Corporate

Presentation

Organización Terpel S.A.

March 2015

2

Organización Terpel, much more than fuel

1st Fuel distributor

in Colombia

45% Market Share*

1st Service Station

network in

Colombia

2.089 SS Fuel + VNG

6 Countries in

which Terpel

has presence

$15 $COP Trillion

Consolidated

Income Dec. 2014**

2,2 Billion Galons

Consolidated

Volume Dec. 2014

$510 $COP Billion

Consolidated

EBITDA Dec. 2014**

(*) Source: Issuer’s calculation based on volume reported by Colombian Ministry of Treasury and Public Credit

Tax Support Direction Office, through the collection of overall surcharge tax. Figures as of December 2014.

(**) From 2013, figures include Peru results.

AAA Terpel’s

bonds risk

rating Fitch Ratings

$3,2 $COP Trillion

Market

CapitalizationDec. 2014

3

More than 45 years providing Colombia with

mobilization solutions

Terpel

foundation

Entrance

to aviation

and

marine

sectors

1st

lubricants

factory

Terpel

regional

companies

foundation

Establishment

of SIE

Establishment

of Organización

Terpel (OT) Ecomex &

Lutexsa

acquisition

Repsol YPF

Chile

acquisition

Petrolera

Nacional

acquisition

Gazel

acquisition

COPEC

acquires

control

Entrance to

Dom. Republic

aviation

market

OT – Gazel

merge

1968 1972-1993 2000-2001 2004-2006 2007 2008-2009 2010 2011-2012 2013 2014

Bonds

Issuance

Terpel Centro,

SIE and

Proenergía

merger

Terpel’s share

listed in BVC

Merger of

the Regional

Terpels

4

Ownership structure

58,51%

100% 100% 100% 100% 48,39% 100%

Organización

Terpel

República

Dominicana

Inversiones

Organización

Terpel Chile

Ltda.

Organización

Terpel Chile

S.A.

GNC

Inversiones SAS

Petrolera

Nacional S.A.

(Panamá)

Operaciones y

Servicios de

Combustibles

SAS

Terpel

Combustibles

S.A.S

PGN Gas Sur

S.A.C

PGN Gas Norte

S.A.C.

Combustibles

Ecológicos

Mexicanos S.A.

Peruana

de Gas

100%

100%* 82,05%

50% 50%

(*) After demerger in january 2013.

Lutexa

Industrial y

Comercial Cia

Ltda.

100%

Operative Societies

14,59%

51,61%

5

COPEC one of the biggest companies in Chile, main investor and

a long term player

SECTOR FORESTAL SECTOR COMBUSTIBLES SECTOR PESQUERO OTRAS INVERSIONES

99,98%

OTROS

99,99%

58,51%

81,93% 99,87%

50,00%

6

Best infraestructure

Best price Best service

Pillars of our corporate strategy

We will be market leaders in 2017, with a highly

effective team, with the best brand position and

known as the best company in terms of service, and

social commitment with the country.

7

Regional presence

(*) Source: Terpel Dec-14

(**) Market Share in Mexico City is 100%

(***) 1962 liquid fuel SS and 290 VNG SS, (163 SS sale both liquid fuels and VNG)

No. SS dic-13: Colombia-> 2051, Panama-> 101, Ecuador-> 53, Mexico-> 5, Peru-> 22

TERPEL IN

COLOMBIA

9

Terpel remained as the leader company in the fuel distribution

industry in Colombia

TERPEL MARKET SHARE*

2014 liquid fuels volume sales

TERPEL VOLUME GROWTH Vs. MARKET*

GAZEL MARKET SHARE**

2014 VNG volume sales

GAZEL VOLUME GROWTH Vs. MARKET**

(*) Source: Issuer’s calculation based on volume reported by Tax Support Direction Office, through the collection of overall

surcharge tax. Figures as of December 2014.

(**) Source: Issuer’s calculations. Figures in equivalent gallons.

10

Service Stations (SS)

Market leader with 44,3% of share in liquid fuels and 46,5% in VNG*

Largest distribution network of liquid fuels and VNG in Colombia (2.089 SS**)

Wide national coverage: operation in 30 Colombian regions.

Conversion to VNG in exchange for consumption into a Financing Program.

Pioneer in decentralized supply and centralized billing model through a chip: 849 costumers and 400 SS connected.

It represents 71% of volume and 66% of CAPEX in Colombia.

* Source: Issuer’s calculation based on volume reported by Tax Support Direction Office, through the collection of overall

surcharge tax. Figures as of December 2014.

** 1962 liquid fuel SS and 290 VNG SS, (163 SS sale both liquid fuels and VNG)

11

A wide network of ATMs, flat tire service,

additives and other products that complement

Terpel services.

Suplementary Services

Otros SSCC

A new model of convenience stores that offers a unique

experience thanks to sales of traditional local food

products in each region. Wide services portfolio: food,

restrooms, Wi-Fi, playground and rest areas.

4 Ziclos: A modern, agile and innovative system of auto-car wash.

4 Deuna: A fast service where costumers can find snacks

and other products while pumping gas.

2 Toque: Self-service with vending and teller

machines for costumers.

12

ICONTEC certified plant (ISO 9001, ISO 14001, ISO 18001, IQNET, ICONTEC)

Accredited laboratory that meets ISO/IEC 17025 (2005) international standards.

