1. MARCH 5TH 2015
TGI 2014 RESULTS AND KEY DEVELOPMENTS

2. Table of contents
2
I. TGI Overview and history
II. Key Updates
III. Financial and operating highlights
IV. Expansion Projects
Appendix
1. Economic industry and regulatory environment
2. Shareholders and management team
3. EEB Overview

3. 1. TGI overview and history

4. Company history
TGI history
Pipeline networkHighlights
 Owns ~61% of the national pipeline network (3,957
km) and transports 49% of the gas consumed in the
country
− Serves ~70% of Colombia’s population, reaching
the most populated areas (Bogota, Cali, Medellin,
the coffee region and Piedemonte Llanero, among
others)
− Has access to the two main production regions, La
Guajira and Cusiana/Cupiagua
 38% interest in Contugas (Peru)
− 30-year concession for natural gas transportation
and distribution
 TGI was created as a result of the privatization of Ecogás and has experienced remarkable growth since then, under
the leadership of its controlling shareholder EEB.
 Creation of Ecogas
1997
2005
 Start of Ecogas
Privatization
Process
2006
 Ecogas assets
awarded to EEB
 Creation of TGI
 Inaugural bond issuance  Transfer of first
BOMT pipeline
(GBS)
 Pipelines exchange
with Promigas
 CVCI capitalization
 Transfer of second BOMT
pipeline (Centragas)
 Cusiana expansion phase I:
start of operations
 Refinancing of subordinated
debt with EEB
2008
 TGI takes over the O&M
of owned pipelines
 Refinancing of bonds issued in 2007
 Cusiana expansion phase II: start of operations
 TGI takes over the O&M of compressor stations
 Awarded investment grade rating by Moody’s
and Fitch
2010
 Awarded investment grade rating
by S&P
 Headquarters relocation from
Bucaramanga to Bogotá
 Redesign of organizational
structure
2012
2013
2007
2009
2011
2014 EEB acquired 31.92%
stake in TGI from TRG
(formerly CVCI)
 Sabana Compressor
starts operations
 Contugas Concession
starts operations
 TGI´s first dividend
Payment
 Fitch Upgraded TGI’s
investment grade to
BBB
Cartagena
Refinery
Barrancabermeja
Refinery Bucaramanga
Bogota
Neiva
Cali
Medellin
3.15 tcf
1.97 tcf
Eastern
Producers:
Ecopetrol
Equion
Upper Magdalena Valley
Lower and Middle
Magdalena Valley
Northern
Producers:
Chevron
Ecopetrol 1.89 tcf
References
TGI Pipelines
Natural Gas Reserves
City
Field
Refinery
Third Party Pipelines
Source:
Mining and Energy Planning Unit.
National Hydrocarbons Agency.
4

5. Overview
5
Stable and growing Colombian economy with sound investment environment
Constructive and stable regulatory framework
Largest natural gas pipeline system in Colombia
Stable and predictable cash flow generation, strongly indexed to the US Dollar
Strong and consistent financial performance
Experienced management team with solid track record in the sector
Expertise, financial strength and support of shareholders
Natural monopoly in a regulated environment
Strategically located pipeline network

6. 2. Key Updates

7. Key updates
 Since 2H 2011, TGI designed a strategy to improve its credit ratings in order to (i) reduce financial
expenses, (ii) provide better access to debt capital markets and (iii) broaden its potential investor
base
 On August 28th, Standard & Poor’s affirmed the TGI corporate debt and issuer rating in ‘BBB-‘,
perspective stable
 On October 28th, Fitch Ratings upgraded TGI’s corporate debt and issuer rating from ‘BBB-’ to
‘BBB’, with stable perspective
 TGI’s current ratings are as follows:
Baa3 Stable OutlookBBB Stable Outlook BBB- Stable Outlook
Fitch upgraded TGI’s credit rating to BBB on Oct 28, 2014
7

8. Hedge Restructuring
 During the first quarter of 2014, TGI executed synthetic unwinds to cap losses related to 3 of 4 cross-
currency swaps booked in 2009
 On September 2014, TGI executed the fourth synthetic unwind, hedging the whole cross-currency swaps
booked in 2009
Key updates
8

9. TGI’s acquisition
 EEB closed the TGI 31.92% share acquisition on the first half of 2014, through the acquisition of the 100% of
IELAH (SPV)
 To bridge the acquisition EEB used cash on hand and short term financings with affiliates.
 USD $ 645 MM were disbursed on September 2014 trough long term credit facilities to IELAH
 TGI is currently working on the merger with IELAH, this merger is expected to take place the 3Q 2015.
 On 2014 TGI paid out ~ USD 270 MM in dividends as a result of distributable profits corresponding to 2013
and the first eight months of 2014, and release of one reserve.
Dividends distributed
 On July 7th TGI started operations of La Sabana Compression Station
 Project has been succesfully completed
La Sabana Compression Station
Key updates
9
USD MM(1)
Distributed profits 2013 54.4
Distributed profits Jan – Aug 2014 60.5
Reserves released 155.4
(1) USD in millions –2014 (EOY) exchange rate, only for informative purposes.

