Results and Significant Developments 2013

Strictly Private and Confidential

Results and Significant Developments – 2013

I. Cálidda Overview

II. Significant Developments

III. Commercial Performance

IV. Operational Performance

V. Financial Performance and Key Metrics

VI. Questions and Answers Session

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

1

Results and Significant Developments – 2013

I. Cálidda Overview

II. Significant Developments

III. Commercial Performance

IV. Operational Performance

V. Financial Performance and Key Metrics

VI. Questions and Answers Session

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

2

Predictable and Stable Cash Flows

Management Team with Proven Track Record

Key Credit Highlights

3

Low Volume Risk

Strong Sponsorship of Proven Shareholders

Strong Consistent Financial Performance

Regulated Monopoly with Limited Governmental Link

Sector’s Strong Growth Prospect

National Strategic Importance

Constructive and Stable Regulatory Framework

Key Metrics Highlights

Cálidda is backed up by the GoP in order to massively expand service and promote natural gas consumption.

BOOT concession contract expires in 2033 and may be renewed up until August of 2060.

Cálidda distributes very price-competitive energy compared to other alternative sources available in the energy market (between 58%-88% savings).

Cálidda’s concession area concentrates more than 34% of Peru’s population and over 44% of Peru’s GDP.

Diversified and strongly growing client base (CAGR ‘09-’13: 71%): power generators, industrial companies, NGV stations, commercial and residential customers.

Installed distribution capacity is 420 MMCFD.

Cálidda’s volume capacity is mostly committed to long term firm contracts (take or pay) with an average life of 16.8 years.

Over 62% of Total Adjusted Revenues are volume related, and firm contracted revenues account for over 42% of Total Distribution Revenues.

93% of firm volume contracts come from power generators, which account for over 70% of the invoiced volume.

Cálidda serves residential customers in 15 out of the 49 districts in Lima & Callao; and industrial, NGV stations and power generators in 34 districts.

4

Overview

1) Adjusted EBITDA Margin excludes Pass-through and IFRIC 12 revenues. 2) Total Adjusted Revenues excludes Pass-through and IFRIC 12 revenues. Installation Services include connection fees and facility financing

4%

17%

14%

27%

33%

5%

Residential & Commercial Industrial NGV Stations

Power Generation Installation Services Others

Total Adjusted Revenues2 Total Volume

1%

17%

10%

72%

Year-end Results 2013 2012 Var %

Invoiced Volume (MMCFD): 577 508 14%

Total Revenues (USD MM): 460.9 370.1 25%

EBITDA (USD MM): 72.1 64.4 12%

Adjusted EBITDA Margin1 : 49.3% 51.6% --

Network Lenght (km): 3,404 2,550 33%

Accumulated Clients: 163,823 103,724 58%

Results and Significant Developments – 2013

I. Cálidda Overview

II. Significant Developments

III. Commercial Performance

IV. Operational Performance

V. Financial Performance and Key Metrics

VI. Questions and Answers Session

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

5

6

Cálidda’s Equity Capital was increased by USD 87.2 MM.

USD 25 MM of new Shareholders’ funds.

USD 62.2 MM capitalization of retained earnings.

The Main Grid’s expansion project was concluded, increasing the capacity of Cálidda’s natural gas distribution system from 255 MMCFD to 420 MMCFD (+65%).

On April 1st, Cálidda issued USD 320 MM ten-year bullet bonds in the international market under rule 144A/Reg S. Bond offering was rated investment grade by the three agencies. Funds were used to restructure debt maturity, reduce financial costs and fund 2013-2014 CapEx.

In August, the Peruvian Government increased the Promotional Discounts up to 10,000 per month, simplified the building standards and requirements for internal installations, and stated as mandatory the installation of natural gas in all new multifamily buildings.

Cálidda’s five-year investment plan (2014–2018) and tariff proposal (2014–2017) were submitted to the regulatory entity (OSINERGMIN). According to schedule, it is expected to get the approval by between April and June 2014.

The thermoelectric plants of Fénix Power (534MW) and Termochilca (200MW) were connected in May and October, respectively, representing additional 126 MMCFD of contracted volume.

Growing client base is now 164,000 customers.

Record high in monthly connections achieved in November, with 8,417 new clients (2.7x November 2012’s).

Cálidda achieved the recertification of ISO 9001 and 14001 standards.

