1

Corporate PresentationOctober 2019

2

The information provided herein is for informational and illustrativepurposes only and is not, and does not seek to be, a source of legal,investment or financial advice on any subject. This presentation does notpurport to address any specific investment objectives, financial situation orparticular needs of any recipient. It should not be regarded by recipients as asubstitute for the exercise of their own judgment. This information does notconstitute an offer of any sort and is subject to change without notice. GEBis no obligation to update or keep current the information contained herein.

GEB expressly disclaims any responsibility for actions taken or not takenbased on this information. GEB does not accept any responsibility for lossesthat might result from the execution of the proposals or recommendationspresented. GEB is not responsible for any content that may originate withthird parties. GEB may have provided, or might provide in the future,information that is inconsistent with the information herein presented. Norepresentation or warranty, either express or implied, is provided in relationto the accuracy, completeness or reliability of the information containedherein.

This presentation may contain statements that are forward-looking withinthe meaning of Section 27A of the Securities Act and Section 21E of the U.S.Securities Exchange Act of 1934. Such forward-looking statements arebased on current expectations, projections and assumptions about futureevents and trends that may affect GEB and are not guarantees of futureperformance.

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. Statesecurities laws. Accordingly, the shares are being offered and sold in theUnited States only to qualified institutional buyers as defined under Rule144A under the Securities Act, and outside the United States in accordancewith Regulation S of the Securities Act.

We converted some amounts from Colombian pesos into U.S. dollars solelyfor the convenience of the reader at the TRM published by the SFC as ofeach period. These convenience translations are not in accordance withU.S. GAAP and have not been audited. These translations should not beconstrued as a representation that the Colombian peso amounts were,have been or could be converted into U.S. dollars at those or any otherrates.

Disclaimer

3

GEB at a Glance

Section 1

4

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

Recurrent issuer in the local and international capital markets

Int’l Bond Issuance for USD$320 mm

Empresa de Energíade Bogotá (“EEB”) is founded to generate, transmit and distribute electricity in Bogotá

1896

The Districtof Bogotá

acquires100% of the

company

1959

EEB is transformed from a state-owned entity into a

stock corporation organized as a public

utilities company

1996

Creation of&

through a capitalization

and transformation process within

EEB

1997

Concession Granted

2002

Acquisition of assets and agreements of Ecogas through TGI

2007

20082009

2011

2012

2015

•Codensa absorbs EEC•New Corporate Strategy

•Approved sale of up to a 20.0% stake of major shareholder•Other minor stake divestitures

2013

2006

Acquisition of

Int’l Bond Issuance for USD$750 mm

2010

Merger between TGI & Transcogas

Acquisition

51,0%

IPOEEB

Int’l Bond Issuance for USD$749 mm

2016-

2017

2018

GEB reports change in its shareholding structure after democratization

2019Acquisition

Foundation & Transformation Diversification Growth and Consolidation New Corporate Strategy

5

65,7%

21,2%

5,2%

Others

7,9%

76,3%

16,5%

3,6%

Others

3,6%

Pension Funds

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

Shareholders as of January 31, 2018

Pension Funds

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

Shareholders as of September 30, 2019

Shareholding Structure

6

*Divest up to 20% of GEB’s Common shares owned by the District, authorized by Bogotá Council (November 2016)Note: In accordance with the agreement 656 of 2016 of the District Council of Bogota, the District will execute a Democratization process. The information herein countained isonly for information and illustrative purposes. It is not intended to be an exact estimation, nor is it a source of legal, investment or financial advice information on any matter

1

Due diligence, valuation and structuring process,

February 2017 -2nd Semester 2017

City Government Council endorses the

Disposal Programand sets minimum price

December 20th, 2017

2

Issuance of Democratization decree

and programDecember 20th, 2017

3 4

First phaseSolidarity sector

Dec. 26th – Feb 26th,2018

Second phaseGeneral public

July 5th – July 18th, 2018

Operation completion and closure

July 31st, 2018

5 6

20/12/2017

Management AgreementSDH-EEB

Organize and manage the Democratization* process

February 2017

0

In process

Completed

Offer

period

Notice of offer

Roadshow

Offer period

Notice of offer

Roadshow

Law 226 of 1995 Democratization Results: (First and second phase)

