GRUPO ENERGÍA DE BOGOTA First Quarter 2014 Results

May 14th, 2014

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 or financial advice

on any subject. This information does not constitute an offer of any sort and is

subject to change without notice.

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.

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Table of contents

1. EEB Overview and Key Updates – 1Q 2014

2. Expansion Projects Review

3. TGI 31.92% stake acquisition

4. Financial Review – 1Q 2014

5. Questions and Answers

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EEB Overview Transportation and distribution of energy with involvement in other areas

in the energy sector

25.0%

Electricity Transmission

Generation

40.0% 40.0% 1.8% 95.7%*

51.5% 2.5%

Distribution

51.5% 16.2% 51.0%* 82.0%*

Distribution

Transport

Gas Natural

75.0%*

68.1%*

99.9%*

* Controlled by EEB

15.6%

60.0%*

100%*

Services

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Focus on natural monopolies

Growth in controlled subsidiaries

Sound regulatory framework

Ample access to capital markets

100%*

EEB Movilidad

Key Updates

Acquisition of 57.6% of ISAGEN

• On February 27th 2014, the BoD confirmed its interest of participating in the bid to acquire 57.6% of Isagen shares

offered by the National Government

• EEB participation will seek to acquire control.

• EEB is waiting SIC’s decision to the appealing made on February 21.

• On March 27th EEB has prequalified to participate in the process

• The process is standstill pending on the high courts decision.

Dividends Decreed:

• On March 27th, EEB Shareholders’ Meeting approved payment of dividends of COP 590,530 million (USD 300.4 mm),

equivalent to 70% of profits generated during 2013.

• COP 64.32 per share, three installments: May 27th / June 26th / November 27th

Contugas inagurated the ICA regional pipeline

• Before the deadline, Contugas, jointly with the Ministry of Energy and Mines and Enbridge Technology Inc., an

international inspector, on April 30th, signed the final act of testing. This is a requirement for the Commercial Operation

set forth in concession contract, which certifies that the infrastructure has met the applicable standards.

• At the closing of March 2014, the company has over 14,700 customers presently receiving gas (Of the 26,158 total

sales in households).

• At the end of February 2014, the first large user of natural gas was enabled (Textiles del Valle). Subsequently, a GNV

station has been enabled as well as a Paper mill. At the beginning of 2Q 2014, some fishing companies and 2

steelmakers will be connected and serviced (among other large customers).

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Sogamoso - Norte - Nueva Esperanza Project

• EEB was awarded the Sogamoso-Norte-Nueva Esperanza transmission project whose revenues have a NPV

amounting USD 171 mm.

• The project includes the construction, operation and maintenance of the Norte substation (500kW) and the

transmission line Sogamoso-Norte-Nueva Esperanza (500 kv).

• This project is part of the Expansion Plan UPME 2013-2027

Acquisition of 31.92% of TGI

On December 11th 2013, EEB’s Board of Directors decided to exercise EEB’s Right of First Offer (ROFO) under the

Shareholder’s Agreement for the acquisition of a 31.92% stake in TGI, after the end of the lock-up period (3 years).

Offer was submitted on March 25th 2014

The offer, for a value of USD 880 million, was accepted by The Rohatyn Group (formerly CVCI) on April 3rd 2014,

This transaction, which is part of EEB’s USD 7.5 billion 2013-2017 investment plan will generate positive value for EEB´s

shareholders.

Key Updates

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2. Expansion Projects Review

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Guatemala

Expansion Projects Controlled Subsidiaries

Natural Gas Transportation

• CAPEX Exec. 1T2014: USD 8.75 mm

• Construction: Sabana Station: 48.8%

• Planification: Regional Syst. (4Q 14)

Electricity Transmission

• CAPEX : Executed 2014: USD 8.88

mm

• Total Investment: USD 308 mm

Natural Gas Distribution

• CAPEX Exec. 1T2014: USD 16.24

mm

• Total investment: USD 500 mm

• By the end of 2016 it is expected to

have 455,000 customers connected.

Natural Gas Transportation and

Distribution

• CAPEX: Executed 2014: USD 25.02

mm

• Total inverstmet: USD 358 mm

• Under construction:1Q 14: 92%.

• Full operation 2Q 14

Electricity Transmission

• CAPEX Exec. 1T2014: USD 11.02

mm

• Total Investment: USD 376 mm

• Started operation (partially): 4Q13

• Under construction:1Q 14: 67%.

