1Q2015 Results Presentation. June 10 2015

1Q2015 Results Presentation June 10 2015

1. Highlights 2. Quito Airport 3. Private Public Initiatives PPPs of Public Initiative, ANI Fourth Generation Concessions 4. Private Public Initiatives PPPs of Private Initiative Under Development 5. International Projects 6. OPA Grupo Argos 7. Conversion to IFRS 8. Results as of December 2015 2

Highlights 3

Highlights Colombian Road Concessions Malla Vial del Meta The PPP was awarded to Odinsa by the National Government on April 6 th 2015. This includes: 1. By-pass road around Villavicencio and Access roads. 2. Corridors Villavicencio Granada y Villavicencio -Puerto López Puerto Gaitán Puente Arimena. 3. 354 km. In roads under administration, operation and maintenance. It consists on the construction of 46 Km of double lane roads (Villavicencio - Acacias y Villavicencio Apiay) and improvement and construction of 71 Km of single lane roads. Capex will be Cop$1,2 Trillion, in addition to Cop$225.000 Million contributed in kind by the Meta Department. April 6, as we announced in the last presentation of results, the ANI conducted the Hearing Deadline for the reception of expressions of interest of the Project Malla Vial del Meta. Nevertheless, because there were no expressions of interest from third parties, the ANI proceeded to issue a resolution to award this IP to the originating group, as required by the APP Act. In accordance with this approval, on May 5 th 2015 was signed the concession contract with the ANI in Villavicencio, with the presence of President and Vice President of Colombia. The new concessionaire, called Concesión Vial de Los Llanos S.A.S., is proceeding with all the milestones established in the contract for the beginning of the concession, specially in obtaining financial closure and the final designs of the project. 4

Highlights Colombian Road Concessions CONEXIÓN PACIFICO 2 On June 3 rd, the ANI awarded the first concession project led by Grupo Odinsa under the government s 4G program. The concessionaire has the following composition: Grupo Odinsa (25%), Mincivil (21,15%), Construcciones El Cóndor (21,15%), Termotécnica Coindustrial (13,5%), Icein (9,20%) and Portugal's largest construction company Mota Engil Engenharia e Construcao (10%). The concession contract between the ANI and the concessionaire La Pintada SAS was signed on September 11 and the initiation document on November 11 2014. This date marked the beginning of major contractual milestones of the concession, such as the start of operations and the maintenance of existing roads, financial closure and the final designs for the construction. Consequently, the financial closure should occur in October and the start of construction in November 2015. 5

Highlights Colombian Road Concessions AUTOPISTAS DEL CAFÉ S. A. When comparing 1Q2015 with 1Q2014, we evidence traffic and toll collection increases above economic growth; Traffic increased 4,96%, totaling 2.919.318 vehicles (vs. 2.781.240 in 2014). Daily Average Traffic was higher, by about 1.521 vehicles per day, rising to 32.349 per day (vs. 30.827 in 2014). Collections increased by 7,15% to COP $ 37.471 million (vs. COP $ 34.971 Million in 2014). The concession paid dividends to its shareholders, including Odinsa, on April 14 th and 16 th. In late March the Initiation Document was signed on the Calle 52 and Circasia 1 ½. On February 28 the Initiation document was signed between EIA and ANLA, for the granting of the environmental license in Variante La Paz. The amendment 14 for the rehabilitation of the section la Española Calarca (8.66 km) was signed on may 25th. 6

Highlights Colombian Road Concessions AUTOPISTAS DE LOS LLANOS S. A. Comparing the fist quarter in 2015 with the same period in 2014, we evidence the following; Traffic increased 2,84 %, totaling 2.659.949 vehicles (vs. 2.586.367 in 2014). Daily Average Traffic was higher, by about 807 vehicles per day, rising to 29.484 per day (vs. 28.677 in 2014). Collections increased by 1,33% to COP $ 10.809 million (vs. COP $ 10.953 Million in 2014). By April 2015, collection amounted COP$7,516 million, only $3,484 million corresponded to the concessionaire (46.35% of the collection). On January 23 an amendment was signed extending the contract deadline for the administration, operation and maintenance for nine additional months in order to carry out the process of reversal of the concession, following the process established by the ANI. The completion date is due October 20, 2015 and the recognition for management, operation and maintenance stood at 46.35%. Considering the above, we are making adjustments to the concessionaire because we are only going to operate and maintain a 30 km road and collect ions in only two toll stations. Of the three roads that lead to Granada: Villavicencio, Puerto Lopez and Cumaral - Veracruz, the first two were reversed on June 9, to be awarded by ANI to the new PPP presented by Odinsa. However, we continue with the operation and maintenance of the third road Villavicencio - Cumaral - Veracruz, which must be reversed no later than October 20, 2015. Considering the above, we are making adjustments to the dealer because only going to operate and C O N F I D E N Cmaintain I A L 30 km road and collect in only two toll stations. 7

Highlights Colombian Road Concessions SANTA MARTA PARAGUACHON S. A. When comparing 1Q2015 with 1Q2014, the concession presents the following behavior; Traffic has decreased by 6,52%, reaching 9.579 vehicles (vs. 924.532 in 2014). Average Daily Traffic decreased by 661 vehicles per day, reaching 9.579 vehicles per day (vs. 10.240 in 2014). Likewise, collection decreased 8,72%, reaching COP $ 8.665 Million (vs. $ 9.493 Million in 2014). The works in Muchachitos ended in 2014, however, on April 28th 2015 the receipt document of the works of marine protection with the ANI was subscribed. The concession will perform maintenance in the sections Santa Marta Palomino (COP$1,814 Millions) and Maicao Paraguachón Maicao Paradero (COP$1,433 Millions). These decreases are directly influenced by the slowdown in trade with Venezuela. 8