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

shares

7

District of Bogotá has authorization to sell the

remaining 9,4%. The operation should be

considered by the next local government

Democratization*

7

InvestmentHighlights

Section 2

8

Leading Participant in Relevant Latin American Energy Markets

Experienced Management Team, Supported by World-Class Strategic Partners and Strong Corporate Governance Standards

A Sustainable Company with Track Record of Value Creation

Stable and Predictable Cashflow Generation

Proven Ability to Integrate, Develop and Operate Diversified Energy Businesses1

2

3

4

5

Investment Highlights

9

Proven Ability to Integrate, Develop and Operate Diversified Energy BusinessesGEB is a leading energy holding in LatAm with a diversified portfolio of power and natural gas utilities, classified in threestrategic business groups:

Revenue

Jun-2019COP$2.230.522 mm

23,0% YoY

2018COP$4.001.754 mm

11,8% YoY

5,9%Dividend Yield(2)

Dividends Approved on 2018Net Income

COP$1.193.533 mm COP$130 per share (+13%)

CAPEX

Jun-2019USD$146,5 mm

2018USD$396,5 mm

Stock Market CapitalizationCOP$20.060.872 mm

USD$5,8 bn September 30 2019

Operating Income

Jun-2019COP$850.562 mm

32,7% YoY

2018COP$1.302.494 mm

18,2% YoY

EBITDA

Jun-2019COP$1.947.172 mm

16,8% YoY

2018COP$2.643.537 mm

7,7% YoY

Net Income(1)

Jun-2019COP$1.103.760 mm

34,5% YoY

2018COP$1.785.168 mm

13,8% YoY

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

Power Distribution

Natural Gas Distribution

3,8 mm of clients in Power Distribution

3,2 mm customers in Natural Gas Distribution

13.928 km of Transmission Lines

4.288 km of Gas Pipelines

Power Transmission

Natural Gas Transportation

Power Generation

3.500 MW in Installed Capacity

7.215 GWh in Power Generation (YTD)

Distribution GenerationTransportation and Transmission

10

Proven Ability to Integrate, Develop and Operate Diversified Energy Businesses

*

*

10*Not controlled Company

* *

*

Distribution Transportation & Transmission Generation

11

Leading Participant in Relevant Energy Markets

Guatemala

Colombia

Peru

Brazil

Guatemala

# 1 Guatemala(1)

(Private Company)Market Share% Revenue NTS

Power Transmission

22,6%(1)

Market Share% Distributed Volume

Natural Gas Dist. / Transp.

77,3%(3)

# 1 Peru(3)

Market Share% Revenue NTS

Power Transmission

67,3%(2)

# 1 Peru(2)

Peru

Brazil

Market Share% Network NTS (km)

Power Transmission

0,7%(4)

Colombia

# 1 Colombia(5)

Market Share% Nat’l Network (km)

Natural Gas Transportation

54,0%(5)

# 1 Colombia(6)

Market Share% Subscriptions

Power Distribution

23,7%(6)

# 1 Colombia(8)

Market Share% Installed Capacity

Power Generation

20,2%(8)

# 2 Colombia(9)Natural Gas Distribution

Market Share% Connected Users

32,3%(9)

# 2 Colombia(7)

Market Share% Revenue NTS

Power Transmission

19,8%(7)

(4)

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

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

12Note: Figures for the years 2006–2013 are presented under ColGaap standards. From 2014 are presented under IFRS

Electricity Generation

8,6%

Power Generation

12,3%

Power Distribution

8,8%

Stable and Predictable Cashflow GenerationConsolidated adjusted EBITDA has grown over the last 10 years demonstrating increased strength of GEB’s controlled assets

