1 q 2015 earnings presentation geb vf

1. GRUPO ENERGÍA DE
BOGOTA
1Q 2015 Key Results and Developments
May 29th, 2015

2. Agenda
I. EEB Overview and Key Updates – 1Q 2015
II. Expansion Projects Review
III. Financial Review – 1Q 2015
IV. Convergence to IFRS
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V. Questions and Answers

3. Agenda
I. EEB Overview and Key Updates – 1Q 2015
EEB Overview
Key Updates
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4. EEB Overview
Transportation and distribution of energy with involvement in other
areas in the energy sector.
Focus on natural
monopolies
Growth through
controlled
subsidiaries
Sound regulatory
framework
Ample access to
capital markets
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5. Key Updates
Shareholders Assembly Decision
 Approved authorizing the legal representative of the Corporation to enter into liability management operations on the EEB bond, which
maturity is in the 2021 for an effective amount of USD 749 million, as well as issuing bonds in the international capital markets for up to USD
1 billion and/or in the local capital markets for an amount equivalent in local currency to USD 500 million to finance its investment plan.
Corporate Highligths
ECOPETROL sale process EEB’s stake
 ECOPETROL S.A. made public the announcement to Offer the First phase of the Program to sell and award the shares it owns in EEB.
The offer started on 20th May 2015 and will be in force until 21th July of this year.
 This stake sale is ruled by Law 226 of 1995
 ECOPETROL S.A. currently owes 6.87% of the shares of Empresa de Energía de Bogotá S.A. ESP
Convergence process to International Financial Reporting Standards – IFRS
 In compliance with Law 1314 of 2009, and regulatory decree 2784 of December 2012, the company initiated a convergence process from
Colombian Accounting Norms to International Financial Reporting Standards – IFRS. Since the company is part of group 1, the period of
mandatory transition began on 1 January 2014 and the first comparative balance sheets under IFRS will be as of 31 December
2015.
Dividends declared by EEB
 EEB conducted an interim financial statements closing, with cut off date as of October 31, 2014. EEB’s net profit during January-October
2014 period reached COP 1.38 trillion, exceeding by 63.7% results recorded in 2013.
 EEB declared dividends to its shareholders amounting to COP 1.1 trillion, equivalent to COP 119.91 per share, of which COP 105.26
correspond to ordinary dividends and COP 14.64 to extraordinary dividends. These dividends will be paid on June and October, 2015. The
above represents an increase of 86.4% with respect to the dividend per share decreed in March 2014.
Anticipated dividends declared to EEB
 Emgesa, Codensa and Gas Natural closed financial statements for the period January 1 to August 31, 2014. Based on this, these companies
declared dividends to EEB for an amount of COP 607,405 million, which will be paid during 2015. Otherwise, these dividends would have
been declared on the 1Q 2015.

6. Key Updates
Recently awarded UPME Projects
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Electricity Transmission Business (1/2)
 Investment: ~USD [330-350] mm
 Annual revenues: USD 24.37 mm
 Description: 500 kV project, which
will improve the transmission grid
in the departments of Antioquia,
Caldas, Quindío, Risaralda and
Valle del Cauca
 Investment: ~USD[15–20] mm
 Annual revenues: USD 1.81 mm
 Description: Design, acquisition
of equipment, construction,
operation and maintenance of the
220 kV Rio Cordoba.
 Investment: ~USD[19-25] mm
 Annual revenues: USD 1.3
mm
 Description: 500kV
substation, will allow solving
reliability problems and voltage
levels, which the system
currently presents in El Cesar
and the entire Colombian
Atlantic Coast.
Southwest Reinforcement. Ecopetrol – San Fernando Rio Cordoba La Loma
 Investment: ~USD[30–35] mm
 Annual revenues: N.A
 Description: The connection to
the STN in La Reforma 230kV
substation located in Villavicencio
(Meta), to strengthen reliability of
its operations in the fields of
Castilla and Chichimene.
Brazil Acquisition
 Investment: ~R$ 490 Million (USD 170 Mm)
 Annual revenues: ~R$ 100 Million
 Brazilian states:
Mato Grosso
Goiás
Mato Grosso do Sul
São Paulo
Mina Gerais
Espirito Santo
 On March 27th, EEB entered into a purchase agreement to buy 51% of four electricity transmission concessions in Brazil.
 The contract signed contemplates the acquisition of Transenergía Renovável S.A., Transenergía São Paulo s.a., Goiás Transmissão
S.A. y MGE Transmissão S.A. concessions.
 Strategic Partner: Furnas, who has the 49% equity stake of the four concessions. Furnas is a company of mixt economy, has and
maintains 17 hydroelectric plants, 2 thermal energy plants and 65 substations. It has a 12.621 MW installed capacity.
 Length Lines: ~1.100 km | 500 kV
 Substations: 500/345/230
 New: 10
 Expansion: 5
 Status: Currently on going process in the final
documentation.

