Corporate

Presentation

Organización Terpel S.A.

March 2018

2

Organización Terpel, much more than fuel

1st Fuel distributor

in Colombia

43% Market Share*

1st Service Station

network in

Colombia

2.008 SS Fuel + VNG

5 Countries in

which Terpel

has presence

$15 $COP Trillion

Consolidated

Revenue Dec. 2017

2,5 Billion Gallons

Consolidated

Volume Dec. 2017

$690 $COP Billion

Consolidated

EBITDA Dec. 2017

(*) Source: Issuer’s calculation based on volume reported by Colombian Ministry of Treasury and Public Credit

Tax Support Direction Office, through the collection of overall surcharge tax. Figure includes volume of Large

Consumers Non-Intermediaries (LCNI) and Imports. Figures as of December 2017.

AAA Terpel’s

bonds risk

rating Fitch Ratings

S&P

$2,6 $COP Trillion

Market

CapitalizationDec. 2017

3

Merger of Terpel regional

companies and Gazel acquisition.

More than 49 years providing Colombia

mobilization solutions

Terpel fundation

Terpel regional companies foundation,

1st lubricants factory, Entrance to

aviation and marine sectors.

Establishment of Organización

Terpel (OT), Establishment of SIE.

Ecomex & Lutexsa acquisition

Petrolera Nacional and

Repsol YPF Chile acquisition.

COPEC acquires control.

OT – Gazel merge, Entrance to Dom.

Republic aviation market.

1st Bonds Issuance, Terpel Centro,

SIE and Proenergía merger, Terpel’s

share listed in BVC.

2nd Bonds Issuance

1972

1993

2000

2001

2004

2006

2007

2008

2009

2010

2011

2012

2013

2014

2017

1968

2015

2016

Mexico (Ecomex) sale

ExxonMobil acquisition pending for approval from

Industry and Commerce Superintendence

4

Inversiones Valín Radysade

Fdo. Pensiones Protección

Inversiones Organización Terpel Chile

S. A.

Lutexsa S.A

Adesgae Cía Ltda.

Noliber S.A

Organización Terpel Chile

S.A

Gazel Perú S.A.C

Organización Terpel

Coporation (Islas Vírgenes)

Petrolera Nacional S.A

(Panamá)

VonPort

Masser

Orlyn S.A Transmarine

Transport Fuel

Petroleum

Organización Terpel

Republica Dominicana

Terpel Energía S.A.S

Wayco Int Palmares 77 SAS

Morgan Stanley

Otros Accionistas

Ownership structure

2,8% 2,4% 2,6% 2,4% 2,6%

25,6%

58,5%

99% 99% 99% 99% 99% 100% 99%

99%

99% 99%

100% 100% 100% 100%

100%

3,1%

Corporate Structure as of 31st December 2017

5

COPEC one of the biggest companies in Chile, main investor and

a long term player

39,79%

6

Best infraestructure

Best price Best service

Pillars of our corporate strategy

Making people the center of our strategy has driven the progress

in transforming oil and gas distribution sector. We generate

memorable experiences throughout our business lines in order to

become the number one brand in costumers heart.

7

Regional presence

No. No. No. Ranking% Market

Share*

Business

Lines

39% Liquid

46% VNG

81% Aviation

131 -- 33 2 23%

-- 5 -- 2 32%

58 -- 5 5 6%

38*** -- 11 2 12% VNG

VNG-Liq Fuels-LPG

12.008** 20 40

(*) Source: Terpel Dic-17; Colombia Oct-17; Peru: share in Lima market

(**) 1903 liquid fuel SS (232 owned) and 287 VNG SS, (182 SS sale both liquid fuels and VNG)

(***) 35 VNG SS, 12 liquid fuel SS y 15 LPG

No. SS Dic-16: Colombia-> 1986, Panama-> 127, Ecuador-> 58, Mexico-> 8, Peru-> 38

No. Conv. Stores Dic-16: Colombia-> 32, Panama-> 27, Ecuador-> 5, Peru-> 6

NOTE: Results from Mexico were consolidated until September 2017. At that time the operation was sold.