• Delivered 2015

Engineering and Services

• CAPEX: Executed 2014: USD 0.51

mm

• Sugarmills Investment: USD 44 mm

• Under construction IQ 14: 34%

• Full operation 2014-15

Colombia

Perú

• Under Construction 1Q 14:

• Armenia – 54.9%

• Tesalia – 77%

• Chivor II Norte – 22%

• SVC Tunal – 38.5%

CAPEX Executed 1Q 2014

Controlled Subsidiaries

USD 74.49 Millions

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Expansion Projects Non Controlled Subsidiaries

Electricity Generation

• CAPEX Exec. 2014: USD 102.12 mm

• Quimbo Project (400 MW)

• Total investment: USD 1,093 mm

• Exec 2013: USD 279 mm

• Accum. Exec: USD 564.8mm

• Execution 1Q 14: 64.8%

Electricity Distribution

• CAPEX Exec. 2014: USD 20.5

mm

• Projects executed:

• New and existing demand

• Quality service and continuity

• Control operational risk

Electricity Transmission

• CAPEX Exec. 2014: USD 24.27

mm

• Extensions and new concessions;

2013- 2014

Electricity Transmission

• CAPEX Exec 2014: USD 14.38

mm

• Extensions and new concessions;

2013 - 2014

CAPEX Executed 2014

Non Controlled Subsidiaries

USD 176.9 Millions

Natural Gas Transportation and

Distribution

• CAPEX Exec. 2014: USD 13.98

mm

• Total investment: USD 137 mm

• Liquefaction Plant: Invest. USD

34 mm

• Pipeline Mamonal – Sincelejo:

USD 70 mm

Colombia

Perú

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Natural Gas Distribution

• CAPEX Exec. 2014: USD 1.66 mm

3. TGI’s Stake Acquisition

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Acquisition of 31.92% of TGI

* Bank charges and reserve funds are not included. ** Transaction payment will be done to IELAH Luxembourg

SPV 1/ Trust

USD 264* MM

Equity

EEB S.A. ESP

IELAH Inversiones en Energía

Latinoamérica Holding S.L.

USD 880 MM**

TGI S.A. ESP

SPV 2

TGI

Local Short-term Debt/

Cash on Balance

USD 264* MM

Banks 2019

USD 616* MM

Debt

Colombia

Spain

Phase 1

Phase 3 Colombia

IELAH Inversiones en Energía Latinoamérica

Holding S.L.

SPV 1

SPV 2

Spain Phase 2

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Total offer amount: USD 880 million

5.8

5.1 5.1

4.2 3.6

2.5

3.9

2008 2009 2010 2011 2012 2013 2014 P

6.5

5.6 5.4 4.9

4.2

3.5

5.1

2008 2009 2010 2011 2012 2013 2014 P

Source: Company information. Note: Ratios calculated in local currency (1) Total Debt Includes MM USD 616 associated to EEB Financed Acquisition

Total Debt(1) / EBITDA (x)

Key Updates –Credit Metrics Impacts

Total Net Debt(1) / EBITDA (x)

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Ratings Threshold: 4.0: 1.0

Cash available

will allow to

reduce total debt

Moody’s Fitch Ratings S&P

EEB Affirmed Baa3 / Outlook Stable

Affirmed BBB- / Outlook Stable

Affirmed BBB- / Outlook Stable

TGI Affirmed Baa3 / Outlook Stable

Affirmed BBB- / Outlook Stable

Affirmed BBB- / Outlook Stable

Following EEB's announcement to increase its majority stake on TGI, the actions taken by the rating

agencies are as follows:

Banks offers for funding the transaction were already received this week.

4. Financial Review – 1Q 2014

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Consistent Financial Performance Consolidated Results - Operational

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Operating Revenues (+20.6%): Growth is

explained mainly by increase of revenues in natural

gas business:

Calidda: new connections (Residential and

Commercial) and higher volume distributed

TGI: tariff scheme in force and Cusiana Phase II

Operating Profit (+26.8%): Operational costs and expenses showed a

moderate increase due to:

TGI operational costs and expenses decreased by 12.1%, mainly due to a

decrease in personnel services and general services and fuel gas costs.

