EEB ppt corporate en vf

50 %
50 %
Information about EEB ppt corporate en vf

Published on January 13, 2016

Author: GrupoEnergiaBog

Source: slideshare.net

1. A Regional Leader in the Energy Sector

2. EEB Corporate Structure 2 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% 100% 25% 100%(3) 66%(3) 100% 51.5% 99.9% 95.3% 100% 100% 100% 40% 40% 51%(4) 51%(4) 51%(4) 51%(4) Source: Company filings. (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) Acquired on August 21, 2015 for ~USD158 mm. Colombia Peru Guatemala Brazil

3. Investment Highlights

4.  EEB’s subsidiaries have market leading participations across the energy chain and are well positioned to benefit from the expected growth in electricity and natural gas markets in the region Key Investment Highlights EEB represents an extraordinary opportunity to participate in a leading diversified platform across regional energy markets. Key Investment Highlights Leading Participant in Relevant Energy Markets1  Sound industry dynamics as well as strong growth outlooks for electricity and natural gas sectors in Colombia, Peru and Guatemala provide significant growth opportunities for EEB and its subsidiaries Strong Footprint in Attractive Energy Markets in LatAm2  Due to the industry’s regulated framework, EEB’s distribution and transportation businesses provide stable streams of predictable earnings. Carefully selected brownfield projects also provide significant growth opportunities Growing Revenue Base Propelled by Disciplined Capex Planning3  EEB receives a stable flow of dividends from its subsidiaries with dividend policies that promote maximum payout ratios. In turn, EEB pays out an attractive and reliable amount of dividends to its shareholders Track Record of Creating Value for Shareholders4  EEB has successfully accessed the debt and equity markets in recent years to help finance important investment plans, including the acquisition of a 32% stake in TGI. Several liability management transactions undertaken to reduce EEB’s overall financial costs Continued Access to Financial Markets to Fund Expansions5  EEB has strong relationships with its shareholders, including the Government of Bogotá, as well as with its partners (e.g. Grupo Enel, Gas Natural, ISA, etc.) Strong Shareholders and Partners6 4

5. Leading Participant in Relevant Energy Markets 5 1 Electricity EEB’s subsidiaries have market leading participations across the energy chain in Colombia, Peru and Guatemala. Natural Gas Generation Market Share Inst. Capacity (%) Market Share Generation (%) # 3 Colombia 19.1% 21.2% Transmission Market Share (%) (Km of lines) # 2 Colombia 10.1% Distribution Market Share (%) (Kwh) # 1 Colombia 26.6% Transmission Market Share (%) (Km of 220-138 kV lines) # 1 Peru 57.6% Transmission Project Ongoing (850 Km L/T and 24 S/E) # 1 Guatemala Distribution Market Share (%) (No. clients) # 1 Colombia 59.0% Transportation Market Share (%) (Average volume transported) # 1 Colombia 87.0% Distribution Market Share (%) (No. clients) # 1 Perú 100.0% Source: EEB, UPME, OSINERGIM, CNEE.

6. 860 892 905 1,047 1,106 1,285 2010 2011 2012 2013 2014 … 2018E 2,900 2,774 3,982 4,459 4,700 5,161 2010 2011 2012 2013 2014 … 2018E Source: ANH, MEM, UPME (medium scenario). Perú Strong Footprint in LatAm Natural Gas Markets… 6 2 Colombia Natural Gas Footprint Natural Gas Footprint Natural Gas Demand (mcfd) Natural Gas Demand (mcfd) Proved Reserves 14,626 BCF Residential Industrial Natural Gas Pipeline Main grid expansion EEB is well positioned to benefit from the expected growth in the natural gas sector via its investments in TGI, Gas Natural, Promigas, Calidda & Contugas. References Natural Gas Reserves City Field Bucaramanga Bogota Neiva Cali Medellin 3.15 tcf 1.97 tcf Eastern Producers: Ecopetrol Equion Upper Magdalena Valley Lower and Middle Magdalena Valley Northern Producers: Chevron Ecopetrol 1.89 tcf Ballena Cusiana

7. 56,148 57,157 59,367 60,885 63,964 73,867 2010 2011 2012 2013 2014 … 2018E …And in LatAm Electricity Markets As Well 7 2 ColombiaElectricity Demand (GWh) Perú Guatemala Source: ANH, MEM, UPME (medium scenario). Sound electricity industry dynamics expected to positively impact EEB’s performance, via its investments in Codensa, Emgesa, among others. 32,314 36,779 40,940 43,559 43,102 67,492 2010 2011 2012 2013 2014 … 2018E 8,134 8,473 8,730 8,945 9,231 12,630 2010 2011 2012 2013 2014 … 2018E