10. 3. Financial and operating highlights

11. Solid operational performance
(1)The trend line refers to the ratio: Firm contracted capacity/available capacity. The Available capacity differs from the Total Capacity as TGI requires a percentage of it for its own use.
Source: Company information.
Network length
(km)
Capacity
(MMscfd)
Firm Contracted Capacity(1)
(MMscfd)
Transported Volume Load factor
(MMscfd) (%)
3,529
3,774 3,774
3,957 3,957 3,957
2009 2010 2011 2012 2013 2014
478
548
618
730 730 730
2009 2010 2011 2012 2013 2014
437
485
560
604
628
647
92% 90% 92%
85% 88% 91%
2009 2010 2011 2012 2013 2014
396
422 420 422
454
494
2009 2010 2011 2012 2013 2014
69% 71%
58% 59% 61% 64%
2009 2010 2011 2012 2013 2014
Pipeline & Compression
Stations Reliability
11
99.6% 99.7% 99.8%
96.0% 96.5% 96.5%
2012 2013 2014
Pipeline System Compression System

12. Stable and predictable cash flow generation
• TGI’s revenues are highly predictable, with approximately 98% coming from regulated tariffs that are reviewed al
least every 5 years, ensuring cash flow stability and attractive rates of return
• Main sectors served by the Company (75(1)% of revenues) present stable consumption patterns (no seasonality)
• The Company enjoys excellent contract quality
– 100% of TGI’s contracts are firm contracts with an average remaining life of 8.02 years
– 84% of regulated revenues are based on fixed tariffs, not dependent on the transported volume
– 63% of revenues are linked to tariffs in USD, that are indexed to US PPI (Capital Equipment)
12
Revenues breakdown
(% of revenues)
Source: Company information.
(1) Includes Distributors, Ecopetrol´s refinery and Natural gas for Vehicles.
TGI’s revenues are highly predictable as a result of regulated tariffs and stable consumption
as of December 31- 2014
Distributor
59%
Refinery
13%
Thermal
18%
Traders
3%
Vehicles
3%
Others*
4%
By Sector
Ecopetrol
15%
Gas Natural
21%
Gases de
Occidente
16%
EPM
11%
Isagen
7%
Others
30%
By Client
Linked to
USD
63.4%
COP
36.6%
By Currency

13. Revenues EBITDA and EBITDA margin
Funds from operations (1)
(US$ in millions – average exchange rate for each period)
Source: Company information
(US$ in millions – average exchange rate for each period)
(US$ in millions – average exchange rate for each period)
(1)FFO calculated as net income plus depreciation, amortization and provisions, adjusted for effect from exchange rate and hedges.
On 2012 FFO includes the LM transaction premium~ USD 69 million (one time event)
TGI Financial performance 2014
Historical CaPex - YTD
(US$ in millions – average exchange rate for each period)
2014 Preliminary figures subject to shareholders assembly approval
252
294
338
390
465 477
2009 2010 2011 2012 2013 2014
196
222
257
289
359
383
78%
75% 76% 74%
77%
80%
2009 2010 2011 2012 2013 2014
96 108 117 133
268
289
2009 2010 2011 2012 2013 2014
13
14
69
174
387
185
32 36
2008 2009 2010 2011 2012 2013 2014

14. Total Assets PPE
Cash and Equivalents
(US$ in billions – end-of-year exchange rate for each period)
Source: Company information
(US$ in billions – end-of-year exchange rate for each period)
(US$ in billions – end-of-year exchange rate for each period)
TGI Financial performance 2014
2014 Preliminary figures subject to shareholders assembly approval
2.00 2.12
2.56
2.88 2.98
2.33
2009 2010 2011 2012 2013 2014
1.25 1.30 1.34 1.40 1.40 1.37
0.76 0.81
1.22
1.48 1.58
0.96
2009 2010 2011 2012 2013 2014
LIABILITIES EQUITY
110
71
182
160
364
205
2009 2010 2011 2012 2013 2014
Liabilities
(US$ in billions – end-of-year exchange rate for each period)
0.62
0.77
1.40
1.67
1.49
1.19
2009 2010 2011 2012 2013 2014

