TGIi & Cálidda conference call Q3 14

October 2014

Strictly Private and Confidential

TGI 3Q RESULTS

2

Table of contents

1. TGI overview and history

2. Key updates

3. Financial and operating highlights

4. Questions and Answers

Appendix

1. Economic industry and regulatory environment

2. Shareholders and management team

3. EEB Overview

1. TGI overview and history

4

Overview

Stable and growing Colombian economy with sound investment environment

Constructive and stable regulatory framework

Largest natural gas pipeline system in Colombia

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

Natural monopoly in a regulated environment

Strategically located pipeline network

Company history

TGI history Pipeline network Highlights

Owns ~61% of the national pipeline network (3,957 km) and transports 52% 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 Piedemonte Llanero, among others)

− Has access to the two main production regions, La Guajira and Cusiana/Cupiagua

25% interest in Contugas (Peru)

− 30-year concession for natural gas transportation and distribution

TGI was created as a result of the privatization of Ecogás and has experienced remarkable growth since then, under

the leadership of its controlling shareholders, EEB and CVCI

Creation of Ecogas

1997

2005

Start of Ecogas Privatization Process

2006

Ecogas assets awarded to EEB

Creation of TGI

Inaugural bond issuance

Transfer of first

BOMT pipeline

(GBS)

Pipelines

exchange with

Promigas

CVCI

capitalization

Transfer of

second BOMT

pipeline

(Centragas)

Cusiana

expansion phase

I: start of

operations

Refinancing of

subordinated debt

with EEB

2008

TGI takes over the O&M of owned pipelines

Refinancing of

bonds issued in

2007

Cusiana

expansion

phase II: start of

operations

TGI takes over

the O&M of

compressor

stations

Awarded

investment

grade rating by

Moody’s and

Fitch

2010

Awarded

investment grade

rating by S&P

Headquarters

relocation from

Bucaramanga to

Bogotá

Redesign of

organizational

structure

2012

2013

2007

2009

2011

2014 EEB acquired

31.92% stake in

TGI from TRG

(formerly CVCI)

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 Producers: 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.

5

Sabana Compressor

starts operations

Contugas Concession

starts operations

TGI´s first dividend

Payment

2. Key Updates

6

7

Key updates

Since 2H 2011, TGI designed a strategy to improve its credit ratings in order to (i) reduce financial

expenses, (ii) provide better access to debt capital markets and (iii) broaden its potential investor

base

On August 28th, Standard & Poor’s affirmed the TGI corporate debt and issuer rating in ‘BBB-‘,

perspective stable

On October 28th, Fitch Ratings upgraded TGI’s corporate debt and issuer rating from ‘BBB-’ to

‘BBB’, with stable perspective

TGI’s current ratings are as follows:

Baa3 Stable Outlook

BBB Stable Outlook

BBB- Stable Outlook

Fitch upgraded TGI’s credit rating to BBB on Oct 28, 2014

Hedge Restructuring

Key updates

• During the first quarter of 2014, TGI executed synthetic unwinds to cap losses

related to 3 of 4 cross-currency swaps booked in 2009

• On September 2014, TGI executed the forth synthetic unwind hedging the whole

cross-currency swaps booked in 2009

TGI’s acquisition

9

EEB closed the TGI 31,92% share acquisition on the first half of 2014

To bridge the acquisition EEB used cash on hand and short term financings

USD $ 645 MM were disbursed on September 2014 trough credit facilities to IELAH

On September 2014 IELAH repaid to TGI the USD 129 MM short term loan that bridged the acquisition

TGI is currently working on the merger with IELAH, this merger is expected to take place the 2Q 2015

Key updates

In ordinary session held on October 29th 2014, the General Shareholders Meeting approved the

distribution of reserves and the net profits of the first eight months of 2014, amounting ~ USD 250

mm

Dividends Declared

On July 7th TGI started operations of La Sabana Compression Station

Civil work continues end up the project which to the date has a completion of 91%.

La Sabana Compression Station

3. Financial and operating highlights

10

11

Solid operational performance

(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. Source: Company information.