TERPEL IN

COLOMBIA

9

(*) Source: Issuer’s calculation based on volume reported by Tax Support Direction Office, through the collection of overall

surcharge tax. Service Stations, Industry and Aviation figures as of December 2017. Historical figures were restated including

LCNI and Imports in market volume.

(**) Source: Issuer’s calculations. Figures in equivalent gallons. Figures as of December 2017.

Terpel remained as the leader company in the fuel distribution

industry in Colombia

TERPEL MARKET SHARE*

2017 liquid fuels volume sales

TERPEL VOLUME GROWTH Vs. MARKET*

GAZEL MARKET SHARE**

2017 VNG volume sales

GAZEL VOLUME GROWTH Vs. MARKET**

10

Service Stations (SS)

Market leader with 46% in VNG, 40% in gasoline and 38% in Diesel.*

More than 262 SS were remodeled with new image. In total, 1.158 SS have the new brand image.

Largest distribution network of liquid fuels and VNG in Colombia (2.008 SS**)

Wide national coverage: operation in 30 Colombian regions.

Conversion to VNG in exchange for consumption through a Financing Program.

Pioneer in decentralized supply and centralized billing model through a chip offered in an interconnected network of about 550 liquid fuel SS and 280 VNG SS.

It represents 73% of volume and 67% of CAPEX in Colombia.

* Source: Issuer’s calculation based on volume reported by Tax Support Direction Office, through the collection of overall

surcharge tax. Figures as of December 2017. Ii includes volume of LCNI and Imports.

** 1.903 liquid fuel SS (232 owned) and 287 VNG SS, (182 SS sale both liquid fuels and VNG)

11

Bathrooms, a wide network of ATMs, flat

tire service, additives and other products

that complement Terpel services.

Suplementary Services

The convenience store’s network with greater coverage in the

country.

A new model of convenience stores that offers a unique experience

offering traditional local food products in each region. Wide portfolio of

services: food, restrooms, Wi-Fi, playground and rest areas.

12 Ziclos for vehicles: A modern, agile and

innovative system of auto-car wash.

7 Deuna: Kiosks located close to the pump. This is a fast service

provided through tablets where costumers can buy snacks and other

products while pumping.

40 Altoque Stores

12

ICONTEC certified plant (ISO 9001, ISO 14001, ISO 18001, IQNET, ICONTEC)

Accredited laboratory that complies with ISO/IEC 17025 international standards.

Automotive lubricants with state-of-the-art technology and environmental benefits.

Lubricants portfolio customized to each kind of vehicle that offers innovation and high technology to customers: Terpel Maxter, Terpel Oiltec y Terpel Celerity.

Invention patent for Terpel Celerity product: “synthetic base lubricants composition that allows to generate a higher performance for the engine”.

It represents 0,5% of volume and 4% of CAPEX in Colombia.

Lubricants

Lubricants Plant certifications

ISO 9001

2015 ISO 14001

2015

NTC 2218

NTC 1399

NTC 1295

NTC 3382

ONAC ISO/IEC 17025

2005 Rating

100%

13

Industrial costumers

Wide portfolio of products and integrated services including programs focused on security and environmental impact prevention as well as optimization of customer’s operation.

Fuel supply to approximately 422 costumers.

It represents 8% of volume and 3% of CAPEX in Colombia.

Focus on mining, petroleum, transportation, construction and agro-industry industries.

Fuel supply to industrial costumers through internal facilities.

14

Aviation

(*) Source: Issuer’s calculations based on Ecopetrol information as of Dec.17.

Market leader with 81% market share*.

Supply of JET A1 and Avgas in 20 Colombian airports .

Principal supplier for El Dorado airport through Allied company as the operator.

IATA (International Air Transportation Association) strategic partner, as a result of safe and reliable operations.

Pioneer in Latin America with certifications in quality, security and environment. NORSOK S-006 Norwegian certification in industrial security, occupational health and environmental management.

It represents 18% of volume and 6% of CAPEX in Colombia

15

Marine

Terpel is participating in the supply of bunker fuels for large cargo vessels arriving to Colombian seaports.

This is a growing market in which Terpel begun operations. At the end of 2016 it represented 0,5% of total volume.

