Cálidda's 3Q 2014 results presentation covers the company's commercial, operational, and financial performance for the quarter. Key highlights include a 67% increase in customer base compared to last year, a 20% rise in gas volume sold, and 49% revenue growth. Operationally, the distribution network expanded 44% in length while the client connection rate reached 53%. Financially, adjusted EBITDA rose 40% and the adjusted EBITDA margin improved slightly.

1. Cálidda´s 3Q 2014 Results

2. 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
2
Table of Contents

3. 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
Table of Contents
3

4.  In July OSINERGMIN published the resolution that
sets Cálidda´s tariff regime for the next 4 years
(from May 8th, 2014 to May 7th, 2018). The
approved average distribution tariff was increased
by 6.37% when compared to the 2010 – 2014
average distribution tariff.
 In addition, OSINERGMIN resolution establishes
an investment plan (capex) of US$ 428 MM for the
period 2014 – 2017.
 Also in July, Cálidda started to expand sales to the
residential segment at regular sales price of
installation services, without promotional
discounts*
 As part of our expansion plan, Cálidda has started
working on the environmental impact study in the
southern district of Lima called Cañete.
 As of September, Cálidda has a client base of
235,000 customers, 67% more than in Q3 2013.
Significant Developments
1) Total Adjusted Revenues and Adjusted EBITDA Margin exclude Pass-
through and IFRIC 12 revenues.
4
Significant Developments
6,889 15,945
29,048
39,543
60,097
71,452
19,188
35,133
64,181
103,724
163,821
235,273
0
50,000
100,000
150,000
200,000
250,000
0
25,000
50,000
75,000
100,000
2009 2010 2011 2012 2013 YTD 2014
Connections Performance
Period connections Collected connections
(*) Mechanism set up to increase residential sales in medium-low income
households by discounting 50% the sales price of installation services. The
50% discount is known as “promotional discount” and is factored in the
distribution tariff
Main Results - YTD Q3 2014 Q3 2013 Var %
Invoiced Volume (MMCFD): 672 558 20%
Total Revenues (USD MM): 443.6 296.8 49%
Total Adj. Revenues (USD MM)1
: 139.6 102.5 36%
EBITDA (USD MM): 70.9 50.5 40%
Adjusted EBITDA Margin: 50.8% 49.3% --
Total Network Lenght (km): 4,450 3,094 44%
Accumulated Clients: 235,273 141,146 67%

5. 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
Table of Contents
5

6. Client Base
 Our clients in this segment have an installed
capacity close to 3,500 MW, representing 37%
of Peru’s overall power generation capacity (*).
 Up to Q3, Cálidda has connected a total of 19
new industrial plants.
 A new cluster of industries in northeast Lima
has been identified (Puente Piedra), and one
client has already been connected (Compañía
Peruana de Vidrios) to Cálidda´s distribution
system. In the first stage of expansion in this
cluster, a group of 11 clients will be soon
connected.
6
Power Generation
Industrial
(*) Source: Executive Yearbook of Electricity of 2013 – MEM.
8
11
13 13
16 16
0
5
10
15
20
2009 2010 2011 2012 2013 Q3 2014
321
360
394
429
466 485
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 Q3 2014

7. Client Base (Cont’d)
 Up to Q3, Cálidda has connected to the
distribution system a total of 9 new NGV
service stations, and currently there are more
than 188,000 vehicles already converted to
natural gas running in the cities of Lima and
Callao.
 Further consumption in this segment is
expected to come from the public
transportation buses, as they gradually switch
their fuel source from diesel to natural gas.
 Up to Q3, Cálidda has added 71,424 clients to
the Residential & Commercial segment.
 In the Residential segment only, 70,645 new
clients have been connected in 2014, and as a
result a total of 231,341 households currently
use natural gas.
 In the Commercial segment, Cálidda has
increased in 2014 its efforts to connect more
businesses to the distribution system, reaching
779 new clients up to Q3 and therefore having
a total of 3,216 commercial clients.
NGV Stations
Residential & Commercial
7
103 143 172 192 206 215
81,029
103,712
126,586
151,781
171,541 188,124
0
50,000
100,000
150,000
200,000
0
100
200
300
400
2009 2010 2011 2012 2013 Q3 2014
NGV Stations Converted Vehicles
18,756
34,619
63,602
103,090
163,133
234,557
0
50,000
100,000
150,000
200,000
250,000
2009 2010 2011 2012 2013 Q3 2014

8. Volume Sold
MMCFD
 In Q3 Cálidda increased its volume sold by 20% compared to Q3 2013, mainly explained by the
addition of Fénix Power (82 MMCFD) and Termochilca (45 MMCFD) since the 2H 2013. Additionally,
Cálidda has agreed to distribute 20 MMCFD of additional volume to Kallpa power generator.
 As of Q3, 76 % of the volume sold is explained by firm contracts (take or pay), the majority of them
corresponding to the power generation clients.
8
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
558
672
2009 2010 2011 2012 2013 Q3 2013 Q3 2014
Residential &
Commercial
Industrial
NGV Stations
Power Generation

9. Volume Sold by Client Segment
MMCFD
NGV Stations Residential & Commercial
IndustrialPower Generation
9
95
193
327
364
418 402
499
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 Q3 2013 Q3 2014
62
76
88
92
99 98
107
0
20
40
60
80
100
120
2009 2010 2011 2012 2013 Q3 2013 Q3 2014
24
32
40
49
56 55
61
0
10
20
30
40
50
60
70
2009 2010 2011 2012 2013 Q3 2013 Q3 2014
0.8
1.3
1.9
2.9
3.9 3.7
5.5
0
1
2
3
4
5
6
2009 2010 2011 2012 2013 Q3 2013 Q3 2014

