Luis Fernando Alarcn, CEO Carlos Alberto Rodrguez, CFO 2 - PowerPoint PPT Presentation

THIRD QUARTER 2014 RESULTS Medellín, Colombia November 4, 2014 Luis Fernando Alarcón, CEO Carlos Alberto Rodríguez, CFO

2 DISCLAIMER Certain statements contained in this report constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Also, these forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our ongoing obligation to disclose material information as required by federal securities laws, we do not intend to update you concerning any future revisions to any forward-looking statements to reflect events or circumstances occurring after the date of this report. Amounts expressed in US dollars are for information purposes only, and do not reflect accounting conversion techniques usually applied. As of September 30, 2014, the exchange rate was of USD 1.00 = COP 2.028,48 (Source: Banco de la República de Colombia).

AGENDA Operating Highlights Investments Third Quarter 2014 Results Q&A 3

HIGHLIGHTS 4 During the third quarter of 2014, ISA and its affiliates were awarded 7 energy transmission projects in the region  COLOMBIA UPME 02 2014 Reforma Connection:  Construction of two line bays of Reforma Substation and 1-km. transmission line. Villavicencio - Meta.  Estimated revenues: COP 0.5 million  Date of Entry into Operation: November 30, 2015 UPME 07 2013 Montería Substation:  Construction of Montería and Chinú Substations and 71-km. and 124-km. transmission lines. Córdoba.  Estimated revenues: COP 9.0 million  Date of Entry into Operation: November 30, 2016 UPME 06 2013 Caracolí Substation:  Construction of Caracolí 220 kV Substation and two transmission lines, 22 km and 31 km long.  Soledad – Atlántico.  Estimated revenues: COP 7.54 million  Date of Entry into Operation: November 30, 2016

HIGHLIGHTS 5 During the third quarter of 2014, ISA and its affiliates were awarded 7 energy transmission projects in the region  PERÚ  ISA won bidding process in Peru:  Design, financing, construction, operation and maintenance of one 220-kV transmission line Friaspata – Mollepata, Expansion of Friaspata and Mollepata Substations.  Concession Term: 30 years.  Estimated revenues: COP 5.7 million  Date of Entry into Operation: 24 months from the date of awarding of project.

HIGHLIGHTS 6 During the third quarter of 2014, ISA and its affiliates were awarded 7 energy transmission projects in the region  CHILE COMA V.I. Ref. Term Referential Project thousands Dec ’09 (USD MM) (months) USD Autotransformer bank S/E Nueva 1 25.3 364 36 Cardones, 500/220 kV, 750 MVA Autotransformer bank S/E Nueva 2 Maitencillo, 500/220 kV, 750 25.3 364 36 MVA Autotransformer bank S/E Pan 3 25.3 364 36 de Azúcar, 500/220 kV, 750 MVA Total Bidding Process 75.8  Estimated revenues: USD 2.6 million  Date of Entry into Operation: September 30, 2017 V.I. Ref: reference investment value COMA: operation, maintenance & management cost

HIGHLIGHTS 7 Rating agencies upgraded and affirmed ISA’s ratings  Upgraded the international  Upheld the Bond program  Upgraded international corporate credit rating to ratings. Outlook remained issuer rating to Stable. BBB Baa2 AAA(col) Outlook stable Outlook stable  Affirmed local and international long-term rating BBB

AGENDA Operating Highlights Investments Third Quarter 2014 Results Q&A

LONG-TERM INVESTMENT PLAN 9 Long-term investment plan ensures ongoing company’s growth 2.494 2.411 Colombia Peru Brazil Chile Others 1.393 COP 8,532 billion (USD 4,296 million) 1.044 481 377 331 2014 2015 2016 2017 2018 2019 2020 Projections September 2014 COP billions Investment by country COP % Investment by business COP % 26.2 2,233 Colombia 7,544 88.4 Energy 21.7 1,854 Peru 518 6.1 Toll Roads 2,332 27.3 Brazil 290 3.4 Telecommunications 24.3 2,076 Chile 180 2.1 0.4 SMRTS 37 Others

INVESTMENT OPPORTUNITIES 10 There are significant short-term investment opportunities in the energy transmission business  ENERGY TRANSMISSION (2014 and 1S-2015)  Peru , Proinversión projects (USD 278)  Colombia , Expansion Plan UPME (USD 1,074)  Line Azangaro-Puno - USD 80.0  La Loma 500 kV - USD 29.2  Nueva Lurín – USD 20.0  Ituango – USD 427.1  Substation Carapongo – USD 30.0  Reinforcement Southwest area 500kV – USD 291.7  Substation Córpac and LT Industriales – Córpac –  Reinforcement Caribbean area - USD 225.9 USD 148.0  Second Eastern Reinforcement – USD 84.5  Porce III – USD 15.6  Colombia-Panama Interconnection – USD 500.0  Chile , , CDEC-SIC & SING (USD 585).  Line 2x500 kV Pichirropulli - Puerto Montt – USD 81.0  Substation Nueva Charrúa, línea Nueva Charrúa – Charrúa – USD 81.0  New Substation Crucero Encuentro – USD 23.0  Interconnection SING-SIC – USD 400.0 Figures in millions

