C O R P O R AT E R E V I E W

C O R P O R AT E R E V I E W

ENERGY THAT B OOSTS WELLBEING We will be recognized for our superior ability to develop energy markets in Colombia and Latin America, and for the impact our actions have on improving the quality of life of its people. R E S U M E N C O R P O R AT I VO

We are one of the oldest private companies in the Latin American gas sector, and ever since our operations commenced, more than 40 years ago, we have played an active and important role in making this fuel available on a mass scale in Colombia. APPROXIMATELY 7,9 MILLION COLOMBIANS CURRENTLY ENJOY THIS SERVICE.

T R A N S P O R TAT I O N B U S I N E S S G R O U P NATURAL GAS TRANSPORTATION INTEGRATED SOLUTIONS FOR INDUSTRY AND ENERGY GENERATION LNG D I S T R I B U T I O N B U S I N E S S G R O U P NATURAL GAS DISTRIBUTION ELECTRICITY DISTRIBUTION We develop energy markets in Colombia and Latin America both directly and through our strategic transportation and distribution business groups (GEN), the former consisting of organizations which transport natural gas, offer integrated industry solutions and electricity generation and an LNG regasification terminal, and the latter consisting of natural gas utilities, an electricity utility and a non-bank financing business. NON-BANK FINANCING

T R A N S P O R TAT I O N B U S I N E S S G R O U P NATURAL GAS TRANSPORTATION INTEGRATED SOLUTIONS FOR INDUSTRY AND ENERGY GENERATION LNG D I S T R I B U T I O N B U S I N E S S G R O U P NATURAL GAS DISTRIBUTION ELECTRICITY DISTRIBUTION NON-BANK FINANCING W E T R A N S P O R T 47 % of Colombia s natural gas 2,900 km of gas pipelines belonging to us and to our carriers We operate and maintain approximately 25,000 km of electricity distribution networks, which supply around 335,000 users in 38 towns in the southern part of Colombia. We provide services for hydrocarbon producers and major industries, including natural gas compression and dehydration, the construction of gas pipelines and interconnection lines, and energy solutions such as generation, co-generation and auto-generation. We have had a share in the natural gas market for vehicles for more than 24 years. We were a pioneer in this field, and we continue to look for new growth opportunities.

T R A N S P O R TAT I O N B U S I N E S S G R O U P NATURAL GAS TRANSPORTATION INTEGRATED SOLUTIONS FOR INDUSTRY AND ENERGY GENERATION LNG D I S T R I B U T I O N B U S I N E S S G R O U P NATURAL GAS DISTRIBUTION ELECTRICITY DISTRIBUTION NON-BANK FINANCING We recently entered the LNG business with our subsidiary, Sociedad Portuaria El Cayao (SPEC), which will process more than 400 MMscfd at a floating regasification terminal anchored to a port on Cartagena Bay. This will be the first terminal of its kind in the country. In Colombia, we distribute natural gas to over three million users, in other words to 40% of the domestic market (11.5 million beneficiaries), while in Peru we distribute to over 345,000 users through our share in Cálidda, the natural gas utility for in the city of Lima and Callao. We are also continuing to expand in this country through our subsidiary Gases del Pacífico, and we will reach 150,000 users in the north of the country in the next five years. N AT U R A L G A S In Colombia, over 3 millones users 40 % of the domestic market 11,5 millones beneficiaries In Peru 345,000 users

T R A N S P O R TAT I O N B U S I N E S S G R O U P NATURAL GAS TRANSPORTATION INTEGRATED SOLUTIONS FOR INDUSTRY AND ENERGY GENERATION LNG D I S T R I B U T I O N B U S I N E S S G R O U P NATURAL GAS DISTRIBUTION ELECTRICITY DISTRIBUTION NON-BANK FINANCING We also have AAA ratings for issues in Colombia and a BBB- international rating for local and foreign currency IDRs. Additionally, we hold ISO 9001 quality system certificates, plus OHSAS 18001 for occupational health and safety and ISO 14001 on environmental matters.

