Corporate Presentation

January, 2017

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

December 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 18.448.050 1,67%EEB 18.448.050 1,67%

FREE FLOAT 407.151.736 36,76%INSTITUTIONAL INVESTORS 240.925.173 21,75%FOREIGN INVESTORS 92.307.506 8,33%INDIVIDUALS 56.364.266 5,09%LEGAL ENTITIES 17.222.241 1,55%ISA ADR PROGRAM 332.550 0,03%

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%

…36,76% is the free float

6

25,0%

Principal Nominated by:

Vice Minister General Ministry of Finance and Public Credit

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

Carlos Caballero Argáez Independent - nominated by the Nation MHCP

Carlos Mario Giraldo Independent - nominated by the Nation MHCP

Carlos Felipe Londoño Álvarez 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...

** Chairman of the Board

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

7

ISA’s Board of Directors

ISA was awarded in 2015 and 2016 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 9M16*

Energy Transmission80% 80% 68% 70% 73% 69%

Road

Concessions16% 17% 26% 21% 20% 22%

Telecommunications 2% 3% 4% 6% 5% 7%

Management of Real

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

*Excluding the recognition of the value of the Basic Network in the Existing System (RBSE) in CTEEP

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 Peru 99,83

CTEEP 99,96

ISA Bolivia 99,55

Ava

ilab

ilit

y (

%)

Revenues 2015

COP 3.776b or USD 1.207m

EBITDA Margin: 52,1%

Dec. 31 2015, USD 1 = $3.149,47

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 or USD 90m

EBITDA Margin: 32,1%

12

Dec. 31 2015, USD 1 = $3.149,47

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 or USD 348m

EBITDA Margin: 72,4%

Dec. 31 2015, USD 1 = $3.149,47

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 USD414 million (reference value).

Colombia-Panama Interconnection: estimated of investment: USD500

million.

Peru Proinversión Projects for an estimated investment of over USD490 million.

Chile

Transition expansion Plan: estimated investment: USD687 million.

MOP Projects 2016, related to ISA concessions, with investments of USD

442 million (increased specifications, connectivity, security, etc).

Brazil

ANEEL projects: For over USD 3 trillion, which includes a significant

amount in the state of Sao Paulo for come years.

Reinforcement projects authorized by ANEEL of USD 73 million per year.

Mexico FCE explanation plan: estimated investment USD1.200 million for 2017.

15

16

AGENDA

Reven

ues

EB

ITD

AConsolidated Income Statement

AO

&M

17

Figures in COP billions, USD in million

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

2011 2012 2013 2014 2014 2015

2011 2012 2013 2014 2014 2015

AO&M: Administration, Operation and Manteinance

9M15: 3.743

9M16: 10.272*

9M16: 4.810

USD 1.339USD 1.674

USD 610USD 762

9M15: 1.609

9M16: 2.355

USD 729USD 911

9M15: 2.133

9M16: 7.917*

9M16: 2.455

*includes the accounting recognition of the value of the RBSE (Basic Network of the Existing System)

Dec. 31 2015, USD 1 = $3.149,47

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

COLGAAP IFRS

COLGAAP IFRS*

337 273433

593510

702

2011 2012 2013 2014 2014 2015

9M16: Margins

EBITDA: 63%

Operational: 57%

Net: 16%

Excluding construction

and RBSE

Figures in COP billions, USD in million

9M15: 1.405

9M16: 1.965*

9M16: 634

USD 162USD 223

*includes the accounting recognition of the value of the RBSE (Basic Network of the Existing System)