8. Growing Revenue Base… 8 3 Natural Gas Distribution Revenue Electricity Distribution Revenue Natural Gas Transportation Revenue Electricity Transmission Revenue (COP mm) As a result of participating in a regulated industry, EEB’s revenues are stable and predictable (81% of total revenues come from regulated businesses) (COP mm)(COP mm) Source: Company filings. Note: Total of operating revenues per company – aggregated figures for comparable purposes. Average COP/USD exchange rates used for every year were the following; 2010:$1,914; 2011: $1,943; 2012: $1,768, 2013:$1,927; 2014: $2,393, 3Q 2015:$3.122. (COP mm) $647 $872 $1,076 $1,133 $1,145 $839(USD mm) $1,730 $1,809 $2,092 $1,973 $1,711 $1.007(USD mm) $402 $423 $536 $578 $571 $440(USD mm) $366 $426 $358 $289 $295 $207(USD mm) REP CTM EEB Transmission TGI PROMIGAS GAS NATURAL CALIDDA CODENSA EEC EMSA $1,237,673 $1,693,167 $1,902,952 $2,183,395 $2,530,768 $2,620,087 2010 2011 2012 2013 2014 3Q 2015 $3,311,701 $3,513,739 $3,699,245 $3,802,041 $4,092,963 $3,144,906 2010 2011 2012 2013 2014 3Q 2015 $769,161 $820,851 $948,514 $1,113,894 $1,365,600 $1,372,863 2010 2011 2012 2013 2014 3Q 2015 $ 700,443 $ 826,676 $ 632,706 $ 556,743 $ 705,122 $ 646,623 2010 2011 2012 2013 2014 3Q 2015

9. $20 $12 $58 $43 $55 $31 $16 $73 $61 $264 Gas Transportation Electricity Distribution Gas Distribution Electricity Transmission M&A 3Q 2014 USD 181 3Q 2015 USD 188 $4 $31 $84 $44 $382 $4 $6 $98 $51 $306 Gas Distribution Electricity Distribution Electricity Transmission Gas Transportation Electricity Generation 3Q 2014 USD 465 3Q 2015 USD 545 Emgesa 70.2% Gas Natural 0.8% REP 2.8% Codensa 15.4% Promigas 5.7% CTM 5.2% EEC 6% TGI 11% Contugas 1% Cálidda 30% Trecsa 6% EEBIS GTM/PE 3% EEB Trans. 14% M&A 29% … Propelled by a Solid Capex Plan 9 3 Associates Revenue growth has been sustained by a strong capex plan at the subsidiary and the associate level. Source: Company filings. (1) Includes Brazil acquisition 3Q Equity portion USD 55 Mm (2) Expected annual revenues. Executed Capex by Segment(1) Executed Capex by Segment Projects Update (3Q 2015) UPME Project Status EAR(2) USD MM On Stream Chivor II 49.0% 5.5 08/07/2017 Cartagena Bolívar 25.7% 11.2 07/03/2017 Río Córdoba 24.1% 1.8 30/11/2016 Armenia 93.0% 1.3 26/11/2015 Tesalia 85.0% 11.0 14/02/2016 Sogamoso Norte 16.8% 21.1 30/09/2017 Refuerzo Suroccidental 500 kV 2.4% 24.4 30/09/2018 Ecopetrol San Fernando 3.5% N.A 30/04/2017 Río Cordoba Transformadores 15.0% 0.6 30/11/2016 La Loma 10.6% 1.3 30/11/2016 Projects Update  El Quimbo Project (400 MW)  Total investment: USD1,231 mm (including contingencies)  Execution 3Q15: 96.6%  Full operation: 4Q15 Subsidiaries Capex by Company (3Q’15) Capex by Company (3Q’15)  On-going projects: Nueva Esperanza, Norte  Concluded first stage of Public Lightning Modernization project  Started Bacatá Substation operations (0.5 MW)

10. Sep 14 Nov 14 Jan 15 Feb 15 Apr 15 Jun 15 Jul 15 Sep 15 COP1,000 COP1,100 COP1,200 COP1,300 COP1,400 COP1,500 COP1,600 COP1,700 COP1,800 COP1,900 0 5,000 10,000 15,000 20,000 25,000 EEB Shares Traded ('000) Empresa de Energia de Bogota (EEB) COLCAP (Indexed to EEB Share Price) MSCI EM LatAm (Indexed to EEB Share Price) S&P 500 (Indexed to EEB Share Price) 10 Historical Share Price Evolution – Last 12 Months Colombia Colcap • Ticker EEB: CB • As of September 24, 2015 EEB’s market capitalization was USD 5.6 Billion • The stock is part of COLCAP, COLEQTY and COLIR • Target Price as of September 30th, 2015 was COP1,865 (USD 0.59) (1)  Potential upside return: 4.5% Track Record of Creating Value – Share Price Appreciation 4 EEB’s shares have outperformed the Colcap, MSCI EM LatAm and the S&P 500 over the last year providing stable returns in a volatile market environment. Source: Factset as of September 30, 2015. (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. MSCI EM LatAm S&P 500 (6.0%) (-3.3%) (-11.1%) (-32.7%)

