Investor Presentation Santander Infrastructure & Utilities Conference

New York. September, 2014

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Disclaimer

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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.

AGENDA

Overview

ISA in Toll Road Concessions

Consolidated Financial Results

3

Limited growth in Colombia led to an evolution in

the business model…

Regional systems

interconnection and

Center-Coast

interconnection.

CND

COL-VEN

interconnection.

Leading energy

transmitter in COL.

Limitation in national

growth demanded

seeking new

opportunities.

Entering new

markets: Peru,

Bolivia, Brazil,

Central America.

ISA Peru, first

internationalization

achieved. COL-ECU

interconnection.

Consolidation

transmission

business,

telecommunications.

Intervial Chile, first

diversification

strategy achieved.

COL-PAN

interconnection.

INTERCHILE

Income 3x

Profitable growth

Focus on LatAm

Operational

efficiency Portfolio

optimization

1967-1994 1995-1999 2000-2006 2007-2013 2014+

Institutional

consolidation

New ISA

Geographic

expansion

Diversification

Consolidation

4 4

ISA, a Linear Infrastructure Company

Revenues by Business

2009 2010 2011 2012 2013 1S14

Electric Energy Transport 95% 90% 80% 80% 68% 69%

Toll road concessions 0% 5% 16% 17% 26% 22%

Telecommunications Transport 3% 3% 2% 3% 4% 6%

Smart Management of Real Time Systems 2% 2% 2% 2% 2% 3%

ELECTRIC ENERGY

TRANSPORT

TOLL ROAD

CONCESSIONS

TELECOMMUNICATIONS

TRANSPORT

SMART MANAGEMENT OF

REAL TIME SYSTEMS

5

Electric Infrastructure

6

19 companies in Colombia, Peru, Central America, Bolivia, Brazil

and Chile.

40,630 km circuits of transmission lines in operation, 5,132 km

circuits under development (includes Chile’s projects).

Transformation capacity: 75,148 MVA.

Majority participation in Colombia and Peru, greater transmission

operator in the state of Sao Paulo in Brazil, and an important

participation in Bolivia.

Network availability in 2013: ISA 99.93%, TRANSELCA 99.89%,

REP 99.60%, Transmantaro 99.70%, ISA Peru 99.83%, ISA

Bolivia 99.73% and CTEEP 99.98%.

Colombia, UPME 2014 expansion plan for transmission

lines and substations. Estimated value USD 948 million.

Peru, Proinversión transmission line projects for 2014.

Estimated value USD 144 million.

Chile, CDEC-SIC transmission line projects. Estimated value

USD 515 million in 2014-2015.

Perspectives

OPEX and CAPEX efficiencies

Evaluate investment opportunities

and invest in those that are

relevant for ISA.

Op

po

rtu

nit

ies

Road Infrastructure

7

Largest toll road concession operator in Chile.

907 km of toll road infrastructure in operation.

Used by over 99 million vehicles in 2013.

95 toll plazas.

293 bridges, 368 structures (overpasses, connections, among

others), 188 pedestrian walkways.

Design speed is 120 km/hour.

Award for road safety in all concessions during 2013, which

implies higher revenues.

Colombia, ANI Projects – 4G bids. Concessions where ISA

is prequalified (figures in million): Girardot Neiva 400 km - USD 990

Cruz del Viso-Carreto-Palmar de Varela – USD 630

Santana-Mocoa-Neiva - USD 1,290

Bogota-Villavicencio (Sector 1) - USD 1,160

Popayán-Santander de Quilichao - USD 890

Perspectives

Enter the toll road concession

operation in Colombia.

Develop service and security

works in existing roads.

Chile, third runways in Maipo, pedestrian connections in

Rios and closed television circuits in Araucanía and Bosque.

USD 293 million

Telecommunication Infrastructure

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26,022 km in operation, the largest open information

transportation network in South America.

Presence in Colombia, Ecuador, Peru, Chile, Argentina

and Brazil and connections with Venezuela and Bolivia.

2.5 Tbps, generated USD 93M in revenues during 2013,

with an annual growth rate of 8% in the last 7 years.

400 operators serviced, in local as well as national,

regional and international needs.

150 Gbps in IP capacity in the countries in the region,

served from local nodes and international connections via

agreements with the most important agents in the

industry.

Service availability of 2013 was 94.93%.

Consolidate operations in Chile, Argentina and Brazil and keep the position reached in Colombia,

Ecuador y Peru.

Deepen into the leadership achieved in the distribution of Internet traffic in the region.

