F U E L F O R

GROWTH

STRUCTURALMERGER

INITIATIVE

WARNING

The implementation of an eventual structural merger will require (i) the prior completion of the foreseen law procedures, and (ii) the authorization of the competent authorities and other entities as required in accordance with Colombian law.

The financial statements with which Fitch Ratings issued the AAA score ratification concept for Terpel Organization S.A., with a stable outlook on January 14th 2014, with closing date November 30th 2013, are the financial statements used in the merger process.

This document is presented for information purposes only and does not constitute a value offer, nor legal or fiscal advice. The responsibility of any decision taken after evaluating, under your own criteria, the information here within is the sole responsibility of the recipient and their advisors.

AUTHORIZE THE EXPLORATION OF ALTERNATIVES OF

CORPORATE RESTRUCTURE

Boards of Directors

1 2HIRE INDEPENDENT

ADVISORS

Administrations

3ADVISE ON

FINANCIAL AND LEGAL ASPECTS

Independent Advisors

BA

CK

GR

OU

ND

4

APPROVE MERGER

Shareholders Meetings

AGENDA

TERPEL ORGANIZATIONT O D AY1

RESULTO F T H E M E R G E R3

2 PURPOSESO F T H E M E R G E R

CLOSING R E M A R K S4

2 P U R P O S E S O F T H E M E R G E R

C L O S I N G R E M A R K S43 R E S U LT

O F T H E M E R G E R

TERPEL ORGANIZATIONT O D AY1

AGENDA

MORE THAN

45Y E A R S

1971-1993

TERPELSCREATION

2001

CREATION OF SIE, CONSOLIDATING 75% OF TERPELS

2005-2008

REGIONAL EXPANSION AND

GAZEL ADQUISITION

2009

TERPEL MERGER, SIE LISTING AND

CREATION OF PROENERGÍA

1968

TERPEL B/MANGA

ISBORN

2014TERPELS’ CONSOLIDATION PROCESS FINALIZED

TERPEL DEL

CENTRO

ACQUIRES MAJORITY

PARTICIPATION AND LISTING

OF PROENERGÍA

2010

GROWTHMOBILIZING

2013

ISSUANCE OF AAA BONDS

2012

TERPEL ORGANIZATION

AND GAZEL MERGER

2004

CREATION OF TERPEL

ORGANIZATION

TERPELORGANIZATI

ONTODAY

EXTENDED SALE POINT NETWORK*:

2,232 GAS STATIONS AND

80 CONVENIENCE STORES

2,250QUALITY JOBS**

TERPEL BRAND IS TOP OF MIND

AMONG COSTUMERS AND USERS

MULTILATIN COMPANY WITH PRESCENCE IN 6

COUNTRIES

HIGH CREDIBILITY IN BANKING AND CAPITAL MARKETS

* OT Sale points and subsidaries for december 2013** Direct and indirect jobs within own service stations

TERPEL ORGANIZATI

ON COLOMBIA

Note: Market share, source OT, December 2013

AVIATION

70%

VNG SERVICE STATIONS

47%

LIQUIDS SERVICE STATIONS

43%

INDUSTRY

37%

RETAIL LUBRICANTS

21%

TOTAL NATIONAL PARTICIPATION

45%

MARKET SHARE

FIGURES

Average EBITDA margin 2009 - 2013:

4.6%

E B I T D A MILLION PESOS

COMPOUND ANNUAL GROWTH 2009-2013:

9%

2,107 SS and 1,466 MM gal

I N C O M E

2,232 SS and 2,101 MM gal

COMPOUND ANNUAL GROWTH 2009-2013:

2009

2013

BILLION PESOS

18%

Source OT. Figures exclude Peru and Chile. * Compound annual growth rate

OPERATIONAL AND FINANCIAL

PERFORMANCE

Volume CAGR* 2009 – 2013:

9.4%

2009 2010 2011 2012 2013

7.20 8.26

10.39

12.08

13.84

2009 2010 2011 2012 2013

380,600

433,778

453,299

480,094

544,619

990 615 521 404 5212009 2010 2011 2012 2013

Source OT

FIGURESDIVIDENDS DISTRIBUTED TO SHAREHOLDERS

NET PROFIT

OTMILLION PESOS

distributed to shareholders since 2009

COP

580 mil MM

DIVIDENDS PER

SHARE OTPESOS

Distribution of dividends percentage 2013:

60%

2009 2010 2011 2012 2013

198,934

215,749 171,48

5 128,899

166,073

Net Average

Margin2009-2013:

1.8%

3 R E S U LT SO F T H E M E R G E R

2

T E R P E L O R G A N I Z A T I O N T O D A Y

1

2 PURPOSESO F T H E M E R G E R

4 C L O S I N G R E M A R K SAGENDA

CLEAR AND SIMPLE

THE MERGER

RESULTS IN A MORE

AFTER TODAY

100.0%

SOCIEDAD FUSIONADA

SH

AR

EH

OLD

ER

S

TERPEL DEL CENTRO S.A.