Automotive lubricants with state-of-the-art technology and environmental benefits.

Lubricants portfolio customized to each kind of vehicle that offers innovation and high technology to customers: Terpel Maxter, Terpel Oiltec y Terpel Celerity.

It represents 0,4% of volume and 4,5% of CAPEX in Colombia.

Lubricants

Lubricants Plant certifications

13

Industrial costumers

Wide portfolio of products and integrated services including programs focused on security and environmental impact prevention as well as optimization of customer´s operation.

Fuel supply to approximately 408 costumers.

It represents 12% of volume and 2% of CAPEX in Colombia.

Focus on mining, petroleum, transportation, construction and agro-industry industries.

29,7%* of market share.

Fuel supply to industrial costumers through internal facilities.

(*) Source: Issuer’s calculation based on volume reported by Tax Support

Direction Office, through the collection of overall surcharge tax. Figures as

of December 2014.

14

Aviation

(*) Source: Issuer’s calculations based on Ecopetrol information.

Market leader with 74,4% market share*.

Supply of JET A1 and Avgas in 20 Colombian airports .

Principal supplier for El Dorado airport through Allied company as the operator.

IATA (International Air Transportation Association) strategic partner, thanks to a high operations standard.

Pioneer in Latin America with certifications in quality, security and environment. NORSOK S-006 Norwegian certification in industrial security, occupational health and environmental management.

It represents 16% of volume and 3% of CAPEX in Colombia

15

Marine

Terpel is making an incursion in the supply of bunker fuel for large cargo vessels arriving to Colombian seaports.

This is a growing market in which Terpel begins operations. At the end of 2013 it represented 0,6% of total volume.

Terpel is trading IFOS through Terpel Combustibles.

Colombian Seaports

16

ISO certifications

Signatories of the United

Nations Global Pact

Sustainability report

according to GRI G4 in its

«Core» version.

Terpel training schools

Terpel is compromised with sustainable development

Terpel is not only a shareholder´s asset, it is also an asset of all its related

interest groups. Terpel is fulfilling needs in all of the countries in where it has

operations and recognizes the importance growing all together in order to

pursue a better future.

INITIATIVES / PROGRAMS / CERTIFICATIONS

17

Terpel´s team experience in the industry

Daniel Perea Corporate & Legal AffairsVP

9 years

Sylvia Escovar President

12 years

Maria Mercedes Carrasquilla Human & Administrative Resources VP

2 years

Kenneth Siefken Marketing VP

13 years

Oscar Bravo Corporate Finance VP

10 years

Tony Quintero Commercial VP: Fuels

17 years

Juan Pablo Giraldo Lubricants VP

7 years

José Carlos Barreto Operations & Logistics VP

8 years

18

Corporate Government structure

Audit and

Corporate

Governance

Committee

Compensation

and Benefits

Committee

7 Members

Lorenzo Gazmuri Schleyer

Jorge Andueza Fouque

Ramiro Méndez Urrutia

Leonardo Ljubetic Garib

José Oscar Jaramillo Botero

Tulio Rabinovich Manevich

Gabriel Armando Sánchez

Blanco

GENERAL SHAREHOLDERS ASSEMBLY

PRESIDENT

Tax Auditor Internal

Auditor

Authorities

(SFC, SISoc.)

BOARD OF DIRECTORS

Control bodies

Terpel’s Corporate Government is

based on procedures that ensure

an appropriate governability and

it is also based on an ethical auto-

regulation.

FINANCIAL

INFORMATION

20

Consolidated operational results

(*) From 2013, figures include Peru results.

VOLUME SALES PERFORMANCE*

Millon Galons

VOLUME SALES BREAKDOWN

PER COUNTRY 2014*

EBITDA PERFORMANCE* COP$ Billion

EBITDA BREAKDOWN PER COUNTRY 2014*

21

Regional value generation

EBITDA Vs. VOLUME

COP$ Billion Vs. Millon Galons

22

Expansion strategy has strengthen Terpel´s position in

the Market

CONSOLIDATED CAPEX

$COP Billion

Expansion and strengthening of the service stations network.

Investments in upgrading service stations.

Development of complementary services (non-oil business).

Plants and airports overhaul and increase in storage capacity and vehicles conversion to VNG.

CAPEX BREAKDOWN PER COUNTRY CAPEX BREAKDOWN PER BUSINESS LINES

23

Debt indicators

DEBT/EBITDA PERFORMANCE EBITDA/INTERESTS PERFORMANCE

24

Contact

For more information about quarterly results

please refer to Terpel web page:

https://www.terpel.com/en/Home/Shareholders/i

nvestor-relations/Presentaciones/Quarterly-

presentations/

Considerations on the financial and operational information

The financial and operating results presented in this document correspond to the Terpel Organization and

its subsidiaries. The individual results of the subsidiaries are reported without intercompany eliminations,

therefore, the sum of individual results may not correspond to the consolidated results.

Given the merger process, conducted in August 2014, the Consolidated Financial Statements prior to that

date included the Sociedad de Inversiones en Energía. Of such way that, by December 2013 Consolidated

Financial Statements are taken of the Sociedad de Inversiones en Energía, comparable to the consolidated

one to December 2014 from Terpel fused with SIE, Proenergía and Terpel Centro.

The information contained in this document does not commit nor suggest any investment decision.

Investors contact