Network length

(km)

Capacity

(MMscfd)

Firm Contracted Capacity(1)

(MMscfd)

Transported Volume Gas Losses Load factor

(MMscfd) (%) (%)

3,702

3,529

3,774 3,774

3,957 3,957 3,957

2008 2009 2010 2011 2012 2013 3Q-14

478 478 548

618

730 730 730

2008 2009 2010 2011 2012 2013 3Q-14

427 437 485

560 604 628 652

90% 92% 90%

92%

85% 88%

92%

2008 2009 2010 2011 2012 2013 3Q-14

371 396

422 420 422 454

500

2008 2009 2010 2011 2012 2013 3Q-14

0.1%

0.2%

0.6% 0.5% 0.5%

0.4%

0.0%

2008 2009 2010 2011 2012 2013 3Q-14

66% 69% 71%

58% 59% 61% 63%

2008 2009 2010 2011 2012 2013 3Q-14

12

Strong contract structure and stable and predictable cash flow generation

TGI’s revenues are highly predictable, with approximately 98% 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 (72(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 remaining life of 8 years

− 82.8% of regulated revenues are fixed tariffs, not dependent on transported volume

− 63%(2) of revenues denominated in US Dollars

Revenues breakdown

(% of revenues)

Source: Company information. (1) Includes Distributors, Ecopetrol´s refinery and Natural gas for Vehicles. (2) TGI calculations (3) Ecopetrol accounts for most of this revenue.

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

Source: TGI as of June 30- 2014

By Client By Sector

Ecopetrol 15%

Gas Natural 19%

Gases de Occidente

16% EPM 12%

Isagen 7%

Others 31%

Distributor 55%

Refinery 13%

Thermal 20%

Commercial 3%

Vehicles 4%

Others* 6%

13


Revenues EBITDA and EBITDA margin

Funds from operations (1)

(US$ in millions – average exchange rate for each period)

Source: Company information

Historical Capex - YTD

(US$ in millions – average exchange rate for each period)

(US$ in millions – average exchange rate for each period) (US$ in millions – average exchange rate for each period)

(1)FFO calculated as net income plus depreciation, amortization and provisions, adjusted for effect from exchange rate and hedges.

On 2012 FFO includes the LM transaction premium~ USD 69 million (one time event)

238 252

294

338

390

465 480

2008 2009 2010 2011 2012 2013 LTM-143Q

194 196 222

257

289

359 378

82% 78%

75% 76% 74% 77% 79%

2008 2009 2010 2011 2012 2013 LTM-143Q

84 96 104 114

129

268 254

2008 2009 2010 2011 2012 2013 LTM-143Q

13.9

69.1

174.1

387.0

185.1

31.9 27.8

2008 2009 2010 2011 2012 2013 3Q-14

14


Total debt / EBITDA

Financial debt breakdown (3)

Subordination Agreement

The lender is EEB (major shareholder)

No repayment of principal allowed before payment of senior debt

Interest can only be paid if there is no default or event of default and if the payment does not trigger any such scenario

Subordinated debt acceleration is not allowed until senior debt is not repaid

Source: Company information. Total debt includes senior debt, subordinated debt and mark-to-market. Note: Ratios calculated in local currency. (1) Senior Net debt excluding EEB´s short term intercompany Loans. Including the ICL the ratio lowers to 1.2x (2) Interest coverage ratio calculated as EBITDA / Net interest (3) Senior debt stands for the US$750 million Senior Unsecured Notes due 2022. Subordinated debt stands for intercompany loan with EEB.