7. Key Updates
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Electricity Transmission Business (2/2)
TRECSA
 The project shows a execution progress of 83%. At the end of last year, five (5) substations are already in operation: Pacífico, La Vega II, Tatic,
San Agustin, Rancho 69kV, as well as 122 km in transmission lines already in service.
 Further substations are coming on stream, which is subject to change by the administrator of the wholesale market. Total investment as of
March 31, 2015 amounted to US$328 million.
Calidda
 At the end of 1Q 2015, Cálidda has a client base of 278,028 customers, 9.1% more than in 4Q 2014.
 Calidda enjoys a local market share of 83% in number of clients.
Contugas
 Company had over 32,555 enable clients. The gas pipeline will have capacity in excess of 300 MMCFD and will connect 50,000 residential clients
during the first six years after start up of Commercial Operation.
 On May 2015, Contugas formalized the distribution agreement with EGASA / Egesur (2 power generators average consumption is 24.59 mmcfd),
will generate a monthly turnover of ~USD 1.2 MM, which detail the payment process is framed in the mechanism of compensation of Supreme
Decree 035-2013-EM, which was approved by the Ministry of Energy on 13 April.
Acquisition of 31.92% of TGI
 Currently, TGI is working on the merger with IELAH; this merger is expected to take place on the 2H 2015, which is the Final Phase of the
acquisition plan.
Natural gas transportation & distribution business
TGI –IFRS - Transported Volume
 In compliance with Law 1314 of 2009, and regulatory decree 2784 of December 2012, the company initiated a convergence process from
Colombian Accounting Norms to International Financial Reporting Standards – IFRS. Since the company is part of group 1, the period of
mandatory transition began on 1 January 2014 and the first comparative balance sheets under IFRS will be as of 31 December 2015.
 TGI’s average transported volume through its infrastructure reached 469.4 Mmpcd, and maintained a 47.8% market share closing first quarter
2015.

8. Agenda
II. Expansion Projects Review
Subsidiaries
Associates
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9. Consolidating the Strategy
Subsidiaries
Source: Company information.
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Projects Update
EEB Transmission as of 1Q 2015 (Expected Annual Revenue)
TRECSA
• Guatemala’s interconnection System – 81%
UPME Project Status
EAR
USD MM
On stream
Armenia 78.5% 1.28 2Q 2015
Tesalia 82.6% 10.9 4Q 2015
Chivor II Norte 43.0% 5.52 3Q 2015
SVC Tunal --% 7.8 4Q 2014
Bolívar-TermoCartagena 10.9% 11.2 1Q 2017
Sogamoso-Norte 13.9% 21.2 3Q 2017
Rio Cordoba Substation Project Awarded 1.81 4Q 2016
Southwest Reinforcement Project Awarded 24.37 3Q 2018
Río Cordoba
Transformadores
Project Awarded 0.6 4Q 2016
La Loma Project Awarded 1.29 4Q 2016
Ecopetrol San Fernando Project Awarded N.A 2Q 2017
TOTAL 85.96
*It includes USD 170 million Brazil acquisition. This is an on-going
process and disbursement will be completed during 2H 2015.

10. Consolidating the Strategy
Associates
Source: Company information.
10
Projects Update
EMGESA
• Quimbo Project (400 MW)
• Total investment: USD 1,231 mm
• Execution 1Q-15: 89 %
• Full operation: 2H 15
CODENSA
• On-going projects: Nueva Esperanza, Norte,
Bacatá Substations
• New and existing demand
• Quality service and continuity
• Control operational risk

11. Agenda
III. Financial Review
Operational Results
EBITDA
Debt metrics
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Share Performance

12. Consistent Financial Performance
Consolidated Results – IFRS
Operating Revenues (-37.8%):
 (-76.8% - COP 641,552 mm) Portfolio Segment: Due to
the anticipated dividends from our main associates
CODENSA, EMGESA and GAS NATURAL which were
declared for the first 8 months of 2014. It is worth highlight
these dividends in a normalized period would be
received during 1Q 2015.
 (+42.1% - COP 11,543 mm) Electricity Transmission:
Coming on stream of the Alferez Substation.
 (+20.4% - COP 46,070 mm) Natural Gas
transportation: Exchange rate conversion. Functional
currency for TGI since IFRS implementation is US
Dollars.
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Operating Profit (-53.7%): Operational costs and
expenses showed an increase due to:
 (+25.1% - COP 3,404 mm) Electricity Transmission:
operational costs related to new projects that are
coming on stream or in developing process.
 (+26.8% - COP 14,178 mm) Natural Gas
transportation: increase on depreciations of Property,
Plant and Equipment, as well as to equity tax
expenses.

