30th April, 2015

Colombia, Equities

Celsia International expansion began; attractive

valuation and upside potential

Company update

Rating

Buy

Industry

Utilities

We are reducing our target price on Celsia from COP 7,020/share to COP 6,250/share but upgrading our recommendation from HOLD to BUY, as the stock has shown a

steep drop since September (-22.8%), which has opened an interesting room for appreciation relative to our target price.

Celsia (along with EEB) is our favorite player in the Colombian utilities industry supported by our estimated fundamental value and the very attractive relative valuation.

Our target reduction is mainly supported by the deterioration of macroeconomic conditions in Colombia, higher taxes, expected tariff

revision in power distribution in Colombia and the exclusion of the hydroelectric project Porvenir II from our model. On the positive side, we are including the acquisition of power facilities in Costa

Rica and Panama and updating our estimates on power demand in Colombia which we expect to remain stable, growing at a 2014-

2024 CAGR of 2.9%, in spite of the deterioration on the macroeconomic environment in the country. In the short term, a higher expectation in spot prices boost higher our forecast in

revenues. In spite of the above mentioned updates in our valuation model, the incorporation of inorganic growth in our 2015 forecasts

resulted in a net increase in our estimates of revenues (+53.9%), EBITDA (+28.6%) and net income (+21.5%) compared to our previous projections.

Our buy rating is supported by the expected total return on shares relative to our target price (25.7%) which exceed our expected

return for the market. Moreover, the company shows an attractive relative valuation, as it is trading at relatively low forward multiples, currently at 2015E EV/EBITDA of 7.2x and 2015E P/E of 13.0x vs

8.9x and 16.9x, respectively observed in Latam peers. The main risk on shares comes from the uncertainty regarding the acquired

assets in Central America.

ADTV and Performance

Source: Bloomberg, Credicorp Capital

CREDICORP CAPITAL EQUITY RESEARCH

Jaime A Pedroza +(571) 339 4400 ext. 1025

jpedroza@credicorpcapital.com

César Cuervo, CFA +(571) 339 4400 ext. 1012

ccuervo@credicorpcapital.com

Credicorp Capital may do or seek to do business with companies covered in its research reports. As a result, investors should be aware that the firm may have a conflict o f interest that could affect the objectivity of this report. Investors should consider this report as only a single factor in making their investment decision. Refer to important disclosures on page 2 to 6. Analyst

Certification on Page 2. Additional disclosures on page 4.

0

1

2

3

4

5

6

7

70

80

90

100

110

120

Apr-14 Oct-14 Apr-15

Celsia Colcap

Stock Data

Ticker celsia cb

Price (COP) 5,070

LTM Range (COP) 6,570 - 4,560

Target 6,250

Ex pected Return 25.7%

Market Cap (USD mn) 1,424

Shares Outstanding (mn) 720

Free Float 48.0%

ADTV (USD mn) 1.1

Valuation Sumary

COP mn 2013 2014 2015E 2016E 2017E

EV/EBITDA 7.6 9.7 7.2 7.5 7.1

P/E 10.9 24.8 13.0 13.5 12.8

P/CF 3.6 6.2 3.0 3.2 2.9

P/BV 1.2 1.2 1.0 0.9 0.9

Div Yield 1.8% 1.9% 2.5% 2.8% 3.1%

Sources: Company Reports and Credicorp Capital; E Credicorp Capital Estimates

2

Celsia - Company Summary Company Description

Sector: Utilities

Rating: Buy

Target Price: COP 6,250

Stock Data

Ticker celsia cb

Price (COP) 5,070

LTM Range 6,570 - 4,560

Market Cap (USD mn) 1,424

Shares Outstanding (mn) 720

Free Float 48%

ADTV (USD mn) 1.1

Revenues Breakdown (as of Dec 2013) ETB Income Statement

COP mn 2013 2014 2015E 2016E 2017E

Rev enues 2,381,116 2,588,782 3,444,476 3,340,355 3,465,456

EBIT 716,117 745,531 970,316 929,979 993,015

EBITDA 864,563 894,289 1,122,858 1,086,141 1,149,140

Net Income 373,645 170,527 280,368 269,437 285,942

EPS 519 237 390 374 397

EBIT Margin 30.1% 28.8% 28.2% 27.8% 28.7%

EBITDA Margin 36.3% 34.5% 32.6% 32.5% 33.2%

Net Margin 15.7% 6.6% 8.1% 8.1% 8.3%

ETB Balance Sheet

COP mn 2013 2014 2015E 2016E 2017E

Cash & Equiv alents 897,759 589,500 309,814 319,147 330,453

Total Current Assets 1,220,178 1,151,644 1,156,564 1,161,742 1,168,459

Ownership Structure Total Assets 7,326,544 9,443,350 9,483,696 9,526,150 9,581,229

Current Liabilities 407,194 1,670,469 1,600,104 1,538,551 1,478,208

Financial Debt 1,786,159 3,737,794 3,366,216 3,164,972 2,960,864

Total liabilities 2,416,064 4,606,452 4,412,415 4,242,679 4,076,278

Minority interest 1,622,157 1,350,524 1,392,386 1,433,528 1,479,261

Shareholder's equity 3,288,325 3,486,374 3,678,895 3,849,944 4,025,690

Total liabilities + Equity 7,326,544 9,443,350 9,483,696 9,526,150 9,581,229

EBITDA / Fin. Ex penses 6.09 5.67 4.27 4.70 5.29

Financial Debt / EBITDA 2.07 4.18 3.00 2.91 2.58

Financial Debt / Equity 54.3% 107.2% 91.5% 82.2% 73.5%

ROE 12.1% 5.0% 7.8% 7.2% 7.3%

ROA 5.3% 2.0% 3.0% 2.8% 3.0%

ROIC 12.9% 8.4% 9.4% 8.9% 9.3%

ETB Balance Sheet

Management COP mn 2013 2014 2015E 2016E 2017E

CEO: Juan Guillermo Londoño Initial Cash 744,227 897,759 589,500 309,814 319,147

CFO: Esteban Piedrahita Montoy a Cash from Operation 1,130,169 682,579 1,204,390 1,156,821 1,255,734

IR Manager: Natalia Molina Arcila CAPEX -265,033 -2,311,407 -332,224 -167,018 -173,273

w w w .celsia.com Changes in Financial Debt 69,816 1,951,635 -371,578 -201,244 -204,108

Div idends (Paid) Receiv ed -71,958 -80,593 -90,265 -101,096 -113,228

Tax es -709,461 -550,472 -690,010 -678,130 -753,819

Changes in Equity 0 0 0 0 0

Final Cash 897,759 589,500 309,814 319,147 330,453

Change in Cash 153,532 -308,259 -279,686 9,333 11,307

Sources: Company Reports, Bloomberg and Credicorp Capital; E

Credicorp Capital Estimates

Grupo Argos52.4%

Pension funds28.0%

Other19.7%

Pow er w holesale

trade

66.6%

Pow er retail trade

22.6%

Other10.8%

Celsia is a power generation and distribution company that operates in Colombia, Costa Rica and Panama. The company has 2,313 MW of installed capacity (50% thermal, 48% hydro, 2% wind). Celisa is the fourth largest power generator and the fifth largest power distribution company in Colombia with about 520,000 customers in 39 municipalities in Valle del Cauca.

