1 1

Empresa de Energía de Bogotá - EEB

A Regional Leader in the Energy Sector

New Controlling

shareholder

Diversification

Vertically

integrated private

sector company

serving the

Bogota market

EEB acquires 40% of the shares of

REP (2002) and CTM (2006)

Contugas created in Peru (2008)

EEB, through DECSA, acquires EEC (2009)

TRECSA created in Guatemala (2009)

TGI capitalized by CVCI in USD 400 million

(2010) to finance expansion plan.

Equity Offering: USD 400 MM in capital (2011)

Acquisition of a control stake in Calidda in Peru

and a minority participation in Promigas in

Colombia (2011)

EEB was awarded with four transmission

projects in Colombia : (2012) Armenia / Alferéz /

Tesalia and (2013) Chivor Project

Our Beginning

Internationalization

Expansion

City of Bogota

acquires 100% of the

company

Capitalization by Endesa:

separation of the generation

(Emgesa) and distribution

(Codensa) businesses

Public-private model

EEB acquires Transcogas (2005)

and TGI (2007); the two companies

have been merged

EEB and TGI issue USD 1.36

billion in international bonds to

acquire Ecogas (2007)

Over a Century of Energy

2002 2006 1997 1959 1896 2009

Transformation

2012-2013

2

EEB Strategy and Overview

Key facts

Regional leader in the energy sector; major player in the entire

electricity and natural gas value chains (except E&P).

Operations in Colombia, Peru, and Guatemala.

More than 100 years’ experience in the sector; founded in 1886.

Largest stockholder is the District of Bogota - 76.2%.

Stock listed on the Colombia stock exchange; EEB adheres to

global standards of corporate governance.

The EEB Group is one of the biggest issuers of equity and debt in

Colombia.

Focus on

natural

monopolies

Ample access

to capital

markets

Ambitious

projects in

execution

Growth in

controlled

subsidiaries

Sound

regulatory

framework

Experienced

management

and partners

Strategy

Transportation and distribution

of energy

3

68.1%

25%

15.6%

Electricity

Transmission

40% 40%

1.8%

98.4%

Generation

51.5% *

2.5%

Distribution

51.5% *

16.2%

51%

82%

Distribution Transportation

Natural Gas

75%

60%

100%

99.94%

*EEB is not the controlling shareholder and is a party to signed shareholder agreements.

40%

25%

USD Million F 12

Operating revenue 896

Operating income 316

Consolidated EBITDA LTM 724

Net Income 391

Consolidated - Covenants F 12

Leverage Ratio 1.88

Interest Coverage Ratio 8.82

4

Electricity transmission

Market share (%)

(Km of 220-138 kV lines ) 62.0%

# 1 Peru

Electricity transmission

Market share (%)

(Km of lines) 8.1%

# 2 Colombia

Electricity distribution

Market share (%)

(Electricity distributed Kwh) 26.6%

# 1 Colombia

Electricity generation

Market share (%)

(Generation)

# 2 Colombia

22.2%

4

Gas distribution

Market share (%)

(No. clients) 59.0%

# 1 Colombia

Gas transportation

Market share (%)

(Average volume transported)

# 1 Colombia

87.7%

Gas distribution

Market share (%)

(No. clients)

# 1 Peru

100.0%

Leader in Natural Gas and Electricity

Focus on natural monopolies

Consistent Revenue Growth *

* Total revenues by company

2009 2010 2011 2012

Electricity Distribution - COP MM

CODENSA DECSA EMSA

3,302,501 3,311,701 3,511,207

3,699,245

2009 2010 2011 2012

Electricity Transmission - COP MM REP CTM EEB Transmission

291,068 310,176

352,579 366,552

2009 2010 2011 2012

Natural Gas Tansportation - COP MM

TGI PROMIGAS

853,053

948,514

746,463 769,161

2009 2010 2011 2012

Natural Gas Distribution - COP MM

GAS NATURAL CÁLIDDA

1,043,349

1,295,450

1,466,872 1,581,040

6

7

Electricity

Transmission Generation Distribution Distribution Transport

Natural Gas

* ENFICC is a reliability charge which is regulated.

81% of Revenues from Regulated Businesses

Predictability and

stability in regulated

revenues

Growth through controlled subsidiaries

Imagen

Growth through controlled subsidiaries

9

*Includes dividends declared based on an early close of Gas Natural’s, Emgesa’s and Codensa’s

financial statements. Such dividends would normally have been declared in 2011.