11. 11 (COP / Share) Source Company filings. (1) The values of years prior to 2011 dividend were adjusted split 100:1, which applies the 20.06.11 shares. Outstanding shares of November 11: 9,181,177,017. (2) EEB decreed no dividends in 1Q 11 and 1Q 15 due to an anticipated close of the financial statements. $0.04 $0.02 $0.02 $0.03(USD) $0.02 $0.05 (USD mm) Track Record of Creating Value – Dividends Paid4 EEB receives a stable flow of dividends from subsidiaries with dividend policies that promote maximum payout ratios. Dividend YieldDividends per Share(1)(2) Dividend Payout Ratio Evolution (COP / Share) -- $1,190 $1,745 $1,175 $1,270 $1,535 $1,700 $1,436 2.9% 4.7% 3.0% 3.5% 4.2% 7.1% 4.2% $0 $200 $400 $600 $800 $1,000 $1,200 $1,400 $1,600 $1,800 $2,000 0.0% 1.0% 2.0% 3.0% 4.0% 5.0% 6.0% 7.0% 8.0% 2010 2011 2012 2013 2014 2015 Avg 2010- 2015 Closing Share Price at the End of the Previous Year in COP Dividend Yield $34.0 $82.0 $34.9 $44.0 $64.3 $119.9 1Q 10 4Q 10 1Q 11 1Q 12 1Q 13 1Q 14 4Q 14 1Q 15 -- $98 $354 $571 $157 $391 $438 $980 $369 $138 $143 $368 $165 $228 $307 $1,100 $258 141% 40% 64% 105% 58% 70% 112% 58% $0 $200 $400 $600 $800 $1,000 $1,200 0% 20% 40% 60% 80% 100% 120% 140% 160% 2008 2009 2010 2011 2012 2013 2014 Avg 2008-2014 Net Profit Dividends Value Dividend Payout + Including Released Reserves

12. TGI Bond 9.5% $750 mm Liability Management EEB Bond 6.125% $610 mm Re Opening EEB Bond $139 mm TRECSA Loan $87 mm Cálidda Bond 4.375% $320 mm IELAH Syndicated Loan $645 mm CAF Loan $100 mm EEB Bond 8.75% $610 mm Re-IPO $415 mm Liability Management TGI Bond 5.7% $750 mm Contugas Syndicated Loan $310 mm Contugas Addition $24 mm(1) 2007 2008 2011 2012 2013 2014 $596 mm Local AAA - F1 + (col) Fitch BBB; stable S&P BBB-; stable Moodys Baa2; stable $460 mm Local AAA S&P BBB-; stable Fitch AAA F1+; stable Moodys Baa3; neg 12 Transactions Executed in the Capital Markets Outstanding Bonds Controlled Subsidiaries Non-Controlled Subsidiaries Issuer Baa2 BBB- AAA (Col) $749 mm EEB 2021 Moody’s Baa2; stable S&P BBB-; negative Fitch BBB; stable $750 mm TGI 2022 Moody’s Baa3; stable S&P BBB-; negative Fitch BBB; stable Issuer Baa3 BBB- BBB $320 mm Cálidda 2023 Moody´s Baa3; stable S&P BBB-; negative Fitch BBB-; stable Issuer Baa3 BBB- BBB- $1,655 mm Local AAA S&P BBB-; stable Fitch BBB-; stable $450 mm Local AAA $556 mm Local AAA Fitch AAA; stable $487 mm Local AAA $270 mm Local AAA Continued Access to Financial Markets to Fund Expansions 5 EEB has successfully accessed the debt and equity capital markets in recent years, helping finance important investments. Source: Company filings. (1) An additional USD8 mm will be disbursed during 2015. (USD mm) (USD mm)

13. A Regional Leader in the Energy Sector Strong Shareholders and Partners 13 6 EEB has strong relationships with its shareholders, including the Government of Bogotá, as well as with its partners (e.g. Endesa, Gas Natural, ISA, etc.) Ownership Structure – September 2015 Key Partners (2014) Shareholders Composition (Post Ecopetrol Phase I) Source: Company filings.  20 million clients  25 countries  USD32,819 mm revenues  2 million clients  4 countries  USD994 mm revenues  9 countries  USD1,959 mm revenues  61 million clients  40 countries  USD97,266 mm revenues Bogota D.C. 76.28% Ecopetrol 3.03% Corficol 3.56% AFPs 14.75% Retail Investors 2.37%