- Diversitication in terms of installed capacity , geography, and businesses- Growth potential coming from new acquisitions in Central America.- Atractive relative valuation

- Uncertainty on natural gas suply in the long term in Colombia.- Concerns on green field projects in Colombia (Porveir II).

Positives Concerns

3

we are estimating

Central America to boost a 25%

increase in revenues in 2015

Celsia is trading at relatively low

forward multiples

Celsia have a higher

flexibility to face extreme weather conditions, than its

main peers in Colombia

Investment thesis

Acquisition of power generation facilities in Panama and Costa Rica to boost financials in 2015. We expect the assets acquired in Central America to boost the company’s growth in 2015. Those assets represent a 30% increase in installed capacity of

while they maintain a similar mix in generation technologies (please refer to page 5 – Acquisition In Panama And Puerto Rico, to see more details of the acquisition).

So far, Celsia has not posted detailed information on the financial perspective of those assets nor its CAPEX plan an details on the conditions of the underlying contracts. Also,

Celsia has not posted historical financial data of the power facilities and we don’t know details about the technical condition of the assets (will they need major maintenance in the

near term?). That said, we are starting our forecast supported on a fair deal assumption (reported multiples on the transaction seem to back this view), and we are not including extraordinary maintenance expenses nor major investment plans on assets.

However, based on the public information posted by Celsia and gross assumptions on

power generation and prices, we are estimating Central America to bring a 25% increase in revenues in 2015, which along with an expected growth of 7.9% in Colombia, result in an expected revenues growth of 34%. On the other hand, we are expecting EBITDA to grow

26.5%, but we expect a margin contraction from 35% in 2014 to ~32% from 2015 onwards.

Attractive relative valuation. Since September 2014 Celsia shares has dropped 22.8% opening an attractive room for appreciation relative to our target price. We believe that the steep drop in Celsia’s price could be explained by: 1) the weak financial results posted in

2H14; 2) problems observed in the development of the Porvenir II hydroelectric project (a deeper analysis of Porvenir II in page 4); and 3) the market still not incorporating the

expected financial figures coming from the acquisition of the assets in Central America (given the uncertainty on those assets). While Celsia’s financials in the last two quarters of 2014 negatively surprised us and the market, we believe that bad news came from non-

recurrent issues related with expectations on El Niño phenomenon; we expect 2015 to show a recovery and to be boosted by Panama and Costa Rica. That said, Celsia is trading

at relatively low forward multiples currently at 2015E EV/EBITDA of 7.2x and 2015E P/E of 13.0x vs 8.9x and 16.9x respectively observed in Latam peers.

Flexibility to face extreme weather conditions, due to its installed capacity mix, geographical diversification and revenues from power distribution. One of the most

interesting characteristics of Celsia compared to other power generators in Colombia is its mix in generation technologies (56% hydro, 44% thermal just in Colombia). This allows the company to have a higher flexibility than its main competitors in the country, to face

extreme weather conditions. On the other hand, the recent international expansion provides an additional source of diversification as the power systems in those countries are

affected by different weather conditions than Colombia. We estimate international revenues to represent ~19% of the total revenues of the company.

Additionally, the company is also involved in the power transmission and distribution, and retail sales in the southeast region of Colombia. We highlight that this business line

represents an stable source of revenues with a higher inorganic growth potential than those expected in power generation. However it is worth noting that this business line is exposed to the tariff revision that is expected to take place in 2Q15. We expect distribution

to represent ~ 19% of total revenues.

4

Our forecast contemplate a 5% reduction in

distribution rates from 2Q15 onwards.

We are not including the development of

Porvenir II in our estimates

Tariff revisions on power transmission and distribution. The energy regulator of Colombia (CREG) is working on the periodical revision of tariffs of the power transmission

and distribution (last revision took place in 2008); according to current regulation, tariff revisions must take place every 5 years. The revision contemplates both the regulatory

WACC at which investments in the sector are remunerated, and the value of the assets to remunerate. Also, the CREG is proposing a new regulatory scheme. So far, the impact of the tariff revision is not clear. However, a reduction of the regulatory WACC is expected,

which in turn would result in a reduction in revenues received by companies involved in these activities. The final terms of the tariff revision is expected to be posted in 2Q15. Our

forecast contemplates a 5% reduction in distribution rates from 2Q15 onwards. Concerns on the Porvenir II hydroelectric project. We decided not to include the

development of the project in our estimates and to eliminate it from our model as the project faced delays in the obtaining of environmental permits, which have resulted in

significant changes of our previous expectations. On February 2015, Celsia announced it obtained some of the environmental permits

required for the hydroelectric project Porvenir II, which are still pending on a prudential period to receive comments on the terms of the permits. The environmental permits come

with more than one year of delay with respect to the initial schedule of the project. This have resulted in delays in the expected date for the startup of the hydroelectric facility, which was initially estimated for December 2018. As a consequence, Porvenir II lost its

rights to reliability charge which we estimate as a crucial part to guarantee the financial feasibility of the project. Furthermore Celsia had to pay a guarantee of COP 34,626 mn in

Jan-15 (the provision of the guarantee was accounted for in 3Q14 results). It is worth noting that the ownership of the project is in hands of the local firm Producción

de Energía S.A.S. E.S.P. (“Proesas”); Celsia signed a purchase agreement with this company to acquire the project, conditioned to the procurement of the environmental

permits. Currently, the deal is expecting the permits to be in force, which is the contractual condition to close the purchase agreement. On the other hand, in Jun-14 Celsia renegotiated the purchase agreement with Proesas in order to recognize the new

conditions of the project, adjusting the cost of acquisition of the project (the details of the agreement are not public).

Celsia has ratified its interest in the development of the project and have stated that it is analyzing the terms of the environmental permits to advance in the construction of the

facility. However, given the complexity of the new conditions of the project and the uncertainty on the new terms of the purchase agreements and the financial feasibility of the

construction, we are excluding Porvenir II from our analysis and expecting more information about the final decision of the company to continue with the development of the plant.

Concerns regarding sustainability of the natural gas supply in the long term.