**Includes dividends declared by Codensa early in 2011 by value of COP 167,941 MM

Consolidating the Strategy

85%

59% 56% 55%

80%

39%

45% 15%

41%

44% 45%

20%

61%

55%

2006 2007 2008 2009 2010* 2011 2012**

Dividends vs. EBIT Dividends EBIT

Investment plan 2013 – 2017

USD 3 billion

COP 1,4 Billion

Strong Presence in Attractive Markets

Sources: UPME, ANH, MEM y OSINERMIN

843

884

831

894

994

2009 2010 2011 2012 2015E

Natural Gas Demand- Colombia - mmcfd

8.5

7.1 6.6

7.1

2009 2010 2011 2012

Reservas Gas Natural - Colombia - Tcf

26.0

23.1 21.5 21.5

2009 2010 2011 2012*

Natural Gas Reserves - Peru - Tcf

333

417 484

528

950

2009 2010 2011 2012 2015E

Natural Gas Demand - Peru - mmcfd

10

strong Presence in Attractive Markets

Sources: UPME, MEM and IARNA

54,679 56,148 57,157 59,367

66,044

2009 2010 2011 2012 2015E

Electricity Demand - Colombia - GWh

27,003

32,314 36,779

40,940

52,312

2009 2010 2011 2012 2015E

Electricity Demand - Peru - GWh

8,013 8,276 8,513 8,557

10,816

2009 2010 2011 2012 2015E

Electricity Demand - Guatemala - GWh

11

Ambitious under execution projects

Imagen

Ambitious projects under execution

13

Electricity Transmission – Peru

Capex USD 94 mm

Expansions and new

concessions

Starts operation in 2012

Electricity Transmission - Peru

Capex USD 324 mm

Expansions and new

concessions in operation

2012/2013

Natural Gas Transportation

and Distribution - Colombia

Capex USD 123 mm

Starts operation in 2014

Electricity Generation -

Colombia

Capex USD 837 mm

Starts operation in 2014

Additional capacity 400 MW

Consolidating the Strategy

Natural Gas Transportation -

Colombia

Capex USD 633 mm

La Sabana 2Q14,

Electricity Transmission -

Guatemala

Capex USD 411 mm

Starts operation in 2014

Transportation and distribution

of natural gas - Peru

Capex USD 499 mm

First residential client was

connected in 1Q12;

construction completed 2013.

Natural Gas Distribution - Peru

Capex USD 540 mm

Plans to connect 455,000

customers by 2016

EEB Transmission - Colombia

Capex USD 287 mm

Substations in operation

between 2013-2015

Distribution of Electricity -

Colombia

Capex USD 140 mm

In operation 2011/ 2012

EEB and its consolidated subsidiaries will invest USD 831 mm in 2013

EEB’s unconsolidated affiliates will invest USD 902 mm in 2013

Engineering and services

Capex USD 74 mm

Sugarmills connected to

national grid in operation in

2014

Financial plan 2013 - 2017

14

2.24 1.74

1.71

1.81 1.88

4.5

4Q 11 1Q 12 2Q 12 3Q 12 4Q 12

Net Debt/ Consolidated adjusted EBITDA LTM

Net Debt/ Consolidated adjusted EBITDALTM Covenant

USD Million

Cash Generation 1,263

Loans 1,306

Equity 430

TOTAL 3,000

Leverage ratio target: 2.5x

EBITDA.

Cash Generation

42%

Credits 44%

Equity 14%

Sound regulatory framework

Imagen

Sound regulatory framework

Colombia

Peru

Guatemala

Regulatory framework developed since

1993

Independent regulatory (CREG), planning

(UPME), and audit (SSP) agencies

Laws 142 and 143 of 1994 give CREG the

authority to regulate public service

monopolies where competition is not

possible, and to promote competition

among providers of public services in all

other cases

CREG implemented an objective

methodology in order to: i) supply demand

based on economic and financial viability

criteria and ii) ensure efficient, safe, and

reliable operation.