28.46%

100.0%

52.8%

47.2%

44.9% 67.4%

28.5%

20.5%

34.6%

4.1%

SH

AR

EH

OLD

ER

S

IS THE MAJORITY SHAREHOLDER

STRUCTURE

1

PRODUCT

TODAY

AFTER

4SOCIETIES

REGISTERED AT RNVE**

2

LISTED IN BVC

1

OPERATIONAL

3OPERATONAL SOCIETY LISTED IN

BVC*

OF THE CORPORATE SIMPLIFICATION

S i n g l e M a n a g e m e n t C e n t e r

1 Board of Directors Administration

*BVC : Colombian Stock Exchange**RNVE ISSUERS AND STOCK NATIONAL REGISTRY

TODAY AFTER

TERPEL DEL CENTRO

IN S

TO

CK

M

AR

KET

NO

T L

ISTED

811 SHAREHOLDERS**

11.3% FREE-FLOATING*583 SHAREHOLDERS**

1.8% FREE-FLOATING*

303 SHAREHOLDERS**

34 SHAREHOLDERS**

* Free-floating: number of stocks held by investors without control interest (minor participation at 1% or considered an institutional investor)** Number of shareholders in October 2013

FLOATING*THERE WOULD BE A

HIGHER FREE-

+1,700SHAREHOLDER

S

A SINGLE COMPANY LISTED IN THE

STOCK MARKET WITH

AND FREE-FLOATING*

ESTIMATED > AT 20%

Preliminary information

SHARE LISTING

T E R P E L O R G A N I Z A T I O NT O D A Y 1

2 P U R P O S E S O F T H E M E R G E R

C L O S I N G R E M A R K S4

RESULTS OFT H E M E R G E R3

AGENDA

BOND HOLDERSSTATUTORY REFORMS

DO NOT AFFECT THE FINANCIAL CONDITION

OF

PRODUCT OF THE MERGER

SOCIAL OBJECTIVE MODIFICATION- Food merchandising is included

- The ability to act as an intermediary agent is included

- The subscribed and paid capital is adjusted - The right of preference is

eliminated in share trade

- Rules are established for share re-acquisition

- The functions of the General Shareholders Meeting are broadened

- The functions of the Board of Directors are modified

- The functions of the Auditing Committee are modified

ON THE BALANCE STATEMENT

EFFECT OF THE MERGER

OT BEFORE THE MERGER

ASS

ES

TS

LIA

BIL

ITY

EQ

UIT

Y

3.541.64

1.90

OT POST-MERGER1

ASS

ETS

LIA

BIL

ITY

EQ

UIT

Y

3.411.81

1.60

Figures rounded to COP Billions closing at November 30, 2013. 1 Proform Balance of the merger

MAINADJUSTMENTS

SIE DEBTCOP 180,000

MM

PARTICIPATION ELIMINATION

CROSSED WITH TC

(ACCOUNTING EFFECT)

OT MANTAINS UNCHANGED ITS FLOW GENERATION

CAPACITY

BONDHOLDERSTHE MERGER

MANTAINS UNALTERED THE

POSITION OF THE NOVEMBER2012

NOVEMBER 2013

AAA(Col) / F1+

COMPANY SCORE AND BONDS

STABLEPERSPECTIVE

FOR BOND ISSUANCE

Source: Fitch Ratings. 1 After perfection of the merger.

POST-MERGER

REAFFIRMED ON JANUARY 2014TAKING ON

180,000 MILLION PESOS OF SIE DEBT

AAA(Col) / F1+

COMPANY SCORE AND BONDS

STABLEPERSPECTIVE

THE COMPANY MAINTAINS AN ADEQUATE LIQUIDITY POSITION

AFTER THE MERGER, LEVERAGE INDICATORS ARE MANTAINED AT

MODERATE LEVELS IN ACCORDANCE WITH THE SCORE

THE COMPANY HAS A STRONG COMPETITIVE POSITION DIVERSIFIED IN GEOGRAPHIES AND PRODUCTS TO MITIGATE

EXPOSURE TO ECONOMIC CYCLES

Source: Fitch Ratings 1 International risk score by Standard and Poor’s and Fitch Ratings

SUPPORT FROM COPEC, SCORED BBB1

INTERNATIONAL, AS MAJORITY SHAREHOLDER

SCOREKEY FACTORS

STABLE CASH FLOWS DERIVED FROM THE REGULATED NATURE OF THE BUSINESS AND THE GROWING TREND OF FUEL

CONSUMPTION

T E R P E L O R G A N I Z A T I O NT O D A Y 1

2 B E N E F I T S O F T H E M E R G E R

R E S U LT S O F T H E M E R G E R3CLOSING R E M A R K S4AGENDA

REMARKS

T H E AAA SCORE O F T E R P E L O R G A N I Z AT I O N I S M A N TA I N E D A FT E R

T H E M E R G E R *

T H E S O C I A L O B J E C T I V E A N D

G R O W T H S T RAT E GY A R E N O T M O D I F I E D

* On November 19th 2013, Fitch Ratings affirmed the AAA(Col) score for the ordinary bond issuance of COP 700.000 million, and expect that the debt indicators remain in accordance with the assingned score after the merger.

On January 14th, 2014, Fitch Ratings reaffirmed the score.

CLOSINGT H E

CONSOLIDATION P R O C E S S O F T E R P E L S

I S F I N A L I Z E D

T H E S H A R E H O L D E R S B E LO N G T O A S I N G L E

O P E RAT I O N A L SOCIETY A N D

LISTED IN THE STOCK MARKET

THANK YOU

W E I N V I T E YO U T O

C O N T I N U E B E I N G PA RT

O F A C O M PA N Y

W I T H A S U C C E S F U LH I S T O RY O F

G R O W T H