Recently, concerns regarding the sustainability of the natural gas supply in Colombia have increased. Although there is no consensus, some players of the sector have alerted that Colombia could lose its self-sustainability, leading to imports of LNG. In fact, the

government have promoted an initiative to build an LNG facility in the north of the country to allow natural gas imports to guarantee the thermal generation supply. Unless effective

measures are taken to secure gas supply in the country, the expected scarcity could result in a domestic price increase in the commodity, negatively affecting margins of thermal generation and power prices.

5

Although the

acquisition doesn’t seem like a bargain, we like the deal and

believe it is in line with the company’s

strategy

Acquisition In Panama And Puerto Rico

In August 2014 Celsia announced the acquisition of power facilities with a 530 MW installed capacity in Costa Rica and Panama from GDF Suez, for an enterprise value of USD 840 mn (USD 560mn equity value).

The acquisition increased Celsia’s installed capacity by 30%. The acquired assets include

50 MW of wind power, 118 MW run of the river hydro, and 367 MW thermal facilities (24% fuel oil, 44% heavy fuel oil, and 33% coal). The assets have a consolidated EBITDA margin of 30%-32%. With this acquisition, Celsia became the second largest power generator in

Panama and the fifth in Costa Rica, while venturing in the business of non-conventional renewable power sources with the wind farm.

According to Celsia, the transaction was closed at 9.8x EV/EBITDA 2015E multiple, which compares to the 9.1x observed in power generation companies in Latam. Although the

acquisition doesn’t seem like a bargain, we like the deal and believe it is in line with the company’s strategy. Further, not requiring an equity offering to fund the transaction, is very

positive.

Source: Celsia, Credicorp Capital

Celsia - Acquired assets from GDF Suez in Central America

Guanacaste

wind facility

50 MW

Complejo Dos Mares run of

the river hydro facility

Gualaca: 25 MW

Lorena: 34 MW

Prudencia: 59 MW

Cativá thermal facility

Fuel oil: 87 MW

Bahía Las Minas

thermal facility

Fuel oil: 160 MW

Coal: 120 MW

6

According to our

estimates, the tax reform represents a

15% reduction in our target price.

Our new forecast represents a 53.9%

increase in 2015E revenues compared

with our previous forecast

Updating estimates; what has changed?

We are updating our expectations on macroeconomic assumptions and our expected performance of the power demand and power prices. Furthermore we are including the effect of the tax reform in Colombia and excluding from our valuation model the

development of the hydroelectric Porvenir II as there is a lot of uncertainty regarding the new conditions of the project. On the other hand, we are including the new facilities

acquired in Costa Rica and Panama in our forecast. We expect Central America to generate revenue for COP 651 bn in 2015 and to have an EBITDA margin of 30%.

Tax reform in Colombia to negatively impact our valuation. According to our valuation model, the effect of the 2014 tax reform resulted in a decrease in the fair price of the

company The main points of the reform that affect Celsia are: 1) a gradual increase of the total legal

tax rate (income tax + CREE) which will go up from 34% in 2014 to 39% in 2015, 40% in 2016, 42% in 2017 and 43% in 2018; and 2) a renewal of the wealth tax which must be

paid over the net shareholder’s equity of the companies between 2015 and 2018, at a decreasing rate of 1.15%, 1.0%, 0.4%, and 0.0%, respectively. We expect the tax reform to significantly increase effective tax rates for our utilities companies sample in the next 4

years, and to negatively impact valuation.

Tariff revisions in power transmission and distribution to reduce our revenues forecast. We adjusted our revenues forecast for power distribution due to the tariff revision that is currently taking place in Colombia. We expect a reduction of 5% in distribution rates

from 2Q15 onwards.

Assets in Panama and Costa Rica to boost financials from 2015 onwards but to tighten margins. The incorporation of the acquisition in Central America resulted in an expected increase of 25% in revenues in 2015, which along with the expected growth of

7.9% in Colombia, resulted in an expected increase in revenues of 34% in 2015.

Our new forecast represents a 53.9% increase in our 2015E revenues estimates compared with our previous forecast, mainly explained by the combined effect of the revenues from Central America and higher estimates of power prices in contracts. On the other hand, we

now expect a lower EBITDA margin than expected in our previous update.

Update Prior Diff Update Prior Diff Update Prior Diff

Rev enues 3,444,476 2,238,352 53.9% 3,340,355 2,336,216 43.0% 3,465,456 2,483,679 39.5%

EBITDA 1,122,858 872,957 28.6% 1,086,141 876,081 24.0% 1,149,140 931,379 23.4%

Net Income 280,368 229,049 22.4% 269,437 222,535 21.1% 285,942 236,555 20.9%

EPS 390 318 22.4% 374 309 21.1% 397 329 20.9%

EBITDA Margin 32.6% 39.0% -6.4% 32.5% 37.5% -5.0% 33.2% 37.5% -4.3%

Net Margin 8.1% 10.2% -2.1% 8.1% 9.5% -1.5% 8.3% 9.5% -1.3%

CAPEX 332,224 462,525 -28.2% 167,018 403,634 -58.6% 173,273 409,513 -57.7%

Tax es 242,193 220,999 9.6% 244,127 214,714 13.7% 284,943 228,241 24.8%

2015E 2016E 2017E

7

We expect power demand to maintain

its growth pace at a 2014-2024 CAGR of

2.9%.

We expect power

prices in contracts to grow at a 2014-

2024 CAGR of 1.7%.

We do not expect the deterioration of the macroeconomic outlook to significantly impact power demand. The new macroeconomic environment, mainly triggered by the

performance of the oil and gas sector, has increased the market fear of a spillover across the economy. In the last six months we have gradually reviewed our growth expectations of

the Colombian economy from 4.7% y/y in the next two years to 3.7% in 2015 and 3.0% in 2016. However, we do not expect the slowdown in the economy to significantly deteriorate financials of the power generation companies, as we expect power demand to maintain its

growth pace at a 2014-2024 CAGR of 2.9%.

Power prices in contracts to grow at a slow pace; spot prices to adjust. We expect

power prices in contracts to grow at a 2014-2024 CAGR of 1.7%. On the other hand we expect power spot prices to show a correction in coming months and trade once again around prices in contracts with a smaller dispersion. We expect power prices to be affected

by significant supply shocks, as it is expected that the total installed capacity of the system will increase by 30% between 2014 and 2022.

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E

Power demand Colombian GDP

Colombian GDP and Power Demand Growth Estimates

Sources: UPME & Credicorp Capital

110

130

150

170

190

210

230

2012 2013 2014 2015E 2016E 2017E 2018E 2019E 2020E 2021E 2022E 2023E 2024E

Price in contracts Spot price

Power price forecast

Sources: Credicorp Capital

8

Valuation

Our 2015E target price of COP 6,440 is the result of a DCF model discounted at an

average rolling WACC of 9.0%, assuming a perpetual growth rate of 2%. This price represents a 2015 EV/EBITDA multiple of 8.0x and a 2015 P/E of 16.1x.