COP$2.924.267 mm+14,1% YoY

COP$2.924.267 mm+14,1% YoY

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

EBITDA by Segment, June 2019| LTM

Transportation and Transmission

57,1%

Distribution29,9%

Generation12,8% Otros

0,2%

Power Transmission

14,3%

Power Distribution

7,9%Natural Gas

Transportation42,8%

Natural Gas Distribution

22,0%

Power Generation

12,8%

Other0,2%

COP$ mm

USD$ mm

39%

56% 55%

52%

56%

65%67% 70%

69%

68%

61%

44%45%

48%

44%

35%33%

30%

31%

32%

1.122.343

1.369.5331.447.335

1.775.908

1.964.666

2.437.4192.528.614

2.455.225

2.643.537

2.924.267

2010 2011 2012 2013 2014 2015 2016 2017 2018 jun-19

EBITDA…Dividendos

586 705 819 922 821 887 909 883 894 917

13

2019 RobecoSAMSustainability Yearbook

Included for the second consecutive year

Dow JonesSustainability Index

Included for the eighth consecutive year within the emerging markets category

A Sustainable Company

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

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

Community gas diners (Peru)Installation of free gas connections to over 900 gas diners benefiting more than 63.000 people

Tecnigas: Training for the Future (Peru)Training young people from underprivileged backgrounds as gas installation technicians, to facilitate their entry into the workforce

Women’s economic empowerment (Guatemala)Training 450 indigenous women in traditional crafts and supporting the commercialization of their embroideries

Social sensibility and genuine relationships that create sustainable progress

14Source: BVC

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

Security Issuer

Track Record of Value CreationGEB share price performance

Average trading volume 2019 YTDCOP$4.436 mm / USD$1,4 mm

2.127.334 shares

17.10.18TGI’s liability management

program of international bonds for USD$750 mm

25.10.182nd dividend payment

01.11.18COLCAP rebalancing

Statements from SHD

28.01.19Change of GEB’s ticker

symbol in BVC

30.01.19SHD announces that the District will

not sell in the short-term its share participation in GEB

01.02.2019COLCAP rebalancing

19.02.19GEB was included for 2nd time in

RobecoSAM Sustainability YearbookGEB announces that it will present a

PAO for 100% of Dunas Energia

25.02.19Notice of GSA, Income Distribution Project

and proposal of statutory reform

14.03.2019Conference call 4Q 2018 GEB

15.03.19HCOLSEL Rebalancing

28.03.19GEB’s GSA

16.05.19Conference call

1Q 2019 GEB

28.05.19MSCI EM Rebalancing

28.06.2019First dividends payment

05.07.2019GEB launched a takeover bid for

Dunas Energia SAA in BVL

08.07.2019ANLA authorized GEB for the

construction of Alferez - San Marcos transmission line

09.08.2019GEB acquired 100% of Dunas

Energía, PPC Peru Holdings S.R.L. and Cantalloc Peru Holding S.R.L.

20.08.2019Conference call

2Q 2019 TGI

22.08.2019Conference call

2Q 2019 GEB

05.09.2019Cálidda issued bonds for approx.

USD$100 mm20.09.2019

HCOLSEL and FTSE

rebalancing

0

5.000.0 00.000

10.000.000.000

15.000.000.000

20.000.000.000

25.000.000.000

30.000.000.000

September-18 October-1 8 November-18 December-18 January-19 February-19 March-19 April-19 May-19 June-19 July-19 August-19 September-19

1.200

1.400

1.600

1.800

2.000

2.200

Volume (COP)

GEB CB Equity

COLCAP

Historical High: COP$ 2.230 April 30, 2019

$2.185

23,5% YTD

Sep 26, 2019

1.588

19,8% YTD

Sep 26, 2019

15

Andrés BaracaldoVP Distribution, Transport &

Transmission

Álvaro VillasanteVP Power Generation

Felipe CastillaCFO

Astrid ÁlvarezCEO

Seasoned executive with over 30 years of experience in leadership roles at Public