14. Financial Highlights

15. Consolidated Financial Results 15 Source: Company filings. Note: Figures for the years 2006–2014 are presented under ColGaap standards. For 3Q15 LTM are presented under IFRS. LTM IFRS figures are estimated and preliminary, subject to changes and independent auditor’s revision. Operating Revenues Operating Profit (COP mm) (COP mm) Consolidated Adjusted EBITDA Net Income to Common Shareholders $732 $896 $1,016 $964 $921(USD mm) (COP mm)(COP mm) $487 $557 $724 $922 $1,075(USD mm) $944 $157 $391 $438 $410(USD mm) $571 $283 $316 $316 $330(USD mm) $140 $740 $343 $176 EEB has exhibited sound growth rates in terms of revenues and operating profit. Lower net income due to Emgesa, Codensa and Gas Natural declaring extraordinary dividends at the end of 2010 based on partial year results $932,435 $1,421,664 $1,585,105 $1,958,521 $2,305,548 $2,876,103 2010 2011 2012 2013 2014 3Q ´15 LTM $268,287 $550,659 $558,518 $607,965 $790,168 $1,069,899 2010 2011 2012 2013 2014 3Q ´15 LTM $1,806,889 $1,082,047 $1,279,394 $1,775,908 $2,572,071 $2,310,174 2010 2011 2012 2013 2014 3Q ´15 LTM $1,092,944 $305,294 $690,701 $843,560 $980,855 $549,728 2010 2011 2012 2013 2014 3Q ´15

16. (COP mm) Evolution of EBITDA 16 Source: Company filings. Note: Figures for the years 2006–2014 are presented under ColGaap standards. For 3Q15 LTM they are presented under IFRS. LTM IFRS figures are estimated and preliminary, subject to changes and independent auditor’s revision. Final comparable figures will be available as of December 31, 2015. (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 3Q 15 by Subsidiary (USD mm) Consolidated Adjusted EBITDA 3Q 15 by Segment EEB has significantly increased its operational EBITDA generation Operational EBITDA has increased from 19% to 58% of Consolidated Adjusted EBITDA over the last 10 years demonstrating increased strength of EEB’s controlled assets. 61% 56% 52% 55% 56% 39% 45% 44%33% 19% 39% 44%48% 45%44% 61% 55% 56% 67% 81% 2,310,174 1,964,666 1,775,908 1,447,335 1,369,533 1,122,343 1,053,942 934,163949,599 539,319 900818922819705586516416471241 3Q 2015 LTM 201420132012201120102009200820072006 Operational EBITDA Dividends EEB Transmisión, Trecsa & EEBIS Guate 5% TGI 40% Decsa/EEC 3% Cálidda, Contugás & EEBIS Perú 12% Emgesa 20% Codensa 10% Gas Natural 3% Promigás 5% ISA, REP & CTM 1% Otros 1% Generación de Electricidad 20.3% Transmisión de Electricidad 6.0% Distribución de Electricidad 13.6% Transporte de Gas Natural 45.0% Distribución de Gas Natural 14.8% Otros 0.3%

17. Source: Company filings. (1) Mainly concentrated on electricity transmission businesses (COL / Overseas). Financial Plan 2013-2019 Investments and Funding Sources USD mm % Cash Generation After Dividends 2013-2014 $507 15% Incremental Debt 2013-2014 1,092 32% Subtotal 2013-2014 $1,599 47% Cash Generation After Dividends 2015-2019 523 15% Incremental Debt 2015-2019 1,297 38% Subtotal 2015-2019 $1,820 53% TOTAL 2013-2019 $3,420 100% USD mm % Brownfield $878 48% Greenfield 943 52% 17 64 80 220 229 231 199 21 84 74 148 25 35 36 90 202 143 118 91 85 75 73 880 16 200 $386 $1,213 $792 $344 $316 $274 $94 2013 2014 2015E 2016E 2017E 2018E 2019E Electricity Colombia Electricity Overseas Natural Gas Colombia Natural Gas Overseas Services M&A Electricity M&A Natural Gas 2013 – 2019 Funding Investments EEB Capex Profile – Controlled Companies (USD mm) Composition of Investments 2015 – 2018 (1)

