2019

E N E R G Y T H ATB O O S T S W E L L B E I N G

As we pursue our goal of connecting markets to sources of energy, we generate value by building long-term, mutually-beneficial relationships with interest groups.

P R O M I G A SWe have brought progress and wellbeing to Colombia and Peru for more

than 45 years, and this has enabled us to play an active and important role in the process of implementing the mass use of this fuel in our country.

In Colombia, we distribute natural gas to around 3.6 million users, which corresponds to almost 40% of the domestic market and about 12 million beneficiaries, while in Peru we distribute to approximately 800,000 users through Cálidda and Quavii, through which we will reach 150,000 users in the north of the country by 2022.

We hold a AAA rating for issues in Colombia and a BBB- international rating for IDR issues in local and foreign currency. We also hold ISO 9001 quality system, OHSAS 18001 occupational health and safety, and ISO 14001 environmental certifications.

We operate and maintain almost 26,000 km of electricity distribution networks, taking this service to more than 380,000 users in 38 towns in the southern part of the country.

Our affiliate Sociedad Portuaria El Cayao (SPEC) operates a floatingregasification terminal with 400 Mpcd of regasification capacity. SPEC has marked Colombia’s entry into the international LNG market and it provides backup for the country’s thermal generating companies by meeting their natural gas requirements.

In an effective and responsible manner, we develop energy markets directly and through our strategic transportation and distribution business groups, the former consisting of organizations engaged in the transportation of natural gas and liquefied natural gas (LNG), integrated solutions for industry, and energy generation, while the latter consists of natural gas distribution companies, electricity utility and thenon-banking financing business.

We carry 52% of the natural gas transported in Colombia through3,000 km of gas pipeline networks belonging to ourselves and to our transportation companies,

and we provide services for hydrocarbon producers and major industries, including natural gas compression and dehydration, the construction of gas pipelines and interconnection lines, and energy solutions such as generation, cogeneration and self-generation.

We pioneered the natural gas for vehicles (NGV) business and have been involved in it for over 24 years, achieving positive impacts in economic and environmental terms due to the very characteristics of this fuel, and we continue to search for new growth opportunities.

Promigas has led the natural gas revolution in Colombia, and has made a positive economic, social and environmental impact.

L N G

Sociedad Portuaria El Cayao (SPEC)

Regasification capacity:

400 MpcdCapacity to meet

40% of Colombia’s thermal generation requirements (2,000 MW)

Storage capacity:

170,000 m3 of LNG

PromigasPromiorienteTransmetanoTransoccidente

Gas pipeline:

3,089 kmTotal capacity:

1,040 Mpcd

Customers:

25 in different partsof Colombia

N AT U R A L G A S T R A N S P O R TAT I O N

PromisolZonagen

Customers:

22115 Mpcdof treated natural gas

2,550 km of gas pipelines maintained

Availability:

99.64%

I N T E G R AT E D S O L U T I O N S F O R I N D U S T RY A N D E N E R G Y G E N E R AT I O N

S T R AT E G I C T R A N S P O R TAT I O N B U S I N E S S G R O U P

Employees:

of total transported in Colombia

60052% Revenue:

USD 461million

Assets:

USD 2,769million

44 MWgeneration capacity

Note: Figures prior to eliminations; revenue includesfinancial assets and participation method plus dividends.

Lima

Cajamarca

Huaraz

Callao

ChimboteTrujillo

PacasmayoChiclayo

Lambayeque

RiohachaBarranquilla

Cartagena

Medellín

Bucaramanga

Cali

E L E C T R I C I T Y D I S T R I B U T I O N

N O N - B A N K I N G F I N A N C E

S T R AT E G I C D I S T R I B U T I O N B U S I N E S S G R O U P

CompañíaEnergéticade Occidente(CEO)

Customers: 382,056Networks: 26,676 km Energy demand: 683 GWh

Brilla

EnlaceVersa

Loans granted: USD 981 millionNumber of users: 2.86 million Portfolio:USD 236 million

Processes:

Procurement and accounts payableTreasuryPayrollAccountancy and taxesInformation Technology

SurtigasGdOGases del Caribe Gases de La Guajira

Accumulated users:

4,350,827

Gas sales:

11,431 Mm3

N AT U R A L G A S D I S T R I B U T I O N

S E RV I C E S

Includes companies that do not consolidate: Gases del Caribe (Efigas and Gases de la Guajira), and Cálidda.

