Calidda investor's presentation Q2 2014

Cálidda´s 2Q 2014 Results and

Significant Developments

I. Significant Developments

II. Commercial Performance

III. Operational Performance

IV. Financial Performance and Key Metrics

V. Questions and Answers Session

Annexes:

(i) Strong Sponsorship with Optimal Experience

(ii) Experienced and Proven Management Team & Board

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Table of Contents






Annexes:



Table of Contents

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In April, one major industrial client was connected to Cálidda’s distribution grid: Quimpac II, with an average consumption of 1 MMCFD.

In June, Cálidda started connecting residential clients into a new district named Santa Anita (middle class neighborhood) within the Metropolitan area of Lima and Callao. As a result, Cálidda is now present in 15 districts as to the Residential & Commercial segment (out of 49 of the Metropolitan area of Lima and Callao)

As of June, Cálidda has a client base of 215,000 customers, 31% more than the 163,823 customers achieved in 2013. In fact, a new record high in monthly connections was also achieved in June, with 10,808 new clients.

At early July, the industry regulator OSINERGMIN published the final resolution that sets Cálidda’s distribution tariff for the period between May 8th, 2014 and May 7th, 2018. The approved average distribution tariff was in line with the Company’s expectations and showed an increase of 6.37% when compared to last period average tariff, recognizing properly past and future investments.


1) Adjusted EBITDA Margin excludes Pass-through and IFRIC 12 revenues.

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3,284 3,838 3,663 3,984 2,811 3,430

4,609 5,574

6,231 7,479

8,417

6,779 6,084 7,164

8,876 8,932 9,485 10,808

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

Connections Performance

2013 2014

Main Results - YTD Q2 2014 Q2 2013 Var %

Invoiced Volume (MMCFD): 662 528 25%

Total Revenues (USD MM): 296.5 199.3 49%

Total Adj. Revenues (USD MM): 92.5 64.1 44%

EBITDA (USD MM): 45.1 32.0 41%

Adjusted EBITDA Margin1 : 48.7% 50.0% --

Total Network Lenght (km): 4,146 2,857 45%

Accumulated Clients: 215,170 124,732 73%






Annexes:



Table of Contents

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Client Base

Our clients in this segment have an installed capacity close to 3,500 MW.

This represents approximately 60% of Peru’s power generation capacity through thermal plants. Also represents approximately 37% of Peru’s overall power generation capacity (*).

In 2014, a total of 10 new industrial plants have been connected up to Q2. Cálidda is addressing demand for this segment in more than 30 districts.

Among the industrial plants that were connected in Q2, stands out Quimpac II (avg. consumption of 1 MMCFD), which is the sole integral producer of salt and chemical products in Peru.

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Power Generation

Industrial

8

11 13 13

16 16

0

5

10

15

20

2009 2010 2011 2012 2013 Q2 2014

321 360

394 429

466 476

0

100

200

300

400

500

2009 2010 2011 2012 2013 Q2 2014

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

Client Base (Cont’d)

A total of 5 new NGV service stations have joined Cálidda’s distribution system as of Q2 2014, and now there are more than 181,000 vehicles already converted to natural gas in the cities of Lima and Callao.

Further increases in natural gas consumption are expected in the near future as public transportation buses in the city of Lima are being converted gradually from diesel to natural gas.

As of Q2 2014, Cálidda has added 51,334 clients to the Residential & Commercial segment.

As to residential clients only, 50,787 have been connected, mainly from districts from the Metropolitan area of Lima and Callao where Cálidda is already present. Therefore, Cálidda boasts a total of 211,483 connected households.

NGV Stations

Residential & Commercial

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103 143 172 192 206 211

81,029 103,712

126,586

151,781 171,541 181,565

0

50,000

100,000

150,000

200,000

0

100

200

300

400

2009 2010 2011 2012 2013 Q2 2014

NGV Stations Converted Vehicles

18,756 34,619

63,602

103,090

163,133

214,467

0

50,000

100,000

150,000

200,000

250,000

2009 2010 2011 2012 2013 Q2 2014

52.2%

63.9%

71.6% 71.6%

72.5% 69.9%

74.2%

13.4%

10.6%

8.8%

9.7%

9.6%

10.6%

9.2%

34.0%

25.0%

19.2%

18.1%

17.2%

18.8%

15.8%

182

303

457

508

577

528

662

2009 2010 2011 2012 2013 Q2 2013 Q2 2014

Residential &Commercial

Industrial

NGV Stations

PowerGeneration

Volume Sold MMCFD

Cálidda now sells more than 3.6x the volume sold in 2009.