18 companies, 3,100 employees, Colombia, Peru

D I S T R I B U T I O N B U S I N E S S G R O U P 2 Income 1 Assets 1 2,693 USD 721 USD 786 Employees million million NATURAL GAS DISTRIBUTION ELECTRICITY DISTRIBUTION NON-BANK FINANCING Surtigas Gases de Occidente Gases del Caribe Efigas Gases de La Guajira Cálidda Gases del Pacífico Versa Compañía Energética de Occidente Brilla

T R A N S P O R TAT I O N B U S I N E S S G R O U P D I S T R I B U T I O N B U S I N E S S G R O U P 2 Income 1 Assets 1 Income 1 Assets 1 439 USD 395 USD 1,787 Employees Million Million 2,693 USD 721 USD 786 Employees million Million NATURAL GAS TRANSPORTATION INTEGRATED SOLUTIONS LNG FOR INDUSTRY AND ENERGY GENERATION LNG NATURAL GAS DISTRIBUTION ELECTRICITY DISTRIBUTION NON-BANK FINANCING Promigas Promioriente Transmetano Transoccidente Promisol Enercolsa Zonagen Sociedad Portuaria El Cayao -SPEC- Surtigas Gases de Occidente Gases del Caribe Efigas Gases de La Guajira Cálidda Gases del Pacífico Versa Compañía Energética de Occidente Brilla 1 Figures before eliminations; Income includes financial assets and equity method + dividends. 2 Distribution GEN figures do not include companies that are not consolidated: Gases del Caribe (Efigas and Gases de La Guajira) and Cálidda.

Transportation Business Group N AT U R A L G A S T R A N S P O R TAT I O N In conjunction with our carriers, we transport 47% of Colombia s natural gas. Promigas Transmetano Promioriente Transoccidente Gas pipeline length (km) 2,367 189 333 11 Volume transported (MMscfd) 331.4 51 52* 50 I N T E G R AT E D S O LU T I O N S F O R I N D U S T R Y A N D E L E C T R I C I T Y G E N E R AT I O N Maximum capacity (MMscfd) 594 64 86** 74 Effective Promigas share (%) 99.67 73.27 68.99 GAS PIPELINE: 2,900 km CAPACITY: 813 MMscfd CUSTOMERS: 31 IN DIFFERENT PARTS OF THE COUNTRY L N G * Volume transported Gibraltar Bucaramanga: 28 MMscfd. Volume transported Barrancabermeja -Payoa - Bucaramanga: 24 MMscfd. ** Maximum capacity Gibraltar Bucaramanga: 49.9 MMscfd. Maximum capacity Barrancabermeja - Payoa - Bucaramanga: 36.2 MMscfd.

Transportation Business Group N AT U R A L G A S T R A N S P O R TAT I O N I N T E G R AT E D S O LU T I O N S F O R I N D U S T R Y A N D E L E C T R I C I T Y G E N E R AT I O N Promisol offers agents in the hydrocarbons chain and other industrial sectors reliable, competitive, integrated solutions in the form of energy services, hydrocarbon treatment and infrastructure services. DEHYDRATION CAPACITY: OVER 650 MMscfd INSTALLED COMPRESSION CAPACITY: 24,000 hp CO-GENERATION PLANTS: CAPACITY OVER 60 MW L N G

Transportation Business Group N AT U R A L G A S T R A N S P O R TAT I O N I N T E G R AT E D S O LU T I O N S F O R I N D U S T R Y A N D E L E C T R I C I T Y G E N E R AT I O N The priority at this LNG regasification terminal will be to receive the liquid natural gas that is imported by the principal thermoelectric power generators on the Caribbean coast, in order to guarantee that this fuel is available at times of peak demand. APPROXIMATE INVESTMENT: USD 142 MILLION REGASIFICATION CAPACITY: 400 MMscfd OPERATION COMMENCEMENT DATE: DECEMBER 2016 L N G

Transportation Business Group N AT U R A L G A S T R A N S P O R TAT I O N I N T E G R AT E D S O LU T I O N S F O R I N D U S T R Y A N D E L E C T R I C I T Y G E N E R AT I O N L N G I N 2 0 1 5 : 100% gas transportation service reliability and continuity index. 193 km expansion of Promigas transportation system in the Caribbean region in order to increase capacity and thus enable the gas supply from the fields in the southern part of this region to be incorporated into the National Transportation System. The total investment in this pipeline is USD 43 million. Promisol purchased 49% of Enercolsa shares (it has held 51% since 2012), with a view to continuing to strengthen its electricity generation business. The Promigas Metrology Laboratory has been in existence for 15 years. It is accredited by the National Accreditation Organization, ONAC, and since 2014 all service certifications it issues with respect to its calibrations have been internationally recognized. Promigas declared its greenhouse-effect gas inventory for 2013, and this was certified by ICONTEC. The 2014 and 2015 inventories are currently in the process of being certified, with a view to establishing reduction targets with respect to the base year. The environmental investment figure for Promigas and its associated companies was USD 2 million.