Employees:

of domesticmarket

2,90038% Revenue:

USD 2,133million

Assets:

USD 2,542million

CáliddaQuaviiEfigas

18 companies

3,500 employees,

Colombia,Peru

I N 2 0 18

Ratings granted:

Promioriente

Promigas

USD 69 million bond issue, over-

subscribed 1.8 timesColombiaAA+

international BBB-

Colombia

Colombia

AAA

AAAGdO USD 101 million issue

Investment:

USD 3.9 million in health and education for our people.

More than USD 2.3 million in philantropy.

We hold Bolsa de Valores de Colombia (Colombian Stock Exchange) IR recognition for adopting best Corporate Governance practices and our relations with different interest groups.

Promigas and its companies, combined, contracted 4,133 suppliers, from which purchases totaling more than USD 570 million were made during the year.

Included for the first time in the RobecoSam Sustainability Yearbook with a score that exceeded that of 94% of companies evaluated.

The National Business Association of Colombia (ANDI) recognized Promigas as one of 20 “Inspirational Companies” for its Brilla program.

USD 245 million,12% up on previous year

Net profit:

4% growthEBITDA

O U R VA L U EP R O P O S A L

Natural gas regulation experience.

Experience in administering users in adverse economic conditions, with a consequent improvement in living conditions in marginal settlements.

Pioneers of vehicular natural gas (NGV) in Colombia.

Development of energy efficiency programs in conjunction with industry, in order to improve competitiveness.

Development of new market niches in order to increase natural gas service coverage.

Leader in the Colombian Liquefied Natural Gas (LNG) business. The terminal belonging to SPEC, one of our companies, is in a privileged position for supplying LNG on a small and medium scale, thus enabling it to serve regional markets.

Coordinated strategies with government to increase gas service coverage (mass use, cross-subsidies, regional gas pipelines, etc.).

Development of business at the base of the pyramid. For example, non-banking financing (Brilla) for people without access to banks.

Promigas is a long-term investor with a high level of social awareness, and a strategic partner for developing energy markets.

O P E R AT I O N A LI N D I C AT O R S

N AT U R A L G A ST R A N S P O R TAT I O N

S T R AT E G I C T R A N S P O R TAT I O N B U S I N E S S G R O U P

Continuityindex

99.99%of total gastransportedin Colombia

52%More than

of gas pipelines with 1,040 Mpcd capacity

3,000 km

2,556

189

333

11

Gas pipelinelength (km)

P RO M I G AS

P RO M I O R I E N T E

T R A N S O CC I D E N T E

T R A N S M E TA N O

365.7

50

34

48

Volume transported (Mpcd)

838

78

50

74

Maximum capacity (Mpcd)

Gas transportation

added to gas supply at fields in the southern

part of the coast.

Transmetano celebrated25 years of providing Antioquia with natural gas and progress.

31 Mpcd

25 years

Promigas

Transmetano

Transoccidente

Promioriente

Our infrastructure enables Colombia

to access the international

LNG market.

99.6% continuity in operations

Pier

733 mlong

We are certified under the International Ship and Port Facility Security (ISPS) Code, which fosters the prevention of terrorist acts that endanger the integrity of human lives, ships and port facilities.

Port that has the necessary infrastructure and capacity to receive small, medium-sized and large LNG vessels.

Capacity to meet 40% of Colombia’s thermal generation requirements(2,000 MW).