Colombian Seaports

16

Certifications

Leader in sustainability at a global level as a

Terpel training schools

Terpel is compromised with sustainable development

Terpel is not only a shareholder’s asset, it is also an asset to all of its related interest groups since it

recognizes the importance of growing all together in order to pursue a better future.

INITIATIVES / PROGRAMS / CERTIFICATIONS SUSTAINABLE MANAGEMENT MODEL

TERPEL’S

SUSTAINABLE

MANAGEMENT

MODEL

REFLECTS

THAT

STRATEGY IS

FOCUS ON

PEOPLE

result of the

evaluation conducted

under Dow Jones

Sustainability Index

(DJSI).

ISO 9001

2015

ISO 14001

2015 OHSAS 18001

2007

Aviation 99%

Lubricants 100%

NTC 2218

NTC 1399

NTC 1295

NTC 3382

ONAC ISO/IEC 17025

2005

Rating 90%

17

Terpel’s senior management experience in the industry

Daniel Perea Corporate & Legal AffairsVP

12 years

Sylvia Escovar President

15 years

Maria Mercedes Carrasquilla Human & Administrative Resources VP

5 years

Kenneth Siefken Marketing VP

16 years

Oscar Bravo Corporate Finance VP

13 years

Tony Quintero Commercial VP: Fuels

20 years

Juan Pablo Giraldo International VP

10 years

José Carlos Barreto Operations & Logistics VP

11 years

Rodrigo Ferreira Lubricants VP

20 years

Organizational Structure as of 31st December 20|7

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Corporate Government structure

Audit and

Corporate

Governance

Committee

Compensation

and Benefits

Committee

7 Main Members

Lorenzo Gazmuri Schleyer

Jorge Andueza Fouque

Ramiro Méndez Urrutia

Leonardo Ljubetic Garib

Jorge Alberto Bunster Betteley

José Oscar Jaramillo Botero

Bernardo Dyner Rezonzew

GENERAL SHAREHOLDERS ASSEMBLY

PRESIDENT

Tax

Auditor

Internal

Auditor

Compliance

Officer

BOARD OF DIRECTORS

Control bodies

Terpel’s Corporate Government is

based on procedures that ensure

an appropriate governability and

it is also based on an ethical auto-

regulation.

External

Auditor

Colombian Financial

Superintendence Board of directors as of 31st December 20|7

FINANCIAL

INFORMATION

20

Consolidated operational results

VOLUME SALES PERFORMANCE

Million Gallons

VOLUME SALES BREAKDOWN

PER COUNTRY 2017

EBITDA PERFORMANCE COP$ Billion

EBITDA BREAKDOWN PER COUNTRY 2017

NOTE: Results from Mexico were consolidated until September 2017. At that time the operation was sold.

21

Regional value generation

EBITDA Vs. VOLUME

COP$ Billion Vs. Million Gallons

NOTE: Results from Mexico were consolidated until September 2017. At that time the operation was sold.

22

CAPEX BREAKDOWN PER BUSINESS LINES

Expansion strategy has strengthen Terpel’s position in

the Market CONSOLIDATED CAPEX

$COP Billion

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 and vehicles conversion to VNG.

CAPEX BREAKDOWN PER COUNTRY

NOTE: Results from Mexico were consolidated until September 2017. At that time the operation was sold.

23

Debt indicators

DEBT*/EBITDA PERFORMANCE EBITDA/INTERESTS PERFORMANCE

NOTE: Results from Mexico were consolidated until September 2017. At that time the operation was sold.

* Gross debt

24

Contact

Considerations on the financial and operational information

The financial and operating results presented in this document correspond to the Terpel Organization and

its subsidiaries according to International Financial Reporting Standards (IFRS). The individual results of the

subsidiaries are reported without intercompany eliminations, therefore, the sum of individual results may

not correspond to the consolidated results.

Given the merger process, conducted in August 2014, the Consolidated Financial Statements prior to that

date included the Sociedad de Inversiones en Energía. Of such way that, by December 2013 Consolidated

Financial Statements are taken of the Sociedad de Inversiones en Energía, comparable to the consolidated

one to December 2014 from Terpel fused with SIE, Proenergía and Terpel Centro.

The information contained in this document does not commit nor suggest any investment decision.

Investors contact