Grupo Energía de

Bogotá

First Half 2016 Key Results

and Developments

August 18th 2016

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.

01 EEB Overview

Contenido

02

Expansion Projects

03 Financial Performance

04 Q&A

EEB Overview 01

EEB Corporate Structure

5

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%(2)

15.6%

25%

100%(3)

66%(3)

100% 51.5%

95.3%

100%

100%

40%

40%

100%(4)

Colombia

Peru

Guatemala

Brazil

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

directly and indirectly through IELAH Spain (additional 31.92%).

(3) EEB effective ownership via direct and indirect stakes. (4) 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

6

KEY UPDATES Corporate Highligths

Dividends Payment

05/07/2016: EEB paid dividends for its minority

shareholders, in one (1) installment, as following:

Extraordinary Dividend: COP ~49.98 per share, related

with the release of occasional reserves approved on

July 6th 2015.

Ordinary dividend: COP ~24.43 per share, approved in

the shareholders meeting last march 31st 2016.

05/07/2016: EEB paid dividends for its major shareholder,

Bogotá Municipality, as following:

40% of the ordinary dividend: COP ~24.43 per share.

The remaining 60% of the ordinary dividend will be paid

up to October 28th 2016

05/07/2017: EEB will start the payment of the extraordinary

dividend, COP ~49.98 per share, for its major shareholder

in 10 annual installments until 2026, with the respective

interest recognition.

ISAGEN Divestiture

Bogota’s municipality council authorized EEB on March

31st 2016 to divest ISAGEN shares.

On April 20th, the first phase addressed to the solidarity

sector (Law 226/95) started and it was open until June

20th 2016

On July 21th, the second phase addressed to the

general public and it was open until July 28th 2016. After

that date, the share was offer to any Open Tender Offer

- OPA (Oferta Publica de Acciones).

On July 29th EEB accepted the BRE Colombia

Investment and BRE Colombia Hydro Investment

Limited L.P. tender offer. The Acceptance consists of

sixty-eight million seven hundred sixteen thousand

(68.716.000) ordinary shares owned by EEB in Isagen

S.A. E.S.P.

On September 2016, EEB expects the final acceptance

by the purchaser (OPA) and to receive COP ~284,000

Mm for this sale.

7

KEY UPDATES Corporate Highligths

Ecopetrol selling process

Ecopetrol S.A. made public the announcement to Offer the

second phase of the Program to sell and award the shares it

owns. This stake sale is ruled by Law 226 of 1995.

Ecopetrol’s final share value was COP 1,815 which was

according to Law final value after applying CPI indexation to

initial price of phase one (COP1,740/share).

3.03% of Ecopetrol’s stake in EEB was offered to

international investors and no orders were placed.

On May 23rd, Ecopetrol announced the second offering of its

EEB’s participation of 3.03%. On June 1st 2016 the auction

was open in the Colombian Securities Exchange.

In this second auction, Ecopetrol sold 191,639,698 shares ,

77% was acquired by the pension funds and the remaining

23 % was allocated to retail investors.

At this date, Ecopetrol has an outstanding shares of

86,585,888, 0.94% of EEB’s total shares.

TRECSA Financing

June 15th, the Ministry of Finance by resolution No. 1733,

authorized EEB to guarantee payment obligations of its

subsidiary Transportadora de Energía de Centroamérica

S.A. – TRECSA, for up to EIGHTY SEVEN MILLION

DOLLARS (US$87,000,000).

(TRECSA ) signed a credit agreement, due on June 29th

2028, with Citibank Europe PLC UK Branch and Canadian

export agency EDC (Exporting Development Canada), to

finance the project PET 1-2009.

The disbursement was made on August 8th.

EEBIS Financing

June 23rd, the Ministry of Finance by resolution No. 1902,

authorized EEB to guarantee payment obligations of its

subsidiary EEB Ingeniería y Servicios S.A. – EEBIS, for up

to FORTY EIGHT MILLION DOLLARS (US$48,000,000).

8

KEY UPDATES Natural gas transportation & distribution activities

Cálidda´s client base has increased 32% compared to first

half of 2015, at the closing of the first half 2016 Calidda has a

client base of ~ 396,000 clients

During the first half, 804 km of network were built, whereby

the distribution system has reached a total of 6,793 km of

underground pipelines.