SPEC operates Colombia’s LNG regasification terminal, which delivers natural gas safely and efficiently to the National Transportation System and provides reliability in the natural gas supply available for generating electricity inthe country.

Regasification capacity: 400 Mpcd

LNG storage capacity:170,000 m3

L I Q U E F I E D N AT U R A L G AS ( L N G )

HÖEGH GRACE floating storage and regasification unit (FSRU)

18” gas pipeline,

9.2 km long

We create value from reserves. We make the incorporation of hydrocarbons into the market under the necessary conditions viable by lowering costs, reducing risks, and improving productivity.

O&M HYDROCARBON INFRASTRUCTUREGas pipelines, interconnection lines

We carry out engineering, construction and maintenance for gas pipelines, dehydration plants, compression, and flow lines.

Environment-friendly new technologies and efficient alternatives at lower cost.

We provide technical, advisory and work supervision services.

On-site generation (self-generation/cogeneration) for industries.

Distributed generation for industrial customers in Barranquilla andLa Cayena free zones.

ENERGY SOLUTIONS Generation and cogeneration

O&M generation/cogeneration plants. Distributed generation projects, oron-site at hydrocarbon production fields.

Capacity over 44 MW.

99% availability.

High HSE standards. Highly qualified team with project management. Project Manager (PMP) with Project Management Institute training.

NATURAL GAS TREATMENT Services from wellhead to gas pipeline

Compression and treatment, with more than 115 Mpcd capacity.

Upstream connection: We build, operate and maintain hydrocarbon transportation lines (gas and refined products).

Installed compression capacity: 24,000 hp.

Services for early production: We provide, install, operate and maintain infrastructure for upstream connections, natural gas compression, and natural gas conditioning.

I N T E G R AT E D S O L U T I O N S F O R I N D U S T R Y A N DE N E R G Y G E N E R AT I O NPROMISOL: HUMAN TALENT, TECHNOLOGY AND EXPERIENCE

N AT U R A L G A S D I S T R I B U T I O N

Surtigas has been in existence for 50 years and has consolidated its position as the best public service provider in its natural gas distribution zone.

Cálidda enjoyed itsmost active year in terms of connection numbers (184,403) since it began operations in 2004.

Quavii began a continuous gas supply and ended the year with 21,517 customers and contracts signed with36 industries.

We participated in new opportunities in Peru to grow and consolidate our business, through our associated companies Quavii, Gasnorp and Cálidda.

38%Users in Colombia and Peru

4,350,827of domestic market

Towns connected

Natural gas sales Mm3

Accumulated users

Effective coverage (%)

SURTIGAS

GDO

GASES DEL CARIBE

EFIGAS

GASES DE LA GUAJIRA

CÁLIDDA

QUAVII

178

265

226

60

64

23

7

844

976

1,284

243

27

8,049

7

771,798

1,139,319

978,628

564,126

114,224

761,215

21,517

94

89

89

82

86

79

28

SURTIGAS

GASES DE LA GUAJIRA

GASES DEL CARIBE

GDO

COLOMBIA

CÁLIDDA

QUAVII

EFIGAS

N O N - B A N K I N G F I N A N C I N G

Brilla commenced operations in 2007, when Promigas local distribution companies began, at the request of Promigas itself, to grant approved credit quotas to users with a good payment record for their natural gas service connection.

The program has been noted for its low overdue portfolio index, which ratifies user responsibility and loyalty in response to the company’s vote of confidence.

More than 2.86 million beneficiary families in the six distribution companies withaccess to easy credit lines for acquiring products or services.

The National Business Association of Colombia (ANDI) recognized Promigas “Brilla” program, as one of twenty “Inspirational Companies” from a hundred initiatives studied nationwide that set out to meet social challenges through their business.

25% growth in placements, resulting in a figure of USD 981 million in loans disbursed.

