Investor Presentation

BVC - Deceval - Citi

Colombia Inside Out. London - New York

May 10-13, 2016

2

AGENDA

Limited growth in Colombia led to international

expansion and diversification…

1967-1999 2000-2006 2007-2013

Institutional

consolidation

Geographic

expansionDiversification

VISION

In 2020, ISA’s 2012 profits will be tripled, by capturing the most profitable growth

opportunities in its existing businesses in Latin America, boosting operational efficiency

and optimizing its business portfolio.

2014+ Consolidation

3

As of 2015, ISA multiplied its 2012’s profits 2,6

times. ROE doubled 2012 to 2015 ...

“…ISA’s 2012 profits will be

tripled…”

273

433

593

702

819

2012 2013 2014 2015 2016 2017 2018 2019 2020

Net Income

3.0x2.6x

4,55,8

7,48,9

2,9

2,02,3

2,9

-500

500

1.500

2.500

3.500

0

5

10

15

20

2012 2013 2014 2015

Consolidated Indicators

ROE (%) EBITDA (billones $)EBITDA (COP billion)

…relative profitability enhanced

significantly

4

5

AGENDA

Shareholders structure and recent dividend payout

history…

Shareholders Structure

April 2016# SHARES %

STATE INVESTORS 682.078.108 61,58%

THE COLOMBIAN GOVERNMENT 569.472.561 51,41%EMPRESAS PÚBLICAS DE MEDELLÍN 112.605.547 10,17%

COMPANIES WITH PUBLIC AND PRIVATE CAPITAL 32.078.496 2,90%

ECOPETROL 18.448.050 1,67%EMPRESA DE ENERGÍA DE BOGOTA 13.630.446 1,23%

FREE FLOAT 393.521.290 35,53%INSTITUTIONAL INVESTORS 228.197.900 20,60%FOREIGN INVESTORS 79.114.031 7,14%INDIVIDUALS 65.258.252 5,89%LEGAL ENTITIES 20.541.057 1,85%ISA ADR PROGRAM 410.050 0,04%

SUBSCRIBED AND PAID-IN CAPITAL 1.107.677.894 100,00%

Dividends per share(COP)

179 188214

268 288

2012 2013 2014 2015 2016

Ordinary Extraordinary7,5%

…35,53% is the free float

6

Principal Nominated by:

Carlos Caballero Argáez* Independent - nominated by the Nation MHCP

Vice Minister General Ministry of Finance and Public Credit

Director of Public Credit and National Treasury Ministry of Finance and Public Credit

Carlos Mario Giraldo* Independent - nominated by the Nation MHCP

Carlos Felipe Londoño Álvarez Non-independent - nominated by the Nation MHCP

Jesús Arturo Aristizabal Guevara* Independent - nominated by EPM

Henry Medina Gonzalez* Independent - nominated by Ecopetrol

Santiago Montenegro Trujillo* Independent - nominated by Pension Funds

Camilo Zea Gómez * Independent - nominated by Pension Funds

Strong Corporate Governance in accordance with

OECD1 directives...

• Independent Members, as provided by Law 964 of 2005. ** Chairman of the Board

1. OECD: Organisation for Economic Co-operation and Development

7

ISA’s Board of Directors

ISA was awarded in 2015 the ALAS’ 2020 prize for best Corporate Governance in Colombia.

8

AGENDA

ISA, a multi-Latin corporation with wide presence

in most of Latin America

9

ISA’s activities are focused on 4 lines of

businesses

10

Revenues by Business

2011 2012 2013 2014 2015

Energy Transmission 80% 80% 68% 70% 73%

Road

Concessions16% 17% 26% 21% 20%

Telecommunications 2% 3% 4% 6% 5%

Management of Real-

Time Systems (XM)2% 2% 2% 3% 2%

In Energy Transmission, ISA is the largest

international energy carrier in Latin America

11

ITCO 99,94

Transelca 99,83

REP 99,52

Transmantaro

99,75

ISA Perú 99,83

CTEEP 99,96

ISA Bolivia 99,55Ava

ilab

ilit

y (

%)

Revenues 2015: COP 3.776b

EBITDA Margin: 52,1%

In Telecommunications, ISA deploys the longest wide

band fiber optics ring in the continent…

Services offered in

over 170 cities in

Latin America.

Revenues 2015: COP 284b

EBITDA Margin: 32,1%

12

ISA is the largest operator of toll roads in Chile...

13

11 mainline tolls, 84 lateral tolls

and 18 service areas, 293

bridges.

A design velocity of 120 km/h.

Revenues 2015: COP 1.095b

EBITDA Margin: 72,4%

Management of Real-Time Systems is a business

that operates in Colombia through XM..

14

Other sectors:

Derivex: manages the trading and

registration system for electricity futures in

Colombia. Participation: 49,84%

Mobility: XM oversees and coordinates the

Traffic Control Center of the Intelligent

Mobility System of Medellin.