Senior net debt (1) / EBITDA Interest coverage (2)

2.0 2.0 2.0 2.5

4.0

5.9 6.4

2008 2009 2010 2011 2012 2013 3Q-14

6.5

5.6 5.4 4.9

4.2 3.5 3.4

2008 2009 2010 2011 2012 2013 3Q-14

3.7 3.3 3.4

2.7 2.4

1.5 1,6

2008 2009 2010 2011 2012 2013 3Q-14

4. Questions and answers

16

Investor Relations

For more information about TGI contact our Investor Relations team:

Antonio José Angarita Vega

CFO

+57 (1) 3138400 - ext 2110

[email protected]

Sergio Andrés Hernández Acosta

Finance Manager

+57 (1) 3138400 - ext. 2450

[email protected]

Fabián Sánchez Aldana

IR Advisor - EEB

+57 (1) 3268000 - ext. 1827

[email protected]

http://www.tgi.com.co

mailto:[email protected]





Appendix 1 – Economic industry and regulatory environment

Source: Banco de la República, DNP, MINHACIENDA., Bloomberg

5-year CDS Foreign currency reserves

Real GDP growth and inflation Foreign direct investment

(US$ in billions) (% growth)

(%) (US$ in billions)

Stable and growing Colombian economy with sound investment environment

Despite the recent global economic slowdown, Colombia has experienced positive economic growth and an increase in industrial activity, supported by a steady flow of investment

5% 5%

7% 7%

4%

2%

4%

7%

4% 4% 4% 6% 5%

4%

6%

8%

2%

3% 4%

2% 2%

3%

0.0%

2.0%

4.0%

6.0%

8.0%

10.0%

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014(e)-

Real GDP growth

Inflation

0

100

200

300

400

500

600

700

01-0

4

06-0

4

11-0

4

04-0

5

09-0

5

02-0

6

07-0

6

12-0

6

05-0

7

10-0

7

03-0

8

08-0

8

01-0

9

06-0

9

11-0

9

04-1

0

09-1

0

02-1

1

07-1

1

12-1

1

05-1

2

10-1

2

03-1

3

08-1

3

01-1

4

06-1

4

9 10 11 11 14 15 15

21 24 25

28 32

37

44 47

-5.0%

5.0%

15.0%

25.0%

35.0%

45.0%

0

10

20

30

40

50

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

International reservesDebt as % of GDP

2 3 2 2 3

10

7

9 11

7 6

15 15 16

5

-

3.0

6.0

9.0

12.0

15.0

18.0

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 20142Q

695 731 723 810

860 892 905

1047 1072 1083

1270

2006 2007 2008 2009 2010 2011 2012 2013 2014-1H

2016 2018

CAGR: 2006-2013: 5,6%

CAGR: 2013-2018: 4,3%

…

Source: UPME, ANH, Concentra 1 Mining and Energy Planning Unit. Reserves as 2012. 2 National Hydrocarbons Agency. Reserves as 2012.

Energy sources 2012

Growing Demand of Natural Gas Significant Availability of Natural Gas

Reserves mostly located in the north and east regions of the

country

Key fields (Ballena, Chuchupa, Cusiana and Cupiagua)

concentrate virtually all of the natural gas production

Long distances between production and main consumption

areas

Minimal gas storage capacity across the country

Total

Domestic

Demand

(mmcf/d)

Expected

2013A-2018E

Growth by

Sector

Natural Gas in Colombia: Increasing Demand and Vast Reserves

(0.0)%

0.8% 1.9%

17.0%

6.3%

13.2%

Petro-chemical

Industrial Residential PowerGeneration

NGV Refinery

19

Data from UPME as of 31-Dec-2012 Data from ANH as of 31-Dec-2013

11.7

6.4

RESERVES PER UPME RESERVES PER ANH

Proved Probable + possible Yet to Find Conventional Non Conventional

Organic 9,1%

Coal 9,8%

Natural Gas

25,1%

Hydro 12,9%

Oil 43,2%

(Million Equivalent Oil Tons)

Regulatory framework established to attract private sector investment

Law 142 (1994) establishes system of open entry to the natural gas transportation sector − No term limitation for the provision

of the service − Assets used in the provision of the

service are not owned by the state but by the company providing such service

CREG required by law to seek input from market participants

CREG is an independent regulatory body that controls natural gas regulation − Sets tariffs, promotes competition

and monitors quality of service

Tariff calculation based on the principle of financial feasibility and economic efficiency

Tariffs are set in order to allow the service provider to: − Recover operational costs and

investments − Obtain a return on investment

comparable to what an efficient company would obtain in a sector of similar risk

Cost recovery, attractive regulated return on investment and protection against inflation

Transporters are given full recovery of operating and maintenance expenses − Adjusted by Colombian Price

Index (CPI) Dollar indexation of investment

remuneration tariff Different rates of return applied

when determining fixed and variable charges

Constructive and stable regulatory framework

Source: Company information.