We are reducing our target price from COP 7,020 to COP 6,220 but upgrading our recommendation on Celsia from Hold to Buy given the seep dropt observed on shares

which opened an interesting room for appreciation relative to our new target price.

Operating Cash Flow (COP mn) 2014 2015 E 2016 E 2017 E

EBITDA 894,289 1,122,863 1,086,165 1,149,159

Capex -2,311,407 -332,224 -167,018 -173,273

Working Capital Needs 22,975 34,191 6,704 8,468

Operating Tax es -293,598 -343,351 -337,522 -378,417

Free Cash Flow -1,687,741 481,479 588,329 605,937

Risk Free Rate 2.1% 2014 Debt 3,737,794

Risk Premium 6.0% 2014 Cash & Equiv alents 589,500

Lev ered Beta 0.8 2014E Minority Interest 1,350,524

Country Risk Premium 3.4% Other Assets/liabilities 15,240

Cost of Equity (COP) 10.8% Equity Value (COP mn) 4,500,667

Pre-tax Cost of Debt 4.7% Ex change Rate 2015E (COP/USD) 2,250

WACC (COP) 9.0% Outstanding Shares (mn) 720

Prerpetuty Grow th 2.0% 2015YE T.P. (COP) 6,250

EV from DCF (COP mn) 4,012,932 Current Price (COP) 5,070

EV from Perpetuity (COP mn 4,971,312 Div. Yield 2015E 2.5%

Total EV (COP mn) 8,984,245 Total Return 25.7%

9

Relative Valuation

Currently Celsia is trading at a 2015E EV/EBITDA multiple of 7.2x and a 2015E P/E of 13.0x which is below the average multiples observed in power generation companies in

LATAM which are at 2015E EV/EBITDA of 8.9x and a 2015E P/E of 16.9x. We think that the low multiples are explained by the market not incorporating the expected financial figures coming from the acquisition of the assets in Central America given the uncertainty

on those assets and the limited information provided so far.

2015E EV/EBITDA vs. 2015E P/E

P/E 12M Forward EV/EBITDA 12M Forward

Endesa Chile

E-CL

AES Gener Colbun

Enersur

Edegel

AES Tiete

Tractebel

Cesp

Celsia

Isagen

3.0

5.0

7.0

9.0

11.0

13.0

9.0 11.0 13.0 15.0 17.0 19.0 21.0 23.0

2015

E E

V/E

BIT

DA

2015E P/E

6

7

8

9

10

11

12

Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15

8

13

18

23

28

33

38

43

Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15

10

Comparable Companies

Mkt. Cap P/BV ROE

Company USD mn 2015E 2016E 2015E 2016E LTM LTM

Latam Gx

Endesa Chile 13,065 20.2 15.6 10.7 9.2 2.9 46.3% 12.4% 2.5%

E-CL 1,721 18.0 16.3 7.4 7.0 1.0 24.9% 5.1% 2.6%

AES Gener 4,848 22.0 21.1 11.4 10.6 2.1 32.6% 7.9% 5.1%

Colbun 5,484 20.0 19.5 10.5 10.2 1.6 35.6% 4.4% 0.4%

Enersur 1,704 12.4 12.0 7.7 5.8 2.9 44.8% 20.3% 2.4%

Edegel 2,561 19.1 18.2 13.1 12.6 3.2 53.8% 18.9% 3.9%

Celsia 1,374 12.5 13.0 7.1 7.3 0.9 34.5% 5.0% 3.9%

Isagen 3,453 19.5 18.9 10.2 10.2 2.1 31.9% 10.5% 5.5%

AES Tiete 2,083 10.6 12.7 5.9 6.6 4.0 28.7% 37.1% 13.9%

Tractebel 7,948 20.7 11.9 10.0 6.7 3.7 46.4% 27.5% 4.5%

Cesp 2,668 11.3 18.1 4.2 8.0 0.8 34.1% 7.3% 12.9%

Electrobras 3,553 n.a. 11.5 n.a. 21.1 0.2 3.2% -6.0% 4.8%

Latam Gx Avg. 16.9 15.7 8.9 9.6 2.1 34.7% 12.5% 5.2%

Latam Intergrated

EEB 5,975 12.6 11.5 9.3 8.4 1.4 89.7% 11.2% 7.3%

Enersis 18,091 16.3 15.3 7.0 6.3 1.8 31.7% 9.8% 2.8%

Light S.A. 1,136 8.9 6.2 5.8 5.2 0.8 18.1% 20.6% 4.8%

Equatorial 2,165 15.9 10.1 9.6 7.4 1.7 19.6% 20.9% 2.3%

Cemig 6,280 10.4 9.9 7.5 7.5 1.5 31.6% 31.3% 22.6%

Latam Int. Avg. 12.6 10.2 7.7 6.9 1.4 38.1% 18.8% 7.9%

World Electric Utilities

EDF 46,539 11.1 11.3 4.9 4.8 0.9 24.9% 10.0% 5.4%

GDF Suez 51,822 15.5 14.3 6.9 6.6 0.8 16.5% 4.8% 6.0%

Enel 44,533 13.5 13.4 6.6 6.6 0.7 30.6% 0.6% 3.0%

Iberdola 42,734 16.3 15.2 8.9 8.5 1.0 22.9% 7.1% 3.5%

Endesa España 21,415 18.6 17.7 7.9 7.8 2.1 14.5% 42.7% 60.4%

AES Corp 9,317 10.5 10.0 6.8 6.7 1.3 24.2% 10.4% 1.9%

Duke Energy Corp 55,487 16.8 15.8 10.3 9.8 1.4 36.6% 4.6% 4.0%

E.On 32,032 17.5 17.9 6.1 6.2 1.0 7.2% -13.0% 4.1%

RWE 15,151 11.6 13.4 4.7 4.9 1.1 14.5% 16.9% 4.4%

World Ut. Gx Avg. 14.6 14.3 7.0 6.9 1.1 21.3% 9.4% 10.3%

P/E EV/EBITDA EBITDA

Mg.