Filiales y

subsidiarias

operates the National Interconnected System

(Sistema Interconectado Nacional, SIN)

manages the Wholesale Energy Market

manages International Electricity Transactions

performs the settlement and administration of

charges for use of SIN grids

ISA permanently analyzes relevant investment

opportunities in the region to guarantee continued

growth and profitability…

Colombia UPME Expansion Plan for a total of USD 215

(reference value) for 2016-2017

Colombia-Panama Interconnection. USD 500

Peru

Proinversión Projects for 2016. New La

Planicie substation and transmission line

Aguaytía - Pucalpa. Estimated investment:

USD 63,1 million.

Chile

Plex 7 CDEC-SIC projects: New transformers

groups in Cardones, Maitencillo and Pan de

Azucar substations, plus sectioning substation,

associated transmission lines. Estimated

investment: USD 168,5 million.

MOP Projects 2016, with investments of USD

556,4 million in pedestrian connectivity and

regulatory safety projects in concessions of Ruta

del Maule, Ruta del Bosque, Ruta de Araucanía

and Ruta de los Ríos.

Brazil

Reinforcement projects authorized by ANEEL.

Annual USD 72,5 million.

15

16

AGENDA

Reven

ues

EB

ITD

AConsolidated Income Statement

AO

&M

17

Figures in COP billions

2011 2012 2013 2014 2014 2015

4.369 4.3033.601 3.921

COLGAAP IFRS

1.3411.400 1.590 1.646 1.921

2.399

3.027 2.903

2.012 2.275 2.2972.872

4.2175.271 USD million

USD 1 = $3.149,47

2014 2015Change

%

1.339 1.674 25

2014 2015Change

%

610 762 25

2014 2015Change

%

729 912 25

2011 2012 2013 2014 2014 2015

2011 2012 2013 2014 2014 2015

AO&M: Administration, Operation and Manteinance

50% 47%43%

48% 45% 46%

69% 68%

56% 58% 55% 55%

8% 6%12% 15% 12% 13%

2011 2012 2013 2014 2014 2015

Net

Inco

me

Consolidated Income StatementM

arg

ins

18

Figures in COP billions

COLGAAP IFRS

COLGAAP IFRS

337 273433

593510

702

2011 2012 2013 2014 2014 2015

USD millionUSD 1 = $3.149,47

2014 2015Change

%

162 223 37,6

Consolidated Balance Sheet

19

As of 2015 assets accounted for COP 28.112.870 million / USD 8.926 million

Assets 25.671 28.113

CO

P b

illio

ns

Exchange Rate USD 1 = COP 3.149,47

10,2%

13,9%

-0,4%

9,8%

6.881 7.840

3.5653.553

15.167

16.720

2014 2015

Liabilities Non-controlling interest Equity

2015 Assets

Breakdown by business

Energy66,9%

Roads29,7%

Telecommunications

3,0%

MRTS(XM)0,5%

Consolidated Financial Debt

20

currencyrate source

COP million 2014 2015Change

%

2015

USD

CHILE 4.482.030 4.620.914 3,1% 1.467

COLOMBIA 1.784.963 2.111.930 18,3% 671

PERU 1.934.281 2.767.712 43,1% 879

BRAZIL 1.921.167 1.695.502 -11,7% 538

BOLIVIA 51.947 53.188 2,4% 17

ARGENTINA 6.994 3.895 -44,3% 1

TOTAL 10.181.382 11.253.141 10,5% 3.573

TOTAL USD 3.573 4.256 -16,0%

2015 Breakdown

Exchange Rate USD 1 = COP 3.149,47

4,2 4,5

4,3 4,3 4,2 3,9

4,2 4,4

3,9 3,9 4,2

3,9

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15

Debt / EBITDA EBITDA / Interest

BRL13,9%

COP17,9%

USD27,2%

UF + CLP

40,9%

Otras0,0%

Capital Market68,2%

Banks31,2%

Other0,6%

UF33,4%

Tasa Fija 23,7%

IPC16,8%

CDI 9,7%

TAB7,5%

DTF1,1%

Libor4,6%

TJLP 2,8%

IPCA0,3%

ISA's risk ratings reflect the company’s strong

financial profile of the company, with stable and

predictable flows ....

21

Rating for bonds issued

AAA(col)

International Corporate Ratings

BBB

Stable outlook

May 2015

International Corporate Ratings

Baa2

Stable outlook

October 2015

International Corporate Ratings

BBB

Negative outlook

February 2016

USD 3.2 billion in investments already commited

supports future growth...

22

Projections: February 2016

COP 9.555 billion

USD 3.247 million

2016 2017 2018 2019 2020

COLOMBIA PERU BRAZIL CHILE OTHERS

by countryCOP

billion%

Colombia 2.915 30,5

Peru 1.958 20,5

Brazil 1.605 16,8

Chile 3.073 32,2

Others 5 0,0

by businessCOP

billion%

Energy 8.499 88,9

Toll Roads 116 1,2

Telecommunications 799 8,4

SMRTS 142 1,5

3.435

926

519 509

4.167

TRM 2.925 2.944 2.959 2.981 3.010

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.

23

Investor Relations

Contact

Email InvestorRelations@isa.com.co

Website www.isa.co

Telephone +574 315 7470

@ISA_Avanza /ISAAvanza Interconexión

Eléctrica ISA/CanalISAAvanza

24