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ISA ECONOMIC GROUPInvestor Presentation
March , 2013
ENERGY
TRANSMISSION
TOLL ROAD
CONCESSIONS
TELECOMMUNICATIONS
TRANSPORT
SMART MANAGEMENT
OF REAL TIME
SYSTEMS
Disclaimer
2
Certain statements contained in this report constitute "forward-looking statements" within themeaning of the Private Securities Litigation Reform Act of 1995.
These forward-looking statements reflect our current views with respect to future events andare based on assumptions and subject to risks and uncertainties. Also, these forward-lookingstatements present our estimates and assumptions only as of the date of this report. Exceptfor our ongoing obligation to disclose material information as required by federal securitieslaws, we do not intend to update you concerning any future revisions to any forward-lookingstatements 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 reflectaccounting conversion techniques usually applied. As of December 31, 2012, theexchange rate was of USD 1.00= COP 1,768.23 (Source: Banco de la República deColombia).
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AGENDA
About ISA
Growth Strategy
Consolidated Financial Results
ISA, a Linear Infrastructure Company
4
Revenues by sector
2009 2010 2011 2012
Electric Energy Transport 95% 90% 80% 80%
Toll road concessions 0% 5% 16% 17%
Telecommunications Transport 3% 3% 2% 3%
Smart Management of Real Time Systems 2% 2% 2% 2%
ELECTRIC ENERGY
TRANSPORT
TOLL ROAD
CONCESSIONS
TELECOMMUNICATIONS
TRANSPORT
SMART MANAGEMENT OF
REAL TIME SYSTEMS
5
ISA in Latin America
ISA Group, a linear infrastructure systems developer in energy, telecommunications and road
sectors, consolidates 30 companies in 8 countries.
ISA Group, a linear infrastructure systems developer in energy, telecommunications and road
sectors, consolidates 30 companies in 8 countries.
one of the largest international energy transporter
in Latin America
one of the largest international energy transporter
in Latin America
the largest public telecommunications network in
the Andean Region
the largest public telecommunications network in
the Andean Region
the largest operator of road concessions in Chile
the largest operator of road concessions in Chile
Telecommunications
EnergyTelecommunications
Telecommunications
EnergyTelecommunications
Energy
Road ConcessionsTelecommunications
Telecommunications
Energy
EnergyTelecommunications
Telecommunications
Energy
6
Electric Infrastructure
� 40,665 km transmission lines in operation.
� Presence in Colombia, Peru Central America, Bolivia, and Brazil.
� Projects under execution in Colombia, Peru, Chile, and Brazil.
one of the largest international energy transporter
in Latin America
one of the largest international energy transporter
in Latin America
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Telecommunication Infrastructure
� 22,730 km fiber optic network in operation.
� Presence in Venezuela, Colombia, Central America, Ecuador, Peru, Chile, Argentina, and Brazil.
the largest public telecommunications network in
the Andean Region
the largest public telecommunications network in
the Andean Region
Road Infrastructure
8
the largest operator of road concessions in Chile
the largest operator of road concessions in Chile
� 907 km road infrastructure in operation.
9
Shareholders Structure
31.4% floats on the market31.4% floats on the market
As of December 2012 SHARES %
COLOMBIAN GOVERNMENT 569,472,561 51.4
COMPANIES WITH PUBLIC AND PRIVATE CAPITAL 189,979.077 17.2
PRIVATE INVESTORS 348,226,256 31.4
TOTAL INTO CIRCULATION 1,107,677,894 100.0
INSTITUTIONAL INVESTORS
60.5%
INDIVIDUALS21.2%
LEGAL PERSONS5.1%
FOREIGN INVESTORS
13.0%
ISA ADR PROGRAM
0.2%
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AGENDA
About ISA
Growth Strategy
Consolidated Financial Results
1,2001,352
1,5221,715
1,9312,175
2,450
2,759
3,108
3,500
471
901
1,401 1,4111,624
1,836
2,2492,434
0
500
1000
1500
2000
2500
3000
3500
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
MEGA Ingresos reales
11
By 2016, ISA will have USD 3.5 billion in
revenues, of which 80% will be generated
outside of Colombia.