15. Strong and consistent financial performance
Total debt / EBITDA
Financial debt breakdown (3)
Subordination Agreement
 The lender is EEB (major shareholder)
 No repayment of principal allowed before payment of senior debt
 Interest can only be paid if there is no default or event of default and if
the payment does not trigger any such scenario
 Subordinated debt acceleration is not allowed until senior debt is not
repaid
Source: Company information. Total debt includes senior debt, subordinated debt and mark-to-market.
Note: Ratios calculated in local currency.
(1) Senior Net debt excluding EEB´s short term intercompany Loans. Including the ICL the ratio lowers to 1.2x
(2) Interest coverage ratio calculated as EBITDA / Net interest
(3) Senior debt stands for the US$750 million Senior Unsecured Notes due 2022. Subordinated debt stands for intercompany loan with EEB.
Senior net debt (1) / EBITDA Interest coverage (2)
5.6 5.4
4.9
4.2
3.5
3.8
2009 2010 2011 2012 2013 2014
2.0 2.1
2.5
4.0
5.9
6.5
2009 2010 2011 2012 2013 2014
(X) (X) (X)
3.3 3.4
2.7
2.4
1.5
2.0
2009 2010 2011 2012 2013 2014

16. 4. Expansion Projects

17. Description: TGI will increase existing capacity of
Armenia and Chinchina branches
with the construction of two new
loops; Armenia Branch: 37.5 km 8”
loop parallel to exiting 6” pipeline
and Chinchina – Santa Rosa –
Dosquebradas Branch: 7.5km 3”
loop parallel to existing 3” pipeline
Cost: ~$ 28 mm
Status: — Engineering stage
— Expected Completion: 2017
Expansion projects pipeline
Description: Adapt compression stations,
delivery and receipt locations
along the Ballena -
Barrancabermeja pipeline so that
it can transport natural gas in both
directions, in order to allow
natural gas to be transported from
the central region to the north
Cost: ~$ 20 mm
Expected
Completion:
2016
Ballena – Barrancabermeja Bidirectionality
Description: Increase capacity in 20 mmscfd by
adapting Vasconia, Miraflores,
Puente Guiillermo compression
stations
Cost: ~$ 31 mm
Expected
Completion: Dec. 2015
Cusiana Phase III
Cusiana - Apiay – Villavicencio - Ocoa
Description: Increase capacity in 32 mmscfd.
2 New compression stations
Cost: ~USD $ 48 mm
Expected
Completion: 2H 2016
Eje Cafetero Branches
17

18. 5. Questions and answers

19. Investor Relations
For more information about TGI contact our Investor Relations team:
Antonio José Angarita Vega
CFO
+57 (1) 3138400 - ext 2110
antonio.angarita@tgi.com.co
Sergio Andrés Hernández Acosta
Finance Manager
+57 (1) 3138400 - ext. 2450
sergio.hernandez@tgi.com.co
Fabián Sánchez Aldana
IR Advisor - EEB
+57 (1) 3268000 - ext. 1827
fsanchez@eeb.com.co
http://www.tgi.com.co
19

20. Appendix 1 – Economic industry and regulatory
environment

21. Source: UPME
Energy sources 2012
Growing Demand of Natural Gas Significant Availability of Natural Gas
 Reserves mostly located
in the north and east
regions of the country
 Key fields (Ballena,
Chuchupa, Cusiana and
Cupiagua) concentrate
virtually all of the natural
gas production
 Long distances between
production and main
consumption areas
 Minimal gas storage
capacity across the
country
Total Domestic
Demand
(mmcf/d)
Expected
2014A-2018E
Growth by
Sector
Natural Gas in Colombia: Increasing Demand
and Vast Reserves
21
Bucaramanga
Bogotá
Cali
Medellín
3.15 Tcf
1.97 Tcf
Eastern
Producers:
Ecopetrol
Equion
Lower and Middle
Magdalena Valley
Northern
Producers:
Chevron
Ecopetrol
References
Natural Gas Reserves
Main Oil & Gas Basins
City
1.89 Tcf
Llanos
Orientales
Catatumbo
Guajira
Sinu
Tumaco
Choco
Cordillera
Oriental
Valle Inferior
Del
Magdalena
Valle Medio
Del
Magdalena
2012 total natural gas reserves of 7.01 tcf (5.73 tcf proven and 1.28 Tcf
unproven), source MME & ANH
Data from UPME as of 31-Dec-2012
Data from ANH as of 31-Dec-2014
11.7
6,0
RESERVES PER UPME RESERVES PER ANH
Proved Probable + possible Yet to Find Conventional Non Conventional
Organic
9,1%
Coal
9,8%
Natural
Gas 25,1%
Hydro
12,9%
Oil 43,2%
(Million Equivalent Oil Tons)
0.4%
3.3% 2.7% 2.7%
4.5%
25.0%
Petrochemical Industrial Residential Power… NGV Petroleum
695
731 723
810
841 829 847
946
1034 1035
1240
2006 2007 2008 2009 2010 2011 2012 2013 2014 … 2017 2018
CAGR: 2006-2014: 5,1%
CAGR: 2014-2018: 4,6%
..
…
Source: Mining and Energy Planning Unit. Reserves as 2012.
Source: UPME, Concentra
Source: UPME