Increase regional traffic and fidelity of operators on INTERNEXA's network.

Perspectives

Intelligent Management of Real-time Systems

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Colombia, mobility control centers in other cities, asset management system for ISA, and Natural gas

market promoter.

Chile, monitoring and maneuvering center for InterChile.

Perspectives

Expand services to other

sectors.

Strengthen synergistic

services within Grupo ISA.

REAL TIME SYSTEMS

Planning, coordination and supervision of the SIN operation in Colombia. 24,500

km in lines, 35,200 MVA of transformation, 14,600 MW in installed capacity.

Planning and operation of the mobility control center of affiliates in Medellin,

Colombia.

Support and maintenance service in control centers in Colombia and Peru.

Projects under construction: Control Center for toll road information Antioquia,

Colombian.

MARKET MANAGEMENT

Management of comercial exchange programs of the wholesale energy market

(Colombia). Payment, management of accounts and billing (COP 7.2 trillion)

49.5% of property in DERIVEX – negotiations system and registering of

operations of financial energy products in Colombia.

7.18% of property in CRCC – Central risk agency of the counterparty –

compensation service as central operations counterparty

Shareholders Structure and Dividend Policy

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As of June 2014 SHARES %

STATE INVESTORS

682,078,108 61.58

THE COLOMBIAN STATE 569,472,561 51.41

EMPRESAS PÚBLICAS DE MEDELLÍN 112,605,547 10.17

COMPANIES WITH PUBLIC/PRIVATE CAPITAL 77,373,530 6.99

ECOPETROL 58,925,480 5.32

EMPRESA DE ENERGÍA DE BOGOTA 18,448,050 1.67

PRIVATE INVESTORS 348,226,256 31.44

INSTITUTIONAL INVESTORS 207,425,511 18.73

INDIVIDUALS 67,884,572 6.13

LEGAL PERSONS 12,988,430 1.17

FOREIGN INVESTORS 58,872,193 5.31

ISA ADR PROGRAM 1,055,550 0.10

SUBSCRIBED AND PAID CAPITAL INTO CIRCULATION 1,107,677,894 100.00

The Colombian State is the controller

…31.44% is the free float

160 172 179 188 214

0

50

100

150

200

250

2010 2011 2012 2013 2014

Dividend Policy

For matters of earnings

distribution as provided by

articles 155 and 454 of the

Commercial Code, distributable

income shall be computed

through the following procedure:

Net income less

(i) losses from previous periods

(ii) legal reserve

(iii) tax appropriations

This amount is the minimum

amount to be distributed as

dividend every period.

ISA’s Board of Directors

11

Principal members Alternative members

Ministry of Mines and Energy: Minister Ministry of Mines and Energy: Vice-Minister

Ministry of Finance and Public Credit: Ministry of Finance and Public Credit:

General Vice-Minister Director General of Public Credit and National

Treasury

Carlos Mario Giraldo Moreno* Henry Medina González*

EPM: General Manager Jesús Aristizábal Guevara*

Santiago Montenegro Trujillo* Camilo Zea Gómez*

Alejandro Linares Cantillo Tomás González Estrada

Bernardo Vargas Gibsone* Carlos Felipe Londoño Álvarez*

*Independent members

President: Mr. Santiago Montenegro Trujillo

Secretary: Sonia Margarita Abuchar Alemán, ISA's Secretary General.

Corporate Strategy ISA 2020

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Capturing growth

opportunities with higher

profitability

1

Improving profitability of

current and core businesses

2

Dynamic adjustment of business

and geography portfolio

3

VISION

By 2020, ISA will have tripled its profits, by capturing the most profitable

growth opportunities in its businesses existing in Latin America, the boost of

operational efficiency and the optimization of its business portfolio.

AGENDA

Overview

ISA in Toll Road Concessions

Consolidated Financial Results

13

14

Road Concessions

CHILE

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ISA, through INTERVIAL, is the leading operator of

interurban concessions of Chile

APPROX. 40% OF NETWORK UNDER

CONCESSION

Incorporation of ISA Chile Limitada.

60% acquisition for USD 307 million

(Equity).

Option defined to purchase 40%

within a maximum term of 2 years.

40% Purchase option for USD 204

million (Equity).

MAY

2010

SEP.

2010

DEC.