Significant Developments

3,284 3,838 3,663 3,984

2,811 3,430

4,609

5,574 6,231

7,479

8,417

6,779

3,193 3,373 3,671 3,169

2,649 2,535

3,531 4,082

3,704 4,288

3,066 2,282

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

Connection’s Performance

2013 2012

Distribution Network

Main Grid

Main Grid’s Expansion

Steel Network

PE Network

Concession Districts

Results and Significant Developments – 2013

I. Cálidda Overview

II. Significant Developments

III. Commercial Performance

IV. Operational Performance

V. Financial Performance and Key Metrics

VI. Questions and Answers Session

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

7

The Fénix Power (534MW) and Termochilca

(200MW) thermoelectric plants were connected

and will be fully up and running in 2014, adding

126MMCFD to this segment’s volume

consumption, a 38% increase vs. current levels.

A total of 40 new industrial plants were

connected during the 2013 period as Cálidda

was able to attend the demand for this segment

in more than 30 districts.

14 new NG service stations joined Cálidda’s

distribution system and more than 170,000

vehicles converted to natural gas were served

in the City of Lima and Callao in 2013.

Cálidda added 60,043 clients to the Residential

& Commercial segment. As to residential clients

only, 59,407 were connected, and therefore a

total of 160,694 households are now Cálidda’s

clients.

Diverse Client Base

8

Power Generation

Industrial

NGV Stations

Clients Segments Growth Highlights

Residential & Commercial

8 11

13 13 15

0

5

10

15

20

2009 2010 2011 2012 2013

321 360

394 429 469

0

100

200

300

400

500

2009 2010 2011 2012 2013

103 143 172 192 206

81,029 103,712

126,586 151,768

170,526

0

50,000

100,000

150,000

200,000

0

100

200

300

400

2009 2010 2011 2012 2013

NGV Stations Converted Vehicles

18,756 34,619

63,602

103,090

163,133

0

50,000

100,000

150,000

200,000

2009 2010 2011 2012 2013

5.8% 3.0% 2.4% 3.1% 5.4%

11.4% 15.8% 23.8% 25.9%

32.7% 12.4%

27.0%

36.0% 34.2% 27.0%

27.8%

19.2%

15.4% 15.1% 13.9% 39.2%

32.4% 20.0% 18.5% 16.6%

3.5% 2.6% 2.4% 3.2% 4.5%

2009 2010 2011 2012 2013

Residential &Commercial

Industrial

NGV Stations

Power Generation

InstallationServices

Others

Client’s Performance

9

Volume Sold by Client Segment (MMCFD)

2

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

(2) Installation Services include revenues from connection fees and facility’s financing.

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

Cálidda now sells more than 3x the volume in 2009.

As of December, 2013, contracted volume amounts to 419 MMCFD, 73% of the total volume sold.

Volume related revenues account for 62% of Total Adjusted Revenues.

On the other hand, over 59% of Total Adjusted Revenues are not dependable on volume volatility (firm contracts: 26%; installation services: 33%).

Installation Services revenues increased by 48% vs. 2012’s results.

Total Adjusted Revenues1 by Client Segment

52.2%

63.9%

71.6% 71.6%

72.5%

13.4%

10.6%

8.8%

9.7%

9.6%

34.0%

25.0%

19.2%

18.1%

17.2%

182

303

457

508

577

2009 2010 2011 2012 2013

Residential &Commercial

Industrial

NGV Stations

PowerGeneration

3

Volume Sold by Client Segment

10

NGV Stations (MMCFD) Residential & Commercial (MMCFD)

Industrial (MMCFD) Power Generation (MMCFD)

0.8

1.3

1.9

2.9

3.9

2009 2010 2011 2012 2013

62

76

88 92

99

2009 2010 2011 2012 2013

24

32

40

49

56

2009 2010 2011 2012 2013

95

193

327 364

418

2009 2010 2011 2012 2013

Results and Significant Developments – 2013

I. Cálidda Overview

II. Significant Developments

III. Commercial Performance

IV. Operational Performance

V. Financial Performance and Key Metrics

VI. Questions and Answers Session

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

11

12

Operational Performance

Distribution System

Network Efficiency

Infrastructure in kilometers

Penetration Rate

273 303 359 387 408

701 1,020

1,465

2,163

2,996

974

1,324

1,824

2,550

3,404

2009 2010 2011 2012 2013

Steel Network Polyethylene Network Total

In 2013, Cálidda’s distribution network was expanded by 854 km, out of which 21 km were steel high pressure network mainly used for the Industrial and NGV Stations segments, while the remaining 853 km were polyethylene pipelines and focused on connecting residential customers.

Total network now consists of 3,404 km of underground pipelines and its 3.5x longer than what it was in 2009.