In Q2 Cálidda increased its volume sold by 25% compared to Q2 2013, mainly explained by the two new power generators that became part of our distribution system in 2H 2013: Fénix Power (82 MMCFD) and Termochilca (45 MMCFD). In addition, Cálidda has agreed since the end of Q1 to distribute 20 MMCFD of additional volume to Kallpa power generator (total: 131 MMCFD).

8

95

193

327 364

418 374

490

0

100

200

300

400

500

600

2009 2010 2011 2012 2013 Q2 2013 Q2 2014

0.8 1.3

1.9

2.9

3.9 3.5

4.9

0

1

2

3

4

5

2009 2010 2011 2012 2013 Q2 2013 Q2 2014

24

32

40

49 56 54

60

0

10

20

30

40

50

60

70

2009 2010 2011 2012 2013 Q2 2013 Q2 2014

62 76

88 92 99 96

107

0

20

40

60

80

100

120

140

2009 2010 2011 2012 2013 Q2 2013 Q2 2014

Volume Sold by Client Segment MMCFD

NGV Stations Residential & Commercial

Industrial Power Generation

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Table of Contents

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Operational Performance

Distribution System Infrastructure

Network Efficiency

In the first six months of 2014, Cálidda has built 14 km of steel high pressure network and 728 km of polyethylene secondary network, which is built in great extent to reach new household clients.

The pace of expansion in polyethylene network (rings) has increased considerably this year, reaching 79,775 rings in Q2 2014 compared to 29,598 rings in Q2 2013 (33,295 in Q4 2013).

Cálidda’s entire distribution system consists of 4,146 km of underground pipelines.

The network penetration rate has reached 52% in the last quarter.

The district of El Agustino is the one with the highest penetration rate at 70%.

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

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273 303 359 387 408 422 701 1,020

1,465 2,163

2,996

3,724

974 1,324

1,824

2,550

3,404

4,146

0

1,000

2,000

3,000

4,000

5,000

2009 2010 2011 2012 2013 Q2 2014

Steel Network Polyethylene Network Total

km

Clie

nts

(‘0

00

)

19 35 64

104 164

215

94 126

174

244

331

410

20%

28%

37% 42%

50% 52%

0%

10%

20%

30%

40%

50%

60%

0

100

200

300

400

500

600

2009 2010 2011 2012 2013 Q2 2014

Total Clients Potential Clients*

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






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Financial Performance Million US$

FFO

EBITDA & Adj. EBITDA Margin (%) Total Revenues

13

Net Income

7 10

26 27

17 19

2009 2010 2011 2012 2013 Q2 2014

43 64 103 125 146 64 92

116 125

201 245

315

135

204 160 188

304

370

461

199

297

2009 2010 2011 2012 2013 Q2 2013 Q2 2014

Total Adjusted Revenues Pass-through & IFRIC 12

19

29

59 64

72

85

44.5% 46.1% 57.6%

51.6% 49.3% 48.7%

2009 2010 2011 2012 2013 LTM Q22014EBITDA Adjusted EBITDA Margin

12

18

40 43

36

54

2009 2010 2011 2012 2013 LTM Q2 2014

5.8% 3.0% 2.4% 3.1% 5.4% 9.0% 4.6%

11.4% 15.8% 23.8% 25.9%

32.7% 24.5% 37.4% 12.4%

27.0%

36.0% 34.2% 27.0%

28.8%

28.5%

27.8%

19.2%

15.4% 15.1% 13.9% 15.3% 11.3% 39.2%

32.4% 20.0% 18.5% 16.6% 17.3% 14.3%

3.5% 2.6% 2.4% 3.2% 4.5% 5.2% 3.8%

2009 2010 2011 2012 2013 Q2 2013 Q2 2014

Residential &Commercial

Industrial

NGV Stations

PowerGeneration

InstallationServices

Others

Revenues’ Composition

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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.