18. 18 (4) Description of Indebtedness Net Debt / Consolidated Adjusted EBITDA(1)(2)(3) Consolidated Adjusted EBITDA / Net Interest(1)(2)(3) Consolidated Debt Composition Debt Maturity Profile (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 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) Only for comparative purposes and due to transition to IFRS, 3Q15 debt metrics have been estimated by adjusting COLGAAP’s last year figures. These figures are subject to change. (3) Increase is mainly explained by increase of foreign exchange (USD/COP movements). (4) Syndicated loan acquired by Contugas (USD342 mm) and additional indebtedness incurred by SPV in order to reacquire 31.92% of TGI IELAH (USD569 mm). Indebtedness in USD increased as a result of TGI’s shares acquisition (31.92%) through IELAH’s SPV 11.2 32.4 125.1 32.2 760.1 8.0 749.0 750.0 320.0 2015 2016 2017 2018 2019 2020 2021 2022 2023 3.27x 2.41x 3.03x 2.09x 2.33x 4.50x 3Q 152Q 151Q 154Q 143Q 14 11.12x 15.83x 15.47x 11.80x 10.22x 2.25x 3Q 152Q 151Q 154Q 143Q 14 $1,543 $1,737 $1,733 $2,218 $3,009 $2,776 3.4% 6.4% 2.9% 2.2% 0.7% 1.3% 96.6% 93.6% 97.1% 97.8% 99.3% 98.7% 2010 2011 2012 2013 2014 3Q 2015

19. Overview of Main Investments

20. 13,868 13,631 12,748 13,294 12,092 LTM 3Q 152014201320122011 EMGESA Company Overview 20 EMGESA is one of the largest generators operating in Colombia with 3,059MW of installed capacity and a market share of ~21%, based on total electricity generated in 2014.  EMGESA is 51.5% owned by EEB and 48.5% owned by Endesa  Company is set to complete its 400MW “El Quimbo” hydro plant in Huila department in 4Q15 ● At completion, El Quimbo is expected to have required a total investment of ~USD1,231 mm with the ability to generate ~2,000 GWh per year  Other projects include 4 hydro plants with a total a installed capacity of ~1,070 MW which are expected to generate a total of ~5,400 GWh per year  ~93% of all energy produced by EMGESA comes from hydro generation facilities  Strong growth in underlying cash flows (EBITDA increasing by a 11.0% CAGR from 2011 – 2014) Energy Generated (GWh) 10,761 Energy Sales (GWh) 12,845 Installed Capacity (MW) 3,059 Fuel Mix (Based on MW) Hydro – 92.8% Thermo – 7.2% Contracted Energy Sales(1) 52% Dispatch Factor 90.8% Load Factor 51.9% Company Overview Summary Financials Key Operational Statistics (3Q - 2015) Generation Evolution (GWh) (COP mm) Source: Company filings. (1) Based on 2014 revenues. Lower generation due to lower hydro generation (-7.2%) caused by low precipitation in the year Summary Financials (COP mm) Summary Income Statement 2011 2012 2013 2014 LTM 3Q 15 CAGR ´11 - ´14 Revenues $1,899,062 $2,144,233 $2,397,428 $2,614,475 $2,738,357 11.2% % Growth 0.7% 12.9% 11.8% 9.1% 4.7% -- EBITDA $1,256,231 $1,380,920 $1,480,177 $1,716,611 $1,698,316 11.0% % Growth 12.9% 9.9% 7.2% 16.0% (1.1%) -- % Margin 66.2% 64.4% 61.7% 65.7% 62.0% -- Net Income $667,755 $783,529 $870,141 $1,005,533 $923,546 14.6% % Growth 16.7% 17.3% 11.1% 15.6% (8.2%) -- % Margin 35.2% 36.5% 36.3% 38.5% 33.7% -- Summary Balance Sheet Dividends and Reserves Declared to EEB 80,537 343,894 405,659 822,548 687,630 117.0% CapEx 290,407 646,645 642,787 872,495 1,192,942 44.3% Net Debt 1,615,117 1,841,385 2,354,496 2,679,112 3,446,629 18.4% Net Debt / LTM EBITDA 1.3x 1.3x 1.6x 1.6x 2.0x --

21. CODENSA Company Overview 21 CODENSA is a leading distribution company in Colombia with a market share of ~23% and approximately 2.8 million customers.  CODENSA is 51.5% owned by EEB and 48.5% owned by Endesa  Serves nearly 2.8 million customers as of 4Q 14  Reduced energy losses from over 23% in 1997 to 10.2% in 2003 and 7.2% in 2014, its lowest level in company history  Demand expected to continue to grow above national GDP during upcoming years  Approved project for an additional 600MW of transformation capacity to meet the growing demand from the north of Bogota and Cundinamarca Company Overview Summary Financials Key Operational Statistics (3Q - 2015) Energy Sales & Growth (GWh) (COP mm) Energy Sales (GWh) Residential Other 13,937 33% 67% Total Customers (‘000s) 2,843 Customer Split: Residential Other 89% 11% Energy Losses (% of Energy Distributed) 7.2% Source: Company filings. Losses Ratio (%) 7.8% 7.3% 7.0% 7.2% 7.2% Summary Financials (COP mm) Summary Income Statement 2011 2012 2013 2014 LTM 3Q 15 CAGR ´11 - ´14 Revenues $2,986,153 $3,141,800 $3,212,218 $3,438,884 $3,591,276 4.8% % Growth 7.1% 5.2% 2.2% 7.1% 4.4% -- EBITDA 976,001 1,090,892 1,108,179 1,130,194 1,200,018 5.0% % Growth (0.8%) 11.8% 1.6% 2.0% 6.2% -- % Margin 32.7% 34.7% 34.5% 32.9% 33.4% -- Net Income 457,664 510,993 535,911 507,321 392,051 3.5% % Growth (4.7%) 11.7% 4.9% (5.3%) (22.7%) -- % Margin 15.3% 16.3% 16.7% 14.8% 10.9% -- Summary Balance Sheet Dividends and Reserves Declared to EEB 237,157 69,624 264,951 460,699 378,026 24.8% CapEx 306,246 241,801 280,634 373,119 260,236 6.8% Net Debt 650,350 524,517 545,203 585,979 840,060 (3.4%) Net Debt / LTM EBITDA 0.7x 0.5x 0.5x 0.5x 0.5x -- 13,937 13,667 13,342 12,972 12,424 LTM 3Q 152014201320122011