564

241

Average N1 Tariff ($/Kwh)

Cost (G+T+R) ($/Kwh)

Towns Served

Users during the Period

Accumulated Users

Kilometers of Network

Energy Demand (GWh)

Energy Sales (GWh)

Energy Losses (GWh)

Total Losses (%)

38

14,798

382,056

26,676

683

598

103

19%

Compañía Energética de Occidente (CEO) intensified its activities in developing markets in Cauca and ended the year with a commercial losses indicator that was within the parameters stipulated in the management agreement.

It was recognized by the Superintendency of Public Services for having the highest service quality indicators in the country.

Sector Share

1.1%Other

3.6%Commercial

94.8%Residential

0.5%Industrial

498,118

Portfolio: USD 236 million

Overdue portfolio > 90

days: 2.79%

E L E C T R I C I T YD I S T R I B U T I O N

Transactions (users):

Placement: USD 186 million

B R I L L AC E O

We innovate in order to build a sustainable energy future in which gas plays a

predominant role.

We constantly review our activities and we compare ourselves against the highest sustainability standards, such as the Dow Jones Sustainability Index, which enable us to work on any gaps that might be identified in our efforts to improve the performance of our organization.

We are committed to the Global Compact and its principles, and to the United Nations Sustainable Development Goals (SDG).

We have determined that the following SDG are a priority for Promigas:

At Promigas we perform our activities in a reliable, safe, innovative and sustainable manner, with a view to generating lasting environmental, economic and social value among interested parties and with emphasis on the human being as the fundamental focal point of all our actions.

C O M P R E H E N S I V E M A N A G E M E N T W I T H A S U S TA I N A B L E A P P R O A C H

To adopt urgent measures to combat climate change and its impacts.

Goal 7

Goal 4

Goal 15

Goal 13

To ensure access to affordable, sustainable, reliable and modern clean energy for all.

To ensure equitable and inclusive quality education and promote lifelong learning opportunities for all.

To protect, restore and promote sustainable use of terrestrial ecosystems, sustainably manage forests, combat desertification, and halt and reverse land degradation and halt biodiversity loss.

I N N O VAT I O N

We opened CIIEG, our Center for Energy and Gas

Research and Innovation.

Portfolio with eight R+D+I (research, development, innovation) projects being executed and three at

the preparatory stage.

We filed a micro-liquefaction technology patent

and we registered two design softwares that will enter

production in 2019.

We concentrated our efforts on making progress in the development of

innovative solutions and strengthening our

innovation capabilities.

R E L AT I O N S W I T H T H E C O M M U N I T Y

We work for a quality education as the driving force behind the development of the human being and society.

Beneficiaries: More than 150,000 students in 11 provinces around the country.

Global Compact recognition of the Promigas Foundation for its “Schools that Learn” initiative, in the context of SDG 4.

Investment:USD 2.3 millons.

Renewable sources:Installation of a photovoltaic solar generation system for self-generating 23 GWh per year.

Savings:10% on carbon footprint scope 2 (indirect emissions from electricity consumption) and 16% on reducing water consumption.

As part of our responsible environmental management commitment, we contribute

to conserving biodiversity and reducing our carbon footprint.

Sustainable mobility:We administer development of the vehicle market with clean technologies for implementing efficient transportation energy solutions.

Biodiversity:85% epiphyte species survival rate three years after plants transferred to the Nature Reserve on the Coraza range and to the Montes de María, thus exceeding the 82% target set by the environmental authority.

Global Compact recognition of the “Successful epiphyte plant rescue, transfer and survival experience” project, in the context of SDG 15.