INVESTMENT OPPORTUNITIES 11 Road concession opportunities are focused in Colombia and Chile.  ROAD CONCESSIONS  In Colombia projects ANI, Q4 2014. Design, MOP project portfolio USD construction, financing and operation of road Route G-21 Ski Centers access 2012 107 concessions. Consortium ISA-CINTRA. Route G-60 Road Connection Melipilla -  Girardot Neiva 191 km - USD 648 2014 38 Camino de la Fruta  Cruz del Viso-Carreto-Palmar de Varela 204 km – Road Nogales – Puchuncaví 2014 148 USD 265  Santana-Mocoa-Neiva 422 km - USD 679 2015 120 Tunnel El Melón [R]  Bogota-Villavicencio (Sector 1) 30 km - USD 1,154 2015 237 Improvement of Route Nahuelbuta  Popayán-Santander de Quilichao 76 km - USD 680 2015 108 Road Connection Route 78 to Route 68  In Chile , projects MOP for USD 300.0 2016 142 Ruta de la Madera  Third lane projects I & III in Maipo – USD 200.0 2016 420 Route 66 Camino de la Fruta  Pedestrian connections in Ruta del Maule and Ruta Américo Vespucio Oriente Principe de del Bosque – USD 100.0 2016 726 Gales – Grecia Road Concession Autopista Metropolitana 2016 273 del Puerto Montt Concession Route 5, Caldera – Chañaral 2017 250 Section Conurbacion La Serena Coquimbo 2017 133 2020 200 Improvement Route 68 Figures in millions

AGENDA Operating Highlights Investments Third Quarter 2014 Results Q&A

CONSIDERATIONS 13 Third quarter financial results were COP 161 billion, a 46.2% increase compared with the same period of 2013 Results were due to the following: 1. Increase of revenues in Brazil and Colombia 2. Entry into operation of new projects in Peru Amortization of ISA Capital do Brasil’s goodwill 3. EXCHANGE 9M14 9M13 Change 3Q14 3Q13 Change average average % close end RATES % COP / USD 1,826.83 1,960.99 7.3% 1,926.83 1,881.19 -2.4% REAL / USD 2.03 2.30 13.3% 2.34 2.20 -6.0% CLP / USD 478.68 553.06 15.5% 524.61 552.72 5.4% COP / REAL 898.41 853.79 -5.0% 822.52 854.12 3.8% COP/ CLP 3.82 3.55 -7.1% 3.67 3.40 -7.4%

CONSOLIDATED FINANCIAL RESULTS 14 REVENUES 11.0% Total operating 1.200 1.022 921 revenues reached 1.000 COP billions 800 COP 1.021.908 million 600 / USD 504 millions in 400 3Q14. 200 0 3Q13 3Q14 Breakdown by Business – 3Q14 Breakdown by Country – 3Q14 PERU SMRTS OTHERS 11,8% 2,9% 1,3% Telecommu nications 5,8% BRAZIL 30,3% Energy COLOMBIA 71,5% 36,6% Roads 19,8% CHILE 19,9% SMRTS: Smart Management of Real Time Systems

CONSOLIDATED FINANCIAL RESULTS 15 COSTS AND OPERATING EXPENSES Breakdown by Business – 3Q14 6.7% SMRTS 550 Telecomm 4,6% 513 unications 10,0% 481 COP billions 500 450 Roads Energy 12,1% 73,4% 400 3Q13 3Q14 Breakdown by Country – 3Q14 OTHERS PERU 1,5% Change 12,0% 3Q13 3Q14 million % AOM Costs and Expenses 378.696 410.652 8,4% COLOMBIA Depreciation 40.631 41.350 1,8% BRAZIL 38,2% 35,7% Amortization 47.925 39.733 -17,1% Provisions 14.002 21.733 55,2% CHILE 12,6% Total 481.254 513.467 6,7%

CONSOLIDATED FINANCIAL RESULTS 16 EBITDA 60,5 60,3 12.5% 59,7 58,9 57,7 650 54,4 619 51,9 600 COP billions 550 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 550 EBITDA Margin 500 3Q13 3Q14 EBITDA reached COP 618.715 million / USD 305 million in 3Q14. Breakdown by Country – 3Q14 Breakdown by Business – 3Q14 Telecommu SMRTS PERU OTHERS nications 1,2% 15,2% 1,3% 3,2% BRAZIL Roads COLOMBIA 24,0% 23,5% 35,9% Energy CHILE 72,2% 23,5%

CONSOLIDATED FINANCIAL RESULTS 17 NON-OPERATING RESULTS 0 -100 COP billions Non-operating results -200 -148 was – COP 147.624 million / -300 – USD 73 million in 3Q14. -400 -71,6% -500 -520 -600 3Q13 3Q14 Breakdown by Country Breakdown by Business 3Q14 millions 3Q14 millions Energy Transmission -29.296 Colombia -13.176 -113.906 Chile Road Concessions -111.535 -5.329 Brazil Telecommunications Transport -7.192 Peru -13.937 SMRTS 398 Other -1.274