Highlights Colombian Road Concessions HATOVIAL S.A.S Comparing 1Q2015 with 1Q2014 we notice the following; Total traffic increased 7,14%, reaching 3.269.473 vehicles vs. 3.051.645 in 2014. Daily Average Traffic was higher by about 2.825 vehicles per day, reaching 36.327 vehicles per day (vs. 33.907 in 1S2014). In 2015, collections increased by 11,08%, to reach $17.603,42 Million (vs. vs. $15.848,07 Million in 2014). The contract has a variable period depending on the expected income. As of April 2015 the 71.22% of it was achieved. At the current rate, the expected income would be reached in october 2020, within the contractual deadlines. The electronic toll collection system ("Quick Pass"), started its operation since April 2014, and the number of users continues growing. By April 2015 319 companies and 10,260 TAGs have been programed. Also, the works in Barbosa Pradera remain as scheduled. Load test where performed in the bridge Fundadores which allowed its delivery by may. We remain on the construction for bridges 1, 2, 3 and 4. The concession paid dividends to its shareholders, including Odinsa, on May 6 TH 9

Highlights Colombian Road Concessions VIA DE LAS AMERICAS S.A.S Although in the concession of Vías de las Américas most of the revenues comes from future year government payments. In 1Q2015 the revenues from tolls was $ 3.448 Million. This amount is 15.9% higher than budgeted and 6,42% than collected. The collection of tolls is transferred to a trust fund account where the beneficiary is the National Infrastructure Agency (ANI), since the concession collected the present value of the Total Revenues - VPIT, including Future Budget Payments plus toll collections since November 2014. On May 22 the amendment No.1 between Vías de las Américas S.A.S and the Adaptation Fund, which grants Vías de las Américas two (2) additional months for the completion of the activities of the contract. Furthermore the farm budget is modified without changing the total value of the heading that directly runs the concessionaire. Vías de las Américas, under the contract signed with Odinsa, will make the same addition of the amendment No. 1 in this contract. The contract between Vías de las Américas S.A.S and the Adaptation Fund wont be modified for now. By May 2015 the construction progress is 51.57%. Works are expected to run in 2015, 2016 and 2017 for $ 580,362, $ 264,323 and $ 91,701 million, respectively. 10

Highlights International Road Concessions AUTOPISTAS DEL NORDESTE (REP. DOMINICANA) Like BTA, the main source of income for this concession remains the Guaranteed Minimum Income being (GMI) paid by the government. In the first quarter of 2015, total traffic increased by 16,75%, reaching 857.345 vehicles (vs. 734.339 in 2014) As a consequence of higher traffic, the collections in Dominican pesos and Dollars increased by 14,97% In 1Q2015 toll collection revenue reached US$16.83 from the traffic guarantees corresponding to the tariffs between June and November 2014. In the first quarter, the unpaid bills by the Dominican Government amount US $ 7.76 million. The next capacity will be calculated with the Dominican government on June 10 th. The Stand by credit letters were issued on May 25 as a guarantee for the Guaranteed Minimum Income in the concessions that take place in the Dominican Republic. In the case BTA the SBLC is $ 12 million. 11

Highlights International Road Concessions BOULEVARD TURISTICO DEL ATLANTICO (REP. DOMINICANA) This project counts mainly on the Guaranteed Minimum Income (GMI) paid by the government. Since the 1Q2015 we can observe an increase in traffic, this is due to the economic growth in the Dominican Republic since 2013. it reached a total of 352,879 vs 328.016 in 1Q2014 for an increase of 7.58%. Despite this, the total of toll paying vehicles is 49.081 vs 42.797 in 1Q2014, with an increase of 14,68%. As a result, in 2014, toll revenues at BTA reached US$29,9 millions. At the end of 2014, unpaid bills by the Dominican government amounted US $ 24.5 millions. The Stand by credit letters were issued on May 25 as a guarantee for the Guaranteed Minimum Income in the concessions that take place in the Dominican Republic. In the case of Autopistas del Nordeste the SBLC is $ 10.2 million. 12

Hechos Destacados Concesiones Viales Internacionales GREEN CORRIDOR The deadline for financial closure is July 15, 2015. While the financial closure is achieved, we are moving forward with the final designs of the project. Once the financial close of the project is completed, we will proceed to the signing of the main contract (DBFM Agreement). The DBFM has the following features ; Estimated Capex of US$59,9 Million (AFL 160 Millions). The contractor will finance 100% of design, construction and maintenance of the works. Term of Construction Works: Estimated at 26 months as a contractual condition. Estimated payback period of investment: 18 years. Payment: Once the works are completed, the government of Aruba will make quarterly payments for 18 years. The first payment will be received three months after completion of the works. In the project structure, the main contractor (dealer) is Caribbean Infrastructure Company NV (CIC) and the EPC contractor is Chamba Blou NV. Both corporations registered in Aruba. The EPC will execute the works like this: 2015 a 25%, 2016 a 65% 2017 a 10%. 13

Highlights Airport Concessions OPAIN S.A. (35%) During the 1Q2015, the total number of passengers reached 7,050,259 (vs. 6,251,532), an increase of 12.78% compared to 1Q2014. The number of passengers, who pay airport tax reached in 1Q2015 2,75 million vs. 2,46 million in 1Q2014, representing an increase of 11.95%. Of these, international passengers reached 796.299 (vs. 714.880) and nationals 1,958,918 (vs. 1,746,204) for an increase of 11.39% and 12.18%, respectively, between the first quarter of 2014 and first quarter of 2015. A new credit contract was signed between OPAIN and a group of banks including Bancolombia S.A., BNP Paribas Securities Corp., HSBC Securities (USA), Sumitomo Mitsui Banking Corporation y Bancolombia Panamá S.A on May 8, 2015. The purpose of this facility is to: replace the debt with multilaterals, contributions from shareholders and to finance the completion of some works. The total facility is US$500 million, effective until 2025. The repayment will start in 2016 until the end of 2025. The main features of the facility are: Two tranches: Tranche A will amount $450 million and aims to pay existing debt, all refinancing costs and project completion and return of contributions to shareholders. Tranche B amounting $50 million aims to give the dealer the necessary flows to complete the contractual works established for January 2017. Among the benefits of refinancing we find: The Sponsor Support Agreement will be eliminated. Dividend distribution or credit payments for shareholders are allowed with the first disbursement of Tranche A. Better interest rates. Voluntary prepayments without prepayment fees. Flexible financial covenants. 14