The EBITDA finalize in USD 113.2 Mm, increasing in 13%

compared with the same period of 2015. This increase was

mainly due to higher distribution services, mainly from Take-

or-Pay contracts, and residential clients’ connection services

and lower operational expenses in USD from services and

contracts in Soles.

IELAH Merging:

On May 11th 2016 TGI finalized the merger with IELAH; which was the Final Phase of the acquisition plan. As a result the remaining debt of that entity will be in TGI´s BS

Current outstanding debt of IELAH is USD 219 MM(1), after three partial repayments done: i) March 2015 (USD 76 MM) ; ii) September 2015 (USD 175 MM); iii) On March 11th 2016 (USD 175 MM).

Moody’s Rating Action

• On June 2nd, Moody’s ratings affirmed TGI’s corporate debt and issuer rating in “Baa3” stable outlook.

(1) Excluding intercompanies loans

TGI Cálidda

Expansion Projects 02

EXPANSION PROJECTS REVIEW Revenue growth has been sustained by a strong capex plan at the subsidiary and the associate level.

Source: Company filings.

(1) Excludes Brazil – GEBBRAS Capex

(2) Expected annual revenues.

Executed Capex by Segment(1)

(USD Mm)

Projects Update (2Q 2016)

UPME Project Status EAR(2)

USD MM On Stream

Chivor II 53,80% 5.5 08/07/2017

Cartagena Bolívar 44,20% 11.6 07/03/2017

Río Córdoba 43,20% 1.8 30/11/2016

Armenia 95,04% 1.3 26/11/2015

Tesalia 81,30% 11.0 14/02/2016

Sogamoso Norte 35,80% 21.1 30/09/2017

Refuerzo Suroccidental

500 kV 14,60% 24.4 30/09/2018

Ecopetrol San Fernando 38,40% 6.3 30/04/2017

Río Cordoba

Transformadores 46,10% 0.6 30/11/2016

La Loma 500 Kv 48,03% 1.3 30/11/2016

La Loma 100 Kv 4,30% 6.9 30/06/2018

Drummond Rio Cordoba 20.62% 0.87 30/11/2016

Subsidiaries

Capex by Company (2Q 16)

USD 74.6 Mm

15.5

9.9

47.5

23.4

15.7

5.0

22.6

31.2

Gas Transportation

Electricity Distribution

Gas Distribution

Electricity Transmission

2Q 2016 2Q 2015

EEC 6.7%

TGI 21.1%

Contugas 0.8%

Cálidda 29.5%

Trecsa 14.2%

EEBIS GTM/PE 10.2%

EEB Trans. 17.5%

Expansion Projects Review

11

Revenue growth has been sustained by a strong capex plan at the subsidiary and the associate level.

Associates

Executed Capex by Segment (USD Mm)

Projects Update (2Q 2016)

On-going projects: Nueva Esperanza, Norte.

New and existing demand

Quality service and continuity

Control operational risk

On-going projects:

CONCESION - MANTARO – MARCONA

LA PLANICIE –INDUSTRIALES

FRIASPATA MOLLEPATA and ORCOTUNA

Substation

Capex by Company (2Q 16)

USD 219.7 Mm

1.2

10.7

43.0

18.3

205.0

1.2

34.7

96.0

65.6

22.1

Gas Distribution

Gas Transportation

Electricity Distribution

Electricity Transmission

Electricity Generation

2Q2016 2Q2015

Promigas 15.8%

Gas Natural

0.5% REP 2.9%

Codensa 43.7% Emgesa

10.1%

CTM 27.0%

12

FINANCIAL PLAN 2013-2020 Investments and Funding Sources

Source: Company filings.

(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

USD mm %

Executed Capex 2013-2015 $1,330 49%

Cash Generation After Dividends 2016-2020 $1,324

Incremental Debt 2016-20 $225

Subtotal 2016-2020(1) $1,549 51%

TOTAL 2013-2019 $2,880

EEB Capex Profile – Controlled Companies

(USD mm)

64 80 69

221

398

98

84 74 94

107

178

35 36 29

68

88

60

17 16

202 143

101

47

81

34

30 29

264

55

$386

$597(2)

$347(3)

$443

$745

$192

$83 $86

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

Financial Performance 03

14

CONSISTENT FINANCIAL PERFORMANCE Consolidated Results (IFRS) 2Q2015– 2Q2016

Revenues: On YTD Basis: June 2016 compare to June 2015 showed positive increase

of 13.7%

(+45.2%; COP 42,277 mm) Electricity Transmission: coming on stream of

new projects

(+28%; COP 154,124 mm) Natural Gas transportation.