The Colombian gas transportation regulatory framework was established to attract private strategic investors and to provide adequate cost recovery and regulated returns

CREG RESOLUTIONS 083 AND 112 OF 2014

Establishes regulations for natural gas market.

Definition of contractual arrangements in the primary market.

Definition of marketing mechanisms.

Defines secondary market with its respective regulations.

The following reliability aspects in the Decree have not yet been defined by the Regulatory Commission:

The CREG will establish the reliability criteria which shall secure the demand coverage and must set the rules for the evaluation and remuneration of these investment projects.

CREG RESOLUTION 047 OF 2014

Recent Regulatory Decisions

The regulatory framework for natural gas transportation in Colombia is in a stage of important definitions. The main recent regulatory decisions are:

CREG RESOLUTION 089 OF 2013

21

DECREE 2100 OF 2011

Establishes the principles that will be considered in the next natural gas transportation tariff update process.

The resolution mentions the principles that will be kept from the actual tariff methodology.

Remuneration based on contracts. Price cap methodology.

It also mentions aspects that must be evaluated.

System expansion based on government signals.

Tariff calculation based on historical demand and not projected.

The resolution CREG 083 proposes the methodology to determine the WACC for regulated activities including gas transportation.

The resolution CREG 112, proposes the value for the Beta Adjustment (Delta Beta - Δβ) , which recognizes the difference between the reference market in the USA and the Colombian Regulatory framework.

Both resolutions were available for agents comments’, and the final resolutions are expected to be issued at the end of the year.

Appendix 2 – Shareholders and management team

23

David Riaño

CEO

19 Electrical Engineer (Universidad de La Salle); Masters in Industrial Engineering

(Universidad de Los Andes); Masters in Economics (Pontificia Universidad Javeriana)

Over 19 years of experience in technical and economic regulation of gas and electricity

sector (CREG, Colombian Electricity Generators Association, Superintendency of Energy

and Gas, Superintendency of Public Services)

Former Regulatory Affairs Manager at TGI SA ESP

CEO of TGI since October 2014

Antonio J.

Angarita

CFO 20

Officer Key highlights Years of relevant experience

Experienced management team with solid track record in the sector TGI is led by an experienced and seasoned management team

Carlos A. Torres

Vice-President of

Legal Affairs

20 Lawyer (Universidad de Los Andes); Business Law (Universidad de Los Andes)

Over 20 years of experience in the Oil and Gas Industry

Former General Counsel at Petrobras Colombia

Degree in Civil Engineering and MBA from Universidad de los Andes (Bogotá)

Over 20 years of experience in financial management in different industries, former IRO in

EEB, CFO in Bayport Colombia, Regional CFO in Amnet Central America (Tigo Home),

Financial Controller and Financial Planning Manager in Colombia Movil (Tigo), Head of

Financial Planning in ETB, Head of Management Control in Codensa and Advisor of the CFO

in EEB.

TGI’s CFO since July 2014

Jorge Gonzalez

COO

20 Civil Engineer (Universidad de Los Andes); Specialization Studies in Finance (Universidad

de Los Andes)

Over 17 years of experience in the natural gas industry

Former NGV Manager at Gas Natural S.A.E.S.P.

Carlos Toledo

Vice-President for

Administration and

services

8 Degree in Law from the Universidad UNICIENCIA.

Degree in Electrical Engineering and specialization in telecommunications from Universidad

Industrial de Santander Master’s degree in Applied Political Studies from FIIAPP.

Master in Social Cohesion from Universidad de Mendez Pelayo, España.

