November 2015

TERPEL

3Q-15 Results

HIGHLIGHTS

2

Terpel became the lubricants supplier for Carbones del Cerrejón Terpel started supplying fuel to Arroyo Barril Airport in RD

Terpel acquired 6 fuel plants from Cenit IR Recognition was renewed

1 REGIONAL PRESENCE

3

(*) Source: Terpel sep-15. Colombia's Market Share Jul-15

(***) Market Share in Mexico City is 100%

(****) 1995 liquid fuel SS (202 owned) and 292 VNG SS, (167 SS sale both liquid fuels and VNG)

(****) No. SS sep-14: Colombia-> 2072, Panama-> 103, Ecuador-> 54, Mexico-> 7, Peru-> 25

No. No. Ranking% Market

Share*

Business

Lines

7 -- 1 78%** (VNG)

-- 5 2 41%

114 -- 2 20%

40% COMB

46% VNG

78% Aviation

57 -- 5 6%

34 -- 2 10% (GNV)

12.120*** 20

Gazel SS in Mexico

2 CONSOLIDATED RESULTS

4

El Dorado SS (Bogotá, Colombia)

Panamerican Travel Center SS in Panama Gazel SS in Peru

Aviation in Dominican Republic

VOLUME COUNTRY BREAKDOWN

EBITDA COUNTRY BREAKDOWN

VOLUME SALES

(Million Gallons)

EBITDA*

(COP$ Billion)

CONSOLIDATED RESULTS 2

5 * Colombia neither includes royalties income nor equity tax

for COP$10,7 billion

81,11%

8,71%

6,18%

0,61%

2,37%

1,01%

1.621,34 1.674,88 60,69 16,23 3,83 2,10 0,77 2,37

sep-14 Colombia Panamá Ecuador Perú México Rep. Dom sep-15

Var: +3,3%

+4,68% -10,01% +3,84% +14,15% +8,21% +6,34%

402,80 5,30 5,89 0,19 1,44 5,11

18,50 392,02

sep-14 Colombia Panamá Ecuador Perú México Rep. Dom sep-15

Var: -2,68%

+32,68% +5,32% -14,45% -5,26% +261% +95,54% 84,98%

7,71%

1,49%

0,98%

2,08%

2,77%

3,76%

3,37%

4,16%

23,03%

6,61%

1,99%

%: EBITDA Margin %: Share in total

COLOMBIA 3

6 Ziclos SS Autopista (Cali, Colombia)

Restrooms SS Báscula (Bogotá, Colombia)

Deuna SS La América (Medellín, Colombia)

Altoque Convenience Store SS Báscula (Bogotá, Colombia)

VOLUME SALES BREAKDOWN YTD GROSS PROFIT BREAKDOWN YTD

VOLUME = 1.358,45 Million Gallons

(+4,68% vs. Sep.14)

GROSS PROFIT = COP$ 673,88 Billion

(0,09% vs. Sep.14)

COLOMBIA: OPERATIONAL RESULTS 3

+%: YTD growth %: Gross Margin %: Share in consolidated figure

7

Fuel SS 66,02%

VNG SS 6,21%

Lubricants 0,45%

Industry 9,28%

Aviation 17,54%

Marine 0,48%

+8,92%

-6,65%

+16,96%

-24,7%

+17,26%

+28,25%

Fuel SS 53,57%

VNG SS 21,95%

Non-Oil 0,61%

Lubs 7,40%

Industry 4,70%

Aviation 7,42%

Marine 0,41% Others

3,95%

33% 42%

37%

4%

4%

6% 7%

COLOMBIA: OPERATIONAL RESULTS 3

NET PROFIT** (COP$ Billion)

16,4% decrease in net profit because in 1T15

there was an equity tax charge for about

COP$10,7 billion.

5,3% EBITDA decrease despite the volume

growth (4,7%): VNG and lubricants had lower

gross margins compared to 2014 in addition

to lower volume in industry and VNG

business. Loss in inventories (fuel price

changes) amounted to COP$26.410 million.

EBITDA* (COP$ Billion)

8

* EBITDA neither includes royalties income nor equity tax

for COP$10,7 billion

$ 352

$ 333

$ 271 $ 245

$ -

$ 50

$ 100

$ 150

$ 200

$ 250

$ 300

$ 350

$ 400

$ -

$ 50

$ 100

$ 150

$ 200

$ 250

$ 300

sep-14 sep-15

EBITDA $COP MMM EBITDA/Gln

$107

$90

$0 $11

$6

Sep-14 FinancialExpenses

Equity Tax Companygrowth

Sep-15

4 CONSOLIDATED BALANCE SHEET

9

In august 2015, Terpel’s share became part of Colcap

4 CONSOLIDATED BALANCE SHEET

BALANCE SHEET

(COP$ Billion)

ASSETS

LIABILITIES

10

$ 3.923

$ 1.495

$ 0,59

$ 2.428

Assets Laiabilities & Equity

Assets Equity Minority Interest Liabilities

Current Assets 34%

Permanent Investments

0%

PP&E 41%

Deferred & Intangibles

24%

Others 1%

Current Liabilities

30%

Short Term Debt 5%

Bonds issued 45%

Long Term Debt 9% Others

11%

4

FINANCIAL DEBT*

(COP$ Billion)

DEBT MATURITY BREAKDOWN TYPE OF INTEREST RATE BREAKDOWN

CONSOLIDATED FINANCIAL DEBT

11

ST 4%

LT 96%

Org. Terpel Panamá PNSA México CEM Gazel Perú ConsolidatedDebt

$ 1.140

$ 1.451 $ 223 $ 63 $ 25

Consolidated Cash balance $236.067 Million

(*) USD/COP $3.121,94 PEN/USD $3,14 MXN/USD $17,08

sep-14 debt: COP$ 1.307 Million. Debt exchange difference COP$ 90 billion

FIXED 18%

IPC 62%

LIBOR 16%

TIIE 4%

DEBT / EBITDA=2,8x EBITDA / INTERESTS=6,9x

4

DEBT MATURITY PROFILE (COP$ Billion)

CONSOLIDATED DEBT MATURITY PROFILE

12

$ 115

$ 241

$ 151

$ 247 $ 249

$ 97

$ 63

$ 97 $ 126

$ 2

$ 6

$ 6

$ 6

$ 4

$ 1

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033

Colombia Mexico Panama Peru

CAPEX BUSINESS LINE BREAKDOWN CAPEX COUNTRY BREAKDOWN

CAPEX COP$ 291.950 Million

4 CONSOLIDATED CAPEX

MAIN PROJECTS

Expansion and strengthening of the service

stations network.

Investments in upgrading service stations.

Development of complementary services

(non-oil business)

Plants and airports overhaul and increase in

storage capacity.

13

73,55%

18,72% 0,80%

4,12%

0,12%

2,69%

52,1%

4,2%

9,4%

3,1%

3,8%

21,1%

2,3% 3,9% Service Stations

VNG Conversions

Non oil

Industry

Lubricants

Storage Plants

Aviation

Corporative&IT

guillermo.achury@terpel.com

(1) 317 53 53

https://www.terpel.com/Home/Shareholders/investor-

relations/Financial-statement/

CONTACT

14