Div. Yield

2015E

11

Financial Statements

Income Statement

COP mn 2013 2014 2015E 2016E 2017E

Revenues 2,381,116 2,588,782 3,444,476 3,340,355 3,465,456

Cost of sales 1,436,495 1,579,262 2,108,832 2,050,093 2,127,487

Gross profit 944,621 1,009,520 1,335,644 1,290,263 1,337,969

Gross margin 39.7% 39.0% 38.8% 38.6% 38.6%

SG&A 228,504 263,989 365,328 360,284 344,954

EBIT 716,117 745,531 970,316 929,979 993,015

EBIT mgn 30.1% 28.8% 28.2% 27.8% 28.7%

EBITDA 864,563 894,289 1,122,858 1,086,141 1,149,140

EBITDA mgn 36.3% 34.5% 32.6% 32.5% 33.2%

Non operating income 199,282 73,299 89,334 77,759 80,410

Non operating ex penses (192,968) (265,107) (363,189) (327,820) (317,809)

FX result (12,969) (3,251) (6,452) (1,788) (1,797)

Earnings before taxes 709,461 550,472 690,010 678,130 753,819

Tax es 194,597 216,782 242,193 244,127 284,943

Minority interest 141,219 163,163 167,449 164,566 182,934

Net Income 373,645 170,527 280,368 269,437 285,942

Net mgn 15.7% 6.6% 8.1% 8.1% 8.3%

Balance Sheet

COP mn 2013 2014 2015E 2016E 2017E

Cash and equiv alents 897,759 589,500 309,814 319,147 330,453

Accounts receiv able 324,206 524,153 633,234 652,378 675,223

Inv entories 57,208 72,318 103,587 106,708 110,488

Fix ed Assets 3,805,469 5,968,118 6,147,801 6,158,656 6,175,803

Other 2,241,903 2,289,261 2,289,261 2,289,261 2,289,261

Assets 7,326,544 9,443,350 9,483,696 9,526,150 9,581,229

Financial debt 1,786,159 3,737,794 3,366,216 3,164,972 2,960,864

Accounts pay able 549,041 787,073 961,615 990,584 1,025,678

Pension liabilities 80,864 81,585 84,585 87,123 89,736

Liabilities 2,416,064 4,606,452 4,412,415 4,242,679 4,076,278

Minority Interest 1,622,157 1,350,524 1,392,386 1,433,528 1,479,261

Shareholders equity 3,288,325 3,486,374 3,678,895 3,849,944 4,025,690

Sources: Company reports and Credicorp Capital; E Credicorp Capital Estimates

12

Operating Figures and Financial Ratios

Ratios

COP mn 2013 2014 2015E 2016E 2017E

Profitability

ROE 11.4% 4.9% 7.6% 7.0% 7.1%

Net margin 15.7% 6.6% 8.1% 8.1% 8.3%

Rev enues / Assets 0.3 0.3 0.4 0.4 0.4

Assets / Equity 2.2 2.7 2.6 2.5 2.4

ROA 5.1% 1.8% 3.0% 2.8% 3.0%

ROIC 12.4% 6.8% 9.3% 8.9% 9.3%

Margins

Gross mgn 39.7% 39.0% 38.8% 38.6% 38.6%

EBIT mgn 30.1% 28.8% 28.2% 27.8% 28.7%

EBITDA mgn 36.3% 34.5% 32.6% 32.5% 33.2%

Net mgn 15.7% 6.6% 8.1% 8.1% 8.3%

Leverage

Debt/ Equity 54.3% 107.2% 91.5% 82.2% 73.5%

Debt/ Assets 24.4% 39.6% 35.5% 33.2% 30.9%

Debt/ EBITDA 2.1 4.2 3.0 2.9 2.6

Net Debt/EBITDA 1.0 3.5 2.7 2.6 2.3

Valuation

Multiples

FV/EBITDA 7.6 9.7 7.2 7.5 7.1

P/E 10.9 24.8 13.0 13.5 12.8

P/CF 3.6 6.2 3.0 3.2 2.9

P/BV 1.2 1.2 1.0 0.9 0.9

Div . Yield 1.8% 1.9% 2.5% 2.8% 3.1%

Sources: Company reports and Credicorp Capital; E Credicorp Capital Estimates

13

Stock Price

Celsia vs. Colcap, Last 5 years Celsia vs. Colcap, Last 3 years

Sources: Bloomberg, Credicorp Capital Sources: Bloomberg, Credicorp Capital

Celsia vs. Colcap, LTM Celsia vs. Colcap, Last 3 years

Sources: Bloomberg, Credicorp Capital Sources: Bloomberg, Credicorp Capital

0

10

20

30

40

50

60

60

70

80

90

100

110

120

130

140

Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15

Volume Celsia Colcap

0

10

20

30

40

50

60

60

70

80

90

100

110

120

130

140

150

160

Apr-12 Apr-13 Apr-14

Volume Celsia Colcap

0

1

2

3

4

5

6

7

70

75

80

85

90

95

100

105

110

115

120

Apr-14 Jul-14 Oct-14 Jan-15 Apr-15

Volume Celsia Colcap

0

1

1

2

2

3

3

4

70

75

80

85

90

95

100

105

110

Jan-15 Feb-15 Mar-15 Apr-15

Volume Celsia Colcap

14

Important Disclosures This research report was prepared by CredicorpCapital Peru S.A and/or Credicorp Capital Colombia Sociedad Comisionista de Bolsa and/or IM Trust S.A. Corredores de Bolsa, companies authorized to engage in securities activ ities in Peru, Colombia and

Chile, respectively and indirect subsidiaries of Credicorp Capital Ltd. (jointly referred to as “Credicorp Capital”). None of the companies jointly referred to as Credicorp Capital are regis tered as broker-dealers in the United S tates and, therefore, they are not subject to U.S. rules regarding the preparation of research reports and the independence of research analysts. This research report

is prov ided for distribution only to “major U.S. institutional investors” in reliance on the exemption from registration prov ided by Rule 15a-6 of the U.S. Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Any U.S. recipient of this research report wishing to effect any transaction to buy or sell securities or related financial instruments based on the information prov ided in this research report can do so only through Credicorp Securities Inc., a regis tered broker-

dealer in the United States. Under no circumstances may a U.S. recipient of this research report effect any transaction to buy or sell securities or related financial instruments directly through Credicorp Capital.

Credicorp Securities Inc. accepts responsibili ty for the contents of this research report, subject to the terms set out below, to the extent that it is delivered to a U.S. person other than a major U.S. institutional investor.

Any analyst whose name appears on this research report is not regis tered or qualified as a research analyst with the Financial

Industry Regulatory Authority (“FINRA”) and is not a registered representative of Credicorp Securities Inc. and, therefore, is not subject to applicable restrictions under FINRA Rules on communications with a subject company, public appearances and trading securities held by a research analyst account.

A.Analyst Disclosures

The functional job title of the person(s) responsible for the recommendations contained in this report is Equity Research Analyst unless otherwise stated on the cover.

Regulation AC - Analyst Certification: Each Equity Research Analyst listed on the front-page of this report is princ ipally responsible for the preparation and content of all or any identified portion of this research report and hereby certifies thatwith

respect to each issuer or security or any identified portion of the report with respect to an issuer or security that the Equity Research Analyst covers in this research report, all of the v iews expressed in this research report accurately reflect their personal v iews about

those issuer(s) or securities. Each Equity Research Analyst also certifies that no part of their compensation was, is, or will be, directly or indirectly , related to the specific recommendation(s) or v iew(s) expressed by that Equity Research Analyst in this research report.