Over 7 years serving the public and private sectors

Vice-President for Administration and Public Relations since May 2012.

Appendix 3 – EEB Overview

EEB Strategy and Overview Strategy

Transportation and distribution

of energy

Key facts

More than 100 years’ experience in the sector; founded in 1896.

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.

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 largest issuers of equity and debt in

Colombia

USD Million 3Q 2014

Operating revenue 844.7

Operating profit 302.0

EBITDA LTM 974.5

Net Income 463.2

Consolidated - Covenants 3Q 2014

Leverage Ratio 2.33

Interest Coverage Ratio 10.22

Focus on

natural

monopolies

Ample access

to capital

markets

Ambitious

projects in

execution

Growth in

controlled

subsidiaries

Sound

regulatory

framework

Experienced

management

and partners

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.

Cálidda´s 3Q 2014 Results

I. Significant Developments

II. Commercial Performance

III. Operational Performance

IV. Financial Performance and Key Metrics

V. Questions and Answers Session

Annexes:

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

2

Table of Contents






Annexes:



Table of Contents

3

In July OSINERGMIN published the resolution that sets Cálidda´s tariff regime for the next 4 years (from May 8th, 2014 to May 7th, 2018). The approved average distribution tariff was increased by 6.37% when compared to the 2010 – 2014 average distribution tariff.

In addition, OSINERGMIN resolution establishes an investment plan (capex) of US$ 428 MM for the period 2014 – 2017.

Also in July, Cálidda started to expand sales to the residential segment at regular sales price of installation services, without promotional discounts*

As part of our expansion plan, Cálidda has started working on the environmental impact study in the southern district of Lima called Cañete.

As of September, Cálidda has a client base of 235,000 customers, 67% more than in Q3 2013.

Significant Developments

1) Total Adjusted Revenues and Adjusted EBITDA Margin exclude Pass-through and IFRIC 12 revenues.

4

Significant Developments

6,889 15,945 29,048

39,543 60,097

71,452

19,188 35,133

64,181

103,724

163,821

235,273

0

50,000

100,000

150,000

200,000

250,000

0

25,000

50,000

75,000

100,000

2009 2010 2011 2012 2013 YTD 2014

Connections Performance

Period connections Collected connections

(*) Mechanism set up to increase residential sales in medium-low income households by discounting 50% the sales price of installation services. The 50% discount is known as “promotional discount” and is factored in the distribution tariff

Main Results - YTD Q3 2014 Q3 2013 Var %

Invoiced Volume (MMCFD): 672 558 20%

Total Revenues (USD MM): 443.6 296.8 49%

Total Adj. Revenues (USD MM) 1 : 139.6 102.5 36%

EBITDA (USD MM): 70.9 50.5 40%

Adjusted EBITDA Margin: 50.8% 49.3% --

Total Network Lenght (km): 4,450 3,094 44%

Accumulated Clients: 235,273 141,146 67%






Annexes:



Table of Contents

5

Client Base

Our clients in this segment have an installed capacity close to 3,500 MW, representing 37% of Peru’s overall power generation capacity (*).

Up to Q3, Cálidda has connected a total of 19 new industrial plants.

A new cluster of industries in northeast Lima has been identified (Puente Piedra), and one client has already been connected (Compañía Peruana de Vidrios) to Cálidda´s distribution system. In the first stage of expansion in this cluster, a group of 11 clients will be soon connected.

6

Power Generation

Industrial

(*) Source: Executive Yearbook of Electricity of 2013 – MEM.

8

11 13 13

16 16

0

5

10

15

20

2009 2010 2011 2012 2013 Q3 2014

321 360

394 429

466 485

0

100

200

300

400

500

600

2009 2010 2011 2012 2013 Q3 2014

Client Base (Cont’d)

Up to Q3, Cálidda has connected to the distribution system a total of 9 new NGV service stations, and currently there are more than 188,000 vehicles already converted to natural gas running in the cities of Lima and Callao.

Further consumption in this segment is expected to come from the public transportation buses, as they gradually switch their fuel source from diesel to natural gas.

