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SECOND QUARTER 2014 RESULTS Medelln, Colombia July 31, 2014 Luis Fernando Alarcn, CEO Carlos Alberto Rodrguez, CFO 2 DISCLAIMER SECOND QUARTER 2014 RESULTS Certain statements contained in this report constitute "forward-looking

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SECOND QUARTER 2014 RESULTS Medellín, Colombia July 31, 2014

Luis Fernando Alarcón, CEO Carlos Alberto Rodríguez, CFO

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DISCLAIMER SECOND QUARTER 2014 RESULTS

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

  • f 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

  • ccurring 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 June 30, 2014, the exchange rate was of USD 1.00 = COP 1,881.19 (Source: Banco de la República de Colombia).

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Operating Highlights ISA 2020 Second Quarter 2014 Results Q&A

AGENDA

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  • ISA wins public bidding process in Peru:
  • 220-kV La Planicie - Industriales Transmission Line and

Associated Substations.

  • Design, financing, construction, operation and

maintenance of project.

  • Annual revenues: USD 5.5 million
  • Entry into operation: 24 months after official awarding date
  • Term of Concession : 30 years.

HIGHLIGHTS - RELEVANT INFORMATION

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  • Fitch affirmed its AAA(col) Rating on ISA’s Bond Program and

‘F1+(col) ’ Rating for Commercial Papers with outlook Stable.

  • Fitch Ratings International upheld the international corporate

BBB rating for local and foreign currency. Outlook remained Stable.

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AGENDA

Operating Highlights ISA 2020 Second Quarter 2014 Results Q&A

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2013 2014 2015 2016

▪ TE Supply (3) ▪ Capex TE (7)

Projects

▪ Strategic alignment ▪ Corporate separation ▪ Opex TE (5) ▪ Change management ▪ TE Asset Management ▪ Development of capacities ▪ Reorganization ▪ TELCO Strategy ▪ Support functions (10) ▪ GISTR Strategy ▪ Positioning and reputation (2)

2017 2018 2019 2020

▪ CV Efficiencies (2)

Alignment

Organz Efficiencies TO

Executed Planned (X) Number of projects

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ISA 2020 – IMPLEMENTATION PLAN

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ISA 2020 – INVESTMENT OPPORTUNITIES

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Energy Transmission

  • Colombia, UPME projects, 3Q & 4Q 2014.
  • 230 kV Suria Substation - USD 18.3
  • Reforma Substation – USD 3.5 (awarded to ISA)
  • 230 kV Tuluní Substation - USD 15.4 (awarded to a third

party)

  • 220 kV Flores-Caracolí-Sabana - USD 20.6
  • 220 kV Chinú-Montería-Urabá - USD 65.2 (in awarding

process to ISA)

  • 500 kV La Loma - USD 29.2
  • Ituango – USD 427.1
  • 500 kV Southwestern area reinforcement – USD 291.7
  • Caribbean area reinforcement - USD 225.88
  • Second Eastern reinforcement– USD 84.5
  • Porce III – USD 15.6
  • Tuluní – Ambeima 230 kV – USD 41.7
  • Córdoba River – USD 19

Figures in millions

  • Colombia: ANI projects, Q4 2014. Design, construction,

financing and operation of road concessions. ISA-CINTRA Consortium.

  • 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

Road concessions

  • Peru, Proinversión projects, 3Q & 4Q 2014.
  • Frispata–Mollepata transmission line – USD 43.5.
  • Línea Azangaro-Puno - USD 80
  • Nueva Lurín – USD 20
  • Chile, CDEC-SIC. 3Q 2014 & 2015.
  • 4 expansion projects for transformer bank and new

substations – USD 115

  • SING-SIC Interconnection – USD 400
  • Colombia-Panama Interconnection – USD 400
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Investment by country COP % Colombia 1,893 25 Peru 1,731 23 Brazil 1,929 25 Chile 1,999 26 Others 41 1 Investment by business COP % Energy 6,435 85 Toll Roads 583 8 Telecommunications 395 5 SMRTS 181 2

LONG-TERM INVESTMENT PLAN

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(in COP billions)

Investment in existing assets and awarded projects for the next 7 years is estimated at COP 7,593 billion, or approximately USD 3,817 million.

Projections July 2014 2014 2015 2016 2017 2018 2019 2020 COLOMBIA PERU BRAZIL CHILE OTHERS

1,625 2,141 830 419 324 351 1,904

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AGENDA

Operating Highlights ISA 2020 Second Quarter 2014 Results Q&A

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CONSIDERATIONS

Second quarter financial results included the following relevant facts: 1. Lower operating expenses in Brazil. 2. Recognition as operating revenue at INTERCOLOMBIA of annuities from UPME projects in virtue of the ISA-INTERCOLOMBIA corporate separation. 3. Amortization completed for the goodwill of ISA Capital do Brasil. 4. Conversion effect of the foreign affiliates’ financial information, which effect tends to be neutralized in the net result.