22. Source: Banco de la República, DNP, MINHACIENDA., Bloomberg
5-year CDS Foreign currency reserves
Real GDP growth and inflation Foreign direct investment
(US$ in billions)(% growth)
(%) (US$ in billions)
Stable and growing Colombian economy with
sound investment environment
4%
2%
4%
7%
4% 4% 4%
7.7%
2.0%
3.2%
3.7%
2.4%
1.9%
3.7%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
2008 2009 2010 2011 2012 2013 2014
(e)-
Real GDP growth Inflation
10.6
7.1 6.4
14.6 15.1
16.4 15.6
-
3.0
6.0
9.0
12.0
15.0
18.0
2008 2009 2010 2011 2012 2013 2014
0
100
200
300
400
500
600
700
24 25
28
32
37
44
47
19.0%
22.9% 22.6% 22.5% 21.3%
24.4% 24.9%
-5.0%
5.0%
15.0%
25.0%
35.0%
45.0%
0
10
20
30
40
50
2008 2009 2010 2011 2012 2013 2014
International reserves
Debt as % of GDP

23. Regulatory framework established
to attract private sector investment
 Law 142 (1994) establishes system
of open entry to the natural gas
transportation sector
− No term limitation for the provision
of the service
− Assets used in the provision of the
service are not owned by the state
but by the company providing
such service
CREG required by law to seek input
from market participants
 CREG is an independent regulatory
body that controls natural gas
regulation
− Sets tariffs, promotes competition
and monitors quality of service
Tariff calculation based on the
principle of financial feasibility and
economic efficiency
 Tariffs are set in order to allow the
service provider to:
− Recover operational costs and
investments
− Obtain a return on investment
comparable to what an efficient
company would obtain in a sector
of similar risk
Cost recovery, attractive regulated
return on investment and
protection against inflation
 Transporters are given full recovery
of operating and maintenance
expenses
− Adjusted by Colombian Price
Index (CPI)
 Dollar indexation of investment
remuneration tariff
 Different rates of return applied
when determining fixed and variable
charges
Constructive and stable regulatory framework
Source: Company information.
The Colombian gas transportation regulatory framework was established to attract private
strategic investors and to provide adequate cost recovery and regulated returns
23

24. CREG RESOLUTIONS 083 AND 112 OF 2014
 Establishes regulations for natural gas
market.
 Definition of contractual arrangements in
the primary market.
 Definition of marketing mechanisms.
 Defines secondary market with its
respective regulations.
 The following reliability aspects in the Decree
have not yet been defined by the Regulatory
Commission:
 The CREG will establish the reliability
criteria which shall secure the demand
coverage and must set the rules for the
evaluation and remuneration of these
investment projects.
CREG RESOLUTION 047 OF 2014
Recent Regulatory Decisions
The regulatory framework for natural gas transportation in Colombia is in a stage of important
definitions. The main recent regulatory decisions are:
CREG RESOLUTION 089 OF 2013
DECREE 2100 OF 2011
 Establishes the principles that will be
considered in the next natural gas
transportation tariff update process.
 The resolution mentions the principles that
will be kept from the actual tariff
methodology.
 Remuneration based on contracts.
 Price cap methodology.
 It also mentions aspects that must be
evaluated.
 System expansion based on
government signals.
 Tariff calculation based on historical
demand and not projected.
 The resolution CREG 083 proposes the
methodology to determine the WACC for
regulated activities including gas
transportation.
 The resolution CREG 112, proposes the value
for the Beta Adjustment (Delta Beta - Δβ) ,
which recognizes the difference between the
reference market in the USA and the
Colombian Regulatory framework.
 Both resolutions were available for agents
comments’, and the final resolutions are
expected to be issued at the end of the year.
24