22. TGI Company Overview 22 TGI is one of the two main natural gas transportation companies operating in Colombia with a ~49% market share based on transported natural gas volumes.  EEB holds a 99.9% stake in TGI and consolidates the company for financial reporting purposes  Largest natural gas transporter in Colombia with ~49% market share  Only natural gas transporter in Colombia connecting main sources of supply (Guajira and Cusiana) with the main consumption centers  Transports gas through a network of 3,957km of pipeline  ~89% of its capacity is contracted, with firm capacity contracts extending to the year 2021, ensuring a stable stream of cash flows Total Nominal Capacity (MMCF/d) 733 Contracted Capacity (MMCF/d) 672 Average Volume (MMCF/d) 555 Availability Factor (%) 100% Annual Load Factor (%) 66.5% Gas Pipeline Length (km) 3,957 Company Overview Summary Financials Key Operational Statistics (3Q - 2015) Contracted Firm Capacity & Availability (MMCF; %) (COP mm) Source: Company filings. (1) LTM financials reported in USD and converted at average COP/USD exchange rate of $2,585 and EOP exchange rate of $2,600. Availability (%) 99.6% 99.9% 100.0% 99.9% 100.0% 672 647 621 604 560 LTM 3Q 152014201320122011 Summary Financials (COP mm) Summary Income Statement 2011 2012 2013 2014 LTM 3Q 15(1) CAGR ´11 - ´14 Revenues $626,838 $702,309 $874,645 $960,346 $1,371,872 15.3% % Growth 12.1% 12.0% 24.5% 9.8% 42.9% -- EBITDA $481,570 $526,721 $674,163 $770,111 $1,116,868 16.9% % Growth 12.0% 9.4% 28.0% 14.2% 45.0% -- % Margin 76.8% 75.0% 77.1% 80.2% 81.4% -- Net Income $25,614 $247,680 $130,067 $271,507 $545,018 119.7% % Margin 4.1% 35.3% 14.9% 28.3% 39.7% -- Summary Balance Sheet Dividends and Reserves Declared to EEB --- --- --- 440,005 --- NA CapEx 712,311 332,873 63,967 86,510 185,830 (50.5%) Net Debt 1,280,496 1,266,880 982,400 1,583,874 2,365,427 7.3% Net Debt / EBITDA UDM 2.7x 2.4x 1.5x 2.1x 2.1x --

23. Cálidda Company Overview 23 Cálidda has residential presence in 17 districts and industrial network in more than 34 districts within Lima & Callao (Metropolitan area).  Cálidda has the concession of the Peruvian State to build and operate the system of distribution of natural gas in the Department of Lima and Callao for a period of 33 years, renewable every 10 years to a maximum of 60 years.  Cálidda concession area concentrates more than 34% of the Peru´s population and more than 44% of the GDP of the Peru.  Calidda´s pipeline current capacity is 420MMPCD (from Citi Gate Lurín to Lima). Independent and regulated customers located down flow Lurín use nearly 295MMPCD, equivalent to 70% of our capacity.  During the first quarter, 279 km of network were built, being mostly polyethylene (270 km), whereby the distribution system reached a total of 4,957 km of underground pipelines. Company Overview Summary Financials Key Operational Statistics (3Q - 2015) Contracted Firm Capacity & Availability (MMCF; %) COP mm) Total Nominal Capacity (MMCF/d) 572 Contracted Capacity (MMCF/d) 542 Average Volume (MMCF/d) 1070 Market Share (%) 230 GNV stations Service (%) 77.91% Gas Pipeline Length (km) 5,547 Summary Financials (COP mm) Summary Income Statement 2012 2013 2014 LTM 3Q 15 CAGR ´11 - ´14 Revenues $65,434 $88,805 $122,508 $156,078 23.3% % Growth - 35.7% 38.0% 27.4% -- EBITDA 113,959 138,942 218,272 313,062 24.2% % Growth - 21.9% 57.1% 43.4% -- % Margin 174.2% 156.5% 178.2% 200.6% -- Net Income 46,858 32,232 84,449 120,894 21.7% % Growth - (31.2%) 162.0% 43.2% -- % Margin 71.6% 36.3% 68.9% 77.5% -- Summary Balance Sheet Dividends and Reserves Declared to EEB 343,894 405,659 822,548- 33.7% CapEx 169,793 204,440 254,246 374,840 14.4% Deuda Neta 269,547 414,349 575,595 833,046 28.8% Net Debt 2.4x 3.0x 2.6x 2.7x -- 542540 445 363 LTM 3Q 15201420132012 Source: Company filings. (1) LTM financials reported in USD and converted at average COP/USD exchange rate of $3,122 and EOP exchange rate of $2,540.