The Government of Peru restructured the

electricity sector in 1992 and privatized some of

the most important electricity companies

The transmission system is in private sector

hands and returns are ensured through

concession agreements

Tariffs for natural gas transportation and

distribution are established in accordance with

the conditions of the concession during an

initial period. Thereafter, they are determined

periodically based on the NRV of actual and

projected investments

Independent regulators: COES, OSINERGMIN,

MINAM-OEFA, INDECOPI

Stable and Effective Regulation for Strategic Sectors

Regulatory framework based on the General

Electricity Law of 1996

Flexible and investor-friendly regulations are a

model for the rest of Central America

MEM is responsible for elaborating energy policies

and the CNEE is responsible for regulating the

electricity subsector

Chile

Regulatory framework established in 1982

Independent regulatory (CNE), audit (SEC),

and coordination (CDEC) agencies

CNE defines tariff and revenue structure based

on objective economic and financial criteria

There is no legal monopoly in favor of a sole

provider for high and extra-high tension

transportation lines

16

Access to Capital Markets

Imagen

Access to Capital Markets

Proven Track-record

EEB – USD 610 mm

Local AAA

Moody’s Baa3, stable

S&P BB+; stable

Fitch BBB-; stable,

TGI – USD 750 mm

Moody’s Baa3; stable

S&P BBB-; stable

Fitch BBB-; stable

Outstanding bonds USD million

Total USD 4,179 mm

18

EMGESA – USD 1655 mm

Local AAA

S&P BBB-; stable

Fitch BBB-; stable

Codensa – USD 556 mm

Local AAA

Fitch AAA; estable

CTM Perú – USD 450 mm

Local AAA

Promigas – USD 487 mm

Local AAA

ISAGEN – USD 460 mm

Local AA+

External BB+

ISA – USD 596 mm

Local AAA

Total USD 6,154 mm

Cálidda – USD 320 mm

Moody´s Baa3; estable

S&P BBB-;estable

Fitch BBB-; estable

Gas Natural – USD 270 MM

Local AAA

TGI Bond 750

EEB Bond 610

EEB´s Bond Debt

Management 8.75% a 6.125%

610

Re-IPO 400

TGI´s Bond Debt

Management 9.5% a 5.7%

750 Cálidda Bond

320

2007 2011 2012 2013

Financial Highlights

Imagen

Financial Highlights

Financial Highlights

20

* The value of dividend payments made prior to 2011 are adjusted for the 100:1 stock split effective 06.20.11. Shares outstanding as of Nov. 2011: 9,181,177,017

1,053,942

1,601,354

1,082,047

1,279,394

2009 2010 2011 2012

Consolidated EBITDA LTM – COP MM

723,213

1,092,944

305,294

690,701

2009 2010 2011 2012

Net Income - COP MM

33.95

82.02

34.85

43.96

1Q 10 4Q 10 1Q 11 1Q12 1Q13

Dividends declared - Per Share*

*Electricity distribution includes dividends declared by Condensa early in

2011 by value of COP 167,941 MM

EEB Transmission,

Trecsa & EEBIS

5% TGI 37%

Decsa/EEC 6%

Cálidda & Contugás

7%

Emgesa 22%

Codensa 16%

Gas Natural 4%

Others 3%

EBITDA´s Breakdown 2012 COP 1,447,335 MM*

Debt indicators

21

2.24 1.74

1.71

1.81 1.88

4.5

4Q 11 1Q 12 2Q 12 3Q 12 4Q 12

Net Debt/ Consolidated adjusted EBITDA LTM

Net Debt/ Consolidated adjusted EBITDALTM Covenant

4.78

6.51 7.41

7.97 8.82

2.5

4Q 11 1Q 12 2Q 12 3Q 12 4Q 12

Consolidated Adjusted EBITDA/interest

Consolidated adjusted EBITDA/interest Covenant

100.1 119.3

35.5 35.5

203.9

35.5 35.5 9.1

610.0

750.0

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

EEB Consolidated Debt Maturity Profile

2009 2010 2011 2012

Foreign Currency 3,048,717 2,851,455 3,161,498 2,975,251

COP 151,061 101,205 213,420 89,797

CO

P M

illio

n

Debt Composition by Currency

3,199,778 2,952,660

3,374,918 3,065,048

Ticker EEB:CB

Market cap of USD 7,061 million

as of 31 March 2013

Trading volume has tripled since the

Nov. 2011 stock placement.

Actually the average volume is

2,394,171

EEB is part of IGBC, COLCAP and

COL20 indexes. COLCAP is a

tradeable Index.

Stock indicators

22

Recomendation Target Price Date

Corredores Asociados Buy COP 1,600 23/04/2013

Credicorp Capital Buy COP 1,675 24/04/2013

Acciones y Valores Buy COP 1,550 15/04/2013

Serfinco Buy COP 1,652 30/05/2013

Average Target Price COP 1,619

COLCAP EEB

Experienced Management and World-class Partners

Imagen

Experienced Management and World-class Partners

Corporate Governance

24

Board of Directors

Decides, controls and

evaluates company

policies.