Up to Q3, Cálidda has added 71,424 clients to the Residential & Commercial segment.

In the Residential segment only, 70,645 new clients have been connected in 2014, and as a result a total of 231,341 households currently use natural gas.

In the Commercial segment, Cálidda has increased in 2014 its efforts to connect more businesses to the distribution system, reaching 779 new clients up to Q3 and therefore having a total of 3,216 commercial clients.

NGV Stations

Residential & Commercial

7

103 143 172 192 206 215

81,029 103,712

126,586 151,781

171,541 188,124

0

50,000

100,000

150,000

200,000

0

100

200

300

400

2009 2010 2011 2012 2013 Q3 2014

NGV Stations Converted Vehicles

18,756 34,619

63,602

103,090

163,133

234,557

0

50,000

100,000

150,000

200,000

250,000

2009 2010 2011 2012 2013 Q3 2014

Volume Sold MMCFD

In Q3 Cálidda increased its volume sold by 20% compared to Q3 2013, mainly explained by the addition of Fénix Power (82 MMCFD) and Termochilca (45 MMCFD) since the 2H 2013. Additionally, Cálidda has agreed to distribute 20 MMCFD of additional volume to Kallpa power generator.

As of Q3, 76 % of the volume sold is explained by firm contracts (take or pay), the majority of them corresponding to the power generation clients.

8

52.2%

63.9%

71.6% 71.6%

72.5% 69.9%

74.2%

13.4%

10.6%

8.8%

9.7%

9.6% 10.6%

9.2%

34.0%

25.0%

19.2%

18.1%

17.2% 18.8%

15.8%

182

303

457

508

577 558

672

2009 2010 2011 2012 2013 Q3 2013 Q3 2014

Residential &Commercial

Industrial

NGV Stations

Power Generation

Volume Sold by Client Segment MMCFD

NGV Stations Residential & Commercial

Industrial Power Generation

9

95

193

327 364

418 402

499

0

100

200

300

400

500

600

2009 2010 2011 2012 2013 Q3 2013 Q3 2014

62

76

88 92

99 98 107

0

20

40

60

80

100

120

2009 2010 2011 2012 2013 Q3 2013 Q3 2014

24

32

40

49 56 55

61

0

10

20

30

40

50

60

70

2009 2010 2011 2012 2013 Q3 2013 Q3 2014

0.8 1.3

1.9

2.9

3.9 3.7

5.5

0

1

2

3

4

5

6

2009 2010 2011 2012 2013 Q3 2013 Q3 2014






Annexes:



Table of Contents

10

Operational Performance

Distribution System Infrastructure

Network Efficiency

In the first nine months of 2014, Cálidda has built 18 km of steel high pressure network and 1,028 km of polyethylene secondary network, which is built in great extent to reach new household clients.

The pace of expansion in areas with polyethylene network built (rings) has increased considerably this year, reaching 111,997 rings in Q3 2014 compared to 53,066 rings in Q3 2013 .

Cálidda’s entire distribution system consists of 4,450 km of underground pipelines.

The network penetration rate has reached 53% in the last quarter.

The district of San Juan de Lurigancho is the one with the highest penetration rate at 71%.

This year Cálidda has planned on entering into 5 more districts: Callao, Ate, Puente Piedra, Imperial and Cañete.

11

Clie

nts

(‘0

00

)

273 303 359 387 408 426 701

1,020 1,465

2,163

2,996

4,024

974 1,324

1,824

2,550

3,404

4,450

0

1,000

2,000

3,000

4,000

5,000

2009 2010 2011 2012 2013 Q3 2014

km

Steel Network Polyethylene Network Total

19 35 64

104

164

235

94 126

174

244

331

443

20%

28%

37% 42% 50%

53%

0%

10%

20%

30%

40%

50%

60%

0

100

200

300

400

500

600

2009 2010 2011 2012 2013 Q3 2014Total Clients Potential Clients*

(*) Clients who are adjacent to Cálidda's distribution






Annexes:



Table of Contents

12

Total Adjusted Revenues by Segment

2

1) Total Adjusted Revenues exclude Pass-through and IFRIC 12 revenues.