Highlights Sea Port Concessions Sociedad Portuaria de Santa Marta SPSM (11,94%) As shown in the graph, most of the categories of cargo handled exhibit growth 1Q2015, compared to the same period in 2014. In the framework of the summit of sustainable maritime port terminals, chaired by the OEA and the CIP, which was held in Mar del Plata, Argentina, the Port of Santa Marta was presented once again as a success case in the continent for protecting the environment and working with communities. The Partial Plan of the Port of Santa Marta ranks third in the 100 Latin American Infrastructure 2015 report prepared by the firm CG LA Infrastructure, being highlighted as one of the most strategic projects for the region and for the country. The Partial Plan of the Port of Santa Marta, estimates a total investment of $ 550,000 million for an urban project, which includes the consolidation of the areas that currently have port vocation but are outside the port. It also includes urban renewal and improvement of the entire perimeter area of the harbor, which today is impaired, as a contribution to the competitiveness and tourism in the city. PPP Variante Férrea: on May 14, 2015 the studies required C O N for F I D feasibility E N C I A are L filed before the ANI. 15

Highlights Mass Transportation Systems CONFASE Currently, this contract is in its second year of maintenance. In February 2015, the failure of the first arbitration tribunal was obtained. In it, Confase was recognized with $16,227,176,016 the initial claim was of $50,685,405,511. The IDU brought an action for annulment against this decision. On April 28, the attorney for Confase filed opposition to this action of annulment and we are waiting for the decision of the Council of State, which has two months to issue a ruling. Therefore, failure is expected for August 2015. After presenting the updated designs approved by the IDU and unit prices for unforeseen activities with the work schedule for the next 14 months, on may 5, 2015 the Bicentennial Park project. Addendum No. 7 implies that CONFASE S.A. must run the approximate value of $ 14,000 million in 14 months to complete the works for the Bicentennial Park, according to the approved project designs. For this, CONFASE S.A. signed with the IDU and amendment to the amendments number 1 on May 11, 2015, in which i) terms where extended as requested by CONFASE, so that the works must be submitted by July 10, 2016, ii) the scope of the Addendum No. 7 was clarified and iii) the technical specifications that must be accomplished by the contractor were included. Likewise, Confase maintains another arbitration claim against the IDU and TRANSMILENIO, for claims of $ 19,000 Million. This claim was filed in June 2014. 16

Highlights Electricity Generation GENPAC (51,25%) - CHILE During de first five months of 2015, the plant had a low generation, generating only 975MWh, product of the strong inflow of photovoltaic projects in the Cardones node, where the power station is located. This generation has replaced diesel-based plats. Thermal generation has maintained it levels as those reported in 2014, since the demand its being covered with renewable energy. This renewable energy reached 228GWh in May, mainly contributed by Wind generation (159 GWh). Solar generation was stable at 69 GWh. During April the marginal cost of Cardones was at 87.59 US $ / MWh, due to the high injection energy from solar power plants. For the month of May, the marginal cost of the system again rallied reaching 115.84 US $ / MWh, this jump is due to the onset of autumn and winter, when the solar decreases and generates as a consequence low production, increasing the need for the operation of thermal power plants. The pilot project of photovoltaic generation reached 206 kwh in April, similar to the value obtained in 2014, which proves the consistency of the data of the pilot project Genpac operation generated in 1Q2015 EBITDA and Net Income of US $906 millions and $630 millions, respectively, against US $631 millions and $341 millions in 1Q2014. 17

Highlights Electricity Generation GENA (59,66%) - PANAMA BY March 2015 the cumulative generation reached 315 MWh This decline is typical of a generation plant reserve. Taking advantage of this, efforts are being made to perform maintenance in order to preserve the equipment. Despite maintenance Termocolón units are available to operate the system when required. Nevertheless, since it has energy contracts signed with distributors, contracts are normally dispatched and GENA serves its contractual obligation to deliver energy through purchases in the spot market. In March 2015, the gross margin and EBITDA was of US $6.34 and US $4.15 million respectively. This result is 28.4% and 35.3% lower than reported in the same period of 2014. Moreover, lower generation partially is mitigated by lower revenue generation, evidencing apparent savings in operation and maintenance and depreciation of 31% and 96%. The latter due to the absence of generation, the plant does not depreciate due to the use of the depreciation method for hours of operation. Net profit as of March 2015 is $1.9 million against US $3.19 in the same period of 2014. 18

Highlights Toll Collection Operation Odinsa Proyectos e Inversiones (100%) Corte A Marzo 31 de 2015 Estaciones 39 Recaudo Acumulado $1,46 Billones Modalidad Ingreso Esperado Avance Ejecución 80,02% In 2014, all the activities of the Concession Agreement No. 250 of 2011 between the Invias and Odinsa Proyecto e Inversiones S.A., for the operation, exploitation, organization and total management of the 39 toll stations located along the national road network run by the Instituto Nacional de Vías. As of May 4, 2015, three new toll stations where added: Cano, Daza and El Placer, located in the corridor Rumichaca - Pasto - Cano. Therefore up to May 2015 we have 42 toll stations. 19

