Calidda at a Glance

Calidda is the largest natural gas (NG) distribution company in Peru in terms of clients and natural gas
volumes sold

Highlights Key Metrics 2012

 Calidda has the exclusive right to distribute natural gas in Volume: 460MMCFD
the Department of Lima and the Constitutional Province
of Callao Total Revenues: US$370.1 mm
EBITDA: US$64.4 mm
– Awarded a 33-year BOOT (Build-Own-Operate-
Adjusted EBITDA Margin(1): 51.6%
Transfer) concession in 2000, which can be renewed
every10 years from 2033 onwards, up to 2060 Network: 2,445 km
Clients: 103,723
 Service area under concession covers 21,714 square
miles and 10.4 million people

 Lima and Callao represent approximately 35% of Peru´s

population and 50% of Peru´s GDP 2012 Total Adjusted Revenues(2) 2012 Total Volume
3% 3%
1%
– Main grid has a minimum distribution capacity of 255
million Cubic Feet per Day (MMCFD) and a
19%
additional main grid loop to be completed in the first 26% 19%
half of 2013 will increase the minimum capacity to
420MMCFD
11%
15%
 Diversified client base: power generators, industrial
companies, Natural Gas Vehicles (NGV), commercial and 69%

residential
34%

 Shareholders with extensive experience in energy

markets Installation Services/Other revenues have no corresponding NG volume

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

(2) Total Adjusted Revenues excludes pass-through and IFRIC 12 revenues. Installation services include connection fees and facility financing.
1 Source: CTI, INEI, Calidda
Exclusive Operating Service Area in Peru´s Largest Market
Calidda has a 33 year exclusivity agreement to distribute NG in Lima & Callao, Peru´s most populated region

Company Highlights Network Footprint

 Calidda has 2,455 km of natural gas pipelines (made of

steel or polyethylene) in Lima & Callao

 Calidda serves residential customers in 13 of the 49

districts in Lima & Callao, and industrial, NGV and power Edegel Ventanilla

generators in 34 districts
SDF Energia

 At YE 2012 Calidda served more than 103,000 clients in

the residential, commercial, industrial, NGV and power
Edegel Santa Rosa
generating sectors

 Calidda maintains continuity and availability rates of its

distribution system above 99.8% and 99.5% respectively

 46% of the company´s distribution revenues comes from

firm contracts with top tier companies Calidda’s City Gate

 The Single Tariff scheme guarantees a 12% return on Kallpa

CapEx and operational costs
Enesur

 Calidda has a master supply contract with the Camisea

Consortium and a master transportation contract with
TGP guaranteeing NG and transport from Camisea to the Duke
City Gate in Lurin
 National Strategic Importance
Calidda a Leader in a Growing Sector Sustained Fuel Consumption Growth in Peru
100%
 Approximately 83% of energy generated by natural gas were
Calidda´s clients 90%
RESIDUAL6.2% NATURALGAS33.0%
80%
 Natural gas is the second most demanded electricity power source
in Peru after Hydroelectric energy, however the demand for 70%
natural gas grew 18.2% (’11-’12), faster than the growing rate of 60%
hydroelectric power which grew 3.4% during the same period
50% DIESEL34.3%
 The Peruvian government recognizes the growing demand of
40%
natural gas and its strategic importance to the country
30%
KEROSENE 0.0%
 The recent crisis in hydroelectric power generation gives natural TURBO5.3%
20%
gas a strategic role in providing energy to Peruvians GASOLINE10.7%
10%
LPG10.5%
0%
1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012(*)

Maximum Demand by Fuel Source Important role in Peru´s Strategy

(MW)
“The popularization of natural gas will not only change the lives of Peruvians, but also
revolutionize and transform our economy as it will allow the entire population to avoid cost
overruns from traditional fuels”
2,749 2,843 - Ollanta Humala Tasso, President of Peru

2,276 February 10th 2012,

1,925
According to data from MINEM (Ministry of Energy and Mining):

“The demand for natural gas, which in 2010 was 638 millons of cubic feet per day (MMCFD), in
2015 it will reach1,364 MMCFD, more than twice what the coutnry currently requires.”