2011

15

TMDE

TOTAL

REVENUES

(USD)

EBITDA

Margin Remuneration

109.388 166 MM 61% Traffic/PSV

IMG/MDI

61.444 94 MM 51% Traffic/PSV

IMG/MDI

34.453 65 MM 80%

Traffic/PSV

Subsidy

IMG/MDI

40.322 60 MM 66% Traffic/PSV

IMG/MDI

24.611 55 MM 81% Traffic/PSV

Subsidy

270.219 440 MM 64,7%

ISA, through INTERVIAL, is the leading operator of

interurban concessions of Chile

MAIPO

MAULE

BOSQUE

ARAUCANÍA

RÍOS

INT

ER

VIA

L C

HIL

E C

ON

CE

SS

ION

S

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As of 2013

ISA continues making investments and is

undertaking new opportunities ….

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Current Investments

Investments are being made for 100

MMUSD in the construction of 7 km.

of third tracks between Link

Angostura and Link Peuco

“Segment 2” of Ruta del Maipo.

Procurement of Ministry of Works

for CCTV Works in 19 points of

Ruta de la Araucanía (2,2 MMUSD

+ C&M)

Drafting of Projects and execution

of Works procured by the Ministry of

Public Works at Ruta de los Ríos:

Improvement of Link Río Bueno and

Pedestrian Crossing Los Lagos (1,6

MMUSD + C&M)

Maipo – Third Track Project : Segments I & III

Estimated investment USD 200 million

Ruta del Maule & Ruta del Bosque - Maipo –

Safety works. Estimated investment USD 60 and

USD 40 million respectively.

The Ministry of Public Works has a portfolio of

projects...

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Between 2012 and 2020, MOP has projects with an estimated investment of

USD 2,902 million.

Project Year call Investment

MMUSD

Route G-21 Access to Ski Centers 2012 107

Route G-60 Melipilla - Camino de la Fruta Road

Connection 2014 38

Nogales – Puchuncaví Road 2014 148

El Melón Tunnel [R] 2015 120

Improvement of Nahuelbuta Route 2015 237

Route 78 - Route 68 Road Connection 2015 108

Ruta de la Madera 2016 142

Route 66 Camino de la Fruta 2016 420

Américo Vespucio Oriente Principe de Gales – Grecia 2016 726

Road Concession Autopista Metropolitana del Puerto

Montt 2016 273

Route Concession 5 Caldera – Chañaral Segment 2017 250

Conurbacion La Serena Coquimbo 2017 133

Improvement Route 68 2020 200

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Road Concessions

COLOMBIA

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Current status of 4G in Colombia….

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9 groups under Selection Process, of which 6

have been awarded and 3 are pending of the

receipt of Bids

# Status Process: Project # bids Tenderer

1

Closed

G1: Girardot - Honda

- Puerto Salgar 2 Mario Huertas / Meco

2 G7: Pacífico 1 2 Episol (Corficolombiana)/Iridium

3 G8: Pacífico 2 1 Odinsa/El Condor/Mincivil/Mota

4 G9: Pacífico 3 2 Mario Huertas / Meco

5

G11: Cartagena

Barranquilla 3

Mario Huertas / Meco

6

G10: Perimetral de

Cundinamarca 4 Grodco / Shikun Binui

# Status Process: Project Fecha de

cierre Observaciones

1 Without

closing

G2: Mulaló -

Loboguerrero ND Suspended until 25 sept-14

G5: Conexión Norte ND Suspended until 05 sept-14 2

3 G6: Río Magdalena 2 ND Suspended until 12 sept-14

10 projects that completed Prequalification stage

and to this date they are still pending of a date for

the opening of the Selection Process.

# Status Process: Project

1

Selection

Process not

yet opened

G13: Girardot - Neiva

2 G14: Pasto - Rumichaca

3 G15: Villavicencio - Yopal

4 G16: Puerta de Hierro Palmar de Varela

5 G17: Santana - Mocoa - Neiva

6 G18: Popayán - Santander de Quilichao

7 G19: Bogotá - El Tablón

8 G20: Río Magdalena 1

9 G21: Autopistas al Mar 1

10 G22: Autopistas al Mar 2

Processes where ISA is prequalified

First Round Second Round

Pending issues for Second Round projects

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Business Plan

CAPEX valuation, operating and maintenance

costs.

Term of pre-construction stage (1 year)

Financing rates used for project structuring

Adequate profitability for an inventor due to risk

levels (VF)

Financing

Uncertainty on Project Finance

Doubts on availability of funds for the whole 4G

program

Uncertain rates and conditions

FDN products still being structured.