13. Consistent Financial Performance
Consolidated Results – IFRS
EBIT(-60.5%):
 Emgesa, Codensa and Gas Natural declared anticipated dividends
to EEB for an amount of COP 607,405 million, which will be paid
during 2015. Otherwise, these dividends would have been declared
on the 1Q 2015.
Net Income (-88.4%):
 Dividends received in advanced by associates COP 607,405 mm
 Major loss for exchange rate differences:
– IELAH COP 178,405 mm
– TGI COP 36,483 mm
– EEB COP 17,495 mm
 Higher income tax COP 68,979 mm
 Decrease in equity method associates COP 26,332 mm.
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1Q 2014 1Q 2015 $ %
Operating profit 1,021,887 403,280 (618,607) -60.5%
Financial Revenues 33,083 24,909 (8,174) -24.7%
Financial Expenses (61,944) (108,335) (46,391) 74.9%
Exchange (loss) gain (19,769) (252,750) (232,981) 1178.5%
Participation Method Associates 214,898 188,567 (26,332) -12.3%
Minority interest (40,632) (11,024) 29,608 -72.9%
Provision for income tax (47,991) (116,970) (68,979) 143.7%
Net income 1,099,533 127,676 (971,856) -88.4%
COP Million Variance
(1) EBIT includes other expenses, other revenues and administrative expenses.
(1) 1,021,887
403,280
1,010,685
1Q 2014 1Q 2015 1Q 2015
Normalized
Operating Profit
(COP Million)
1,099,533
127,676
735,081
1Q 2014 1Q 2015 1Q 2015
Normalized
Net Income
(COP Million)
EBIT (1)
Financial Revenues
Financial Expenses
Exchange (Loss) Gain
Equity Method Associates
Minority interest
Provision for income tax
Net income

14. Consistent Financial Performance
EBITDA
14
Normalized Dividends:
(1) Figures for the years 2006 - 2014 are presented under ColGaap standards. For 1Q 2015 LTM are presented under IFRS. LTM IFRS
figures are estimated and preliminary, subject to changes, independent auditor’s revision. Final Comparable figures will be available as of
December 31th 2015.
(2) 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.(2.1) Anticipated dividends declared by Codensa
on first half 2011, were included in 2012.
(3) 2014 excludes dividends declared based on an early close of Gas Natural’s, Emgesa’s and Codensa’s financial statements. These
figures are included in 2015, when such dividends would normally have been declared.
At the end of 1Q 2015, operational profits from controlled subsidiaries participated
with 59% of the total adjusted EBITDA, compared to a participation of only 19% in
2006. Ordinary dividends from non-controlled companies participate with the
remaining 41%.

15. Consistent Financial Performance
Debt Metrics
Indebtedness in USD increased as a result of TGI’s shares
acquisition (31.92%) through IELAH’s SPV.
15
* Syndicated loan acquired by Contugas (USD 342 MM) and
additional indebtedness incurred by SPV in order to reacquire
31.92% of TGI IELAH (USD 569 MM)
*
(1) Covenant associated to this indicator is currently suspended since the bond TGI 2022 has investment grade, granted by three risk rating agencies monitoring
the latter. Covenant established in Offering Memorandum of USD.749,000,000 EEB 6.125% Senior Notes due 2021. *It includes anticipated dividends.
(2) Only for comparative purposes and due to transition to IFRS, 1Q 15 debt metrics have been estimated by adjusting COLGAAP last year figures. These figures
are subject to change.
(3) Increase in mainly explained by increase of foreign exchange USD/COP movements.