Each Equity Research Analyst certifies that he or she is acting independently and impartially from the referenced

company/shareholders, directors and is not affected by any current or potential conflic t of interest that may arise from any of the companies‟ activ ities.

Analyst Compensation: The research analyst(s) primarily responsible for the preparation of the content of this research report attest(s) that no part of his or her compensation was, is or will be, directly or indirectly , related to the specific recommendations that

he or she expressed in the research report. Registration of non-US Analysts: Unless otherwise noted, the non-US analysts listed on the front of this report are employees of

one of the companies jointly referred as Credicorp Capital, which are non-US affiliates of Credicorp Securities Inc., a SEC registered and FINRA member broker-dealer. Equity Research Analysts employed by the companies jointly referred as Credicorp Capital, are

not regis tered/ qualified as research analysts under FINRA/NYSE rules, are not regis tered representatives of CredicorpSecurities Inc. and may not be subject to NASD Rule 2711 and NYSE Rule 472 restrictions on communications with covered companies, public appearances, and trading securities held by a research analyst account. Please refer to www.credicorpcapital.com for further

information relating to research and conflict of interest management.

15

B.Ownership and Material Conflicts of Interest

Neither Credicorp Securities Inc. or its affiliates „beneficially own‟, as determined in accordance with Section 13(d) of the Exchange

Act, 1% or more of the equity securities of the company referenced in this report. Credicorp Securities Inc., its affi liates and/or their respective officers, directors or employees may have interests, or long or short positions, and may at any time make purchases or

sales as a principal or agent of the securities referred to herein. C.Compensation and Investment Banking Activities

Neither Credicorp Securities Inc. or any of its affiliates have managed or co-managed a public offering of securities for the subject company in the past 12 months. Within the last 12 months, Credicorp Securities Inc. or its affiliates have received compensation for

investment banking serv ices rom the subject company in the past 12 months. Credicorp Securities Inc. or its affiliates do expect to receive or intend to seek compensation for investment banking serv ices from the subject company in the next 3 months.

D. Rating System

Stock ratings are based on the analyst‟s expectation of the stock‟s total return during the twelve to eighteen months following assignment of the rating. This v iew is based on the target price, set as described below, and on the analyst‟s opinion, general market conditions and economic developments.

Buy: Expected returns of 5 percentage points or more in excess over the expected return of the local index, over the next 12-18

months. Hold: Expected returns of +/- 5% in excess/below the expected return of the local index over the next 12-18 months. Underperform: Expected to underperform the local index by 5 percentage points or more over the next 12-18 months.

Under Review / Restricted: Company coverage is under rev iew or restricted.

The IPSA, COLCAP and IGBVL indexes are the selective equity indexes calculated by the Bolsa de Comercio de Santiago, the Bolsa de Valores de Colombia, and the Bolsa de Valores de Lima, respectively .

In making a recommendation, the analyst compares the target price with the actual share price, and compares the resulting expected return for the IPSA, the COLCAP, and/or the IGBVL indexes, as estimated by IM Trust Corredores de Bolsa S.A.,

Credicorp Capital Colombia Sociedad Comisionis ta de Bolsa, and/or CredicorpCapital Peru S.A, and then makes a recommendation derived from the difference in upside potential between the shares and the respective index.

E. Distribution of Ratings

Rating

N° of Companies covered with this

rating

Companies covered with this rating

(% )

Buy 32 39%

Hold 41 49%

Underperform 7 8%

Under Review /

Restricted 3 4%

Total 83 100%

16

F. Price Target

Unless otherwise s tated in the text of this report, target prices in this report are based on either a discounted cash flow valuation or

comparison of valuation ratios with companies seen by the analyst as comparable or a combination of the two methods. The result of this fundamental valuation is adjusted to reflect the analyst‟s v iews on the likely course of investor sentiment. Whichever valuation

method is used there is a significant risk that the target price will not be achieved within the expected timeframe. Risk factors include unforeseen changes in competitive pressures or in the level of demand for the company‟s products. Such demand variations may result from changes in technology, in the overall level of economic activ ity or, in some cases, in fashion. Valuations may also be

affected by changes in taxation, in exchange rates and, in certain industries, in regulations. Investment in overseas markets and instruments such as ADRs can result in increased risk from factors such as exchange rates, exchange controls, taxation, and

political and social conditions. This discussion of valuation methods and risk factors is not comprehensive – further information is available upon request.

II.ADDITIONAL DISCLOSURES

This product is not for retail clients or private indiv iduals. The information contained in this publication was obtained from various publicly available sources believed to be reliable, but has not

been independently verified by the companies jointly referred as Credicorp Capital, therefore they do not warrant the completeness or accuracy of such information and does not accept any liability with respect to the accuracy or completeness of such information,

except to the extent required by applicable law. This publication is a brief summary and does not purport to contain all available information on the subjects covered. Further

information may be available on request. This report may not be reproduced for further publication unless the source is quoted. This publication is for information purposes only and shall not be construed as an offer or solicitation for the subscription or purchase or

sale of any securities, or as an inv itation, inducement or intermediation for the sale, subscription or purchase of any securities, or for engaging in any other transaction. This publication is not for private indiv iduals.

Any opinions, projections, forecasts or estimates in this report are those of the author only , who has acted with a high degree of expertise. They reflect only the current v iews of the author at the date of this report and are subject to change without notice. The

companies jointly referred to as Credicorp Capital have no obligation to update, modify or amend this publication or to otherwise notify a reader or recipient of this publication in the event that any matter, opinion, projection, forecast or estimate contained herein, changes or subsequently becomes inaccurate, or if research on the subject company is withdrawn. The analysis, opinions,

projections, forecasts and estimates expressed in this report were in no way affected or influenced by the issuer. The author of this publication benefits financially from the overall success of Credicorp Capital.

The investments referred to in this publication may not be suitable for all recipients. Recipients are urged to base their investment decisions upon their own appropriate investigations that they deem necessary . Any loss or other consequence arising from the use

of the material contained in this publication shall be the sole and exclusive responsibili ty of the investor and Credicorp Capital accepts no liabil ity for any such loss or consequence. In the event of any doubt about any investment, recipients should contact their

own investment, legal and/or tax advisers to seek advice regarding the appropriateness of investing. Some of the investments mentioned in this publication may not be readily liquid investments. Consequently it may be difficult to sell or realize such investments. The past is not necessarily a guide to future performance of an investment. The value of investments and the income

derived from them may fall as well as rise and investors may not get back the amount invested. Some investments discussed in this publication may have a high level of volatil ity . High volati lity investments may experience sudden and large falls in their value which

may cause losses. International investing includes risks related to political and economic uncertainties of foreign countries, as well as currency risk.