(+19.6%; COP 32,412 mm) Electricity Distribution

(-1.6%; -COP 12,143 mm) Natural Gas distribution: 1% decrease in Cálidda’s

revenues due to tariff and FX conversion effects.

Gross Profit from Operating Activities: On a YTD Basis (+61%).

by: (103%;COP 21,454 mm) ) Electricity distribution. Increase on energy sales

through EEC. (+54%;COP 24,354 mm) Electricity Transmission: new projects under

execution and some already on stream.

(+140%; COP 143,633 mm) Natural gas distribution, new connected clients.

(+37% COP 134,581 mm) Natural gas Transportation: Increase on transported

volume.

Operational costs and expenses on YTD showed an decrease -10%

(1) Excludes administrative expenses & net of other expenses and gains

1,581,969 1,798,639

45.2%

19.6%

28%

-1.6% 13.7%

135,868 197,822

704,629

760,320

2Q 15 ElectricityTransmission

Electricity Distribution Natural GasTransportation

Natural GasDistribution

2Q 16

EEB's Operating Revenues By Segment 2Q 16 - 2Q 15 COP Millions - Growth Rate

533,357

857,379

103% 54%

140%

37% 61%

42,271 69,141

246,379

499,588

2Q 15 Electricity Distribution ElectricityTransmission

Natural GasDistribution

Natural GasTransportation

2Q 16

Gross EEB's Operating Profit By Segment (1)2Q 16 - 2Q 15 COP Millions - Growth Rate

2Q 15 2Q 16 COP %

Net Profit from operating activities 462,762 662,099 199,337 43%

Financial Income 66,722 62,627 7,328 -6%

Financial Expenses -191,188 -247,555 -21,564 29%

Exchange gain (loss) -82,786 143,235 226,021 273%

Share of profit (loss) of associates for

using equity method409,654 500,655 91,001 22%

Tax income (expense) -145,878 -151,227 -5,349 4%

Net Profit (loss) 519,286 969,834 450,548 87%

Owners of parent 492,511 924,534 432,023 88%

Non-controlling interests 26,775 45,300 18,525 69%

COP Million Var.

15

CONSISTENT FINANCIAL PERFORMANCE Consolidated Results (IFRS) 2Q2015– 2Q2016

(1) Includes administrative expenses & net of other expenses, other gains

Finance income decreased 6% due to (a)

Valuation on hedging operations (b) less

Interest returns on financial investments.

Finance costs increased 29% due to:(a) Greater

Interest payments; (b) Exchange difference in

interest payments, commisions and other

banking costs.

Net Exchange difference increase over 1H 15 in

273%

Increase in equity method of Associates by 22%

Net profit, grew by 87% due to operational

results and equity method contribution from

associates.

(1)

462,762

66,722

-191,188

-82,786

409,654

-145,878

519,286 492,511

662,099

62,627

-247,555

143,235

500,655

-151,227

969,834 924,534

43%

29% 20%

-273%

22%

+24%

87%

88%

Profit fromoperating activities

Financial Income Financial Expenses Exchange gain (loss) Share of profit (loss)of associates for

using equity method

Tax income(expense)

Profit (loss) Owners of parent

2Q 15 2Q 16

(1)

16

Operational EBITDA has increased from 19% to 74% of Consolidated Adjusted EBITDA over the last 10 years demonstrating increased strength of EEB’s controlled assets.

(COP mm)

Source: Company filings.

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 2Q 16 LTM by Subsidiary

(USD mm)

Consolidated Adjusted EBITDA 2Q 16 LTM by Segment

EEB has significantly increased its operational EBITDA generation

EEB Transmisión, Trecsa & EEBIS

Guate 6%

TGI 49%

Decsa/EEC 4%

Cálidda, Contugás & EEBIS Perú

16%

Emgesa 10%

Codensa 6%

Gas Natural

2%

Promigás 1%

ISA, REP & CTM 2%

Otros 1%

Electricity Generation

14.2%

Electricity Transmission

7.5%

Electricity Distribution

10.2% Gas

Transportation 49.7%

Gas Distribution 17.8%

Others 0.4%

76% 64%

56%

52%

55% 56%

39% 45%

44% 33%

19% 24%

36% 44% 48%

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

81%

2,543,833

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

906 878 973 922 819 705 586 516 416 471 241

2Q 2016LTM

2015201420132012201120102009200820072006

EVOLUTION OF EBITDA

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

$2,218

$3,009 $2,803 $2,646

3.4% 6.4% 2.9%

2.2%

0.7% 1.2%

3.11%

96.6% 93.6% 97.1%

97.8%

99.3% 98.0%

96.9%

2010 2011 2012 2013 2014 2015 2Q 16

17

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)

Source: Company filings.