Utilities and Energy Companies in Colombia

Senior executive with over 30 years of experience in senior

financial roles at global energy companies

Senior executive with over 20 years of experience in Investment

Banking and Business Development in Power and

Utilities

Senior executive with over 12 years of experience in

Investment roles in Private Equity and Infrastructure in

LATAM

Nestor FaguaGeneral Counsel

Senior executive with over 30 years of experience in Laws,

Compliance, Banking and Capital Markets

Liliana PérezLegal Affairs Director

Mónica JimenezChief Compliance Officer

Camila MerizaldeHead of Corporate Affairs

Senior executive with over 15 years of experience in

corporate affairs

Senior executive with 16 years of experience as compliance officer in Insurance, Finance

and Utility sectors

Senior executive with over 20 years of experience in Law

Rafael DíazAuditor

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

companies

Ernesto MorenoSenior VP

Senior executive with over 20 years of experience leading the Power Transmission Business

at Grupo Energía Bogotá

Experienced Management Team

Leadership

16

Partner in Cálidda

10mm Clients / 2 CountriesMarket Cap: US$2,074mm

Sources: Promigas Website

Partner in Brazil’s Power Transmission

Leading generation and transmission company in Brazil

Market Cap: US$ 12,758mmSources: Eletrobras Website

Partner in REP and Transmantaro

Presence in 13 countries / 62.038 Km of grid networkMarket Cap: US$ 6.241mm

Sources: ISA Website

Partner in Emgesa& Codensa

Presence in 34 countries / 2.2mm km of grid network

Market Cap: US$ 59,882mmSources: Enel Website

Partner in Vanti(formerly Gas Natural)

Presence in over 30 countries / 115 years of operational

experienceMarket Cap: US$ 47,176mmSources: Brookfield Website

World-Class Strategic Partners

Partnerships

17

Corporate Governance

General Shareholders’ Meeting

GEB’s CEO Appointment

Group Agreement

✓ Extension of terms for notice✓ Majority for convoking the General Shareholders’ Meeting✓ Commitments of Bogotá Capital District (70%)

✓ Ad-hoc committee designation for election of 3 candidates✓ Selection process along with a headhunter✓ Board of Directors elects the CEO from the 3 candidates

The Agreement is the instrument that regulates the interaction andgeneral framework of behavior for the relationship between theHeadquarters and its subsidiary companies, looking forward to facilitatingaccomplishment of corporate strategy and GEB’s goals

Board of Directors

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

of the New York Stock Exchange (NYSE)✓ Adoption of Nomination and Succession Policy of the Board of

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

We have accomplished more than 92% of OECD’s recommendations on Corporate Governance

Implementation of the Architectural Control Model, which is based on 3 defense lines

Strong Corporate Governance

18

Investments Forecast

Section 3

19

Executed CAPEX by Controlled Companies

CAPEX ExecutionRevenue growth has been sustained by a strong investment plan

2Q 2019 – USD$76,5 mm

Contugas1,2%

Trecsa8,4%

EEBIS 0,1%

Calidda45,1%

TGI11,6%

Transmission33,7%

YTD 2019 – USD$146,5 mm

Contugas0,9%

Trecsa10,3%

EEBIS 0,4%

Calidda38,1%

TGI14,4%

Transmission35,7%

20Note: From 2019 corresponds to forecasts that are adjusted annually

CAPEX Forecast2019 - 2023 Investments – Controlled companies

Base Scenario

$896

$1.147

$120

Total $2.163

USD$ mm

Capex GEB (Forecast)

Controlled Companies

Distribution

Transportation and Transmission

Generation

Company 2018 2019P 2020P 2021P 2022P 2023P Total

Transmission 140 133 140 133 132 107 645

Trecsa y EEBIS 52 46 73 7 1 1 128

TGI 73 85 82 51 66 90 375

Cálidda 119 120 112 108 111 113 565

Contugas 13 4 0 10 5 0 19

Other projects 0 260 43 43 43 43 432

Total 396 649 449 352 359 355 2.163

21

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

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

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

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

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

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

• EEBIS :✓ Project Anillo Pacífico Sur: USD$62,7 mm (CAPEX) - Completed✓ Project CEMPRO: USD$21,7 mm (EPC contract)

▪ Phase 1: 88%▪ Phase 2: 92%

✓ Project CEMPRO Varinte el Pilar: USD$1,06 mm ▪ Variant el Pilar: 89%

Investment Projects (1) – Power Transmission

22

Investment Projects – Natural Gas

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

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

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

✓ Polyethylene pipelines: USD$63 mm (711 Km as of 2Q2019)✓ Residential clients connection: USD$27mm (90.343 users in 2Q 2019)✓ Steel pipelines (high pressure): USD$10 mm (5 Km in 1Q 2019 out of