17

To the extent permitted by applicable law, no liabili ty whatsoever is accepted for any direct or consequential loss, damages, costs or prejudices whatsoever arising from the use of this publication or its contents.

Credicorp Capital (and its affil iates) has implemented written procedures designed to identify and manage potential conflicts of interest that arise in connection with its research business, which are available upon request. The Credicorp Capital research

analysts and other staff involved in issuing and disseminating research reports operate independently of Credicorp Capital‟s Investment Banking business. Information barriers and procedures are in place between the research analysts and staff involved in

securities trading for the account of Credicorp Capital or clients to ensure that price sensitive information is handled according to applicable laws and regulations.

Country and region disclosures

United Kingdom: This document is for persons who are Eligible Counterparties or Professional Clients only and is exempt from the general restric tion in section 21 of the Financial Serv ices and Markets Act 2000 on the communication of inv itations or inducements

to engage in investment activ ity on the grounds that it is being distributed in the United Kingdom only to persons of a kind described in Articles 19(5) (Investment professionals) and 49(2) (High net worth companies, unincorporated associations, etc.) of the Financial

Serv ices and Markets Act 2000 (Financial Promotion) Order 2005 (as amended). It is not intended to be dis tributed or passed on, directly or indirectly , to any other class of persons. Any investment to which this document relates is available only to such persons and other classes of person should not rely on this document.

United States: This communication is only intended for, and will only be distributed to, persons res iding in any jurisdictions where

such distribution or availabili ty would not be contrary to local law or regulation. This communication must not be acted upon or relied on by persons in any jurisdic tion other than in accordance with local law or regulation and where such person is an investment profess ional with the requisite sophistication to understand an investment in such securities of the type communicated and assume

the risks associated therewith.

This communication is confidential and is intended solely for the addressee. It is not to be forwarded to any other person or copied without the permission of the sender. This communication is prov ided for information only . It is not a personal recommendation or an offer to sell or a solicitation to buy the securities mentioned. Investors should obtain independent professional adv ice before making

an investment.

Notice to U.S. Investors: This material is not for distribution in the United States, except to “major US institutional investors” as defined in SEC Rule 15a-6 ("Rule 15a-6") and related guidance. Credicorp Capital and its affiliates has entered into arrangements with Credicorp Securities Inc., which enables this report to be furnished to certain U.S. recipients in reliance on Rule 15a-6 through

Credicorp Securities Inc., which is registered under the U.S. Securities Exchange Act of 1934, as amended.

Each U.S. recipient of this report represents and agrees, by v irtue of its acceptance thereof, that it is a "major U.S. institutional investor" (as such term is defined in Rule 15a-6) and that it understands the risks involved in executing transactions in such securities. Any U.S. recipient of this report that wishes to discuss or receive additional information regarding any security or issuer

mentioned herein, or engages in any transaction to purchase or sell or solicit or offer the purchase or sale of such securities, should contact a registered representative of the Credicorp Securities Inc. that prov ided the report.

Credicorp Securities Inc. is a broker-dealer registered with the SEC, a member of FINRA and SIPC. You can reach Credicorp Securities Inc. At 121 Alhambra Plaza, suite 1200, Coral Gables, Miami 33134, phone (305) 4480971 Equity trading: 786 999 1633.

You may obtain information about SIPC, including the SIPC brochure, by contacting SIPC directly at 202-371-8300; website:

http://www.sipc.org

18

Credicorp Securities Inc., is a wholly owned subsidiary of Credicorp Capital Ltd.

Nothing herein excludes or restric ts any duty or liabili ty to a customer that Credicorp Securities Inc. have under applicable law. Investment products prov ided by or through Credicorp Securities Inc. are not insured by the Federal Deposit Insurance Corporation and are not deposits or other obligations of any insured depository institution, may lose value and are not guaranteed by the entity

that published the research as disclosed on the front page and are not guaranteed by Credicorp Securities Inc.

Investing in non-U.S. Securities may entail certain risks. The securities referred to in this report and non-U.S. issuers may not be regis tered under the U.S. Securities Act of 1933, as amended, and the issuer of such securities may not be subject to U.S. reporting and/or other requirements. Rule 144A securities may be offered or sold only to persons in the U.S. who are Qualified Institutional

Buyers within the meaning of Rule 144A under the Securities Act. The information available about non-U.S. companies may be limited, and non-U.S. companies are generally not subject to the same uniform auditing and reporting standards as U.S. companies.

Securities of some non-U.S. companies may not be as liquid as securities of comparable U.S. companies. Securities discussed herein may be rated below investment grade and should therefore only be considered for inc lusion in accounts qualified for speculative investment.

Analysts employed by one of the companies jointly referred to as Credicorp Capital, all of which are non-U.S. broker-dealers, are not

required to take the FINRA analyst exam. The information contained in this report is intended solely for certain "major U.S. institutional investors" and may not be used or relied upon by any other person for any purpose. Such information is prov ided for informational purposes only and does not constitute a solicitation to buy or an offer to sell any securities under the Securities Act of

1933, as amended, or under any other U.S. federal or state securities laws, rules or regulations. The investment opportunities discussed in this report may be unsuitable for certain investors depending on their specific investment objectives, risk tolerance and

financial position. In jurisdic tions where Credicorp Securities Inc. is not regis tered or licensed to trade in securities, or other financial products,

transactions may be executed only in accordance with applicable law and legislation, which may vary from jurisdic tion to jurisdic tion and which may require that a transaction be made in accordance with applicable exemptions from regis tration or licensing

requirements. The information in this publication is based on sources believed to be reliable, but Credicorp Securities Inc. does not make any

representation with respect to its completeness or accuracy . All opinions expressed herein reflect the author's judgment at the original time of publication, without regard to the date on which you may receive such information, and are subject to change without

notice. Credicorp Securities Inc. or its affiliates may have issued other reports that are inconsis tent with, and reach different conclusions

from, the information presented in this report. These publications reflect the different assumptions, v iews and analytical methods of the analysts who prepared them. Past performance should not be taken as an indication or guarantee of future performance, and no

representation or warranty, express or implied, is prov ided in relation to future performance. Credicorp Securities Inc. and any company affiliated with it may, with respect to any securities discussed herein: (a) take a long or

short position and buy or sell such securities; (b) act as investment and/or commercial bankers for issuers of such securities; (c) act as market makers for such securities; (d) serve on the board of any issuer of such securities; and (e) act as paid consultant or

advisor to any issuer. The information contained herein may include forward-looking statements within the meaning of U.S. federal securities laws that are subject to risks and uncertainties. Factors that could cause a company's actual results and financial condition to differ from expectations inc lude, without limitation: political uncertainty , changes in general economic conditions that adversely

affect the level of demand for the company's products or serv ices, changes in foreign exchange markets, changes in international and domestic financial markets and in the competitive environment, and other factors relating to the foregoing. All forward-looking

statements contained in this report are qualified in their entirety by this cautionary statement. Other countries: Laws and regulations of other countries may also restric t the distribution of this report. Persons in possession of

this document should inform themselves about possible legal restrictions and observe them accordingly .

