Andean Conference

This presentation may contain forward-looking opinions including the intent, belief or current expectations of the Company and its management. Investors are cautioned that any such forward-looking opinions are not guarantee of future performance and involve a number of risks and uncertainties including, but not limited to, the risks detailed in the company’s financial statements. Gasco S.A. does not undertake any obligation to update forward-looking statements. No part of this presentation constitutes, or shall be taken to constitute, an invitation to invest in Gasco S.A. or any other entity.

Legal notice

I. Company Profile

II. Natural Gas Operation

III. LPG Operation

IV. Financial Profile

V. Perspectives

Agenda

Others22,2%

Almería Group*

3,5%Marín

Family*4,9%

Pérez Cruz Family*12,8%

CGE56,6%

Gasco is one of the eldest companies in Chile, with over 155 years of experience in the Gas industry, operating:

LPG distribution in Chile and Colombia

Natural Gas distribution in Chile and Argentina

NGV distribution in Chile

Through affiliates operates:

LPG marine terminal LNG marine terminal Transnational NG Pipes (Chile/Argentina)

*CGE Holders

Ownership Structure 31/12/2013

Free float 22%

Gasco S.A.

Gas57%

Electricity & Others

43%Gas40%

Electricity & Others

60%

Electricity

Distribution In Chile

Electricity Distribution In Argentina

Electricity Transmission

Electricity Generation

Services & Other Investments Gas

Figures as of December 2013

US$ 835 MM US$ 7.653 MM

Gasco’s parent company

EBITDA Assets

Ownership structure

INTERNATIONAL BUSINESS LPG NATURAL GAS

Gasco’s main companies

70%

LPG

NAT

URA

L G

AS

100%

51%

50%

51%

100%

30%

100%

100%

100%

30%

I. Company Profile

II. Natural Gas Operation

III. LPG Operation

IV. Financial Profile

V. Perspectives

Agenda

• 1995: Chile signed NG Integration Protocol with Argentina

• 1999: first transnational pipes (4)

started delivering NG

• 2004: supply problems from Argentina started arising; got worse by 2006

• 2009: 2 LNG plants started operating (North and central regions)

• 2014: LNG Quintero will increase it’s regasification capacity during the first semester

• Chile is open to the world LNG

suppliers

Domestic Production 2 MMm3/day

Demand 17,5 MM m3/day

LNG Mejillones 5,5 MMm3/day

LNG Quintero 10 MMm3/day

Argentinean Imports

0,1 MMm3/day

Natural Gas in Chile

Natural Gas distribution in Santiago

• 2005-2009: faced shortage of NG from Argentina • 2009: part of consortium to build LNG terminal in Quintero • 2013: 5.177 km pipe network, 548.019 customers, 766MMm3 • 2013: Sales for thermoelectric generation 246MMm3 • 2013 EBITDA: US$305MM

• Ownership: 51,83% Gasco • Distribution to res-comm & industrial

customers in Santiago

116 109 113 128

83

8

62

139 174

252

305

-

50

100

150

200

250

300

350

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

MM

US$

$EBITDA US$

• Ownership: • Total Investment: US$1.200 MM

• Start of Operation: July 2009 • Storage Capacity: 3 tanks, 335.000m3 • Current Regasification Capacity: 10MMm3/day • 2014 Regasification Capacity: 15MMm3/day • Potential regasification capacity: 20MMm3/day • BG supplies LNG

LNG marine terminal

*Terminal Valparaíso: Enagás (51%) & Oman Oil (49%)

Terminal Valparaíso*

40%

ENAP 20%

Metrogas 20%

Endesa 20%

Natural Gas distribution in the VIII Region

• Ownership: 30% Gasco • Innergy: Distribution to industrial customers in VIII region • Gasoducto del Pacifico: Natural Gas transport through

pipelines from Argentina to Chile • Operation affected by Argentinean NG supply • 2013: 53MMm3 volume • 2013 EBITDA: US$20MM (Includes Gasoducto del

Pacífico)

• Ownership: 100% Gasco • Distribution to res-comm customers in VIII region • 2013: 28.700 customers, 24MMm3 volume • 2013 EBITDA: US$4,6MM

Natural Gas distribution in Magallanes

• Ownership: 100% Gasco (Business Unit) • Regulated distribution business in XII region • 2013: 52.300 customers, 368 MMm3 volume • 2013 EBITDA: US$11 MM