April 22nd 2012,

136 96 100 51 55
21
“Peru's annual power consumption and capacity demand through 2016 will grow 12% and 11.2%….
Hydro Natural Gas Coal
Carbon Diesel Others …hydroelectric generation will cover 52.3% of demand, and natural gas-fired plants the difference.

2011 2012 March 4th 2013,

Source: Comité de Operación Económica del Sistema (COES)
3
 Solid Peruvian Natural Gas Production Growth
Industry Overview Natural Gas Reserves by Area

North

Central Jungle

 Peru has one of the largest and most

important fields in Latin America
Proven Reserves Southern Jungle
(Camisea, 11 TCF1 proven reserves)
which supplies Calidda´s distribution Potential Reserves
network

 Local market has priority over export

contracts Proven Reserves Potential Reserves
 Since the Camisea Consortium began
commercial operations in 2004, Area TFC % Companies Sedimentary Potential
natural gas has significantly increased Basins Resources
North 1.2 9.4% GyM, Petrobras
its share in the hydrocarbon market
Tumbes & Sechura 4 – 6 TCFs
Central
0.2 1.7% Aguaytia
Jungle Huallaga & Ene 15 TCFs
(1) TCF: Trillion Cubic Feet Southern Camisea, Ucayali Sur &
LPG: Liquid Petroleum Gas 11.3 88.9% 50 TCFs
Source: PERUPETRO Jungle Repsol Madre de Dios
4
 Fully Compliant with BOOT Requirements
Calidda undertook the execution of the “Committed Works” to meet Construction works undertook a growth plan in order to be able to
1 the minimum capacity requirements of the distribution system:
2 connect the number of potential customers specified below:

Minimum Capacity Potential Number of Customers

Years of Operation 13 KM 41.56 KM 61.18 KM At 2 years (August 2006) 10,000

.
2016 255 MMCFD
. 200 MMCFD
. 150 MMCFD
. At 4 years (August 2008) 30,000
.
At 6 years (August 2010) 70,000
.

3 On April 29th, 2010, Calidda and the Government of Peru (GoP) signed the Addendum to the BOOT Concession Agreement whereby: The single
tariff was established in order to allow and make feasible the investment needed to increase the system capacity from 255 MMCFD to 420 MMCFD.
New commitments were introduced for Calidda to attend effective connected customers:

Effective Connected Customers(1)

May 2011 12,000
.
May 2012 27,000
.
May 2013
May 2014
45,000
66,000
.
In progress
May 2015 91,000

• Calidda has an excellent rapport with regulators MINEM and OSINERGMIN, the entities which oversee the
natural gas industry and set the distribution tariff

• Calidda works together with these regulatory bodies for the development the natural gas distribution sector
(1) Additional customers to the already connected at May, 2010.
5
Tariff Calculation & Price Determination
Tariff Categories Price Determination USD/MMBTU1
The customer´s demand is divided into tariff categories
10%
Power Generators 59% 31% 3.1

NGV 62% 18% 20%

5.1

Industrial 60% 18% 20% 5

35% 10% 55% 9.1

Residential and Commercial

Natural Gas Transport Distribuition

Average Tariff Calculation

Existing Operating Costs

Installations Projected + (O&M, commercialization,
+ investments
(NRC2) administrative-overhead)
Average
=
Tariff

- Fixed every 4 years

Projected
- Investments Annuity: 30 years Demand
- Guarantees a 12% return on CapEx

(1) MMBTU: Million British Thermal Units

(2) NRC: New Replacement Cost (Value)
 An Important and Growing Market
Lima & Callao is the largest market in Peru in terms of clients, industrial activity and power generation.

Residential & Commercial Industry

35% of Peru´s Population lives in Lima & Callao  Lima & Callao represent 50% of Peru’s GDP.