25. Appendix 2 – Shareholders and management team

26. Experienced management team with solid
track record in the sector
David Riaño
CEO
19
 Over 20 years of experience in the natural gas and electricity industries. Worked as Advisor to the Energy and Gas
Regulatory Commission (CREG), Superintendent for Energy and Gas and Executive Vicepresident of the
Colombian Electricity Generators Association
 Electrical Engineer from Universidad de La Salle , Master in Industrial Engineering from Universidad de los Andes
and in Economics from Pontificia Universidad Javeriana
 TGI´s CEO since October 2014
Antonio J.
Angarita
CFO
20
Officer Key highlights
Years of relevant
experience
Jose Arcos
Vice –President of
Legal Affairs and
regulatory
16
 Over 16 years serving the public and private sectors. Worked as General Secretary to the Colombian Gas
Association (Naturgas) and as Legal Advisor to the Energy and Gas Regulatory Commission (CREG)
 Lawyer from Universidad del Cauca, Master in Utilities Regulation from Universidad de Barcelona, post graduate
studies in Government and Markets from Harvard University, specialization in Business Law and trust from
Universidad Externado de Colombia and Santo Tomás
 Over 20 years of experience in financial management in different industries (10 years in Energy & Gas), former IRO
in EEB, CFO in Bayport Colombia, Regional CFO in Amnet Central America (Tigo Home), Financial Controller and
Financial Planning Manager in Colombia Movil - Tigo, Head of Financial Planning in ETB, Head of Management
Control in Codensa and Advisor of the CFO in EEB.
 Civil Engineer and MBA from Universidad de los Andes (Bogotá)
 TGI’s CFO since July 2014
Miguel Arias
COO
 Former Judicial Defense Manager at National Infrastructure Agency (ANI); Expert in PPP contracts, infrastructure law,
arbitration, M&A and antitrust law
 Attorney from Universidad de la Sabana; PhD in International Public Law from Universidad Alfonso X, Master in Law
from Universidad Sergio Arboleda, specialization in Administrative Law from Universidad del Rosario
Carlos Toledo
Vice-President for
Administration and
services
10
 Over 10 years serving the public and private sectors
 Vice-President for Administration and Public Relations since May 2012.
 Degree in Law from the Universidad UNICIENCIA.
 Degree in Electrical Engineering and specialization in telecommunications from Universidad Industrial de Santander
Master’s degree in Applied Political Studies from FIIAPP.
 Master in Social Cohesion from Universidad de Mendez Pelayo, España.
Oscar Ibañez
Vice-President of
growth and
development
24
 Over 24 years of experience in the Oil and Gas Industry
 Former Project Manager at Audubon Engineering Colombia
 Degree in Petroleum Engineering from Universidad de America and specialization in Gas Engineering form
Universidad Industrial de Santander
24

27. Appendix 3 – EEB Overview

28. EEB Strategy and Overview
Strategy
 Transportation and distribution
of energy
Key facts
 More than 100 years’ experience in the sector; founded in 1896.
 Regional leader in the energy sector; major player in the entire electricity
and natural gas value chains (except E&P); operations in Colombia,
Peru, and Guatemala.
 Largest stockholder is the District of Bogota - 76.2%.
 Stock listed on the Colombia stock exchange; EEB adheres to global
standards of corporate governance.
 The EEB Group is one of the largest issuers of equity and debt in
Colombia
USD Million 2014
Operating revenue 963.7
Operating profit 330.3
EBITDA LTM 1,075.1
Net Income 410.0
Consolidated - Covenants 2014
Leverage Ratio 2.09
Interest Coverage Ratio 11.8
Focus on
natural
monopolies
Ample access
to capital
markets
Ambitious
projects in
execution
Growth in
controlled
subsidiaries
Sound
regulatory
framework
Experienced
management
and partners
28

29. Disclaimer
This presentation contains statements that are forward-looking within the meaning of Section 27A of the Securities Act of 1933, as amended
(the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward-looking statements are only
predictions and are not guarantees of future performance. All statements other than statements of historical fact are, or may be deemed to be,
forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of TGI, its
consolidated subsidiaries and related companies to market risks and statements expressing management’ expectations, beliefs, estimates,
forecasts, projections and assumptions. These forward-looking statements are identified by their use of terms and phrases such as “anticipate”,
“believe”, “could”, “estimate”, “expect”, “intend”, “may”, “plan”, “objectives”, ”outlook”, “probably”, “project”, “will”, “seek”, “target”, “risks”, “goals”,
“should” and similar terms and phrases. Forward-looking statements are statements of future expectations that are based on management’s
current expectations and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or
events to differ materially from those expressed or implied in these statements. Although TGI believes that the expectations and assumptions
reflected in such forward-looking statements are reasonable based on information currently available to TGI’s management, such expectations
and assumptions are necessarily speculative and subject to substantial uncertainty, and as a result, TGI cannot guarantee future results or
events. TGI does not undertake any obligation to update any forward-looking statement or other information to reflect events or circumstances
occurring after the date of this presentation or to reflect the occurrence of unanticipated events.
29