• Ownership: 85% Gasco • First Compressed Natural Gas bus concession in Chile • 61 buses in operation for public transportation • Cleanest public transportation system in Chile • 2013: 5,3 million passengers transported

14

• Ownership: 100% Gasco • Distribution of NG and LPG for vehicles • Clean and Efficient fuel at a convenient cost (versus gasoline) • Currently focused in public transportation: taxis and buses • 54 gas station and corners throughout Chile • 2013: Autogas LPG volume 14.200 Tons • 2013: NGV volume 9,3 MMm3 • 2013 EBITDA: US$1,2 MM

NGV / Autogas

• Ownership: 50% Gasco • Acquired in 1992, regional concession • Operation in Argentina allowed Gasco to learn about NG

market, experience that would be used in the second half of the ’90s to establish NG companies in Chile

• 2013: 1.900 MMm3 volume

• NG prices frozen since 2001

Natural Gas distribution in Argentina

344 474

421

629 765 807 858 909 941 964 991 1.015

1.103

0

200

400

600

800

1.000

1.200

2005 2006 2007 2008 2009 2010 2011 2012 2013

Argentina Chile

Natural Gas Customers Evolution

Thou

sand

s of C

ostu

mer

I. Company Profile

II. Natural Gas Operation

III. LPG Operation

IV. Financial Profile

V. Perspectives

Agenda

• Industry size: 1.100.000 tons • Per capita consumption is around

70kg

• Imports account for 75% total consumed, mostly private companies

• Mature and very competitive market, 3 main actors

• Distribution Format: 70% cylinders (14 million) and 30% tanks (95 ths)

• Industry size: 535.000 tons

• Per capita consumption is around 34kg

• LPG surplus, 90% produced by state owned company Ecopetrol

• 40+ actors, Chilean companies represents 68% of the Marketshare

• 2009 Regulatory Changes: new Safety and Service standards

• Consolidation ahead

CHILE COLOMBIA

LPG Industry

Gasco39%

Others61%

Gasco27%

Others73%

• Ownership: 100% Gasco • Distribution of LPG along Chile • 5 Plants and 19 Distribution Centers • Formats: Cylinders (2, 5,11,15 & 45kg) and Tanks • #1 Market Share in Metropolitan Region • 2013: 311.000 Tons sold • 2013 EBITDA: US$58MM

Figures as of Dec 2013

LPG in Chile

Metropolitan Region National

19

• Ownership: 51% Gasco • Largest private LPG marine terminal in Chile • 4 storage tanks with 85.000m3 capacity (propane and butane) • 5th storage tank under construction. • Proven security in LPG supply from around the globe • Operated 70% of total LPG demand in 2013 • 2013 EBITDA: US$80MM

LPG marine terminal

• Ownership: 70% Gasco • First international player to seize opportunity • 2010: Acquisition of 3 distribution companies

• Geographic Coverage: 22 of 32 departments throughout Colombia. • VIDAGAS brand launched: consolidate all operations • US$20mm investment: cylinders and 81 distribution trucks

• 79.000 tons commercialized, 11% market share • 2011: Acquisition (70%) of UNIGAS, adding 7% market share • 2013: Gasco´s market share achieved 23% • 2013 EBITDA: US$21MM

LPG in Colombia

I. Company Profile

II. Natural Gas Operation

III. LPG Operation

IV. Financial Profile

V. Perspectives

Agenda

0

100

200

300

400

500

600

2008 2009 2010 2011 2012 2013

Consolidated EBITDA

LPG NG International Bs. Others

477

277

161

241

114

389

28%

68%

4%

• EBITDA affected by Natural Gas shortages from Argentina (2007 - 2009) • With LNG terminal service, NG subsidiaries recover operation. • EBITDA composition changed significantly: NG recovers importance.

• Figures as December 2013 • CLP/USD: constant

Consolidated EBITDA: Gasco S.A. M

MU

S$

MM

US$

5

72

49

64

106

140

48

-

20

40

60

80

100

120

140

160

2008 2009 2010 2011 2012 2013

Profit

Fiscal Year Profit Polpaico Sale

97

521 569 687 719

905 1.002 861

1.281

1.775 1.971 1.893

0

500

1.000

1.500

2.000

2.500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Consolidated Incomes

Total Assets 31/12/2013 IFRS

3.049 MMUS$

IFRS IFRS

MM

US$

MM

US$

Financial profile: Gasco S.A.