12,7 Km)✓ City gate expansion: USD$6 mm for expanded capacity of 540 Mcfd

(Works start in Sept. 2019)

23

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

ElectroDunas:• Ica, Huancavelica and Ayacucho

(5.402 Km 2, 11 provinces)• Power distribution to 240.981

clients (1.022 GWh)• High receivables collection level,

low power loss, low operating costs and high quality service indicators

Peru Power Company:• Power efficiency and asset

construction solutions (EPC contracts)

• Clients include ElectroDunas and third parties

Cantalloc:• Technical services (power

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

Transaction Rationale

• New business segment in Peru (powerdistribution and commercialization) andcontribution to establishment of a platform fororganic and inorganic growth in the country

• Alignment with GEB’s strategy and investmenthighlights:

✓ Predictable and stable perspective ondividends

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

• Outstanding operational performance

• Highly experienced management

• Potential synergies with Contugas

24

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

Strong pipeline of opportunities to build energy transmission lines and midstream gas pipelines within the regulated market

GEB will bid for the LNG Regasification Project of Buenaventura

Actively seeking M&A opportunities in energy transmission and distribution

Actively seeking M&A opportunities in renewable power generation

Actively seeking M&A opportunities in energy transmission and in renewable power generation

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

GEB acquired:

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

25

Capital Structure

Section 4

26

Debt Profile

97% 94% 97%

98%

99%98%

99% 85% 84% 85%3%6% 3%

2%

1%2%

1%

15% 16% 15%

1.5431.737 1.733

2.218

3.0092.803

2.567

2.946 2.943

2010 2011 2012 2013 2014 2015 2016 2017 2018 jun-19

2,8x 2,9x 3,2x 2,8x 2,9x

4,0x

jun-18 sep-18 dic-18 mar - 2019 jun - 2019

EBITDA LTM / Net Interests LTM

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

Net Debt / EBITDA LTM

USD$ mm

COP$ USD$

Consolidated Debt Composition Debt Maturity Profile June 2019 (2)

(USD$2.926 mm)2.926

8,7X 8,3x7,4x 7,2x

6,4x

2,25x

jun-18 sep-18 dic-18 mar - 2019 jun - 2019

428

14 4080

1.069

99

890

148

56102

2019 2020 2021 2022 2023 2024 2028 2032 2042 2047

(1)

(1)

27

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

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

reduction in interest expenses

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

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

cash flow generation

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

reduction in interest expenses• Total amount of the liability USD$355 mm

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

BBB- / Stable28/09/2018

BBB International - AAA local /Stable09/10/2018

In the annual review process2019GEB’s

Corporate Credit Ratings

2019 Financing Program

28

Annexes

Section 5

29As of December 31 2018

S.A ESP.

Holdco

EEB Perú HoldingsLtd

GrupoEnergíaBogotá

TrecsaGrupoEnergíaBogotá

GebbrasGrupoEnergíaBogotá

Contugas

96,11% of GEB3,89% of EDEMTEC

99,9% of GEB0,1% of MARCOS DIEZ

68,58% ofGEB31,42% of TGI

TGI International

TGI Regasificadora SAS

100% ofTGI

100% ofGEB

40% of GEB 40% of GEB 16,23% of GEB15,24% ofEEB GASSAS

25% of GEB51,51% of GEB51,32% of GEB

60% of EEBPERÚ HOLDINGS LTD

40% ofPromigas

51% of GEBBRAS49% of Furnas

51% of GEBBRAS49% of Furnas

51% of GEBBRAS49% of Furnas

51% of GEBBRAS49% of Furnas

AFFILIATES

SUBSIDIARIES

UNCONTROLLED COMPANIES

TGIGrupoEnergíaBogotá

99,99% ofGEB0,01% Other

COLOMBIA GUATEMALA

EEB Gas SAS

100% ofGEB

COLOMBIA

COLOMBIA

CAIMAN ISLANDS BRAZIL

PERU BRAZIL

PERU

MGE Transmissão S.A.