Contugas and Cálidda show increases mainly in costs related to fees,

maintenance activities in the gas network and the cost of internal

installations by third parties

1Q 14 1Q 13 $ % 1Q 14 1Q 13 $ %

Operating revenue 542,254 449,468 92,786 20.6% 275.9 245.3 30.6 12.5%

Cost of sales (271,649) (229,143) (42,506) 18.5% (138.2) (125.1) (13.1) 10.5%

Gross profit 270,605 220,325 50,280 22.8% 137.7 120.3 17.4 14.5%

Operating expenses (53,798) (49,399) (4,399) 8.9% (27.4) (27.0) (0.4) 1.5%

Operating profit 216,807 170,926 45,881 26.8% 110.3 93.3 17.0 18.2%

Operating margin 40.0% 38.0% 40.0% 38.0%

COP Million Variance USD Million Variance

5% 6%

13% 16%

43% 46%

39%

33%

2014 IQ 2013 IQ

Operating Revenue by Segment COP Million

449,468

542,254

5% 8% 4% 6%

78% 77%

13%

9%

2014 IQ 2013 IQ

Operating Profit by Segment COP Million

170,926

216,807

At the end of 1Q 2014 operational Profits from controlled subsidiaries participate with 51% of the total adjusted EBITDA,

compared to 15% of participation in 2006. Dividends from non-controlled companies participates with the remaining 49%

EBITDA Evolution

Consolidated Results

Normalized Dividends: *2010 excludes dividends declared based on an early close of Gas Natural’s, Emgesa’s 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.

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Consistent Financial Performance Consolidated Results – Non Operational

Dividends: Increase of COP 47,715 million in terms of decreed

dividends in favor of EEB, particularly those from Emgesa,

Codensa and Gas Natural.

Foreign Exchange Account: The revaluation of COP had a

positive impact on the foreign exchange account, as a result of

updating financial obligations of the Group denominated in USD,

which is only for accounting purposes and does not correspond to

cash expenditures.

Non Operating Expenses:

Financial Expenses: Increase in COP 10,098 million, due to

increase in financial debt in 2013

Calidda: USD 320 mm bond

Contugas: USD 280 mm syndicated loan (USD 65 mm net)

EEB: USD 139 mm, reopening bond 2021.

Net Income : Increase in 11.2%

* EMSA, ISA, ISAGEN, REP-CTM, Others

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1Q 14 1Q 13 $ % 1Q 14 1Q 13 $ %

Operating profit 542,254 449,468 92,786 20.6% 275.9 245.3 30.6 12.5%

Dividends 832,806 785,091 47,715 6.1% 423.8 428.5 (4.7) -1.1%

Consolidated Adjusted EBITDA LTM 1,880,913 1,604,916 275,997 17.2% 957.1 876.0 81.1 9.3%

Non-operating expenses 714,096 630,851 83,245 13.2% 363.3 344.3 19.0 5.5%

Net income before taxes and minority interest 930,903 801,777 129,126 16.1% 473.7 437.6 36.1 8.2%

Minority interest (28,541) (13,782) (14,759) 107.1% (14.5) (7.5) (7.0) 93.3%

Provision for income tax (49,045) (20,751) (28,294) 136.4% (25.0) (11.3) (13.7) 121.2%

Net income 853,317 767,244 86,073 11.2% 434.2 418.8 15.4 3.7%

COP Million Variance USD Million Variance

Consolidated Current Debt Maturity Profile – USD MM

Debt Indicators

Consolidated Results

Indebtedness in USD increased as a result of new debt issuance in 2013.

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Consolidated Debt Composition– USD MM

EEB Share Performance 1Q 2014

Ticker EEB:CB

As at May 13th, 2014 EEB’ market capitalization was USD 7.7 Billion

Trading volume tripled after the Equity Offering Nov 2011.

The stock is part of COLCAP, COL20, and COLEQTY

Average Target Price: COP 1,711 (USD 0.87)

Dividend Payout Ratio 2013: 70% Avg 2008 - 2013: 79%

Dividend Yield 2013: 3.5% Avg 2008 - 2013: 3.3%

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5. Questions and Answers

Conference Dial-In Numbers: Conference ID 45689144

Participant Toll-Free Dial-In Number: +1 (877) 359-9508 Participant International Dial-In Number: +1 (224) 357-2393

Participant ITFS Dial-In Numbers:

Chile: 12300206168 Colombia: 018005180165 Perú: 080052957 United Kingdom: 08000288438 19

Investor Relations

For more information about Grupo Energía de Bogotá contact our Investor Relations team:

http://www.eeb.com.co

http://www.grupoenergiadebogota.com/en/investors

Fabian Sánchez Aldana Investor Relations Advisor GEB

+57 (1) 3268000 – ext 1827 fsanchez@eeb.com.co

Antonio Angarita Investor Relations Officer GEB

+57 (1) 3268000 - ext 1546 aangarita@eeb.com.co

Rafael Andres Salamanca Investor Relations Advisor GEB

+57 (1) 3268000 – ext 1675 rsalamanca@eeb.com.co

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