30. Cálidda´s 4Q 2014 Results

31. I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
31
Table of Contents

32. I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
32

33. Introduction and Perspectives
33

34. I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
34

35.  In October Termochilca Power plant turned its
interruptible contract into a firm volume contract
(45.03MMCFD).
 In November the industrial client La Pampilla
Refinery contracted firm volumes.
 Additionally in November Enersur power plant
increased its firm contract from 102.41 MMCFD to
121.38 MMCFD.
 Calidda has a client base of 255,005 customers,
56% more than the 163,817 customers achieved
in 2013.
 The residential segment increase its penetration
rate from 50% (2013) to 55%.
 Calidda´s 2014 Invoiced volume increased 18%
vs. 2013, mostly explained by the full operation of
Fénix and Termochilca power plants during 2014.
 Calidda invest USD 83MM during 2014 developing
its Distribution System Infrastructure, expanding
the network in 1,274 km.
 Calidda achieved the recertification of ISO 9001
and 14001 standards.
Significant Developments
2) Total Adjusted Revenues and Adjusted EBITDA Margin exclude Pass-
through and IFRIC 12 revenues.
3) Adjusted EBITDA Margin excludes Pass-through and IFRIC 12 revenues.
4) In 2013 ratio does not include 2013´s debt prepayment penalties
(USD 7.8MM).
35
Significant Developments
Financial Results (Year - end) 2014 2013 Var %
Total Revenues (USD MM): 512.1 460.9 11%
Total Adj. Revenues (USD MM)2
: 185.8 146.2 27%
EBITDA (USD MM): 91.2 72.1 27%
Adjusted EBITDA Margin3
: 49.1% 49.3%
Interest Coverage (x)4
6.3x 5.6x 13%
1) Clients who are adjacent to Cálidda's distribution network.
Operational Results ( Year - end ) 2014 2013 Var %
Accumulated Clients: 255,005 163,817 56%
Invoiced Volume (MMCFD): 679.2 577.1 18%
Network Lenght (km): 4,678 3,404 37%
Potencial Clients 1
466,249 330,678 41%
Operational Results (Year – end) 2014 2013 Var %
Financial Results (Year – end) 2014 2013 Var %

36. I. Introduction and Perspectives
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
36

37. Client Base
37
18,756
34,619
63,602
103,090
163,129
254,280
0
50,000
100,000
150,000
200,000
250,000
300,000
2009 2010 2011 2012 2013 2014
Residential & Commercial
 Cálidda has residential network in 15 districts and
industrial network in 34 districts within Lima &
Callao (Metropolitan area).
 During 2014, Cálidda added 91,151 clients to the
Residential & Commercial segment. As to
residential clients only, 90,062 were connected
over such period, and, therefore, a total of 250,752
households are now Cálidda’s clients.
Main grid expansion
Natural gas main pipeline
Industrial customers
Residential customers

38. Client Base (Cont’d)
38
8
11
13 13
16 16
0
5
10
15
20
2009 2010 2011 2012 2013 2014
321
360
394
429
466 489
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014
Clients Segments Growth Highlights
 No new power generators where
connected in 2014. Fénix Power
and Termochilca thermoelectric
plants were connected in 2013.
 During 2014, Kallpa and Enersur
power plants increased their firm
contract.
 23 new industrial plants were
connected during the 2014
period. Cálidda was able to
attend the demand for this
segment in more than 34
districts.
103 143 172 192 206 220
81,029
103,712
126,586
151,781
171,541
197,154
0
50,000
100,000
150,000
200,000
250,000
0
100
200
300
400
2009 2010 2011 2012 2013 2014
NGV Stations Converted Vehicles
 14 new NGV stations joined
Cálidda’s distribution system
and almost 200,000
converted vehicles were
attended in the City of Lima
in 2014.
Power Generation
Industrial
GNV Stations

39. Volume Sold (Invoiced)
MMCFD
 Cálidda now invoices more than 3.7x the volume in 2009.
 As of December, 2014 TPO contracts amount 541 MMCFD, 80% of Total Invoiced Volume.
 Most important increase comes from Power Generator and Industrial Segment.
39
52.2%
63.9%
71.6%
71.6%
72.5%
74.2%
34.0%
25.0%
19.2%
18.1%
17.2%
16.0%
13.4%
10.6%
8.8%
9.7%
9.6%
9.0%
182
303
457
508
577
679
2009 2010 2011 2012 2013 2014
Residential &
Commercial
NGV Stations
Industrial
Power Generation