2) Installation Services Revenues include revenues from connection fees and financing.

3) Others: mainly derived from network relocation and other non recurrent services.

3

13

1%

16%

9%

74%

4%

15%

11%

31%

37%

3%

Residential & Commercial Industrial NGV StationsPower Generation Installation Services Others

Q3 2014 Total Adjusted

Revenues1 Q3 2014 Total Volume

(MMCFD)

As of Q3, our Total Adjusted Revenues are represented by 60% from distribution revenues (volume sold related revenues) and 40% from installation services revenues and other revenues.

Futhermore, over 68% of our Total Adjusted Revenues are not dependable on demand volatility because our firm contracts revenues account for 31% and installation services revenues account for 37%.

Firm contracts revenues account for 50% of our distribution revenues.

Financial Performance Million US$

Funds from Operations (FFO)1

EBITDA & Adj. EBITDA Margin (%) Total Revenues

14

Debt & Net Debt / EBITDA2

43 64 103 125 146 103 140 116 125

201 245

315

194

304

160 188

304

370

461

297

444

2009 2010 2011 2012 2013 Q3 2013 Q3 2014

Total Adjusted Revenues Pass-through & IFRIC 12

19 29

59 64

72

92

44.5% 46.1%

57.6% 51.6% 49.3%

50.8%

2009 2010 2011 2012 2013 LTM Q32014EBITDA Adjusted EBITDA Margin

12

18

40 43

36

58

2009 2010 2011 2012 2013 LTM Q32014

3.9x 3.9x

2.8x 3.0x

4.4x

3.4x

3.1x 3.1x

2.3x 2.3x

3.0x 2.8x

2009 2010 2011 2012 2013 LTM Q32014Debt / EBITDA Net Debt / EBITDA

2) Net Debt = Debt - Cash Balance. 1) FFO = Net Profit + Depreciation + Amortization

Financial Metrics

Interest Coverage2 FFO / Net Debt

Debt / Capitalization (%) Total Debt1

2) In 2013 ratio does not include 2013’s debt prepayment penalties (USD 7.8

MM)

1) Total Debt: net of debt associated costs.

15

41.4%

49.8% 54.1%

49.2%

56.6% 53.8%

2009 2010 2011 2012 2013 LTM Q32014

3.5x 3.8x

5.8x 5.5x 5.6x

6.4x

2009 2010 2011 2012 2013 LTM Q3 2014

20.9% 20.2%

28.9% 28.3%

16.8%

22.5%

2009 2010 2011 2012 2013 LTM Q32014

28 67

119 149

318 318

47

47

47 47

75

114

166 196

318 318

2009 2010 2011 2012 2013 LTM Q32014Senior Debt Shareholders' Subordinated Debt

CapEx

Financial Performance (Cont’d) Million US$

Net Income

Equity Total Assets

16

218

289

383

492

648 660

2009 2010 2011 2012 2013 LTM Q32014

106 115 141

202

244

273

2009 2010 2011 2012 2013 LTM Q32014

48 50 32

63

92

62

3 53

33

5

51 50

85

96 98

62

2009 2010 2011 2012 2013 Q3 2014

Secondary Network Main Network

7 10

26 27

17

29

2009 2010 2011 2012 2013 LTM Q32014






Annexes:



Table of Contents

17

For more information about Cálidda, please contact our Investor Relations team:

http://calidda.com.pe/inversionistas/

http://www.grupoenergiadebogota.com.co

Adolfo Heeren

CEO

[email protected]

Rafael Andrés Salamanca Rodriguez

Investor Relations Advisor GEB

+57 1 326 8000 – ext. 1675

[email protected]

Isaac Finger

CFO

+51 1 625 7310

[email protected]

Investor Relations

18

Mathius Sersen

Finance Director

+51 1 625 7390

[email protected]



http://www.grupoenergiadebogota.com.co/

http://www.grupoenergiadebogota.com.co/






Annexes:



Table of Contents

19

Strong Sponsorship with

Optimal Experience

– Leading energy holding company with interests across the electricity

and natural gas sectors in Colombia, Peru and Guatemala.