Nine members, three

independent Audit Committee

Made up by three

independent board

members

Corporate Governance

Committee

Three board members. At least

one of them must be

independent

Contracts Committee

Analysis of contracting

procedures and

recommendations to the

Executive Committee

CEO

Appointed for a 4 year

term; may be reappointed

or removed freely

Executive Committee

Policies, guidelines and

decisions related to

operating and financial

management

External controls

Tax Review, External Audit,

specialized audits, City

Controllers Office,

SSPD and SFC

Shareholders’ Meeting

Peak governance body

Global Responsibility

Committee

Approval of material

issues in the context of

sustainable

Management team with proven track record

Board of Directors - Principals

Gustavo Petro

Fernando Arbelaez Bolaños

Mauricio Trujillo Uribe

Alberto José Merlano Alcocer

Jorge Reinel Pulecio Yate

Saúl Kattan Cohen

Mauricio Cabrebra Galvis

Claudia Lucia Castellanos

Mauricio Cárdenas Müller

Independent

board members

25

Chief Executive Officer

Sandra Stella Fonseca

(Appointed in 2013)

Electric Engineer. Master in Energy Studies at the University of Sheffield in UK (United Kingdom) and MBA in Industrial

Management University of Sheffield also in UK. Has held management in a Energy and Regulation consultant company and

has participated in energy (electricity and gas) sector projects, economic impact studies, technical and socio-environmental

investment.

Economist with a Masters in Public Policy. directors

of budget in the Executive Direction of the Legal

Administration, Secretary of Hábitat de Bogotá,

Planning Secretary of Bogotá; among other public

offices.

Financial VP

Jorge Pinzón Barragán

(Appointed in 1997)

Economist. Former Consultant at the Institute of

Territorial Credit. Analyst of Economic Analysis Division

of the Office of Exchange Banco de la República. Mr.

Pinzon has held several management positions at EEB

since 1982.

EEB´s Shareholders Outstanding shares %

Distrito Capital de Bogotá 7,002,392,200 76.3

Ecopetrol S.A 631,098,000 6.9

AFP 547,571,338 6.0

Corficolombiana S.A 327,150,500 3.6

Retail Investors 672,964,979 7.3

Total 9,181,177,017 100

Electrical Engineer with two postgraduates

degrees in Marketing and Business Admin.

Former Consultant at INETEC. Mr. Moreno has

held several positions at EEB

TransmissionVP

Ernesto Moreno

Restrepo

(Appointed in 1997)

Public services VP

Catalina Velasco

(Appointed in 2011)

Cautionary Statements

The information provided here 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.

26

Annex: Acquisitions and Recent Projects

Transaction

2007: the second interconnection line with Ecuador started operations: 387 km long -COP 152,000

MM

2012-13: EEB was awarded with 4 transmission projects to build transmission assets worth USD 287

MM

Results

2007: EEB acquired the assets of Ecogás for USD 1,360 billions. TGI was created to manage these

assets with equity of approximately USD 340 MM (98% held by EEB); the balance of the transaction

was financed with debt

2010: CVCI capitalized TGI and acquired 31.9% of its equity for USD 400 MM

The three expansion projects (Guajira,Cusiana Phase I and II) are now in operation increasing

transportation capacity by about 53%.

2009: EEB (51%) and Codensa (49%), through Decsa, acquired 82% of EEC.

2012: A restructuring of the company, seasonal effect and an increase of rates have brought about a 10

% increase of the EBITDA margin.

2011: Cálidda was acquired; the company has strong growth potential. It is expected to reach a total of

1.5 million clients by 2020.

2012: By December achieved 103,000 commercial y residential consumers. In November, the first

capitalization tranche was paid by USD 35 MM, from the total capital increase authorized, USD 60 MM.

100%

68%

51%

66%

2009: The most important energy infrastructure project in Guatemala, with approx. 850 km of

transmission lines, and serving the entire country

2012: Obtained 47% of municipal guarantees required.

2009: Construction and operation of a network for transportation and distribution of natural gas to meet

demand in southern Peru

The market area is expected to have the highest growth in demand for gas in coming years as the

result of steel, agro-industrial, and petrochemical projects that are being developed in the region.

2012: By 3Q 12’ the project was 60% completed.

98%

75%

27

61 million

40 countries

USD 94,418 million

Annex : World-class Partners

Clients:

Coverage:

Sales 11:

20 million

25 countries

USD 24,944 million

2 million

4 countries

USD 127 million

9 countries

USD 2,465 million

25 countries

USD 7 billion*

*Resources invested or comitted 28