24. Appendix

25. 25 El Quimbo will be the first hydroelectric project built by a private company in Colombia. The project will provide EMGESA with an additional 400MW of installed capacity. EMGESA Projects: El Quimbo Project Overview  El Quimbo is a reservoir located on the Magdalena River, 12 km ahead of the Betánia hydroelectric power plant ● The project has a total area of 8,586 hectares covering 6 municipalities including Gigante, Garzón, Altamira, El Agrado, Paicol and Tesalia  The hydroelectric project will use Francis turbines with an installed capacity of 400MW (2 x 200MW)  The plant will generate approximately 2,216GWh per year with an estimated load factor of 60%  The environmental license was obtained in May 2009 and works will continue until 2015 when the dam will start operating  Other considerations: ● El Quimbo will improve EMGESA’s operations since it will increase its regulation capacity ● The project will provide firm electricity production until 2034 and will cover approximately 8% of the national demand ● Will ensure the future reliability of electricity supply in Colombia Project Footprint Total Investment: USD1,231 mm Project Executed: 97% Full Operation: 4Q15 El Quimbo Bogotá Betánia Source: Company filings.

26. 26 TGI has undertaken an aggressive expansion plan as illustrated by its portfolio of projects. TGI Projects Project Overview Project Footprint Cusiana Phase III Armenia Loop Cusiana Apiay Ocoa  Enhance the capacity of the pipeline compression in the stretch Cusiana Vasconia, through the provision and operational startup of three new natural gas compression units  The project will increase capacity by 20 Mmcfd and entails an investment of approximately USD31 mm  Operational start-up will occur during 1Q 2016  As of today the project progress is at 38%  Increase the pipeline’s transportation capacity of Cusiana – Apiay in 32 Mmcfd and the stretch Apiay – Ocoa in 7 Mmcfd  The project will allow supplying the natural gas demand of clients to thermal generation, residential distribution and industrial consumption  Total investment is ~USD48 mm  Expected operation is expected for the first half of 2017  Increase current transportation capacity by 2.2 mpcd by building a 37.5km loop  Investment of USD18 mm with expected start of operations in 2Q 2017 Source: Company filings.

27.  EEB acquires 40% of REP’s (2002) and CTM (2006) stocks. Over than 100 year of energy Transformation Diversification  Private and vertically integrated company serving the market of Bogotá. Foundation Internationalization  Bogota district acquires 100% of the company  Capitalization Endesa: separation of generation (Emgesa) and distribution (Codensa) businesses  Public-private model  EEB acquires Transcogas (2005) and Ecogas (2007). Today, the two companies are merged.  To acquire Ecogas, EEB and TGI issue bonds in international markets by USD1,360 million (2007). New Parent Company Diversification  Contugas is constituted in Peru (2008)  Through DECSA, EEB acquires EEC (2009)  TRECSA is constituted in Guatemala (2009)  Capitalization of Citi Venture Capital International CVCI in TGI for USD 400 million (2010) for expansion  Acquired control of Calidda in Peru and a minority shareholding in Promigas Colombia (2011). Growth  EEBIS Gt is constituted in Guatemala (2011). EEBIS Pe is constituted in Perú (2013)  EEB continues its expansion in Transmission Colombia (UPME Projects): 2012:Armenia/Alferéz/Tesa lia; 2013: Norte, Chivor II and SVC Tunal Expansion  EEB acquired 31.92% of TGI (2014) owned by The Rohatyn Group, (formerly CVCI) amounting USD 880 million.  CONTUGAS, inaugurated the Ica Regional Pipeline (2014), Southern of Perú contributing to the massification of natural gas in Peru. EEB’s investment reached USD 345 million.  TRECSA energized five new transmission substations Pacifico, La Vega II, Chixoy II, San Agustin, Rancho 69 kV in Guatemala  EEB continues its expansion in Transmission Colombia (UPME Projects):2014: Second Transmission Line Bolívar - Cartagena 220 kV, Sogamoso - Norte – Nueva Esperanza 500 Kv, Substation Rio Cordoba 220 kV. 2015: Reinforcement infrastructure in southwestern Colombia, Magdalena , La Loma 500kV Substation and the connection of Ecopetrol to the STN Consolidation 2002 2005 - 2007199719591896 2008 - 2009 2010 - 2011 2012 - 2013 2014 - 2015