16.  Ticker EEB:CB
 As at Mar 31th, 2015 EEB’ market capitalization was USD 6.5 Billion
 Trading volume tripled after the Equity Offering Nov 2011.
 The stock is part of COLCAP, COLEQTY and COLIR
 Average Target Price: COP 1,949.8 (USD 0.81)
 Dividend Payout Ratio 2014: 74% Avg 2008 - 2014: 65 %
 Dividend Yield 2014: 4.2% Avg 2010 - 2014: 3.5%
EEB Share Performance 1Q 2015
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17. Agenda
IV. Convergence to IFRS
Implementation Timeline
Main Implementation Effects
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18. Convergence process to International Financial Reporting
Standards – IFRS (1/2)
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 EEB started the convergence process from COLGAAP to IFRS
 Mandatory transition period began on January 1, 2014 and the issuance date of the first comparative financial statements under IFRS will be
December 31, 2015
 Since 2013, EEB carried out activities regarding preparation and adjustment of the resources needed to advance in the process of
convergence to IFRS in accordance with legal requirements
 EEB with technical support from external advisors, determined the effects that such changes will have on the financial statements

19. Analysis
Impact
amount
Effect on equity
Functional currency Functional currency TGI - USD
According to IFRS, all materials of the company should be classified as properties, plant and equipment
as they are contained in the former and because their useful life is more than one year, therefore will be
recognized as a cost at their fair value on the date they were assigned.
155
As of December 31, 2013, Contugas S.A.C and Trecsa SA. have a balance in account receivables of COP
6,088 million, the payment has been agreed once the company initiates operation, this projected period is
of 36 months. As a result of the above, the accrued cost on the account receivables are recorded
producing an adjustment of $901 million. Additionally an accrued cost is recorded to retired employees’
account receivable.
1,059
During the adoption process the company recognized as initial value, the fair value of assets. From the
analysis made on lease contracts, were trated as financial leasing. Likewise, provisions on Property, Plant
and Equipment assigned under Colombian GAAP.
259,671
These investments were recorded at cost, the cost assumed was at book value according to Colombia
GAAP as of December 31, 2013.
7,479
According to IFRS the deferred assets did not meet the asset definition, thus, they must be eliminated and
recognized as an equity adjustment for first-time IFRS adoption. Studies, projects and tax on equity. In the
same manner, goodwill is reclassified
6,702
Deferred taxes under IFRS are calculated by the balance method, thus presenting important changes
compared to the manner it is currently being calculated applying Colombian GAAP.
46,359
The analysis of lease contracts was conducted, and processed under IFRS as financial leasing, and
therefore the Company will have to recognize in the financial statements an asset (property, plant and
equipment) and a liability (financial obligation).
(12,009)
Calculation of the long term benefits for current employees and an actuary's valuation for those who are
pensioned was conducted, under IFRS requirements, to evaluate the impact on financial statements.
Included in these benefits are loans to employees, which have a preferred interest rate applied under this
concept, the company must recognize the financial cost it entails.
(13,619)
Debt Financial obligations recorded transactional costs, directly corresponding to liability and hence will have
an impact according to IFRS.
5,602
The General Secretary area conducted an analysis of legal processes of any nature filed against the
company. Under IFRS the analysis criteria and /or evaluation of these proceedings present changes in
relation to how the amounts to be recognized are determined and as to how they are classified.
7,393
TOTAL COP millions 308,792
Account receivable
Account concept
Inventories
Current Employee
Benefits and pensioned
employees
Estimated Liabilities
Property, Plant and
Equipment
Related Investments
Other Assets- deferred
Deferred Taxes
Leasing
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Convergence process to International Financial Reporting
Standards – IFRS (2/2)
*For more detailed information please review “IFRS Impact Presentation”

20. Agenda
I. EEB Overview and Key Updates – 1Q 2015
II. Expansion Projects Review
III. Financial Review – 1Q 2015
V. Questions and Answers
20
Webcast Link
Participant Toll-Free Dial-In Number: +1 (877) 359-9508
Participant International Dial-In Number: +1 (224) 357-2393
Conference ID: 46902723
IV. Convergence to IFRS

21. Investor Relations
For more information about Grupo Energía de Bogotá, please 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) 326 8000 – Ext 1827
fsanchez@eeb.com.co
Nicolás Mancini Suárez
Investor Relations Officer GEB
+57 (1) 326 8000 - Ext 1536
nmancini@eeb.com.co
Rafael Andrés Salamanca
Investor Relations Advisor GEB
+57 (1) 326 8000 – Ext 1675
rsalamanca@eeb.com.co
Felipe Castilla Canales
Chief Financial Officer – GEB
+57 (1) 326 8000 - Ext 1501
ir@eeb.com.co
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22. 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.
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.
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