Debt fund – Agreement, pension funds, CAF co-

manager (fund collateral is still unclear)

Standard Contract

Settlement formula in case of early termination

(future discounted cash flows) by unilateral

decision of ANI should apply equally regardless

of the cause of termination.

Eliminate financing by concessionaire of over

costs on risks in charge of ANI.

VF schedule tighter at the beginning of the

concession

Bidding Conditions

Allow substitution of a leader in a prequalified

plural structure

Allow that a prequalified Plural Structure may

invite a member from other prequalified plural

structure in the same process.

AGENDA

Overview

ISA in Toll Road Concessions

Consolidated Financial Results

22

2010 2011 2012 2013 1S13 1S14

2010 2011 2012 2013 1S13 1S14

COLOMBIA BRAZIL PERU CHILE OTHER

2010 2011 2012 2013 1S13 1S14

REVENUES

EBITDA

Consolidated Income Statement

USD million. Exchange rate: COP 1,881.19

1,868 2,322 2,287

1,914

1,343 1,609 1,543

1,069

AOM 525

713 744 845

23

967

496

576

912

536

498

2010 2011 2012 2013 1S13 1S14

0%

20%

40%

60%

80%

2010 2011 2012 2013 1S13 1S14

Operating EBITDA Net

NET

INCOME

Consolidated Income Statement

MARGINS

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USD million. Exchange rate: COP 1,881.19

183 179 145

230

157 116

Consolidated Balance Sheet

Assets by Country

Assets by Business

USD million. Exchange rate: COP 1,881.19

7,957

2,081

3,941

8,089

2,180

3,192

7,479

1,923

3,867

8,038

2,166

3,172

Asse

ts

Assets in June 2014 totaled USD 13,527 million,

-0.5% decrease compared to 2013

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COLOMBIA

30,1%

CHILE 32,1%

BRAZIL 25,9%

PERU 11,4%

OTHERS 0,5%

Energy 64,4% Roads

31,9%

Telecommunications

2,6%

SMRTS 1,1%

3,959 3,924

1,969 2,073

7,657 7,530

2013 2Q14

Liabilities Minority interest Equity

-1.7%

-0.9%

5.3%

Fixed 16,6%

CDI 8,9%

ICP 15,0%

TJLP 3,2% TAB

6,6%

Libor 4,7%

DTF 4,6%

UF 39,7%

Other 0,6%

BRL 13,5%

COP 19,7%

USD 20,5%

UF + CLP 46,3%

Otras 0,1%

Consolidated Financial Debt

Breakdown by Currency Breakdown by Rate Breakdown by Source

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USD million. Exchange rate: COP 1,881.19

Credit Risk Ratings

Moody’s S&P Fitch Fitch (local market Bond):

Baa2 Stable outlook BBB Stable outlook BBB Stable outlook AAA Stable outlook

(August 2014) (August 2014) (May 2014) (May 2014)

In millions 2013 June

2014

Var

%

June

2014

USD CHILE 4,217,278 3,932,967 -6.7 2,091

COLOMBIA 1,788,574 1,763,076 -1.4 937

BRAZIL 1,169,464 1,217,438 4.1 647

PERU 1,464,947 1,499,180 2.3 797

BOLIVIA 51,134 45,385 -11.2 24

ARGENTINA 7,071 4,924 -11.2 3

TOTAL 8,698,468 8,462,970 -2.7 4,499

2,66 2,53 2,90

3,12 3,4

3,26 3,04

4,25 3,62

3,88 3,86 3,6

4,20 4,29

2012 1Q13 2Q13 3Q13 2013 1Q14 2Q14

Net Debt / EBITDA EBITDA / Interest

Capital Market 73,1%

Banks 26,1%

Other 0,8%

2014 2015 2016 2017 2018 2019 2020

COLOMBIA PERU BRAZIL CHILE OTHERS

An investment of USD 3.817 million supports future

growth ...

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Investment by country USD %

Colombia 1,006 25

Peru 920 23

Brazil 1,026 25

Chile 1,063 26

Others 22 1

Investment by business USD %

Energy 3,421 85

Toll Roads 310 8

Telecommunications 210 5

SMRTS 96 2

Investment plan of projects

awarded up to July 2014

864

1,138

441

223 172 186

1,012

USD million. Exchange rate: COP 1,881.19

Investor Relations

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Email InvestorRelations@isa.com.co

Website www.isa.co

Twitter @ISA_Avanza

@ISA_Avanza /ISAAvanza Interconexión

Eléctrica ISA /CanalISAAvanza