PRESENTATION BTG Pactuals North Andean Investor Trip Colombia & - PowerPoint PPT Presentation

CORPORATE PRESENTATION BTG Pactual’s North Andean Investor Trip Colombia & Peru April 2018

AGENDA 1. Company overview Next steps for strong long – 2. term success 3. Financial review

1. COMPANY OVERVIEW

Company overview The company Market share Installed capacity Distribution COL 10% | CA 12% 2.399 MW 20.473 km Retail Transmission Power plants +600k clients 291 km 28 facilities Regulated & non – regulated in Colombia Key financials Ebitda Total assets Rating COP 1,13 trillion COP 9,8 trillion COL Celsia AA+ Epsa AAA Net debt / Ebitda Cash PA Alternegy A- 2,5x COP 174 billion

Well diversified generation assets Hydro: 1.195 MW Solar: 9,8 MW Colombia Thermal: 1.144 MW Central America Wind: 50 MW ZFC Costa Rica 610 MW Merieléctrica Cativá 167 MW 87 MW BLM 280 MW Panamá PEG 50 MW Alto Anchicayá Rumor Hidromontañitas 355 MW 2,5 MW 20 MW Bajo Anchicayá Río Piedras Río Frio I 20 MW 74 MW 1,7 MW Dos Mares Calima Río Frio II 118 MW 132 MW 10 MW Río Cali I y II Tuluá Alto 1,8 MW 19,9 MW Solar Yumbo Nima I y II Tuluá Bajo 9,8 MW 6,7 MW 19,9 MW Annual Ebitda Cucuana Amaime 58 MW 19,9 MW COL COP 543 bn Salvajina Hidroprado 285 MW 51 MW CA USD 88 mn

Relevant transmission and distribution assets Annual equiv. Ebitda 291 km 20.473 km COP 304 bn (USD 103 M) Transmission grid Distribution grid (≥220kV) (<220 kV) RAB 16 substations 84 substations COP 2,13 tn (USD 714 mn) New regulatory environment WACC 12,4% 2018 Assets valuation 11,8% >2019

Corporate structure 1,87% 52,9% In 2009, Grupo Argos partnership was decisive in order to acquire control in EPSA Colombia Panama Costa Rica 100% 51% 100% 61,3% 100% Planta Eólica Zona Franca EPSA Complejo Hidroeléctrico Dos Mares BLM Corp. Guanacaste S.A. Celsia 98% 1 Cetsa 1 Direct and indirect stake in Cetsa E.S.P.

2. NEXT STEPS FOR STRONG LONG – TERM SUCCESS

Compelling projects that provide attractive returns Plan5Caribe -Improving the grid throughout the Caribbean region Stability on revenues Contract price indexed to COL PPI for 25 years No demand Risk Only commitments are to maintain quality of service standards to avoid penalties Significant incremental cashflow opportunities Current projects represent an increase of 20% Dx business Attractive returns High profitability margins with attractive returns on investment Additional opportunities in P5C stage II Financial closing in Colombian pesos with leasing facilities. Tenor: 10 STN & STR years of amortization and 2 years grace period Investments up to COP 1,0 trillion Subject to auctions

A sustainable strategy | Focus on renewables and non-conventional renewables First mover on utility-scale solar PV projects San Andres 19,9 MW Capacity 167 GWh-year Expected output Capex: COP 170 billion Under construction Andritz Hydro (Turbines), Estyma S.A. and HB Estructuras (civil works and equipment) Wind Projects Diversified mix of energy resources La Guajira 330 MW Attractive returns Capacity Taking advantage of existing substations and Other regions ex – La Guajira transmission lines ~70 MW Tax incentives through law 1715 Capacity Focus on low-carbon energy sources Commited to COP21 goals

Increasing the pace of digitalization with NOVA Control an automation of electrical power assets - Brand new SCADA Supervisory Control and Data Acquisition. Brand new control system architecture for high-level process supervisory management. Smart metering infrastructure Advanced metering unit Work Force Management Computer-based data integration and management process Highly innovative project - Colciencias Endorsed by the Colombian Administrative Department of Science, Technology and Innovation (Colciencias)

Key takeaways Substantial expertise in electric utilities management Leading electricity generation company 4th in Colombia – Vertically integrated 2nd in Panama Solid asset base well – diversified by geography, business type and fuel source Development of renewable energy sources Steady cash flows that contribute to revenue stability and predictability Best in operational metrics

3. FINANCIAL REVIEW

Consolidated financial results Revenues (COP trillion) Net income (COP billion) 3,7 3,8 568 3,1 2,6 2,4 332 251 171 -52 2.013 2.014 2.015 2.016 2.017 2.013 2.014 2.015 2.016 2.017 1Q 2Q 3Q 4Q Total 1Q 2Q 3Q 4Q Total Ebitda I Ebitda Mg. (COP billion I %) Debt / Ebitda I Net debt / Ebitda (x) 36% 36% 35% 27% 5,1 19% 3,4 3,2 2,9 2,5 6,0 3,8 3,4 3,1 2,7 2.013 2.014 2.015 2.016 2.017 2,014 2,015 2,016 2,017 2018-feb 1Q 2Q 3Q 4Q Ebitda margin Debt/EBITDA Net debt/EBITDA

Consolidated debt profile Debt profile COP 3,1 trillion 70% bonds Debt cost COP 1,8 trillion Celsia COP 716 bn COP 9,1% USD 446 million Epsa COP 514 bn USD 6,0% Alternegy USD 320 mn Amortization structure Colener ALT ZF Celsia EPSA Celsia BLM 500 COP Billion 450 400 350 300 250 200 150 100 50 0 3 4 5 6 7 9 10 11 12 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2033