(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 2Q 2016.

COP| PEN USD

2.63x 2.78x 3.20x 3.27x

2.41x

4.50x

2Q 161Q 164Q 153Q 152Q 15

7.55x 8.80x

7.30x

11.12x

15.83x

2.25x

2Q 161Q 164Q 153Q 152Q 15

155.8 149.0

52.6

606.0

14.5

749.5 750.0

320.0

2016 2017 2018 2019 2020 2021 2022 2023

18

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.

Historical Share Price Evolution

• Ticker EEB: CB | Part of COLCAP, COLEQTY and COLIR and DJSI • As of June 30th 2016 EEB’s marketcap was USD 5.6 Billion • Average Target Price COP1,865 (USD 0.59) (1)

Source: Bloomnerg since July 1st 2015 until June 30t 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.

• Dividend Payout Ratio 2015: 26% Avg 2008 - 2015: 77% • Dividend Yield 2015: 4.3 % Avg 2010 - 2015: 4.2%

-

5,000

10,000

15,000

20,000

25,000

30,000

35,000

0

20

40

60

80

100

120

140

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

Vo

lum

e (

CO

P m

m)

Pri

ce (

Ind

exe

d 1

00

)

Volume

EEB Equity

Colcap

(14.4%)

(-0.3%)

Colombia Colcap

Q&A 04

Electricity Transmission

Ongoing discussions on a new methodological proposal to remunerate the electricity transmission activity (Res CREG 023 de 2016). The main issue currently under discussion is the transition to a new scheme to remunerate assets from the methodology Net Replacement Value (NRV) to a methodology of Depreciated Assets (DORC).

The cross-sectional methodology was issued (for all regulated activates undertaken by CREG) to calculate WACC rate. To date, WACC has not been calculated for the transmission activity.

Natural Gas Transportation

Issuance of new cross-sectional methodology (for all GREG regulated activities) for the calculation to WACC rate. To date WACC has not been calculated for gas transport

Procedure undertaken at CREG to assess 10 gas pipelines that completed the Useful Life Standars (20 years). investment acknowledged in this pipelines, if are maintained working, increased 13.4% with respect to the value acknowledged in the last tariff review (Res CREG 121 of 2012), from US$ 56,5 to US$ 64,1 million.

Electricity Transmission- Guatemala

Trecsa began a process at Ministry of Energy and Mines aimed at being acknowledged US$331,076.24 per year, on account of force majeure of Acts of God during the performance of the project; this petition was accepted by the Ministry as per Resolution 599 of 23 February 2015.

To date, it awaits that the National Commission for Electric Power (CNEE - for its Spanish acronym) issues the final resolution to include those additional resources to TRECSA.

Natural gas Distribution

Issuance of new cross sectional methodology (for all activities regulated by CREG) to calculate WACC rate. The actual WACC rate before taxes was established annually for 2015-2019 as follows:

Res.096/15 2015 2016 2017 2018 2019+ 13,28% 13,51% 13,97% 14,23% 12,47%

BUSINESS REGULATORY UPDATE

21

EEB CORPORATE GOVERNANCE

Experienced Management and Board of Directors Corporate Governance and Transparency

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

Shareholder’s Meeting 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

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.

.

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) 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

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

22

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

Felipe Castilla Canales

Rafael Andrés Salamanca Investor Relations

Advisor GEB

+57 (1) 326 8000 Ext 1675

CFO

rsalamanca@eeb.com.co

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

ir@eeb.com.co

+57 (1) 326 8000 Ext 1501 Fabián Sánchez

Aldana Investor Relations

Advisor GEB

+57 (1) 326 8000 Ext 1827

fsanchez@eeb.com.co

Para uso restringido del Grupo de Energía de Bogotá. 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 el

Grupo de Energía de Bogotá.