E N V I R O N M E N TA LR E S P O N S I B I L I T Y

( CO N S O L I DAT E D )

F I N A N C I A L S TAT E M E N T S

Figures in millions of USD

2014(1) 2015(4) 2016(4) 2017(4) 2018(4)

Assets 2,057 2,259 3,088 3,229 3,208

Liabilities 1,346 1,410 2,103 2,163 2,151Equity 711 849 985 1,065 1,057

Figures in millions of USD

2014(2) 2015(5) 2016(5) 2017(5) 2018(5)

Revenue 995 988 1,146 1,217 1,272

Costs 639 588 682 693 723Operating expenses 107 85 96 101 114Ebitda (3) 306 366 417 479 498Net profit 184 174 202 219 245

G E N E R A L B A L A N C E

S H E E TT R A N S P O RTAT I O NB U S I N E SS

D I S T R I B U T I O NB U S I N E SS

TOTAL: 1,272 TOTAL: 498 TOTAL: 245

P RO F I T A N D LO SS

S TAT E M E N T

2018 I N D I C ATO R S BY B U S I N E SS

Revenue EBITDA Net Profit

Figures in millions of USD

(1) Consolidated Col GAAP figures stated in dollars at the final representative market exchange rate for each year.(2) Consolidated Col GAAP figures stated in dollars at the average representative market exchange rate for each year.

(3) EBITDA: Operating profit + depreciations and amortizations + provisions.(4) Consolidated IFRS figures stated in dollars at the final representative market exchange rate for each year.

(5) Consolidated IFRS figures stated in dollars at the average representative market exchange rate for each year.

NOTE: Revenue and IFRS EBITDA include revenue from financial assets and participation method, and exclude concession construction cost and revenue.

GEN Distribution financial figures do not include companies that do not consolidate: Gases del Caribe (Efigas and Gases de La Guajira) and Cálidda.

444 180 101828 318 144

35%

65% 36% 41%

64% 59%

Number of inhabitants (millions):

45.5

Total exports (billions):

41.8 USD

GDP growth:

2.7%

Per capita GDP:

6,621 USD

GDP (billions):

330 USD

Extreme poverty percentage:

7.4%

Poverty percentage:

26.9%

Fixed-term deposit

4.5%Average fixed-term deposit: 4.7%

Exchange rate (annual average per dollar):

2,956

Unemployment (average):

9.7%

Inflation:

3.18%

Current legal minimum salary:

264.3 USD

Total imports (billions):

48.9 USD

A B O U T C O L O M B I A

Promigas has had a presence throughout this successful process, has participated actively in it, and being part of the social revolution that the mass use of this fuel has brought about has given it great satisfaction.

T H E N AT U R A L G A S S E C T O R I N C O L O M B I A

The mass use of natural gas in Colombia dates back to the 1980s and was the result of a joint initiative between government and private enterprise. Continued work since then has made gas the preferred fuel in the country’s homes and industries.

1983 1987 1991 1995 2000 2005 2010 2015 2017

36 187 373 925 2,100 3,800 5,700 8,160 9,047

E V O L U T I O N I N N AT U R A L G A S U S E R N U M B E R S

Year

Users (thousands)

Natural gas continues to be an extremely important fuel in Colombia’s

energy basket, especially in the industrial and domestic sectors, where

consumption remains stable. It is also used by thermal-electricity generators

to meet peaks in demand.

Proven reserves (Gpc) Production (Gpc) Consumption Colombia (Mpcd)

Source: 2018 Natural Gas Sector Report.

Sources: DANE, Banco de la República, FocusEconomics.Demand (Mpcd)

5,206 848Transportation Gas transported (Mpcd) Distribution

Kilometers of gas pipelines

Users Towns served Vehicles converted to vehicular natural gas

7,499 951 9,046,946 682 568,264

Domestic136

Industrialand commercial

267Refining211

Thermal electric

173Vehicular

natural gas

59Petrochemical

18

863

E N E R G Y I S C O N N E C T I O N , C O N N E C T I O N I S P R O G R E S S

Promigas SA ESP -

Investor's Attention Office:

Street 66 # 67-123 Barranquilla,Colombia

Tel:(57-5) 3713 444/555

2019