2015 TGI

RESULTS AND KEY

DEVELOPMENTS

March 8th 2016

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Disclaimer

This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are only predictions and are not guarantees of future performance. All statements other than statements of historical fact are, or may be deemed to be, forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of TGI, its consolidated subsidiaries and related companies to market risks and statements expressing management’ expectations, beliefs, estimates, forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “objectives”, ”outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”, “should” and similar terms and phrases. Forward-looking statements are statements of future expectations that are based on management’s current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in these statements. Although TGI believes that the expectations and assumptions reflected in such forward-looking statements are reasonable based on information currently available to TGI’s management, such expectations and assumptions are necessarily speculative and subject to substantial uncertainty, and as a result, TGI cannot guarantee future results or events. TGI does not undertake any obligation to update any forward-looking statement or other information to reflect events or circumstances occurring after the date of this presentation or to reflect the occurrence of unanticipated events.

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Table of contents

1. Overview

2. Key updates

3. Operational and Financial performance

4. Expansion Projects

3

1. Overview

4

Overview

Stable and growing Colombian economy with sound investment environment

Largest natural gas pipeline system in Colombia

Strategically located pipeline network

Natural monopoly in a regulated environment

Constructive and stable regulatory framework

Stable and predictable cash flow generation, strongly indexed to the US Dollar

Strong and consistent financial performance

Experienced management team with solid track record in the sector

Expertise, financial strength and support of shareholders

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TGI history Highlights

Owns ~60% of the national gas pipeline network (3,957 km) and transports 54% of the gas consumed in the country

− Serves ~70% of Colombia’s population, reaching the most populated areas (Bogota, Cali, Medellin, the coffee region and LLanos, among others)

− Has access to the two main gas production basins, Guajira and Cusiana/Cupiagua

Pipeline network

Cartagena Refinery

Barrancabermeja Refinery Bucaramanga

Bogota

Neiva

Cali

Medellin

3.15 tcf

1.97 tcf

Eastern Producers: Ecopetrol Equion

Upper Magdalena Valley

Lower and Middle Magdalena Valley

Northern Producer

s: Chevron Ecopetrol

1.89 tcf References

TGI Pipelines

Natural Gas Reserves City

Field Refinery

Third Party Pipelines

Source: Mining and Energy Planning Unit. National Hydrocarbons Agency.

Pac

ific

Oce

an

Caribbean

Sea

VE

NE

ZU

ELA

Company history

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2. Key Updates

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Key Updates

Final steps of TGI’s stake (31.92%) acquisition by parent company (EEB)

• EEB completed TGI´s stake acquisition in 2H2014 through the acquisition of 100% of IELAH (SPV) domiciled in Spain.

• For this acquisition EEB obtained an international syndicated loan of USD 645 mm in September 11, 2014. This financing was

obtained by IELAH on behalf of EEB. Current outstanding debt of IELAH is USD 394 mm, after two partial repayments done in

March 2015 (USD 76 mm) and September 2015 (USD 175 mm). In the next interest payment date (March 2016) TGI will

disbursed to IELAH USD 175 MM to make another prepayment of the syndicated loan.

• On January 29th 2016, the Colombian Societies Superintendence (Supersociedades) approved the merger between TGI and

IELAH. As a result the debt of that entity will be in TGI´s BS.

• On January 27th 2016, a Shareholders General Meeting elected new board members for the company (1).

• On February 22th 2016 TGI’s BoD appointed Mr. Julian Garcia as company´s CEO. He has 30 years experience in the oil and

gas industry, holding executive positions in different companies, including President of three listed oil companies. Mr Garcia is a

Civil Engineer from Universidad de los Andes (Bogota), M.Sc. in Civil Engineering (Colorado State University - USA), M.B.A.

(University of Birmingham – England) and M.A. in Economics (Universidad de Los Andes – Bogota).

New BoD and CEO

(1) For detailed information of the new members please review TGI’s Investors Report 2015 8

Key Updates

• On June 12th, Moody’s ratings affirmed TGI’s corporate debt and issuer rating in ‘Baa3’, stable perspective

• On September 3rd, Standard & Poor’s affirmed the TGI corporate debt and issuer rating in ‘BBB-‘, negative

perspective, aligned with parent rating EEB.

• On October 28th, Fitch Ratings affirmed TGI’s corporate debt and issuer rating in ‘BBB’, stable perspective.

• TGI’s current ratings are as follows:

TGI’s credit ratings: Investment Grade

Baa3 Stable Outlook

BBB Stable Outlook

BBB Negative Outlook

Transition process to International Financial Reporting Standards - IFRS

• TGI completed the transition process from Col GAAP to IFRS

• Mandatory transition period began on Jan. 1, 2014 (Opening Balance and the first financial statements under

IFRS were issued as of Dec. 31st , 2015

• TGI prepared interim financial statements under IFRS for the merging process with IELAH.