ACHIEVEMENTS
…will be recognized among the top three energy transmissioncompanies in the Americas and the largest in Latin America… ���� Largest in LatAm
Over 20% of revenues will come from businesses other than energytransmission… ���� USD 538 million (22%)
Entry into other related businesses ���� Road Concessions
… largest data transporter in the Andean region ���� Largest
… development of energy futures markets ���� Derivex
MEGA
Strategy Growth and Diversification
AS OF 2012
Revenues: USD 2,434 million (70%)Outside: USD 1,664 million (68%)
Colombia
� UPME Project: Chivor II Norte transmissions Line 230 kV, 150 Km.Estimated bid date: April 2013; estimated investment: USD 63 million.
� Other UPME projects being defined for the second half of 2013.� Connections projects with private agents.� Road infrastructure tenders of the Fourth Generation concessions (4G).
Chile
� 2012 Expansion Plan – energy transmission sector (280 km): estimatedinvestment: USD 200 million in SIC (Central Interconnected System) and SING(Great North Interconnected System); estimated bid date: April 2013.
� SIC-SING interconnection, 610 km, 1,500 MVA. Estimated investment: USD 800million.
Peru
� Two 220-Kv transmission line projects (Machupicchu-Tintaya and Motobamba-Iquitos). Estimated bid dates: April and June 2013; estimated investment: USD329 million and USD 372 million, respectively.
Opportunities for Next Months
12
13
AGENDA
About ISA
Growth Strategy
Consolidated Financial Results
2007 2008 2009 2010 2011 2012
2007 2008 2009 2010 2011 2012
COLOMBIA BRAZIL PERU CHILE OTHER
2007 2008 2009 2010 2011 2012
COLOMBIA BRAZIL PERU CHILE OTHER
47%
Revenues EBITDA
Net Income
Consolidated Income Statement
USD million
14
1,596 1,7901,870 1,987
2,471
68%
22%
Margins
2,434
128 134
178194 190
154
BMI: before minority interestExchange rate: COP 1,768.23
1,1051,286 1,361 1,429
1,712 1,642
2007 2008 2009 2010 2011 2012
Operativo EBITDA NETO AIM
BRAZIL31.1%
COLOMBIA28.3%
PERU9.5%
CHILE30.7%
OTHERS0.4%
Energy67.1%
Roads30.6%
Telecom1.4%
SMRTS0.9%
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Consolidated Balance Sheet
Assets by Country - 2012
Assets USD 14,592As of December Liabilities USD 8,7592012 (USD Million) Minority Interest USD 2,360
Equity USD 3,456
CO
P b
illio
ns
6,425 6,111
4,398 4,173
15,836 15,487
0
5,000
10,000
15,000
20,000
25,000
30,000
2011 2012
Liabilities Minority interest Equity
Assets 26,659 25,771 Assets by Business - 2012
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Consolidated Financial Debt
2011 2012 Var. % 2012 USDCHILE 4,447 4,330 -2.64% 2,449
COLOMBIA 1,908 1,777 -6.87% 1,005
BRAZIL 2,170 2,165 -0.21% 1,225
PERU 900 1,057 17.49% 598
BOLIVIA 70 55 -21.12% 31
ARGENTINA 8 4
TOTAL 9,495 9,392 -1.1% 5,312
Breakdown by CurrencyBreakdown by Rate Breakdown by Source
Exchange rate US$ 1.00 = COP 1,768.23 COP in billions, USD in millions
Fixed54%
CDI13%
ICP14%
TJLP5%
TAB4%
Libor3%
DTF4%
Other3%
Capital Market63.8%
Banks34.9%
Other1.4%
BRL19.6%
COP17.8%
USD22.6%
UF + CLP39.0%
Otras0.9%
0
200
400
600
800
1000
1200
1400
2013 2014 2015 2016
Colombia Peru Brazil Chile Others
Capex and permanent investments
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Investments by Sector %
Investments by Country %
The investment for the next 4 years will be USD 2.1 billion* approximately.The investment for the next 4 years will be USD 2.1 billion* approximately.