– Founded in 1896, controlled by the Distrito de Bogotá since 1956 with a

76.2% ownership stake.

– Leader in the Energy Sector: major player in the transmission and

distribution of electricity and natural gas.

– Only vertically-integrated and one of the largest natural gas distribution

and transportation companies in Colombia.

– Founded in 1974 by the government of Colombia. Currently controlled

by Grupo Aval.

– Major player in the gas distribution sector in Colombia through Gases

de Occidente, Surtigas and Gases del Caribe.

– Participation in the power distribution in Colombia and

telecommunications sector in Panama and Costa Rica.

– EEB has 15.6% stake in Promigas.

Controlling Investments

Non Controlling Investments

Non Controlling Investments

Controlling Shareholder – 60% Ownership in Cálidda

Shareholder – 40% Ownership in Cálidda

Controlling Investments

20

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-controladas/eec

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-controladas/contugas

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-controladas/trecsa

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-controladas/eebis

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-participadas/emgesa

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-participadas/codensa

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-participadas/gas-natural

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-participadas/emsa

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-participadas/ctm

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-participadas/isagen

http://www.grupoenergiadebogota.com/nuestras-empresas/empresas-participadas/isa

Experienced and Proven Management Team & Board

Board of Directors

Management Team

PresidentSandra Stella

Fonseca Arenas

18 years of working experience in the

energy sector

Former Executive

Director of the Energy and Gas Regulation

Commission in

Colombia

Luis BetancurEscobar

Served as Director of Fondo Financiero Desarrollo Urbano

President of Colombia's

restructuring of the

Energy and Gas Regulatory

Commission

Jose Elias Melo Acosta

President of Corporación Financiera

Colombiana S.A

Minister of Colombia's Treasury and Public

Credit and Labor and Social Security departments.

Antonio CeliaMartínez-Aparicio

President ofPromigas

Served on the board of directors of various companies in the

natural gas sector.

Manuel GuillermoCamargo Vega

Management positions in distribution and

transportation utilities

of natural gas and project experience in

transportation of crude

oil and natural gas.

Felipe Castilla Canales

CFO in EEB

Previously CFO in ContourGlobal

Latinoamerica. He also held the position of CFO in REFICAR -

Refinería de Cartagena.

Luis ErnestoMejía Castro

Director of

Promigas

Minister of Mines and

Energy and Vice Minister of

Hydrocarbons and

Mines.

21

Chief Operating

Officer

JorgeMonterroza

Years in industry:17 years

Years at Cálidda:3 years

Chief Executive OfficerAdolfo Heeren

Years in Industry: 17 yearsYears at Cálidda: 3 years

Chief Commercial

Officer

CarlosCerón



ChiefProcurement

Officer

PatriciaPazos



Chief FinancialOfficer

IsaacFinger

Months in industry:

2 months

Months at Cálidda:

2 months

Chief Human Resources

Officer

RosarioJiménez



Chief External Affairs Officer

TaniaSilva



Chief Legal and

Regulatory Officer

AmadeoArrarte



Chief Strategy Officer

TatianaRivas



Chief Internal Auditor

CarolinaHernández



Disclaimer

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.

Cálidda and its Shareholders expressly disclaim any responsibility for actions taken or

not taken based on this information. Neither Cálidda nor its Shareholders accept any

responsibility for losses that might result from the execution of the proposals or

recommendations herein presented. Neither Cálidda nor its Shareholders are

responsible for any content that may originate with third parties. Cálidda or its

Shareholders may have provided, or might provide in the future, information that is

inconsistent with the information herein presented.

22

TGIi & Cálidda conference call Q3 14

Investor Relations

tgi overview

distribution tgi

confidential tgi

tgi corporate debt

eeb overview

overview stable

national pipeline network

natural gas transportation