• Figures as of December 2013 • CLP/USD: constant

1,451,33 1,27

1,20 1,26 1,28 1,221,14 1,15

0,950,86

0,00

0,20

0,40

0,60

0,80

1,00

1,20

1,40

1,60

0

500

1.000

1.500

2.000

2.500

3.000

3.500

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

MM

US$

Liabilities Minority Interest Equity Leverage

741 724 712 692 773

875 836 811 792 800 831

0 100 200 300 400 500 600 700 800 900

1.000

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013

Financial Debt

LPG21%

NG67%

Int. Bss.7%

Others5%

Company Humphreys Fitch Ratings Feller

Gasco S.A. AA Stable

AA- Stable

-

CGE S.A. - A+ Stable

AA- Stable

Metrogas S.A. AA- Positive

- AA- Stable

Humphreys raised the long-term Gasco´s rating from AA- (outlook: positive) to AA

(outlook: stable) on February, 2013

Fitch raised the long-term Gasco´s rating from A+ (outlook: positive) to AA- (outlook: stable) on June, 2013

Local Rating International Rating *

Fitch Ratings AA- Outlook Stable*

Humphreys AA Outlook Stable

BBB

BBB+/BBB

* Private rating

Local rating: Gasco S.A. – CGE – Metrogas

Rate Structure: aim to maintain 80-90% fixed

* Figures as of December 2013

Well diversified debt

Long Term Debt Maturity Profile

Duration 6 years

Debt currency aligned to businesses purpose

Debt profile: Gasco S.A.

Short Term19%

Long Term81%

Term Structure

Fixed88%

Variable12%

Interest Rate Structure

Bonds71%

Banks25%

Leasing4%

Debt by instrument

NG45%

LPG18%

Holding27%

Int. Bus.10%

Debt by Business

UF76%

USD4%

COP10%

CLP10%

Currency Structure

Debt structure & financial ratios: Gasco S.A.

5,68 5,25

4,63 4,46

3,79 3,79

4,62

7,71

5,23 3,42

2,85 2,07 1,74

3,30 3,03 3,37 3,46

4,16 4,30

3,63 2,26 3,16

5,11

5,54

7,25 8,67

1,40 1,43 1,45 1,33 1,27 1,20 1,26 1,33 1,22 1,14 1,15 0,95 0,86

-

1,00

2,00

3,00

4,00

5,00

6,00

7,00

8,00

9,00

10,00

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

Ratios Gasco S.A.

Financial Debt / EBITDA EBITDA / Financial Expenses Leverage

0

20

40

60

80

100

120

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029

MM

M$

Financial Debt Structure at 31/12/2013

Gasco Metrogas Gasco GLP Gas Sur IGLP -UNIGAS Gasmar

**Considers reinvestment of dividens

Market cap & stock performance: Gasco S.A.

• Figures as of December 2013 • CLP/USD: constant

848

1.140 1.333

1.206

1.593

1.364 1.104

1.395

930

547

999 1.075 1.088

1.278

1.745

0

250

500

750

1.000

1.250

1.500

1.750

2.000

Dic-99 Dic-00 Dic-01 Dic-02 Dic-03 Dic-04 Dic-05 Dic-06 Dic-07 Dic-08 Dic-09 Dic-10 Dic-11 dic-12 dic-13

MM

US$

Market Cap** US$ = $ 524,61

144

81

0

20

40

60

80

100

120

140

160

ene-13 feb-13 mar-13 abr-13 may-13 jun-13 jul-13 ago-13 sep-13 oct-13 nov-13 dic-13

Gasco’s Stock * v/s IPSA

Gasco IPSA

I. Company Profile

II. Natural Gas Operation

III. LPG Operation

IV. Financial Profile

V. Perspectives

Agenda

• Diversified: Industry and Geography.

• Optimization and innovation in LPG business.

• Continue leveraging on natural gas business

• Position vehicular gas as an alternative source of energy

• Consolidation in Colombia

Provides cash flow generation stability Medium to long term growth opportunities

Perspectives

Andean Conference