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EXCHANGE RATES 2Q13 aver 2Q14 Aver Var % 2013 end 2Q14 end Var % 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%
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Breakdown by Business – 2Q14 Breakdown by Country – 2Q14

Total operating revenues reached COP 915,867 million / USD 487 millions in 2Q14.

SMRTS: Smart Management of Real Time Systems

CONSOLIDATED FINANCIAL RESULTS REVENUES

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COP billion

900 916

200 400 600 800 1,000 2Q13 2Q14

1.8%

COLOMBIA 40.9% CHILE 22.9% BRAZIL 22.5% PERU 12.2% OTHERS 1.4% Energy 68.3% Roads 22.9% Telecommu nications 5.7% SMRTS 3.1%

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(in millions) 2Q13 2Q14 Change % AOM Costs and Expenses (ex. Pensions) 376,208 433,346

  • 13.2%

Provisions, Depreciation, Amortization and Pensions 98,326 43,389 126.6% Total 474,534 476,736

  • 0.5%

CONSOLIDATED FINANCIAL RESULTS COSTS AND OPERATING EXPENSES Breakdown by Business – 2Q14 Breakdown by Country – 2Q14

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COP billion

  • 0.5%

477 475

400 450 500 550 2Q13 2Q14

COLOMBIA 41.3% CHILE 13.7% BRAZIL 30.6% PERU 12.8% OTHERS 1.6% Energy 71.5% Roads 13.2% Telecommu nications 10.1% SMRTS 5.3%

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Breakdown by Country – 2Q14 CONSOLIDATED FINANCIAL RESULTS EBITDA Breakdown by Business – 2Q14

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COP billion

EBITDA reached COP 539,659 million / USD 287 million in 2Q14.

63.9 57.7 51.9 59.7 54.4 60.3 58.9

4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 EBITDA Margin

467 540

400 450 500 550 2Q13 2Q14

15.6%

COLOMBIA 41.1% CHILE 28.2% BRAZIL 13.6% PERU 15.6% OTHERS 1.4%

Energy 68.0% Roads 28.4% Telecommu nications 2.8% SMRTS 0.8%

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Non-operating results was –COP 123,666 million / –USD 66 million in 2Q14.

CONSOLIDATED FINANCIAL RESULTS NON-OPERATING RESULTS

(in millions) 2Q14 Colombia

  • 30,944

Chile

  • 134,615

Brazil 50,344 Peru

  • 7,415

Other

  • 1,036

(in millions) 2Q14 Energy Transmission 10,402 Road Concessions

  • 133,941

Telecommunications Transport

  • 501

SMRTS 374

Breakdown by Business Breakdown by Country

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COP billion

  • 168
  • 124
  • 200
  • 150
  • 100
  • 50

2Q13 2Q14

  • 26.5%
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Net Income for 2Q14 reached COP 139,997 million / USD 74 million.

CONSOLIDATED FINANCIAL RESULTS NET INCOME Breakdown by Business Breakdown by Country

(in millions) 2Q14 Colombia 117,318 Chile 18,656 Brazil 2,229 Peru 1,794 Other 117,318 (in millions) 2Q14 Energy Transmission 117,318 Road Concessions 18,656 Telecommunications Transport 2,229 SMRTS 1,794

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COP billion

147 140

100 150 2Q13 2Q14

  • 4.9%

4.9 8.6 16.4 11.9 11.0 17.3 15.3

28.4 16.2 22.6 0.6 23.8 25.7 24.7 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 Net Margin Net Margin BMI

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7,451 7,383 3,705 3,900 14,411 14,165

5,000 10,000 15,000 20,000 25,000 30,000 2013 2Q14 Liabilities Minority interest Equity

Assets in 2Q14 totaled $25,447,424 million or USD 13,527 million.

Assets by Country - 2Q14

Assets 25,567 25,804

Assets by Business - 2Q14 CONSOLIDATED BALANCE SHEET

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COP billion

  • 1.7%
  • 0.9%

5.3%

  • 0.5%

COLOMBIA 30.1% CHILE 32.1% BRAZIL 25.9% PERU 11.4% OTHERS 0.5% Energy 64.4% Roads 31.9% Telecommu nications 2.6% SMRTS 1.1%

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In millions

2013 2Q14 Var % 2Q14 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

CONSOLIDATED FINANCIAL DEBT Breakdown by Rate Breakdown by Source Breakdown by Currency

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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 Fija 16.6% CDI 8.9% IPC 15.0% TJLP 3.2% TAB 6.6% Libor 4.7% DTF 4.6% UF 39.7% IPCA 0.6%

Capital Market 73.1% Banks 26.1% Other 0.8% BRL 13.5% COP 19.7% USD 20.5% UF + CLP 46.3% Otras 0.1%

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AGENDA

Operating Highlights ISA 2020 Second Quarter 2014 Results Q&A

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Email InvestorRelations@isa.com.co Website www.isa.co Twitter @ISA_Avanza

CONTACT INVESTOR RELATIONS

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