40. Volume Sold by Client Segment
MMCFD
NGV Stations Residential & Commercial
IndustrialPower Generation
40
95
193
327
364
418
504
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014
62
76
88 92
99
109
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 2014
24
32
40
49
56
61
0
10
20
30
40
50
60
70
2009 2010 2011 2012 2013 2014
0.8
1.3
1.9
2.9
3.9
5.8
0.0
1.0
2.0
3.0
4.0
5.0
6.0
2009 2010 2011 2012 2013 2014

41. I. Introduction and Perspective
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
41

42. Operational Performance
Distribution System Infrastructure
Network Efficiency
 In 2014, Cálidda’s distribution network was
expanded by 1,274 km, out of which 20 km
were steel high pressure network mainly used
for the Industrial and NGV Stations segments,
while the remaining 1,254 km were
polyethylene pipelines and focused on
connecting residential customers.
 Total network now consists of 4,678 km of
underground pipelines and its 4.8x longer than
what it was in 2009.
 The network penetration rate has increased
to 55% over the years due to Cálidda’s
commercial strategy main focus: districts
characterized by medium and low income
families where the savings produced by the
use of natural gas against other alternative
fuels are more appreciated.
42
Clients(‘000)
273 303 359 387 408 428
701
1,020
1,465
2,163
2,996
4,249
974
1,324
1,824
2,550
3,404
4,678
0
1,000
2,000
3,000
4,000
5,000
2009 2010 2011 2012 2013 2014
km
Steel Network Polyethylene Network Total
19 35
64
104
164
255
94
126
174
244
331
466
20%
28%
37%
42%
50%
55%
0%
10%
20%
30%
40%
50%
60%
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 2014
Total Clients Potential Clients*
(*) Clients who are adjacent to Cálidda's distribution network.

43. Operational Performance (Cont’d)
43
Cálidda capacity is 420MMPCD (from citigate Lurín to
Lima). Independent and regulated customers uses
298MMPCD equivalent to 70% of its capacity.
Cálidda has enough Gas Supply Contract (Pluspetrol)
and Transportation Contracts (TGP) to attend its
regulated customers.
Calidda Capacity
420 MMCFD
Gas
178MMCFD
Transport
204 MMCFD
120
144
168
192
216
240
Regulated Clients
0
50
100
150
200
250
300
350
400
450
Regulated Clients Independent Clients
Edegel Ventanilla
Enersur
Edegel Santa
Rosa
Kallpa
Duke
Cálidda
's City
Gate
Thermal
Plants
(Clients)
Conventions
Cálidda Capacity =
420MMCFD
Regulated Customers
= 150 MMCFD
Termochilc
a
Fénix
Independent Customers
= 148 MMCFD
Chilca P.G.=
381 MMCFD

44. I. Introduction and Perspective
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
44

45. Total Adjusted Revenues by Segment
2
1) Total Adjusted Revenues exclude Pass-through and IFRIC 12 revenues.
2) Installation Services Revenues include revenues from connection fees and financing.
3) Others: mainly derived from network relocation and other non recurrent services.
3
45
 Firm contract volume (541MMCFD) represent 80% of invoice volume.
5%
15%
11%
32%
35%
3%
Residential & Commercial Industrial NGV Stations
Power Generation Installation Services Others
2014 Total Adjusted Revenues 2014 Total Volume (MMCFD)
1%
16%
9%
74%

46. Financial Performance
Million US$
Funds from Operations (FFO)1
EBITDA & Adj. EBITDA Margin (%)Total Revenues
46
Debt & Net Debt / EBITDA
2) Net Debt = Debt - Cash Balance.
1) FFO = Net Profit + Depreciation + Amortization
43 64 103 125 146 186116 125
201
245
315
326
160
188
304
370
461
512
2009 2010 2011 2012 2013 2014
Total Adjusted Revenues Pass-through & IFRIC 12
19
29
59
64
72
91
44.5% 46.1%
57.6% 51.6% 49.3%
49.1%
2009 2010 2011 2012 2013 2014
EBITDA Adjusted EBITDA Margin
(*) Last Twelve Months.
12
18
40
43
36
57
2009 2010 2011 2012 2013 2014
3.9x 3.9x
2.8x
3.0x
4.4x
3.5x
3.1x 3.1x
2.3x 2.3x
3.0x
2.6x
2009 2010 2011 2012 2013 2014
Debt / EBITDA Net Debt / EBITDA
2