Quito Airport 20

Quiport Grupo Odinsa SA through one of its investment vehicles, has reached an agreement to acquire 50% of the company that owns 93% of the economic rights of the Concessionaire's Mariscal Sucre International Airport. Among the steps to be headed to formalize the sale, we are in the process of the authorizations of government agencies in Ecuador (Superintendencia de Control de Poder de Mercado) and current project lenders This important acquisition will be financed with a credit facility of US $ 182 million, granted by Itaú BBA. Also, Itaú BBA acted as financial advisor for Odinsa during this transaction Mariscal Sucre Airport, was inaugurated on February 20, 2013, constructed in an area of 1,500 hectares. It is a terminal that has a track of 4,100 m long and 50,000 m2, which mobilized 5.6 million passengers and about 180,000 tons of cargo in 2014. With traffic that has averagely grown by 6,7% in the last decade; the airport plans to receive more than 8 million passengers by 2020 and more than 200,000 tons of cargo. For this additional investment in the coming years will be made for more than US$100. With this this major acquisition, Odinsa will enter Ecuador s market as part of its strategic expansion in Latin America and the Caribbean. CCR, a Brazilian company with extensive experience in the field of road and airport concessions, with and equal participation in the airport as Odinsa, will form a strong management team for the Mariscal Sucre airport. 21

Quiport Generalidades de la Concesión The Concession Agreement between the Municipality of Quito and the Corporation Quiport SA grants the concessionaire for 35 years the operation, administration, maintenance and improvement of the airport service from 2006 to 2041. A Strategic Alliance Agreement concluded on January 31, 2011, adapting the original contract to the rules established in the new Constitution of 2008. In addition, there was a restructure in the conditions of economic participation in the project income. According to the concession contract, Quiport has the obligation to: Provide airport service with the best international standards Perform all necessary measures to maintain and improve service during the concession investments. At the end of the concession period, it must return the Airport in perfect operating conditions to the Municipality of Quito in representation of the Ecuadorian State. Likewise, the contract establishes the authority to collect compensations with regulated tariffs established in the concession contract. In addition it is given the possibility to develop other aeronautical and non regulated commercial activities. As consideration the concessionaire must compensate 11% of its regulated revenues to the aviation authority of the country.

Quiport 23

Quiport 24

Quiport Quito sigue teniendo un papel cada vez más importante dentro de Ecuador y de la región. Como la capital Ecuador, Quito es la base de las principales organizaciones gubernamentales y no gubernamentales, nacionales e internacionales, culturales, centro administrativo y comercial financiera del país Se ha convertido en la nueva capital económica del Ecuador, siendo la ciudad con mayor contribución al PIB en el 2013 (US$ 13.7bn) Contribuye al 48% del ingreso fiscal nacional, excluyendo los pagos de impuestos recibido de las petroleras. Quito es considerado el centro histórico mejor conservado y menos alterado en América Latina. Quito es el hub para el turismo en el centro de Ecuador Debido a su ubicación estratégica, Quito sigue siendo la principal puerta de entrada para los viajeros internacionales, con más del 75% de los turistas que entran al Ecuador. Quito está a sólo 4 horas de distancia de la playa, a 3 horas de la Amazonia y a 2 horas de las Islas Galápagos, por avión. Plan vial actualmente en desarrollo entre ellos 14 grandes proyectos que optimizará la conectividad de Quito con la región y el país. Quito registra una tasa anual compuesta de crecimiento del 7,1% en el número de turistas que llegaron en el período 2007-2013 y espera recibir 1 Millón de turistas en 2018. Amplia gama de productos y servicios turísticos, impulsado por la promoción, seguirá impulsando el turismo Quito ha desarrollado una gama de nuevos productos y servicios de viajes y turismo, centrados en la salud, el bienestar y la cultura. La promoción de Quito en las más importantes ferias internacionales de viajes y turismo y fotográficas, destacando la belleza natural de la ciudad, ha ayudado a posicionar a Quito como un destino apetecido por turistas de altos ingresos en algunos de los países de origen más ricos, en América y Norte Europa. Los grandes eventos y grandes conferencias de negocios en Quito, promovidas por el Ministerio de Turismo, impulsará los viajes de negocios internos durante todo el año. Altos estándares de alojamiento y servicios turísticos atraen turismo de lujo Los operadores de hoteles tratan de impulsar la demanda, ofreciendo altos estándares de alojamiento, dada la creciente demanda de alojamiento de viajes de lujo y turismo ecológico. El más prestigioso hotel de lujo de Quito, Casa Gangotena, fue reconocido recientemente como uno de los mejores lugares para alojarse en el mundo por la revista Condé Nast Traveller. Entre todas las regiones de Ecuador, Quito es la ciudad con el mayor número de hoteles de lujo (5 estrellas) y de primera hoteles categoría clase (4 estrellas), mientras que también ofrece una amplia gama de hoteles de 2 y 3 estrellas. Una de las ciudades más reconocidas y premiadas en el mundo. Declarado por UNESCO Patrimonio Cultural de la Humanidad, de primera categoría, por su arquitectura diversa, cultura, naturaleza y la riqueza alojada en su Centro Histórico, donde se concentra el 50% de los lugares de interés cultural del municipio de Quito, llamado en 2013 Ganador de World Travel Awards como el destino líder en América del Sur y recomendado por el New York Times como uno de sus "52 lugares para ir en 2014. Quito está ganando rápidamente buena reputación por los altos estándares de sus productos de viajes y turismo en la prensa internacional, lo que se está abriendo la puerta a nuevas audiencias para las llegadas de entrantes como envejecimiento turistas de la tercera edad. 25

Quito: A Major Destination Close to Main Cities Quito is within 8 flying hours of nearly all major population centers in the Americas The new Quito Airport can now provide non-stop service to Paris, Amsterdam, London and similar destinations in Europe San Francisco (US) Las Vegas (US) Denver (US) Houston (US) Monterrey (Mexico) Mexico City (Mexico) Ottawa (Canada) Atlanta (US) Boston (US) New York (US) Washington (US) Miami (US) Havana (Cuba) San Juan (Puerto Rico) San Salvador (El Salvador) Panamá (Panamá) Caracas (Venezuela) Medellín (Colombia) Bogota (Colombia) Quito (Ecuador) Galapagos (Ecuador) Manta (Ecuador) Salinas (Ecuador) Cuenca (Ecuador) Loja (Ecuador) Santa Rosa (Ecuador Guayaquil (Ecuador) Lima (Peru) La Paz (Bolivia) Brasilia (Brazil) Rio de Janeiro (Brazil) Sao Pablo (Brazil) Santiago de Chile (Chile) Buenos Aires (Argentina) Montevideo (Uruguay) London (UK) Madrid (Spain) Lisbon (Portugal) Dakar (Senegal) Amsterdam (Netherlands Paris (France) Casablanca (Morocco) 2 Hours 4 Hours 6 Hours 8 Hours 10 Hours 12 Hours 26