10. 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
Table of Contents
10

11. Operational Performance
Distribution System Infrastructure
Network Efficiency
 In the first nine months of 2014, Cálidda has built
18 km of steel high pressure network and 1,028
km of polyethylene secondary network, which is
built in great extent to reach new household
clients.
 The pace of expansion in areas with polyethylene
network built (rings) has increased considerably
this year, reaching 111,997 rings in Q3 2014
compared to 53,066 rings in Q3 2013 .
 Cálidda’s entire distribution system consists of
4,450 km of underground pipelines.
 The network penetration rate has reached 53%
in the last quarter.
 The district of San Juan de Lurigancho is the
one with the highest penetration rate at 71%.
 This year Cálidda has planned on entering into
5 more districts: Callao, Ate, Puente Piedra,
Imperial and Cañete.
11
Clients(‘000)
273 303 359 387 408 426
701
1,020
1,465
2,163
2,996
4,024
974
1,324
1,824
2,550
3,404
4,450
0
1,000
2,000
3,000
4,000
5,000
2009 2010 2011 2012 2013 Q3 2014
km
Steel Network Polyethylene Network Total
19 35
64
104
164
235
94
126
174
244
331
443
20%
28%
37%
42% 50%
53%
0%
10%
20%
30%
40%
50%
60%
0
100
200
300
400
500
600
2009 2010 2011 2012 2013 Q3 2014
Total Clients Potential Clients*
(*) Clients who are adjacent to Cálidda's distribution

12. 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
Table of Contents
12

13. 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
13
1%
16%
9%
74%
4%
15%
11%
31%
37%
3%
Residential & Commercial Industrial NGV Stations
Power Generation Installation Services Others
Q3 2014 Total Adjusted
Revenues1
Q3 2014 Total Volume
(MMCFD)
 As of Q3, our Total Adjusted Revenues are represented by 60% from distribution revenues (volume
sold related revenues) and 40% from installation services revenues and other revenues.
 Futhermore, over 68% of our Total Adjusted Revenues are not dependable on demand volatility
because our firm contracts revenues account for 31% and installation services revenues account for
37%.
 Firm contracts revenues account for 50% of our distribution revenues.

14. Financial Performance
Million US$
Funds from Operations (FFO)1
EBITDA & Adj. EBITDA Margin (%)Total Revenues
14
Debt & Net Debt / EBITDA2
43 64 103 125 146 103 140
116 125
201
245
315
194
304
160
188
304
370
461
297
444
2009 2010 2011 2012 2013 Q3 2013 Q3 2014
Total Adjusted Revenues Pass-through & IFRIC 12
19
29
59
64
72
92
44.5% 46.1%
57.6%
51.6% 49.3%
50.8%
2009 2010 2011 2012 2013 LTM Q3
2014EBITDA Adjusted EBITDA Margin
12
18
40
43
36
58
2009 2010 2011 2012 2013 LTM Q3
2014
3.9x 3.9x
2.8x
3.0x
4.4x
3.4x
3.1x 3.1x
2.3x 2.3x
3.0x 2.8x
2009 2010 2011 2012 2013 LTM Q3
2014Debt / EBITDA Net Debt / EBITDA
2) Net Debt = Debt - Cash Balance.1) FFO = Net Profit + Depreciation + Amortization

15. 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.
15
41.4%
49.8%
54.1%
49.2%
56.6%
53.8%
2009 2010 2011 2012 2013 LTM Q3
2014
3.5x
3.8x
5.8x 5.5x 5.6x
6.4x
2009 2010 2011 2012 2013 LTM Q3 2014
20.9% 20.2%
28.9% 28.3%
16.8%
22.5%
2009 2010 2011 2012 2013 LTM Q3
2014
28
67
119 149
318 318
47
47
47
47
75
114
166
196
318 318
2009 2010 2011 2012 2013 LTM Q3
2014Senior Debt Shareholders' Subordinated Debt

16. CapEx
Financial Performance (Cont’d)
Million US$
Net Income
EquityTotal Assets
16
218
289
383
492
648 660
2009 2010 2011 2012 2013 LTM Q3
2014
106 115
141
202
244
273
2009 2010 2011 2012 2013 LTM Q3
2014
48 50
32
63
92
62
3
53
33
5
51 50
85
96 98
62
2009 2010 2011 2012 2013 Q3 2014
Secondary Network Main Network
7
10
26 27
17
29
2009 2010 2011 2012 2013 LTM Q3
2014

17. 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
Table of Contents
17

18. 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
18
Mathius Sersen
Finance Director
+51 1 625 7390
mathius.sersen@calidda.com.pe

19. 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
Table of Contents
19

20. 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
20

21. Experienced and Proven
Management Team & Board
Board of Directors
Management Team
President
Sandra 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 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.
Felipe Castilla
Canales
CFO in EEB
Previously CFO in
ContourGlobal
Latinoamerica. He
also held the position
of CFO in REFICAR -
Refinería de
Cartagena.
Luis Ernesto
Mejía Castro
Director of
Promigas
Minister of Mines and
Energy and Vice
Minister of
Hydrocarbons and
Mines.
21
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:
2 months
Months at Cálidda:
2 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

22. 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.
22