Dec. 31 2015, USD 1 = $3.149,47

Consolidated Balance Sheet

19

Colombia19,8%

Chile26,5%

Brazil37,8%

Peru15,3%

Others0,5%

7.840

3.553

16.720

2015 Sep. 2016

28.113 36.999

CO

P b

illio

ns

As

se

ts b

rea

kd

ow

n*

by

Co

un

try

Assets: 31,6%

Liabilities: 26,2%

Minority Interest (IM): 83,0%

Equity: 19,9%

VARIATION

LIA

BIL

ITIE

SM

IE

QU

ITY

ASSETS

*Recognition RBSE effect

*

*

*

21,094

6,502

9,403

Dec. 31 2015, USD 1 = $3.149,47

USD 8.926 USD 11.748

BRL14,0%

COP20,4%

USD29,5%

UF + CLP36,0%

Consolidated Financial Debt

20

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 4,256 3,573 -16,0%

9M

16

Bre

ak

do

wn

by c

urr

en

cy

Total financial debt amounts to

COP12.469.491 million in

September 2016

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

3,9 3,9 4,2

3,9 4,0 3,9

3,6

1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16

Debt / EBITDA EBITDA / Interest

Excluding recognition RBSE

Dec. 31 2015, USD 1 = $3.149,47

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+

Negative outlook

May 2016

International Corporate Ratings

Baa2

Stable outlook

December 2016

International Corporate Ratings

BBB

Negative outlook

August 2016

2017 2018 2019 2020

COLOMBIA PERU BRAZIL CHILE OTHERS

USD 2,8 billion in investments already commited

supports future growth...

22

Projections: January 2017

COP 8.504 billion

USD 2.817 million

by countryCOP

billion%

Colombia 2.596 30,5

Peru 1.175 13,8

Brazil 2.787 32,8

Chile 1.937 22,8

Others 10 0,1

by businessCOP

billion%

Energy 7.415 87,2

Toll Roads 292 3,4

Telecommunications 628 7,4

SMRTS 169 2,0

5.048

1.816

315 250

Exchange

rate3.075 2.974 2.895 2.915

Figures in COP billions, USD in million

Company Profile…

LONG-TERM BUSINESS

Stability in company revenues

High cash generation

Long-term investments and capital intensive

Policy dividend

Value orientation

Diversification

Hedging strategy

* Weighted average for participation

** excludes compensation from CTEEP

ISA Mdo ISA** Mdo*

P/E 11,71 12,52 14,06 14,74

P/VL 1,04 1,24 1,33 1,28

Dividend Yield 3,63 3,86 2,88 2,29

EV/EBITDA (ISA) 7,64 8,21

Multiples Dec. 2015 Dec. 2016

Market Capitalization as of

December 2016

$11,06 billons

Ch

an

ge %

Normalized data as of December 31, 2015

35,2%

2016

17,2%

Cierre 2015

$7.780

Cierre 2016

$9.980

4Q15

Colocación bonos

ISA $400.000

millones

ECO: venta

acciones de ISA

2Q16

1Q16

Subasta ECONota Técnica

ANEEL

AGA

S&P cambió

perspectiva a

negativa

MME: Forma

pago RBSE

Fitch aumentó

a BBB+ estableBREXIT

Anuncio subasta

ECO de ISA

Anuncio venta

EEB de ISA

Trump

presidente

Oferta Brasil 3

proy.;3Q16

Anuncio subasta

ECO de ISA

Ini Ex-dividendo

Subasta ECO

M&A TAESA

Moodys Baa2 Estable

-10

0

10

20

30

40

50

31/dic. 31/ene. 29/feb. 31/mar. 30/abr. 31/may. 30/jun. 31/jul. 31/ago. 30/sep. 31/oct. 30/nov. 31/dic.

ISA COLCAP Eventos

Disclaimer

ISA has elaborated the following report for information purposes. The company is not

responsible for any investment decision made from this report. The statements

included therein reflect our current points of view in relation to future events; they are

based on assumptions and subject to risks and factors that may cause results,

performance and achievements of the company to change at any moment. These

factors include general changes in the energy sector, financial conditions, government

policies (national and international), as well as variations in interest rates, inflation,

volatility in exchange rates, and levels of taxes.

As a result of these risks and factors, current results may differ materially from

estimates provided. The company does not accept responsibility for any change or

information provided by official sources. The user is solely responsible for the use of

this information.

25

Investor Relations

Contact

Email InvestorRelations@isa.com.co

Website www.isa.co

Telephone +574 315 7470

@ISA_Avanza /ISAAvanza Interconexión

Eléctrica ISA/CanalISAAvanza

26