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Regulation perspectives – Tariff Review Process

New tariff methodology term sheet proposition for discussion

New tariff methodology proposition for discussion

Definition of final regulatory WACC methodology

First tariff approval resolution for TGI

Appeal/ Request for reinstatement by TGI

Approval and implementation of final charges for TGI

Definition of final tariff methodology

Information request by CREG for the definition of charges

Dec. 2014

Mar. 2016

Dec. 2016 Oct. 2017

Nov. 2017

Beginning of current tariff methodology period

Tariffs become effective for TGI

Dec. 2012

5 year regulatory period

Nov. 2018 End of public

information audit stage by CREG and expressions of interest by third parties

Apr. 2017

• The lastest tariff methodology was approved by CREG Resolution No. 126 in August 2010 and became effective for TGI in December 2012 (CREG Resolution No. 121).

The tariff methodology review process takes place every 5 years, but the actual tariff application is usually delayed

• The previous tariff period was effective from December 2003 to December 2012, a total of 9 years

• The new regulation is expected to be approved in 2016, with the updated tariffs coming into effect in 2018 (the starting point for the 5 year-period is set by the CREG

approval of the new tariff methodology)

Key Updates

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3. Operational and Financial Performance

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Solid operational performance

Network length

3,529

3,774 3,774

3,957 3,957 3,957 3,957

2009 2010 2011 2012 2013 2014 2015

(km)

Capacity

478 548

618

730 730 730 734

2009 2010 2011 2012 2013 2014 2015

437

485

560 604

628 647 672

92% 90% 92% 85% 88% 91% 94%

2009 2010 2011 2012 2013 2014 2015

Firm Contracted Capacity(1)

Transported Volume Gas Losses Load factor

0.20%

0.57% 0.54% 0.52%

0.41%

0.00%

0.59%

2009 2010 2011 2012 2013 2014 2015

(MMscfd) (MMscfd)

69% 71%

58% 59% 61% 64% 67%

2009 2010 2011 2012 2013 2014 2015

(%) (MMscfd)

(1)The trend line refers to the ratio: Firm contracted capacity/available capacity. The Available capacity differs from the Total Capacity as TGI requires a percentage of it for its own use.

(%)

396 422 420 422

454 494

522

2009 2010 2011 2012 2013 2014 2015

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Stable and predictable cash flow generation TGI’s revenues are highly predictable as a result of regulated tariffs and stable consumption

• TGI’s revenues are highly predictable, with approximately 99% coming from regulated tariffs that are reviewed at

least every 5 years, ensuring cash flow stability and attractive rates of return

• Main sectors served by the Company (75%(1) of revenues) present stable consumption patterns (no seasonality)

• The Company enjoys excellent contract quality:

• 100% of TGI’s contracts are firm contracts with an average life of 9.5 years

• 89% of regulated revenues are fixed tariffs, not dependent on transported volume

• Extremely low sensitivity of EBITDA to changes in exchange rate

(1) Includes Distributors, Ecopetrol´s refinery and Natural gas for Vehicles

Revenues breakdown as of December 31- 2015

63%

12% 16%

3% 3% 2%

59%

13% 18%

3% 3% 4%

Distributor Refinery Thermal Commercial Vehicular Others*

Sh

are

By Industry

2015 2014

13%

24%

18%

11% 7%

27%

15%

21%

16%

12%

7%

30%

Ecopetrol Gas Natural Gases deOccidente

EPM Isagen Others*

Sh

are

By Client

2015 2014

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TGI Financial Performance

Revenues (3) Gross profit and Gross margin (3) (US$ million – EOM exchange rate for each period) (US$ in millions – EOM exchange rate for each period)

(US$ million – EOM exchange rate for each period) (US$ million – average exchange rate for each period)

Funds from operations (1) (2) (3) EBITDA and EBITDA Margin(3)