28. Note: (1) All executive officers are residents of Colombia (2) 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 (3) independent member. Source: Offering Memorandum. Experienced Management and Board of Directors Corporate Governance and Transparency  The Board of Directors has created operations, management and control committees to aid in efficiently carrying out the activities of the Company  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 Executive Officers(1) Position Year of Appointment Ricardo Roa Barragan CEO 2014 Alvaro Torres Macías Portfolio and Corporate Planning VP 2013 Felipe Castilla CFO 2013 Americo Mikly Administrative VP 2014 Ernesto Moreno Transmission VP 1997 Hugo Ernesto Zarrate Osorio Legal Counsel 2014 Sandra Milena Aguillón Rojas Internal Control Director 2011 Victoria Sepulveda Subsidiaries Director 2014 Gabriel Rojas Director Técnico Filiales 2015 Fabiola Leal Subsidiaries Legal Director 2014 Board of Directors(2) Position Current Position Year Gustavo Francisco Petro Urrego Director Mayor of Bogota 2012 Ricardo Bonilla González Director Economist 2012 José Orlando Rodríguez Guerrero Director General Manager of Transport Terminal of Bogotá 2014 Guillermo Alfonso Jaramillo Director Government secretary former 2014 Guillermo Perry Director Economist and Politician 2014 Mauricio Cabrera Galvis Director (3) Director of Cabrera y Bedoya – Banqueros de Inversión 2013 Gustavo Ramírez Galindo Director(3) Investment VP of Corficolombiana S.A 2014 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 External Controls Tax Review, External Audit, specialized audits, City Controllers Office, SSPD and SFC Shareholders’ Meeting Peak governance body  High quality practices and standards in accordance with national listing requirements given that EEB is listed on the Colombian stock exchange EEB has experienced management and strong corporate governance

29. 81% of revenues comes from regulated business ENFICC: Reliability - Regulated Entry Fee.  13% Of revenues from Emgesa are derived from the charge for reliability (ENFICC), an income secured by the regulation Regulated 81% Non- regulated 16.5% ENFICC * 2.5% Electricity Natural Gas Spot 30% Bilateral Contracts 70% Predictability and stability in regulated revenues 29 Services Generation Transmission Distribution Transport Distribution Services

30. 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. 30

31. 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 Fabián Sánchez Aldana Investor Relations Advisor GEB +57 (1) 3268000 – Ext 1827 fsanchez@eeb.com.co Rafael Andrés Salamanca Investor Relations Advisor GEB +57 (1) 3268000 – Ext 1675 rsalamanca@eeb.com.co Felipe Castilla Canales +57 (1) 326 8000 - Ext 1501 ir@eeb.com.co 31

Add a comment

Related pages

EEB receives ir award for best practices on Investor ...

EEB receives ir award for best practices on Investor Relations. ... of EEB to disclose timely ... continuous improvement of best practices of Corporate ...
Read more

Executive Team :: VF Corporation (VFC)

Rendle was honored with The Mountain Institute's annual Exemplary Corporate Stewardship of ... She joined VF in January 2014 and is responsible for ...
Read more

Free Templates for Office Online - Office.com

Templates and Themes for Office Online. FREE; Change language. Accessibility Contact us Privacy and Cookies Legal Trademarks © 2016 Microsoft ...
Read more

One VF :: VF Corporation (VFC)

Corporate Governance; Careers . Why VF; Benefits; Diversity; ... One VF. Organized in 1899, VF Corporation is a global leader in branded lifestyle apparel, ...
Read more

EEB INCLUDED IN THE DOW JONES SUSTAINABILITY INDEX FOR THE ...

EEB INCLUDED IN THE DOW JONES SUSTAINABILITY INDEX ... 25092015 DJSI Press Release vf Created Date:
Read more

VFC: Summary for V.F. Corporation Common Stock- Yahoo! Finance

VF Corporation Reported Mixed Quarterly Results for Fiscal 4Q15Market Realist ... VF Corp. (VFC) Stock Price Target Lowered at Barclaysat TheStreet ...
Read more

Corporate branding - Wikipedia, the free encyclopedia

Corporate branding refers to the practice of promoting the brand name of a corporate entity, ... The Corporate Brand, London: Palgrave Macmillan, ...
Read more