19,188 35,133 64,181

103,724

163,823

93,761 125,849

173,531

244,317

330,678

20%

28%

37%

42%

50%

0%

10%

20%

30%

40%

50%

60%

0

100,000

200,000

300,000

400,000

500,000

2009 2010 2011 2012 2013

Total Clients Potential Clients* Penetration Rate

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

The network penetration rate has increased to 50% over the years due to Cálidda’s commercial strategy main focus: districts characterized by medium and low income families who have access to the promotional discount and where the savings produced by the use of natural gas against other alternative fuels are more appreciated.

Results and Significant Developments – 2013

I. Cálidda Overview

II. Significant Developments

III. Commercial Performance

IV. Operational Performance

V. Financial Performance and Key Metrics

VI. Questions and Answers Session

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

13

Financial Performance

14

FFO (USD Millions) Net Income (USD Millions)

EBITDA (USD Millions) & Adj. EBITDA Margin (%) Total Revenues (USD Millions)

43 64 103 125 146

116 125

201 245

315

160 188

304

370

461

2009 2010 2011 2012 2013

Distribution & Others Pass-through & IFRIC 12

19

29

59 64

72

44.5% 46.1% 57.6%

51.6% 49.3%

2009 2010 2011 2012 2013

EBITDA Adjusted EBITDA Margin

12

18

40 43

36

2009 2010 2011 2012 2013

7

10

26 27

17

2009 2010 2011 2012 2013

Financial Performance (Cont’d)

15 (1) Total Debt: net of debt associated costs.

Total Debt1 (USD Millions) Capex (USD Millions)

Equity (USD Millions) Total Assets (USD Millions)

218

289

383

492

648

2009 2010 2011 2012 2013

106 115

141

202

244

2009 2010 2011 2012 2013

Equity Injection:

$35MM

Equity Injection:

$25MM

28 67

119 149

318

47

47

47

47

75

114

166

196

318

2009 2010 2011 2012 2013

Senior Debt Shareholders' Subordinated Debt

48 50 32

63

92 3 53

33

5

51 50

85

96 98

2009 2010 2011 2012 2013

Secondary Network Main Network

Financial Metrics

16

Interest Coverage1 FFO / Net Debt

Debt and Net Debt / EBITDA Debt / Capitalization (%)

(1) Ratio does not include 2013’s debt prepayment penalties (USD 7.8 MM).

41.4%

49.8% 54.1%

49.3%

56.6%

2009 2010 2011 2012 2013

3.9x 3.9x

2.8x 3.0x

4.4x

3.1x 3.1x

2.3x 2.3x

3.0x

2009 2010 2011 2012 2013

Debt / EBITDA Net Debt / EBITDA

3.5x 3.8x

5.8x 5.5x 5.6x

2009 2010 2011 2012 2013

20.9% 20.2%

28.9% 28.3%

16.9%

2009 2010 2011 2012 2013

Results and Significant Developments – 2013

I. Cálidda Overview

II. Significant Developments

III. Commercial Performance

IV. Operational Performance

V. Financial Performance and Key Metrics

VI. Questions and Answers Session

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

17

Strong Sponsorship with Optimal Experience

Controlling Shareholder – 60% Ownership in Cálidda

Shareholder – 40% Ownership in Cálidda

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

– International presence: Colombia, Peru and Guatemala

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

– Only vertically-integrated natural gas company in Colombia

– 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

– International Presence: Panama, Peru and Costa Rica

– EEB has 15.6% stake in Promigas

Controlling Investments

Non Controlling Investments

Controlling Investments

Non Controlling Investments

18

Experienced and Proven Management Team & Board

Cálidda’s management team and board have a successful track record in the oil and gas sector

Board of Directors

Management Team

19

ChiefOperating

Officer

JorgeMonterroza

Years in industry:16 years

Years at Cálidda:2 years

Chief Executive OfficerAdolfo Heeren

Years in Industry: 16 YearsYears at Cálidda: 2 years

ChiefCommercial

Officer

CarlosCerón

Years in industry:16 years

Years at Cálidda:2 years

ChiefProcurement

Officer

PatriciaPazos

Years in industry:16 years

Years at Cálidda:8 years

ChiefFinancialOfficer

JaimeQuintana

Years in industry:7 years

Years at Cálidda:2 years

Chief Human Resources

Officer

RosarioJiménez

Years in industry:4 years

Years at Cálidda:4 years

ChiefExternal Affairs Officer

TaniaSilva

Years in industry:2 years

Years at Cálidda:1 years

ChiefLegal and Regulatory

Officer

AmadeoArrarte

Years in industry:11 years

Years at Cálidda:9 years

ChiefStrategy Officer

TatianaRivas

Years in industry:5 years

Years at Cálidda:5 years

ChiefInternal Auditor

CarolinaHernández

Years in industry:7 years

Years at Cálidda:5 years

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.

Disclaimer

20

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.