Colombia 34
Peru 10
Brazil 44
Chile 12
Energy 98
Telecommunications 2
* Projections: September de 2012
US
D m
illio
n
593
384
534
627
17
Moody’s: Baa3 Stable outlook (December 2012)
S&P: BBB- Stable outlook (December 2012)
Fitch: BBB- Positive outlook (September 2012)
Fitch (local market Bond): AAA Stable outlook (June 2012)
Indicators and Credit Risk Rating
18
Debt Indicators
Net Debt / EBITDA: 2.7
EBITDA / Interest: 4.1
Debt Indicators
Net Debt / EBITDA: 2.7
EBITDA / Interest: 4.1
Credit Risk Ratings
Investor Relations
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Phone +571 315 74 70
Email InvestorRelations@isa.com.co
Website www.isa.com.co
ISA’s linear infrastructure systems stretch from city to city,
country to country, and point to point, contributing to the
advancement of the peoples of Colombia, Brazil, Peru, Chile,
Bolivia, Ecuador, Argentina, Panama and Central America.
� The Piratininga II substation was commissioned in Brazil. The investment totaled BRL130 million with estimated annual revenues of BRL 7.4 million.
� INTERNEXA began operations in Brazil and Argentina. 19.912 km of optical fiber in operation. 2.587 km of fiber optic alignment, testing and development in Central America and Chile. Committed to the Data Exchange agreements in the Southern Cone.
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Highlights 2012
ISA won the public biddingprocess opened by the Mining-Energy Planning Unit (Unidad dePlaneación Minero Energética –UPME), for the development ofthe new Termocol substation, inMagdalena, Colombia, as well asits associated transmission lines.Estimated annual revenues USD600,000
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� ISA was granted 3 projects as outlined inthe 2011 Expansion Plan in Chile.
� Strategic importance: ISA enters theelectricity transmission sector in Chile.
� 743 km of transmission lines in total.
� Pertaining to the Central InterconnectionSystem.
� Estimated to be operational in January2017.
� Exploitation rights granted in perpetuity.Annual revenues of US$63 million (2017dollars), indexed to the CPI in the U.S., theIPC in Chile and currecy exchange rates.
Highlights 2012
Santiago
Pto Montt
Coquimbo
Concepción
1
2
3
900 km
1.030 km
SING
SIC
Antofagasta
Copiapó
22
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Highlights 2012
CONCESSION RENEWAL IN BRAZIL
� Brazilian government issued a renewal forconcessions that mature from 2015 to2017.
� Applicable to CTEEP’s 059 Concession.
� Indemnification of CTEEP’s assets after2000 totals R$ 2,891 million; it will receiveR$ 515 million in annual revenues foroperation and maintenance of assets.
� Pending from ANEEL is the criterion andvalue of the compensation for assets as ofMay 2000 and revenues adjusted forinvestments.
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Fitch: BBB- Positive outlook (Sep. 2012)ISA
TRANSELCA
ISA CAPITAL DO
BRASIL
TRANSMANTARO
REP
CTEEP
Moody’s: Baa3 Stable outlook (Dec.2012)
Credit Risk Rating
Fitch*: AAA Stable outlook. (May 2012)
Fitch*: BBB- Stable outlook (June 2012)
Apoyo y Asociados*: AAA Stable outlook (May 012)
Pacific*: AAA Stable outlook (May 2012)
Apoyo y Asociados*: AAA Stable outlook (Dec..2012)
Fitch*: AA+ Stable outlook (June 2012)
S&P: BBB- Stable outlook (Dec.2012)
Fitch*: AAA Stable outlook (Jun.2012)
Ruta del BOSQUE
Ruta del MAULE
Ruta del MAIPO
Feller-Rate*: A Stable outlook (Dec. 2012)
S&P*: BB+ Stable outlook (Oct. 2012)
Feller-Rate*: A Stable outlook (Oct. 2012)
S&P: BBB- Stable outlook (Oct. 2012)
Feller-Rate*: A Stable Outlook (Jun. 2012)
S&P*: BBB- Stable outlook (Oct. 2012)
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Moody’s*: Baa2 Stable outlook (June 2012)
Moody’s*: Baa3 Stable outlook (July 2012)
Moody’s*: Baa3 Stable outlook (June 2012)
Fitch: BB+ Stable outlook (June 2012)
(*) Local market Bonds Rating
Fitch*: A- Stable outlook (Dec. 2012)
Equilibrium*: AAA Stable outlook (Jan. 2013)
Fitch*: AA+ Stable outlook (June 2012)
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