47. Financial Metrics
Interest Coverage2 FFO / Net Debt
Debt / Capitalization (%)Total Debt1
2) In 2013 ratio does not include 2013’s debt prepayment penalties (USD 7.8 MM)
1) Total Debt: net of debt associated costs.
47
28
67
119 149
318 318
47
47
47
47
$75
114
166
196
318 318
2009 2010 2011 2012 2013 2014
Senior Debt Shareholders' Subordinated Debt
41.4%
49.8%
54.1%
49.2%
56.6%
53.2%
2009 2010 2011 2012 2013 2014
3.5x
3.8x
5.8x 5.5x 5.6x
6.3x
2009 2010 2011 2012 2013 2014
20.9% 20.2%
28.9% 28.3%
16.8%
23.9%
2009 2010 2011 2012 2013 2014

48. CapExNet Income
EquityTotal Assets
48
$218
$289
$383
$492
$648
$696
2009 2010 2011 2012 2013 2014
$106 $115
$141
$202
$244
$280
2009 2010 2011 2012 2013 2014
$7
$10
$26 $27
$17
$35
2009 2010 2011 2012 2013 2014
48 50
32
63
92
83
3
53
33
5
51 50
85
96 98
83
2009 2010 2011 2012 2013 2014
MMUSD
Secondary Network Main Network
Financial Metrics (Cont’d)

49. I. Introduction and Perspective
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
49

50. Conclusions
50

51. I. Introduction and Perspective
II. Significant Developments
III. Commercial Performance
IV. Operational Performance
V. Financial Performance and Key Metrics
VI. Conclusions
Annexes:
(i) Strong Sponsorship with Optimal Experience
(ii) Experienced and Proven Management Team & Board
Table of Contents
51

52. For more information about Cálidda, please contact our Investor Relations team:
http://calidda.com.pe/inversionistas/
http://www.grupoenergiadebogota.com.co
Adolfo Heeren
CEO
adolfo.heeren@calidda.com.pe
Rafael Andrés Salamanca Rodriguez
Investor Relations Advisor GEB
+57 1 326 8000 – ext. 1675
rsalamanca@eeb.com.co
Isaac Finger
CFO
+51 1 625 7310
isaac.finger@calidda.com.pe
Investor Relations
52
Gabriela Vasquez - Mejía
Finance Director
+51 1 625 7390
gabriela.vasquez-mejia@calidda.com.pe

53. 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
53

54. Experienced and Proven
Management Team & Board
Board of Directors
Management Team
54
President
Ricardo Roa
Barragán
Participation in the
Boards of Codensa,
Emgesa, Gas Natural,
REP Perú, Cálidda,
Contugas, Trecsa and
President of
Transportadora de
Gas Internacional TGI.
Luis Betancur
Escobar
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 Celia
Martínez-Aparicio
President of
Promigas
Served on the board of
directors of various
companies in the
natural gas sector.
Manuel Guillermo
Camargo Vega
Management positions
in distribution and
transportation utilities
of natural gas and
project experience in
transportation of crude
oil and natural gas.
David Alfredo
Riaño Alarcón
President of
Transportadora de
Gas Internacional
TGI.
19 years of experience
in the energy sector
and utilities.
Luis Ernesto
Mejía Castro
Director of
Promigas.
Minister of Mines
and Energy and
Vice Minister of
Hydrocarbons and
Mines.
Chief
Operating
Officer
Jorge
Monterroza
Years in industry:
17 years
Years at Cálidda:
3 years
Chief Executive Officer
Adolfo Heeren
Years in Industry: 17 years
Years at Cálidda: 3 years
Chief
Commercial
Officer
Carlos
Cerón
Years in industry:
17 years
Years at Cálidda:
3 years
Chief
Procurement
Officer
Patricia
Pazos
Years in industry:
17 years
Years at Cálidda:
9 years
Chief
Financial
Officer
Isaac
Finger
Months in industry:
5 months
Months at Cálidda:
5 months
Chief Human
Resources
Officer
Rosario
Jiménez
Years in industry:
5 years
Years at Cálidda:
5 years
Chief
External
Affairs
Officer
Tania
Silva
Years in industry:
3 years
Years at Cálidda:
2 years
Chief Legal
and
Regulatory
Officer
Amadeo
Arrarte
Years in industry:
12 years
Years at Cálidda:
10 years
Chief
Strategy
Officer
Tatiana
Rivas
Years in industry:
6 years
Years at Cálidda:
6 years
Chief Internal
Auditor
Carolina
Hernández
Years in industry:
8 years
Years at Cálidda:
6 years

55. 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.
55