Distribution Business Group N AT U R A L G A S D I S T R I B U T I O N E L E C T R I C I T Y D I S T R I B U T I O N N O N - B A N K F I N A N C I N G 3.45 million users (40% of the total users in the country) and a total of 650 towns served by our distribution companies in Colombia. Gas sales: 8,525 million m3. Gases del Pacífico: natural gas utility in northern Peru where the necessary activities are being carried out to enable commercial operation to commence. Accumulate d users Number of towns Potential Market Coverage (%) GdO 1,009,143 219 1,329,698 81 Surtigas 657,925 152 674,957 96 Gases del Caribe 861,142 189 984,341 89 Efigas 481,914 32 639,454 79 Gases de La Guajira 99,076 58 127,156 83 Cálidda 345,137 18 2,048,574 55 IN PERU NUMBER OF USERS WHO WILL BE CONNECTED: 150,000 LOCATIONS: TRUJILLO, PACASMAYO, CHIMBOTE, HUARAZ, CHICLAYO, LAMBAYEQUE AND CAJAMARCA INVESTMENTS MADE IN 2015: USD 15 MILLION

Distribution Business Group N AT U R A L G A S D I S T R I B U T I O N Compañía Energética de Occidente provides services in department of Cauca, in the south western part of Colombia. E L E C T R I C I T Y D I S T R I B U T I O N ACCUMULATED USERS: 334,291 ENERGY DEMAND: 569 GWh LINES INSTALLED: 25,189 km N O N - B A N K F I N A N C I N G

Distribution Business Group N AT U R A L G A S D I S T R I B U T I O N Non-bank financing model through distribution companies related to Promigas, the purpose of which is to contribute to the wellbeing of users at the base of the pyramid by offering them access to credit for improving their quality of life. E L E C T R I C I T Y D I S T R I B U T I O N Brilla LOANS: USD 553 MILLION NUMBER OF BENEFICIARY USERS: 1.6 MILLION PORTFOLIO: USD 137 MILLION N O N - B A N K F I N A N C I N G

Distribution Business Group I N 2 0 1 5 : N AT U R A L G A S D I S T R I B U T I O N E L E C T R I C I T Y D I S T R I B U T I O N N O N - B A N K F I N A N C I N G 234,847 new natural gas users were connected in Colombia and 90,000 in Peru during the year. Surtigas was recognized as the best public utility company in its region, with a 94% satisfaction rating in a survey which evaluated such things as knowledge, favorability and trust.. Gases de Occidente is the best public utility company in the city of Cali, having obtained the highest ratings over a period of more than 10 years. Compañía Energética de Occidente energy sales rose by 9.42% and its loss indicator fell by 6.17%, 4.99 points below the figure stipulated in the contract. Brilla expanded both its range of services, with new insurance products and education loans, and its coverage, when the program was introduced for Compañía Energética de Occidente customers.

Comprehensive development Knowledge management Strengthening the organizational climate Economic performance Development of new business Legal and regulatory management Safety in all processes Management of resources and waste Climate change Caring for biodiversity Promoting local development Contributing to the quality of education Sustainable supplier management Development of competitive solutions Customer service quality Service continuity and integrity Our management model includes good practices and the various worldwide sustainable management standards that exist today, and it takes into account the expectations of our interest groups. It consists of four fundamental areas that guide our actions in terms of approach and implementation, all linked to strategy, issues that are relevant to our field of activity, measurement, and communication at corporate level.

Comprehensive development Knowledge management Strengthening the organizational climate Economic performance Development of new business Legal and regulatory management Safety in all processes HUMAN RIGHTS CORPORATE GOVERNANCE CORPORATE POLICY Development of competitive solutions Customer service quality Approach Management of resources and waste Climate change STAKEHOLDER ENGAGEMENT GESTIÓN DEL RIESGO Service continuity and integrity Caring for biodiversity Promoting local development Contributing to the quality of education Sustainable supplier management

To strengthen the overall development of our personnel and our corporate culture To grow in a profitable and sustainable manner, in line with our shareholders expectations To guarantee a safe operation To ensure an environmentally responsible operation HUMAN RIGHTS CORPORATE GOVERNANCE C O R P O R A T E P O L I C Y STAKEHOLDER ENGAGEMENT To strengthen relations with the community GESTIÓN DEL RIESGO To strengthen management with suppliers and contractors To strengthen the value proposition for our customers To optimize productivity and guide the organization towards levels of operational excellence Implementation

We contribute to improving the quality of life in the regions where we operate, through social management practices. We work hand-in-hand with our strategic partners and allies in our commitment to quality education for life as a means of boosting not only human development but also that of society.

Promigas and UNDP have carried out a program aimed at strengthening local disaster risk management capabilities in Magdalena and La Guajira provinces, in northern Colombia. This has been an opportunity to contribute to disaster risk management processes from the regional planning side.