Percentage Located within Lima & Callao

10.4 MM Lima & Callao

Rest of Peru 100%
19.7 MM

39% 45%
 Peru has 7.7 million households, 2.5 million located in Lima
& Callao
1
 Peru´s PPP has seen the 2nd greatest increase in Latin
America since 2005 (165%) and Lima´s poverty index is a Commercial Industrial Natural Gas
Establishments Companies Compression
little over half that of Peru (16% vs 28%) Companies

NGV Power Generation

 65% of Peru’s 1.9 million vehicles are located in Lima &  Peru's electricity demand grew at 5.9% CAGR over the past
Callao 5 years

 151,781 vehicles have been converted to NGV in Peru,  42% of Peru’s electricity is produced by NG power
representing a 44.7% CAGR since 2007 generators; 90% of which is generated in Lima

 Lima & Callao has 192 NG stations which represents  Electricity demand, in a conservative scenario, is expected
approximately 96% of NG stations in Peru to have an average growth of 8% through 2015, and 6%
from 2016-2020

1. Purchasing Power Parity per Capita GDP

7 Source: IMF, INEI, Communications and Transport Ministry, Calidda, Comité de Operación Económica del Sistema (COES), Apoyo Consultoria, Peru Petro and Diario Gestión.
 Diverse Client Base with Strong Credit Profile
Four Client Segments: (i) Power Generators, (ii) Industrial, (iii) NGV Stations and (iv) Residential & Commercial
Main Clients Segments Growth Main Clients / Shareholder
13 13

11
Power Generators
Non Regulated Customer 8
Power Plant Contract Expiry
Kallpa 2033
5
Enersur 2025
Edegel 2025 3
Fenix Power 2033
Termochilca 2028

2007 2008 2009 2010 2011 2012

427
Industrial 398
363
Non Regulated and 330
Regulated Customers 278

221
427 industrial plants
Belonging to all productive sectors
Intensive in energy use
Consumption driver: Industrial GDP
Steady and growing segment
High competitiveness
2007 2008 2009 2010 2011 2012

192
172
NGV Stations 144
Regulated Customers
104
192 NGV Service Stations
Attending 153,000 converted cars 61
High competitiveness 24
Massive public transport still to be
converted
2007 2008 2009 2010 2011 2012

102,090

 Market potential is estimated at 1.4 million

63,639 households
Residential and Commercial
Regulated Customers
 Diversification benefits reduce any potential
18,124
22,414 losses due to default / late payments in
7,866
11,745 individual accounts

8 2007 2008 2009 2010 2011 2012

 Significant Competitive Advantage
NG vs. Alternate Fuel Sources
Prices in Lima (US$/MMBTU) – As of January 2013

Residential & Commercial Industrial Clients

28.4 38.8
27.4
23.0
21.9
27.4

20.7
17.4

9.1
5.3
5.0 4.4

NG Category A NG Category C Residential Residential LPG Diesel 2 Commercial NG Category D NG Category E Industry Electric Diesel 2 Industry LPG Industry
(Residential) (Commercial) Electric Energy LPG (Industrial) (Industrial) Energy Petroleum 6

NGV Stations Power Generators

30.2 27.4

23.9
17.4
15.8

3.1

NGV Vehicular LPG Gasoline 90 NG Category Power Diesel 2 Industry Petroleum 6

MMBTU: Million British Thermal Units Generator
LPG: Liquid Petroleum Gas
9 Source: MINEM and Calidda.
 Calidda’s Client Base
Demanded Volumes by Client Segment (MMCFD)
461 Current % Distribution
414 3
1%
2
Residential & 90
Commercial 250 87 19%
49
Industrial 40
164 1
11%
NGV 74
69%
1
32 319
285
Power 61
Generators 24
143
78

2009 2010 2011 2012

Total Adjusted Revenues By Client Segment(1)

2.60% 2.50% 2.40% 3.20%

Residential & 20.00% 18.50%

 46% of distribution revenues are
Commercial 32.30% 32.20%
derived from firm distribution contracts
Industries 15.40% 15.10% with an average remaining life of over
17 years.
NGV 19.20% 19.10%

34.20%
36.00%
Power
Generators
26.90% 26.90%
Installation
Services
23.80% 25.90%
Others 11.40%
15.80%

7.70% 3.50% 2.40% 3.10%

2009 2010 2011 2012

10 (1) Total Adjusted Revenues excludes pass-through and IFRIC 12 revenues. Installation services include connection fees and facility financing.
51.7%
57.7%
44.5%
49.7%
$370
$304
$188
$160
$108
$65
$60
$28
$19
$17
$27
$26
$10
$43
$40
$18
$12
$7
$4
$8

Strong Financial Performance

2

2
Total Revenues (US$ Millions) EBITDA (US$ Millions) & Adj. EBITDA Margin (%)

$370
$64
$59
$304
46% 58%
52%
$188
$29

2010 2011 2012 2010 2011 2012

EBITDA Adj. EBITDA Margin

Equity (US$ Millions) Net Income (US$ Millions)

$202
$26 $27

$141
$115

$10

2010 2011 2012 2010 2011 2012

Source: Company information and financials.

