57 (1) 326 8000 Ext 1827

[email protected]

Rafael Andrés Salamanca Investor Relations

Advisor GEB

+57 (1) 326 8000 Ext 1675

[email protected]