GoiásTransmissão S.A.

Transenergia RenovávelS.A.

TransenergiaSao Paulo S.A.

100% of GEB

BERMUDA

EnergyReGrupoEnergíaBogotá

99,999% of GEB

GUATEMALA

0,001% EEB GAS SAS

AFFILIATES

Transmission Branch

Assets and Investments

100% of GEB

PERÚ

30

Status of pending divestitures programs:

Phase 2 - Promigas• The corporate management has not

authorized yet the 2nd phase directed to the general public

• Percentage for disposing of 15,24% (172.916.643 shares)

Banco Popular• Percentage for disposing of 0,1136%

(8.772.703 shares)

2016 2017 2018 2019

Jun.12.17 – Aug.14.17 Phase 1Solidarity SectorAcceptance period

Dec.13.16 Agreement 656 of 2016Authorization for the divestitures of the shareholding in Promigas, ISA, Banco Popular & Nutresa

Sep.12.17Phase 1 PromigasAllocation of shares

Sep.09.17Start Phase 2Divestiture processes to general public: ISA, Banco Popular & Nutresa

Sep.19.17Phase 2 NutresaAllocation of shares

Dec.21.17 / Dec.28.17 Phase 2 ISAAllocation of shares

Divestitures

31

InfrastructureColombia

32

Cartagena Refinery

Barrancabermeja Refinery Bucaramanga

Bogotá

Neiva

Cali

Medellín 2.27 tcf

0,49 tcf

ProducersIn the east:

EcopetrolEquion

Alto Valle del Magdalena

Magdalena Medio

Bajo Magdalena

Producersfrom the north:

ChevronEcopetrol 0,71 tcf

Guajira

Cusiana-Cupiagua

References

TGI’s pipelines

Natural Gas Reserves

City

FieldRefinery

Gas pipelines from third parties

Reserves in other regions 0.4 2tcf

Total reserves 3.89 tcfP

aci

fc O

cea

n

Caribean Sea

VEN

EZU

ELA

(1) It has access to three of the main gas production fields: Guajira and Cusiana-Cupiagua

Source: Unidad de Planeación Minero Energética - Agencia Nacional de Hidrocarburos

InfrastructureColombia

34

Lim

a -

Calla

o

InfrastructurePeru

35

Ica

InfrastructurePeru

36

InfrastructureGuatemala

37

12,7 15,4 15,0 14,6 14,1 16,1

8,8 7,7 6,5 6,4 3,8 1,9

401,2 418,8 430,6 456,4 441,2494,4

2011 2012 2013 2014 2015 2016

Reservas Probadas de Gas Natural Reservas Probables de Gas Natural

Producción de Gas Natural

PeruColombia

Natural Gas Footprint

Bucaramanga

Bogota

Neiva

Cali

Medellin

952 GPC

Mountain ranges Oriental and

Ocidental

Magdalena Valley

885 GPC

Ballena

Cusiana

Natural Gas Demand (Mcfd)

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

2683GPC

277GPC

References

Natural Gas Reserves

CityField

Llanos Orientales

Guajira Offshore Natural Gas Massification

Altoandina RegionIn bidding process

(Proinversión)

TumbesIn award processPiura

In award process

QuaviiLambayeque, Cajamarca, La Libertad and Ancash

In operation (virtual supply)Commitment: 150.000 users

Lima y CallaoIn operation (pipelines)

761.187 users (2018)

Contugas - IcaIn operation (pipelines)

50.517 users (2018)

Proved reserves of natural gas

Production of natural gas

Probable reserves of natural gas

806 899 975 961 934 863 901

2012 2013 2014 2015 2016 2017 … 2021E

FenosaArequipa, Moquegua y Tecna

Virtual transportation Commitment: 64.000 users

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

38

Colombia

Electricity Demand(GWh)