Quiport The city of Quito is strengthening its position as a premier tourism destination Tourism in Quito Overview Because of its strategic location and key financial and political role in Ecuador, Quito remains the main gateway for international travelers, with 75% of non-resident tourists entering Ecuador through Quito sustained growth with a CAGR of 7.1% over the last 7 years government estimates around 1mm visitors by 2018 Quito is enjoying solid growth of its tourism market with the highest increase of visitors compared to other main cities in LatAm Inbound Tourists Arrivals to Quito (000s) 1,200 1,000 823 800 749 681 629 600 533 471 462 474 487 418 400 200 906 996 Quito is currently implementing several projects such as the New Convention Center, Industrial Parks as well as the Historical Center Revitalization Program to enhance tourism and visitors to the city Almost 70% of the Quito's international visitors come from North and South America Government has launched several international promotional campaigns in specific Asian and European countries with the intention of boosting demand for luxury travel and ecotourism within these countries the fact that Ecuador is comparatively affordable is also set to support growth in inbound arrivals 0 2007 2008 2009 2010 2011 2012 2013 2014E 2015E 2016E 2017E 2018E 2013 Tourist Arrivals Breakdown by Destination and Age Range Central America 4% Europe 19% Others Asia 7% 2% South America 40% 45-60 25% > 60 10% 18-30 31% The average tourist spent 8 days in Quito in 2013, while the average daily expenditure has increased from US$48 per day in 2008 to US$65 per day in 2013 (a 35% increase) recent advertising of Quito internationally has helped to position Quito as a chosen destination among high-income tourists North America 28% Fuente: Notas: Quito Turismo (agencia del gobierno local creada para promover el turismo) La ciudad de Quito recibió 502.000 turistas entrantes a septiembre de 2014 27 30-45 34%

Quiport Government and Commerce in Quito Quito's significant government presence and emerging commerce center will continue to draw passengers to MSIA Government Quito is home to the major governmental and non-governmental agencies, cultural, financial, administrative and commercial activities in the country Government drives a significant and recurring base of traffic which sees limited fluctuation due to economic circumstances Ecuadorian government is working to position Quito as an important destination point in South America Heavy investment by local government in infrastructure and route improvements will support airport access The government has improved relations with private-sector investors, especially in the key oil and mining sectors Commerce Quito has emerged as the new economic capital of Ecuador The international community s interest in Ecuador and, indeed, increasingly investing in Ecuadorian businesses and industries, is also helped by the fact that it uses the USD as its currency Improved infrastructure, lead by the first metro line worth US$1.4bn and which is scheduled to open within the next 2 years, will drive additional investment and further commercial activity Business traffic to Quito is on the rise and the city is the leading city in Ecuador hosting the country's major events and large business conferences where important businessmen and leaders of all over the world congregate Panama only brings in excess of 400 business passengers per day 28

Quiport 29

Quiport In 2014, 13 domestic routes were operated at the airport in Quito 30

Quiport In 2014 18 international routes were operated at the airport in Quito 31

Quiport 32

Quiport 33

Quiport 34

Quiport 35

Quiport Opening Day Airfield Airfield Facilities Single runway (18/36) with a single full length parallel taxiway Runway capacity of 205,000 annual operations per year 30-35 ops/hour under VFR and 30-35 ops/hour under IFR based on FAA standards designed to meet airfield capacity requirements through the concession period The airports runway has been designed to meet airfield capacity requirements through the concession period Designed to accommodate aircrafts including Boeing 747-800, which is designated by ICAO as a Code E aircraft Significant space available for terminal expansion 4,100m Pista de Aterrizaje sencilla Calle de rodaje paralela de longitud completa 36

Quiport Runway Length Runway length requirements and payload/range performance was reviewed for the following aircrafts that were identified in the SH&E forecast and by the Airport to be potential aircraft and markets Payload / Range Results Airfield Facilities Airbus A318 Airbus A319 Airbus A320 Airbus A321 Airbus A330 Airbus A340-600 Embraer 120 Embraer 145 Embraer 170 Embraer 190 McDonnell Douglas MD11 Source: Aircraft Characteristics for Annual Planning Manuals and Landrum & Brown Analysis Analysis of MSIA's capacity to accommodate these takes into account the need to operate to their forecast destinations with sufficient payloads available to make the routes commercially viable 37

Quiport 38

Quiport 39

Quiport 40

Quiport 41

Private Public Initiatives PPPs of Public Origin, ANI Fourth Generation Concessions 42

PPPs of Public Initiative Fourth Generation Concessions Grupo Corredor Valor Km. Estado Adj. 1 * Honda - P. Salgar - Girardot $ 995 200 Adj. 06/03 2 Mulalo - Loboguerrero $ 1.200 32 Adj. 12/05 3 Perimetral Oriente $ 1.200 153 Adj. 07/23 4 * Cartagena - Barranquilla $ 995 153 Adj. 07/02 5 Autopista Conexión Norte $ 980 145 Adj. 10/17 6 * Río Magdalena 2 $ 1.370 144 Adj. 10/22 7 * Conexión Pacífico 1 $ 1.790 49 Adj. 06/03 8 * Conexión Pacífico 2 $ 910 98 Adj. 05/22 9 Conexión Pacífico 3 $ 1.290 142 Adj. 07/15 10 P. del Hierro - Cruz del Viso $ 448 175 Adj. 05/19 11 Sisga - El Secreto $ 491 137 Adj. 05/25 12 Villavicencio - Yopal $ 1.800 260 Adj. 06/02 13 * Santa Ana - Mocoa $ 1.500 476 Adj. 06/09 14 * S. de Quilichao - Popayán $ 1.100 76 Ofertas 05/08 15 * Autopista al Mar 1 $ 1.560 110 Ofertas 05/22 16 Barranca - Bucaramanga $ 1.700 261 Ofertas 05/29 17 * Autopista al Mar 2 $ 1.460 135 Ofertas 06/05 18 * Rumichaca - Pasto $ 1.600 80 Ofertas 06/19 Total ====> $ 22.389 2.826 Since our last presentation, on March, 2015, ANI awarded four bids under the Fourth Generation Concession program. Likewise, it received offers for four additional concessions that will be awarded in the next few days. Odinsa was prequalified in 4 of the projects where offers where presented, however we decided not to present an offer. Odinsa will continue to review each project on a case by case basis to determine whether to participate or not. In case there is a new project, Odinsa will continue working on the same plural structure, composed by: El Condor, Termotécnica Coindustrial, Mincivil, Icein and Mota Engil. 43