11 Adjusted EBITDA Margin excludes pass-through and IFRIC 12 revenues.
49.3%
54.1%
49.7%
41.4%
61.4%
30.7%
29.8%
19.9%
20.9%
11.8%
2.2x
3.2x
3.0x
4.1x

Solid Financial Performance

2

Debt / Capitalization (%) Net Debt / EBITDA (x)

3.1x
54.1%

2.3x 2.4x

49.7%
49.3%

2010 2011 2012 2010 2011 2012

Leverage Ratio Interest Coverage (x)

65%
5.8x 5.6x
51%

37% 3.7x

2010 2011 2012 2010 2011 2012

Source: Company information and financials.

12 Note: Debt includes subordinated debt from shareholders.
.
 Strong Sponsorship with Optimal Experience
Controlling Shareholder – 60% Ownership in Calidda

Leading energy holding company with interests across the electricity and Controlling Investments
natural gas sectors in Colombia, Peru and Guatemala
– Founded in 1896, controlled by the Distrito de Bogotá since 1956 with a 81.5%
ownership stake Non Controlling Investments
– Leader in the Energy Sector: major player in the transmission and distribution of
electricity and natural gas
– International presence: Colombia, Peru and Guatemala

Shareholder – 40% Ownership in Calidda

One of the largest natural gas distribution and transportation companies Controlling Investments
in Colombia
– Founded in 1974 by the government of Colombia and currently controlled by Grupo
Aval
– Only vertically-integrated natural gas company in Colombia
– Major player in the gas distribution sector in Colombia through Gases de Occidente,
Surtigas and Gases del Caribe
Non Controlling Investments
– Participation in the power distribution in Colombia and telecommunications sector in
Panama and Costa Rica
– International Presence: Panama, Peru and Costa Rica

Strong Shareholder Commitment to Calidda

– Recently Injected $35 million in November 2012 and another $25 million in February 2013 as equity
13 – Provided a $47 million intercompany subordinated loan in Calidda
 Experienced and Proven Management Team & Board
Calidda’s management team and board have a successful track record in the oil and gas sector
Board of Directors

President of the Board of
Directors
Sandra Stella Fonseca Arenas
18 years of working experience in
the energy sector
Former Executive Director of the
Energy and Gas Regulation
Commission
Luis Betancur Escobar Jose Elias Melo Acosta Antonio Celia Martínez –
Aparicio
President of Corporación Financiera
Served as Director of Fondo Colombiana S.A President of Promigas
Financiero Desarrollo Urbano
Served as Secretary of Junta Served on the board of directors
President of Colombia for Monetaria del Banco de la of various companies in the
restructuring of the Energy and Republica, Minister of the natural gas sector
Gas Regulatory Commission Colombian Ministry of Treasury
and Public Credit and Minister of
the Ministry of Labor and Social
Security

Management Team

Chief Executive Officer

Adolfo Heeren
Years in Industry: 16 Years
Years at Calidda: 1 years

Technical Chief Procurement Chief Financial Human External General Internal Audit
Manager Commercial Manager Officer Resources Relations Counsel Manager
Jorge Officer Patricia Pazos Jaime Quintana Manager Manager Amadeo Arrarte Carolina
Monterroz Carlos Cerón Rosario Jiménez Tania Silva Hernández
Years in Industry: Years in Industry: Years in Industry: Years in Industry: Years in industry: Years in Industry:
16 years 12 Years 16 years Years in Industry: Years in Industry:
7 years 4 years 2 years
Years at Calidda: Years at Calidda: Years at Calidda: 11 years 7 Years
Years at Calidda: Years at Calidda: Years at Calidda:
2 years 2 years 8 years Years at Calidda: Years at Calidda:
2 years 4 years 1 year 9 years 5 years

14