Peru Guatemala

56.145 56.739 59.370 60.890 62.812 65.256 71.401

2010 2011 2012 2013 2014 2015 … 2019E

32.422 35.216 37.306 39.667 41.790 44.537

61.699

2010 2011 2012 2013 2014 2015 … 2019E

8.134 8.672 8.929 9.537 10.490 10.886

12.630

2010 2011 2012 2013 2014 2015 … 2019E

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

Source: Ministerio de Minas y Energía Guatemala

Source: Ministerio de Minas y Energía Colombia & UPME

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

39

Operational Performance

Revenue from Operational Activities

$932.451

$1.178.642

2Q 2018 2Q 2019

+26,4% YoY

Revenue by Business Lines | 2Q 2019

2Q 2019 Vs. 2Q 2018 +26,4%

Natural Gas Distribution +28,6%; +COP$144.586 mm:• Cálidda: Expansion of the network; increase in distribution

of natural gas; and higher placement of financing loans forresidential natural gas installations

Natural Gas Transportation +24,1%; +COP$74.776 mm:• The delta stamp fee rate for works in the Armenia Loop is

included in all contracts• Variable charges +45% between 2Q 2018 and 2Q 2019 due

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

• Approximately 91,2% of the revenues derived from fixedcharges of "firm" transportation contracts

Power Transmission +23,1%; +COP$26.829 mm:• GEB: UPME-04-2014 Refuerzo Suroccidental Heliconia

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

COP$1.178.642 mm

650.56955,2%

385.12732,7%

142.94612,1%

Natural Gas Distribution

Natural Gas Transportation

Power Transmission

3 months figures / Millions COP$

40

Operational Performance3 months figures / Millions COP$

$584.080

$759.591

2Q 2018 2Q 2019

Costs of Operational Activities

+30,0% YoY

Costs by Business Lines| 2Q 2019

COP$759.591 mm

2Q 2019 Vs. 2Q 2018 +30,0%

Natural Gas Distribution +41,7%; +COP$162.002 mm:• Cálidda: Expansion of the network, amortization and

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

• Contugas: Higher amortization expense of concession assetsdue to the change of method to the straight line method

Natural Gas Transportation -4,2% -COP$5.869 mm:• TGI: Environmental impact studies of the Armenia Loop and

execution of the Integrity Management Plan for the gaspipelines in 2Q 2018, which are not presented in 2Q 2019

Power Transmission +34,8%; +COP$19.378 mm:• GEB: Professional fees and services. In addition, since 2019,

a more specific allocation of costs is being made to thetransmission branch

550.804 72,5%

133.695 17,6%

75.092 9,9%

Natural Gas Distribution

Natural Gas Transportation

Power Transmission

41

Consolidated Financial Results3 months figures / Millions COP$

$522.570 $536.251

2Q 2018 2Q 2019

$358.095 $410.423

2Q 2018 2Q 2019

EBITDA by Business Lines | 2Q 2019 EBITDA

Operating Income Net Income

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

COP$536.251 mm+2,6% YoY

$450.412 $558.095

$28.175 $24.776

2Q 2018 2Q 2019

Controlling Net Income Non Controlling Net Income

Power Transmission

10,9%

Natural Gas Transportation

58,4%

Natural Gas Distribution

29,9%

Other0,7%

42

From Operating Income to Net Income3 months figures / Millions COP$

Equity Participation Method | 2Q 2019

139.739

82.742

14.406 18.758 12.6392.045

8.587

169.669

111.558

14.064 15.763 15.3272.667

9.455

Emgesa Codensa CTM Vanti REP EMSA Negocios Conjuntos

2Q 2018 2Q 2019

+21,4% YoY

43

www.geb.com.co

www.grupoenergiabogota.com/en/investors

Investor Relations

Felipe Castilla

CFO GEB ir@geb.com.co

+57 (1) 326 8000 Astrid Alvarez

CEO GEB ir@geb.com.co

+57 (1) 326 8000

Valeria Marconi

Investor Relations Manager

+57 (1) 326 8000

Ext 1536

vmarconi@geb.com.co

Sandra Jiménez

Investor Relations Advisor

+57 (1) 326 8000

Ext 1827

sjimenezv@geb.com.co

Mauro Cáceres

Investor Relations Advisor

+57 (1) 326 8000

Ext 1395

mfcaceres@geb.com.co