The foundation won the prestigious Portafolio award in the Contribution to the Community category for its focus on projecting new ways for volunteers to act in the country in the field of education. Present in 80 towns and locations throughout the country. Has directly assisted 634 education establishments and 3,220 teachers and managers. Has influenced the learning experience of 258,613 students. The following have benefited from beinglicensed to use its approaches to work: - 291 education establishments. - 2606 teachers and managers. - 100 000 students. Promigas and its associated companies have made a social investment of USD 4 million.

Experience in natural gas regulation. Coordination of strategies with the government in order to increase gas service Coverage Coordination of strategies with the government in order to increase gas service coverage (mass provision of services, cross-subsidies, regional gas pipelines, etc.). Promigas is a long-term investor with a high level of social conscience and a strategic partner for developing energy markets. Experience in dealing with users in adverse economic conditions, with resulting improvement in living conditions for marginal population groups. Development of energy efficiency programs in conjunction with industry, in order to Improve competitiveness. Pioneers in the use of natural gas for vehicles in Colombia. Development of new market niches in order to increase natural gas service coverage. Development of business with people at the base of the pyramid. For example, non-bank financing (Brilla) for persons without access to banking.

G E N E R A L B A L A N C E S H E E T 1 1 Figures in millions of USD 2011 2012 2013 2014 2015 (2) Assets 1,844 2,378 2,337 2,057 2,259 Liabilities 1,180 1,532 1,509 1,346 1,410 Equity 664 846 828 711 849 (1) Consolidated figures Col GAAP stated in dollars at year-end representative market exchange rate for each year. (2) Consolidated IFRS figures expressed in dollars at the official exchange rate at the end of 2015.

P R O F I T A N D L O S S S T A T E M E N T 2 1 Figures in millions of USD 2011 2012 2013 2014 2015 (3) Income 722 904 1,007 995 930 (4) Costs 487 643 658 639 617 Operating Expenses 92 111 102 107 92 Ebitda (2) 204 235 293 306 276 (4) Net Profit 101 133 236 184 174 (1) Consolidated figures Col GAAP stated in dollars at year-end representative market exchange rate for each year. (2) EBITDA: Earnings before Interest, Taxes, Depreciation and Amortization. (3) Consolidated IFRS figures expressed in dollars at the 2015 average official exchange rate. (4) Does not include financial assets or equity method + dividends.

B U S I N E S S I N D I C A T O R S 2015 Figures in millions of USD Income Ebitda Net Profit Transportation Business Group 248 162 132 Distribution Business Group 682 114 42 Total 930 276 174

Number of inhabitants Number of inhabitants Extreme poverty percentage 48,203,405 27,8 % 7,9 % Current legal minimum salary Inflation Unemployment Exchange rate (annual average per dollar) USD 235 6,77 % 8,9 % $2,743

GDP (billions) Per capita GDP GDP growth USD 297 USD 6,165 3,1 Total exports USD 35,691 million FOB FTD rate Average FTD rate Total imports 5,22 % 4,55 % USD 51,598 million FOB Sources: DANE, Banrep, Ministry of Mines and Energy, Ecopetrol, FocusEconomics.

The mass use of natural gas in Colombia began in the 1980s as the result of a joint initiative by government and private enterprise, and their continual work has made gas the preferred fuel in the country s homes and industries. Promigas has been present throughout this successful process, has played an active role in it, and has enjoyed the satisfaction of being part of the social revolution that the mass use of this fuel has brought about. E V O L U T I O N I N N U M B E R O F N A T U R A L G A S U S E R S Year Users (thousands) 1983 36 1987 187 1991 373 1995 925 2000 2,100 2005 3,800 2010 5,700 2015 7,901

Natural gas continues to be a vitally important fuel in Colombia, especially in terms of industrial and domestic sector consumption, which remains stable. It is also used by thermoelectric power companies to meet peaks in demand. Proven reserves (Tcf) 4.7 Production capacity (MMscfd) 1,078 Consumption, Colombia (MMscfd) 1,031 Transportation Kilometers of gas pipeline 7,684 Distribution Users 7,901,990 Towns served 697* Vehicles converted to vehicular natural gas 538,213 Consumption (MMscfd) Domestic 199,5 Industry 241,4 Natural gas for vehicles 87,4 Petrochemical 17,4 Refining 115,2 Thermoelectric 325,1 Other 44,6 * As per new Ministry of Mines and Energy methodology Source: Naturgas, 2015 indicators and Concentra, Consolidated Natural Gas Figures in Colombia, 2015.

W W W. P R O M I G A S. C O M Calle 66 # 67-123 C P: 0800002 Barranquilla, Colombia Phone: (57-5) 371 3444 / 371 3555 E-mail: promigas@promigas.com