As of Q2, the Total Adjusted Revenues are represented by 58% from distribution revenues (volume related revenues) and 42% from installation and other services related revenues.

Furthermore, over 66% of our Total Adjusted Revenues are not dependable on demand (volume) volatility as firm contracts revenues account for 29% (mainly from power generation clients), and installation services revenues account for 37%.

Firm contracts’ revenues account for 50% of our distribution revenues (volume related revenues).

3

Total Adjusted Revenues1 by Segment

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28 67

119 149

318 318

47 47

47 47

75 114

166 196

318 318

2009 2010 2011 2012 2013 Q2 2014

Senior Debt Shareholders' Subordinated Debt

106 115 141

202

244 264

2009 2010 2011 2012 2013 Q2 2014

CapEx

Financial Performance (Cont’d) Million US$

1) Total Debt: net of debt associated costs.

Total Debt1

Equity Total Assets

218 289

383

492

648 664

2009 2010 2011 2012 2013 Q2 2014

15

48 50 32

63 92

45

3 53

33

5

51 50

85 96 98

45

2009 2010 2011 2012 2013 Q2 2014

Secondary Network Main Network

Financial Metrics

Interest Coverage3 FFO / Net Debt

Debt & Net Debt1 / EBITDA2 Debt / Capitalization (%)

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

1) Net Debt /EBITDA ratio affected by a USD 50MM short term

intercompany loan made to Transportadora de Gas Iberoamericana

S.L. on June 30th.

2) LTM: Last Twelve Months.

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41.4%

49.8% 54.1%

49.2%

56.6% 54.7%

2009 2010 2011 2012 2013 Q2 2014

3.9x 3.9x

2.8x 3.0x

4.4x 3.7x

3.1x 3.1x 2.3x 2.3x

3.0x 3.5x

2009 2010 2011 2012 2013 Q2 2014

Debt / EBITDA Net Debt / EBITDA

3.5x 3.8x

5.8x 5.5x 5.6x 5.8x

2009 2010 2011 2012 2013 LTM Q22014

20.9% 20.2%

28.9% 28.3%

16.8% 18.0%

2009 2010 2011 2012 2013 LTM Q22014






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Table of Contents

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Questions & Answers Session

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

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

http://www.grupoenergiadebogota.com.co

Adolfo Heeren

CEO

[email protected]

Rafael Andrés Salamanca Rodriguez

Investor Relations Advisor GEB

+57 1 326 8000 – ext. 1675

[email protected]

Mathius Sersen

Finance Director

+51 1 625 7390

[email protected]

Investor Relations

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

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






Annexes:



Table of Contents

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Strong Sponsorship with

Optimal Experience

– Leading energy holding company with interests across the electricity

and natural gas sectors in Colombia, Peru and Guatemala.

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

76.2% ownership stake.

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

distribution of electricity and natural gas.

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

and transportation companies in Colombia.

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

by Grupo Aval.

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

de Occidente, Surtigas and Gases del Caribe.

– Participation in the power distribution in Colombia and

telecommunications sector in Panama and Costa Rica.

– EEB has 15.6% stake in Promigas.

Controlling Investments

Non Controlling Investments

Non Controlling Investments

Controlling Shareholder – 60% Ownership in Cálidda

Shareholder – 40% Ownership in Cálidda

Controlling Investments

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

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

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

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

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

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

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

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

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

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

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

Experienced and Proven Management Team & Board

Board of Directors

Management Team

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



ChiefProcurement

Officer

PatriciaPazos



ChiefFinancialOfficer

JaimeQuintana



Chief Human Resources

Officer

RosarioJiménez



ChiefExternal Affairs Officer

TaniaSilva



ChiefLegal and Regulatory

Officer

AmadeoArrarte



ChiefStrategy Officer

TatianaRivas



ChiefInternal Auditor

CarolinaHernández



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.

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Disclaimer

The information provided here is for informational and illustrative purposes only and is

not, and does not seek to be, a source of legal or financial advice on any subject. This

information does not constitute an offer of any sort and is subject to change without

notice.

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

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

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

recommendations herein presented. Neither Cálidda nor its Shareholders are

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

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

inconsistent with the information herein presented.

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