19

Heinrich Lessau Hugo Horta

Director of Research Director of Sales & Trading

hlessau@credicorpcapital.com hhorta@credicorpcapital.com

CHILE COLOMBIA PERU Hernán Arellano

Head of Equities

Francisca Manuschevich César Cuervo Héctor Collantes harellano@credicorpcapital.com

Head of Equity Research Head of North Andean Equity Research Head of Equity Research

fmanuschevich@credicorpcapital.com ccuervo@credicorpcapital.com hcollantes@credicorpcapital.com

# (562) 2446 1798 # (571) 339 4400 Ext 1012 # (511) 205 9190 Ext 33052 Javier Günther Marilyn Macdonald Cristián Castillo

International Equity Sales International Equity Sales International Sales Trader

Christopher DiSalvatore Jaime Pedroza Fernando Pereda jgunther@credicorpcapital.com mar_macdonald@btconnect.com ccastillo@credicorpcapital.com

Associate: Retail & Financials Senior Analyst: Utilities Senior Analyst: Cement & Utilities # (562) 2450 1695 # (4477) 7151 5855 # (786) 999 1633

cdisalvatore@credicorpcapital.com jpedroza@credicorpcapital.com fpereda@credicorpcapital.com

# (562) 2446 1724 # (571) 339 4400 Ext 1025 # (511) 205 9190 Ext 37856 CHILE PERU COLOMBIA

Arturo Prado Juan C. Domínguez Iván Bogarín René Ossa Rodrigo Zavala Juan A. Jiménez

Senior Analyst: Natural Resources Senior Analyst: Banks Senior Analyst: Retail & Others International Equity Sales Head of Equity - Peru Head of International Equity Sales

aprado@credicorpcapital.com jcdominguez@credicorpcapital.com ibogarin@credicorpcapital.com reneossa@credicorpcapital.com rzavala@credicorpcapital.com jjimenez@credicorpcapital.com

# (562) 2450 1688 # (571) 339 4400 Ext 1026 # (511) 416 3333 Ext 33055 # (562) 2651 9324 # (511) 313 2918 Ext 36044 # (571) 339 4400 Ext 1701

Andrés Ossa Sebastián Gallego Tamara Vasquez Christian Munchmeyer Ursula Mitterhofer Santiago Castro

Analyst: Utilities, Telecom & I.T. Analyst: Oil & Gas Research Assistant International Sales & Trading Sales & Trading International Sales & Trading

aossa@credicorpcapital.com sgallego@credicorpcapital.com tamaravasqueza@credicorpcapital.com cmunchmeyer@credicorpcapital.com umitterhofer@credicorpcapital.com scastro@credicorpcapital.com

# (562) 2651 9332 # (571) 339 4400 Ext 1594 # (511) 416 3333 Ext 37946 # (562) 2450 1613 # (511) 313 2918 Ext 32922 # (571) 339 4400 Ext 1344

Tomás Sanhueza Carlos E. Rodriguez

Analyst: Food & Beverages, Healthcare Analyst: GEA & infrastructure

tsanhueza@credicorpcapital.com cerodriguez@credicorpcapital.com

# (562) 2446 1751 # (571) 339 4400 Ext 1365

Pilar González

Analyst: Transport

mpgonzalez@credicorpcapital.com

# (562) 2446 1768 Felipe García

Head of Fixed Income

Lourdes Alamos fgarcia@credicorpcapital.com

Research Coordinator & Holdings Analyst

lalamos@credicorpcapital.com

# (562) 2450 1609 CHILE COLOMBIA PERU

Gonzalo Covarrubias Carlos Sanchez Alfredo Bejar

Head of Capital Markets Head of Fixed Income Head of Fixed Income / FX Trading

gcovarrubias@credicorpcapital.com csanchez@credicorpcapital.com alfredobejarg@credicorpcapital.com

CHILE COLOMBIA PERU # (562) 2450 1635 # (571) 323 9154 # (511) 205 9190 Ext 36148

Paulina Yazigi Daniel Velandia Irvin León Guido Riquelme Christian Jarrin Vallerie Yong

Head of Research & Chief Economist Head of Research & Chief Economist Senior Fixed Income Analyst Head of Sales RM Fixed Income Offshore Local FI Senior Trader

pyazigi@credicorpcapital.com dvelandia@credicorpcapital.com ileon@credicorpcapital.com griquelme@credicorpcapital.com cjarrin@credicorpcapital.com vyong@credicorpcapital.com

# (562) 2450 1637 # (571) 339 4400 Ext 1505 # (511) 416 3333 Ext 37854 # (562) 2446 1712 # (571) 340 2591 # (511) 313 2902 - # (511) 313 2908

Felipe Lubiano Sergio Ferro Alberto Zapata Belén Larraín Andrés Valderrama Evangeline Arapoglou

Senior Fixed Income Analyst Fixed Income Analyst Fixed Income Analyst Head of International FI Sales Fixed Income Trader Senior International FI Trader

flubiano@credicorpcapital.com sferro@credicorpcapita.com azapatag@credicorpcapital.com blarrain@credicorpcapital.com jvalderramma@credicorpcapital.com earapoglou@credicorpcapital.com

# (562) 2651 9308 # (571) 339 4400 Ext 1609 # (511) 205 9190 Ext 36018 # (562) 2446 1720 # (571) 323 9163 # (511) 313 2902 - # (511) 313 2908

Paulina Valdivieso Camilo A. Durán Paz Stepke José Andrés Riveros Lizeth Espíritu

Fixed Income Analyst Macro Analyst International Fixed Income Sales Fixed Income Trader Fixed Income Trader

pvaldivieso@credicorpcapital.com caduran@credicorpcapital.com pstepke@credicorpcapital.com jriveros@credicorpcapital.com lespiritu@credicorpcapital.com

# (562) 2651 9337 # (5511) 339 4400 Ext. 1383 # (562) 2651 9336 # (571) 339 4400 Ext 1180 # (511) 313 2902 - # (511) 313 2908

Andrés Osorio Benjamín Diaz

Economist Local Fixed Income Sales

aosorio@credicorpcapital.com bdiaz@credicorpcapital.com

# (562) 2446 1760 # (562) 2446 1738

FIXED INCOME & ECONOMICS RESEARCH

CONTACT LIST

ANDEAN RESEARCH TEAM SALES & TRADING

EQUITY RESEARCH EQUITY SALES & TRADING

FIXED INCOME SALES & TRADING