Private Public Initiatives PPPs of Private Origin Under Development 44

Proposals for Public Private Partnerships of Private Initiative under Development Capex - Cop$Millones Proceso Aprobación % Odinsa 1 La Paila Cajamarca - "Ruta del Privilegio" $ 1.063.000 En Factibilidad (Prefactibilidad Aprobada) 100,0% 2 Mejores Lado Aire Aeropuerto El Dorado - A $ 200.249 Prefactibilidad Entregada 100,0% 3 Mejores Lado Aire Aeropuerto El Dorado - B $ 811.264 Prefactibilidad Entregada 100,0% 4 Vías del NUS S.A.S VINUS $ 1.184.000 En Factibilidad (Prefactibilidad Aprobada) 22,2% Total ====> $ 3.258.513 In March we reported that PPP of private initiative Vias de los Llanos was awarded. Since it was awarded to Odinsa, this project is already part of the inventory of concessions, so it will no longer be included in this list of business opportunities. We also included a new PPP called APP Vias del NUS S.A.S - VINUS. Below we include a status update of each of these: 1. For the Design, Construction, Operation and Maintenance of the road corridor La Paila El Alambrado - La Herradura - Barcelona La Española - Calarcá - Cajamarca, for the so-called "Ruta del Privilegio". Feasibility. The ANI is still reviewing the feasibility studies. Subsequently, It will be presented to the MHCP and DNP to begin with the adjudication process. We believe this will go until the end of July. 2. Mejoras Lado Aire Aeropuerto el Dorado A: Private Initiative Project for the improvement of airside infrastructure at Bogota Eldorado Airport, in line with the existing master plan for the Airport. Pre Feasibility. 3. Mejoras Lado Aire Aeropuerto el Dorado B: Private Initiative Project for the improvement of airside infrastructure at Bogota Eldorado Airport, in line with the existing master plan for the Airport. Pre Feasibility. 4. Private Initiative Project for the Design, Construction, Financing, Operation, rehabilitation, Maintenance and Reversal of roads under concession NUS SAS -VINUS-. ANI approved Pre Feasibility and asked for the feasibility studies in order to be approved. Feasibility. 45

Proposals for Public Private Partnerships of Private Ruta del Privilegio In April, 2015 the ANLA requested an amendment to the route proposed by Odinsa in the section Eden - Zona Franca. Odinsa appealed for this to be reconsidered. On May 13 a new version of the project scope was presented including: Removal of the stretch El Caimo - Cementerio Armenia. Reducing the scope of the maintenance and operation of La Paila - Calarca, in the section La Paila - La Herradura. The ANI is currently reviewing the technical documents updated with the modified scope.

Proposals for Public Private Partnerships of Private El Dorado - A On November 5, 2015, Odinsa presented a Private Initiative Project for the studies, designs, financing, construction and maintenance for the improvement of airside infrastructure at Bogota Eldorado Airport, in line with the existing master plan for the Airport. In March 2015 ANI asked Odinsa to reevaluate the IP extent. The option of splitting the scope of the IP initially presented by Odinsa, in two (2) PPP was raised; one would have the priority work planned to run in the short term, and the other would manage works that will be implemented in the medium term.

Proposals for Public Private Partnerships of Private El Dorado - A Scope: Private Initiative for the studies, design, financing, construction, operation (collection) and maintenance of the airside infrastructure, and operation (collection) and routine maintenance of the existing infrastructure in the airside of El Dorado Airport in Bogota. Type of initiative: Proposal for Public-Private Partnership of private initiative, without application of public resources. Remuneration: payment resulting from the Rights of Track, specifically for landing and takeoff operation and use of visual aids to approach the aircraft. Consideration the state:0% Estimated time of the grant: 3-4 years Capex: $200,000 Millions approx.. 48

Proposals for Public Private Partnerships of Private El Dorado - B Scope: Private Initiative for the studies, design, financing, construction, operation (collection) and maintenance of the airside infrastructure, and operation (collection) and routine maintenance of the existing infrastructure in the airside of El Dorado Airport in Bogota Type of initiative: Proposal for Public-Private Partnership of private initiative, without application of public resources. Remuneration: from the collection of fees applicable in the Track Law. Consideration to the state: 20% of gross collection Estimated time of the concession: 20 years. This concession would begin once finished the priority projects proposed for the eventual concession. Scope: Maintenance includes the existing infrastructure, such as new infrastructure proposed in the PPP A, and the new infrastructure in the PPP B. Capex: $ 800,000 million approx. 49