(1) FFO for the years 2009 - 2013 is presented under ColGaap standards as net income plus depreciation, amortization and provisions, adjusted for effect from exchange rate and hedges. 2014 and 2015 is presented under IFRS as net income plus depreciation, amortization and provisions, adjusted for effect from exchange rate , hedges, and the impact of deferred taxes. (2) On 2012 FFO includes the LM transaction premium~ USD 69 million (one time event) (3) Figures for the years 2009 - 2013 are presented under ColGaap standards. 2014 and 2015 are presented under IFRS. IFRS figures are preliminary subject to changes, independent auditor’s revision

and General Shareholders Assembly

252 294

338 390

465 468 439

2009 2010 2011 2012 2013 2014 2015

172 196

226 250

323 324 301

68.1% 66.7% 66.8% 64.1%

69.4% 69.2% 68.5%

2009 2010 2011 2012 2013 2014 2015

196 222

257 289

359 372 361

78% 75% 76% 74% 77% 80% 82%

2009 2010 2011 2012 2013 2014 2015

96 108 117 133

268 303 293

2009 2010 2011 2012 2013 2014 2015

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TGI Financial Performance

Total Assets (1) Cash and Equivalents(1) (US$ billion – end-of-year exchange rate for each period) (US$ million – end-of-year exchange rate for each period)

(US$ billion – end-of-year exchange rate for each period) (US$ billion – end-of-year exchange rate for each period)

Liabilities (1) PPE(1)

(1) Figures for the years 2009 - 2013 are presented under ColGaap standards. 2014 and 2015 are presented under IFRS. IFRS figures are preliminary subject to changes, independent auditor’s revision

and General Shareholders Assembly

0.62 0.77

1.40 1.67

1.49

2.32 2.28

2009 2010 2011 2012 2013 2014 2015

1.25 1.30 1.34 1.40 1.40 1.86 1.97

0.76 0.81 1.22

1.48 1.58 1.22 1.27

2009 2010 2011 2012 2013 2014 2015

LIABILITIES EQUITY

2.00 2.12 2.56

2.88 2.98 3.08 3.24

2009 2010 2011 2012 2013 2014 2015

110 71

182 160

364

229 256

2009 2010 2011 2012 2013 2014 2015

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Total Debt / EBITDA (1)

(x)

Total Net debt / EBITDA (1) (x)

(x) Interest coverage (1)(2)

(x)

Senior Net Debt / EBITDA (1)

(x)

Note: Total debt includes senior debt, subordinated debt and mark-to-market. (1) Figures for the years 2009 - 2013 are presented under ColGaap standards. For 2014 and 2015 are presented under IFRS. IFRS figures are preliminary, subject to changes, independent

auditor’s revision and General Shareholders Assembly (2) Interest coverage ratio calculated as EBITDA / net interest

TGI Financial Performance

5.6 5.4 4.9

4.2 3.5 3.3 3.4

2009 2010 2011 2012 2013 2014 2015

2.0 2.1 2.5

4.0

5.9 6.0 6.3

2009 2010 2011 2012 2013 2014 2015

5.1 5.1

4.2 3.6

2.5 2.7 2.7

2009 2010 2011 2012 2013 2014 2015

3.3 3.4

2.7 2.4

1.5 1.7 1.7

2009 2010 2011 2012 2013 2014 2015

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4. Growth Projects

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Growth Projects Pipeline

Project Description Cost Status

Increase capacity 20 mmcf/d by upgrading Vasconia, Miraflores, Puente Guillermo compression stations

Cusiana Phase 3.5

~$ 31 mm

• Project is under execution (47.6%) with TGI having already signed firm transportation contracts

• Expected Completion: 2Q 2016

Increase capacity 17 mmcf/d by upgrading Puente Guillermo compression station, enhancing capacity compression to 412 mmcfd

~$ 7.1 mm

Cusiana - Apiay – Villavicencio - Ocoa

Increase capacity 32 Mcfd of the Cusiana – Apiay line and a 7.7 Mcfd of the Apiay – Ocoa line through the construction of 2 new compression stations (Paratebueno and Apiay)

• Project is under execution with TGI having already interested clients to sign firm transportation contracts

• Does not require environmental licensing • Expected Completion: 1H 2017

~$ 48 mm

• Project under execution (7.15%) • TGI has already signed firm transportation contracts • Environmental licensing and procurement in process • Expected Completion: 1Q 2017

Cusiana Phase III

Armenia Loop Increase capacity 2.2 Mcfd of Armenia –Zarzal line through the construction of a 37.5 km 8” loop parallel to exiting 6” pipeline

~$ 18 mm

• Project is under execution (24.6%) with TGI having already signed firm transportation contracts

• Financial and engineering studies in progress • Environmental licensing in progress • Expected Completion: 2Q 2017

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5. Questions and Answers

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Investor Relations

For more information about TGI please contact to:

Antonio José Angarita Vega CFO

+57 (1) 3138400 - ext 2110 antonio.angarita@tgi.com.co

Sergio Andrés Hernández Acosta Finance Manager

+57 (1) 3138400 - ext. 2450 sergio.hernandez@tgi.com.co

Fabián Sánchez Aldana IR Advisor - EEB

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

http://www.tgi.com.co

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