Proposals for Public Private Partnerships of Private El Dorado - B OVERVIEW OF THE PROPOSAL SUBMITTED 1 UF 1 Pista 13L - Ampliación 11 UF 4 Calle Romeo 22 UF 5 Conector Papa 38 UF 4 Pista Norte 2 UF 3 Pista 13R 12 UF 4 Calle Delta 23 UF 5 Conector Charlie (ente alfa y pista) 39 UF 5 CR Alfa 3 UF 1 Plataforma de despegue 13L W 13 A UF 4 Calle Foxtrot - Complemento 26 UF 5 Conector Bravo-1 40 UF 4 CR Foxtrot 4 UF 4 Plataforma de despegue 13L E 13 UF 3 Calle Foxtrot - Ampliación 27 UF 5 Conector Juliet 41 UF 5 Conex Uniform 5 UF 5 Plataforma de despegue 13R E 14 UF 5 Calle Mike 2 A 28 UF 5 Conector Lima 42 UF 5 Conex Bravo 6 UF 5 Plataforma de despegue 13R W 15 UF 5 Calle mike 2 B 29 UF 5 Conector Charlie (ente alfa y foxtrot) 7 UF 2 Calle alfa - Ampliacion 16 UF 5 Calle Victor 32 UF 5 Salida rápida Juliet 45 UF 3 Intervención y Mantenimiento del sistema de Drenaje del Lado Aire 8 UF 5 Calle mike 18 UF 4 Ampliación margenes calle foxtrot 33 UF 5 Salida ráipda Charlie 9 UF 5 Calle Uniform 19 UF 5 Ampliación margenes calle alfa 34 UF 5 Salida rápida Delta 10 UF 4 Calle Sierra 20 UF 5 Conector Tango 35 UF 5 Salida rápida Quebec 50

Propuestas de APP de Iniciativa Privada Vías del NUS S.A.S VINUS The Proposal aims to give continuity to the dual carriageway which is currently being built and operated by the Hatovial SAS concession to connect Medellin, in a faster and more direct manner, to the northeast of Antioquia and especially to make this the route that connects Antioquia to the Ports on the Atlantic coast and the populations on the northern part of the country, using the Ruta del Sol concession through Puerto Berrio, making this corridor one of the most important highways of the country. In addition to these investments, VIAS DEL NUS S.A.S has planned activities for operation and maintenance of the road and track maintenance of the roads currently managed by the concession Hatovial from 2021. The estimated Capex of this project is $ 1.2 billion. At the request of the ANI, we are studying the possibility of incorporating the project maintenance of vía Porcesito - Vegachí, where a toll booth will be installed.

International Projects 52

Proyectos Internacionales Expansion of the airport El Dorado Opain expects to bring forward expansion of the airport. The project is divided in 4 phases; for a total investment of US$450 millions. Phase I requires an investment of US$200 Millions, this work will be voluntary under the current contract and will be repaid with the commercial exploitation of the new areas. For the other three phases, an investment of US$250 millions is required and the compensation mechanism is being negotiated with the government. Design, Build, Finance and Maintenance (DBFM) of "Watty Vos Boulevard" route in Aruba Grupo Odinsa already prequalified in this project. On june 9, 2015 Odinsa presented an offer for this project. In the following days we will know the results. The Capex for this project is approximately US$100 Million (Afl.180 Million). Photovoltaic Generation Project in Chile As seen before, Odinsa is advancing setting forward the expansion of the Genpac s energy plant in Chile, in order to include 14MW of photovoltaic generation. The Chinese Company TBEA was awarded the EPC contract to supply and install the infrastructure for this project. The investment will be around US $ 25 million. PPA Bid Panama: Odinsa is still interested in the purchase of power and energy by 350 MW, for new gas-fired plants, from 2017 until 2031. The government, through the Empresa de Transmisión Eléctrica de Panamá published specifications for the first auction and we must submit an offer by the end of June. Mass transportation infrastructure Bus terminal Project Guatemala we are working on a project to operate at least one of two transfer modules Centers (Centras) to serve the city of Guatemala. Our partner in this project, the Prodi Group of Mexico, is working on the feasibility of the project which should be submitted for consideration by the city of Guatemala. 53

OPA Grupo Argos 54

PUBLIC TENDER OFFER (OPA) GRUPO ARGOS Grupo Argos acquired in the Colombian Stock Market a participation of 24.8% in Grupo Odinsa, with an average price per share of $9,495 pesos (Transaction by $ 461,000 million). On April 16, 2015 the Superintendencia Financiera received from Grupo Argos S.A. an authorization request for a Public Tender Offer on ordinary shares of Grupo Odinsa S.A with a price per share of COP$9.500. The Superintendent informed the BVC the suspension of trading of stocks of Grupo Odinsa until the next business day after the publication of the tender notice. The Financial Superintendence of Colombia, on May 12, 2015, authorized Grupo Argos S.A. to formulate a Public Tender Offer for Grupo Odinsa shares entitled to vote. On May fourteen (14), fifteen (15) and nineteen (19), Grupo Argos SA published in different mainstream newspapers as Portfolio and The Republic the notices for the OPA. As set out in the booklet of Grupo Argos SA for the Tender Offer on Common Shares of Grupo Odinsa, acceptances for the Offer should be submitted within ten (10) business days from May 25 until the 5th of June inclusive in the hours between nine o'clock (9:00 am) and one pm (1:00 pm) ("Acceptance Period"). As reported by the Bulletin of the BVC, 106 acceptances for 89,608,029 shares were received representing 46% of total outstanding shares, thereby it exceeded the maximum percentages stated in the Notice of the Offer. In the next days the BVC shall make the award of the maximum offered, corresponding to 25% of the total shares of Grupo Odinsa. Finally the manner and time in which the acceptors of the Offer will receive the remuneration is within three trading days (3) calculated from the day after the award, this should be done in terms of the Rules of the BVC and the BVC Circular for takeover bids. Clearing and settlement of transactions will be made through the clearing and settlement system of the BVC. Source: presentation by Grupo Argos on the Acquisition of participation in Odinsa. April 2015

Conversion to IFRS De conformidad con los plazos establecidos por la Superintendencia Financiera, las cifras de los Estados Financieros de Apertura y Transición que se muestran a continuación, se encuentran bajo revisión de los auditores externos y están sujetas a cambios. 56

Conversion to IFRS Major changes in IFRS Area in the financial statements Consolidation of Financial Statements / Investment in Associates states / Joint Ventures IFRS Changes Previously, under Col GAAP an entity owned more than 50% of the capital of other economic entities, should present consolidated financial statements with those entities. Under IFRS, IFRS 10 defines a single control model evaluation. Among others, it considers whether the investor has power over the relevant activities of the company. According to IAS 28 and IFRS 11, it assess the existence of significant influence or joint ventures for its registration by the equity method, or in the case of joint operations, registration of assets on which It has rights and liabilities on which it has obligations. On December 31, 2014, under IFRS, companies that met the criteria of control established by the international standard were consolidated. En cuanto a los consorcios constructores, donde Odinsa tiene control, estos se consolidaron al 100%, mientras que donde no se tiene control, se consolidaron utilizando el método de participación patrimonial; bajo Col GAAP los consorcios se consolidaban línea por línea de acuerdo al porcentaje de participación. As for the builders consortia where Odinsa has control, these were bound at 100%, while in those where it has no control, they consolidated using the equity method; consortia under Col GAAP consolidated line by line according to the percentage of participation. The result of uncontrolled investments where significant influence is recorded as income or expense using the equity method. Under Col GAAP income was only recorded when receiving dividends. 57

Conversion to IFRS Major changes in IFRS Area in the financial statements Service Concession Agreements IFRS Changes Under Colgaap, concessions where Grupo Odinsa participates recorded all the costs associated with the construction phase as deferred assets, these values were amortized over the life of the contract. The sources of income during the execution of construction works (tolls, state contributions and / or future payments) were recorded in the liability account as deferred income, and amortized to the extent that revenues were recognized. According to IFRIC 12, the charges incurred in the construction phase are recognized at fair value as a financial asset, intangible, or both, depending on the terms of the contract. Under IFRS, it is recognized as a financial asset to the extent that the unconditional right to receive income regardless of the use made of the infrastructure will be right. Examples: guaranteed minimum income, expected income, future year payments. Moreover, if the payback is exposed to commercial risk, it is recognized as an intangible asset. If there is evidence of deterioration in the asset, you must perform an impairment test to adjust its value. 58

Conversion to IFRS Major changes in IFRS Area in the financial statements Intangibles / Business Combinations IFRS Changes Under Colgaap, Commercial credits have been registered by the higher value paid for the acquisition of shares in Autopistas del Café SA, Generadora del Atlántico, S.A. and la Sociedad Portuaria de Santa Marta. The recorded balance was amortized to 20 years. Under IFRS, goodwill may have indefinite useful life if there is no foreseeable limit to the period over which the asset is expected to generate cash flows for the entity. Additionally, it is recorded in the transition date the impairment of goodwill acquired after control situations. Under Colgaap, the Group recorded in the deferred charges some payments for the studies and research projects. Under IFRS, research expenses are recognized when incurred. Investments (designs, studies, etc.) in the development phase are recognized as intangible assets if they fulfill the conditions set out in IAS 38. Property, Plant and Equipment. Under Colgaap, the useful life of assets are managed according to the tax law (ie buildings to 20 years). Under IFRS, the useful life and residual value of property and equipment, is estimated on its use and disposal. 59

Conversion to IFRS Major changes in IFRS Area in the financial statements Deferred Tax IFRS Changes Previously, under Colgaap, the Companies that belong to the Group calculated the deferred tax based on the results, where the difference between books and taxable income was determined. On this difference the deferred tax where defined taking into account the current tax, resulting either a deferred tax credit or a net debit To determine the deferred tax under IFRS we must use a balance approach, where the differences between the balance sheet under IFRS and the tax balance, these differences are determined resulting deferred tax debits and / or credits according to the current tax rate for each period in which these differences are expected to reverse. Bajo IFRS, los activos por impuesto diferido surgidos por pérdidas fiscales se reconocen, en la medida que sea probable la disponibilidad de ganancias fiscales futuras. Under IFRS, deferred tax assets that arise from tax losses are recognized to the extent that it is likely to be available for future taxable profit 60

Conversion to IFRS Main differences in the Consolidated Balance Sheet 12/31/2014 12/31/2014 Col GAAP IFRS Activos Disponible $ 132.199 $ 145.648 Inversiones $ 115.451 $ 605.111 Deudores $ 675.449 $ 324.760 Inventarios $ 9.856 $ 9.102 Activos Fijos $ 587.129 $ 701.439 Intangibles $ 316.014 $ 38.632 Cargos diferidos $ 835.434 $ 33.719 Otros activos $ 215 $ - Valorizaciones de activos $ 25.270 $ - Total Activos $ 2.697.017 $ 1.858.411 The main differences in assets arise from:: Investments: previously uncontrolled investments were recorded at cost. Under IFRS these are being recorded by the equity method. Construction consortium where Odinsa has no control, are grouped in the line of investment, where previously they were integrated line by line. Debtors: Previously the contributions for future capitalizations (Opain, Via de las Americas) were recorded as a receivable account, but under IFRS they are considered as an investment. The impairment analysis of receivable accounts is performed, recording a decline in receivable accounts in Confase. Fixed and Intangible Assets: Under Col GAAP received assets in leasing were considered intangibles, however under IFRS they are considered as fixed assets. Deferred charges: Under Col GAAP in concessions all the costs associated with the construction phase are recorded as a deferred asset. However, concession assets under IFRS are recognized as financial and / or intangible asset. The main impact is reflected in Autopistas del Café. Valuations of assets: Under IFRS valuations disappear 61

Conversion to IFRS Main differences in the Consolidated Balance Sheet 12/31/2014 12/31/2014 Col GAAP IFRS Pasivos Obligaciones financieras $ 439.404 $ 439.373 Proveedores $ 89.100 $ 79.635 Cuentas por pagar $ 73.352 $ 95.712 Impuestos, gravámenes y tasas $ 31.763 $ 23.007 Obligaciones laborales $ 7.192 $ 7.234 Pasivos estimados y provisiones $ 28.011 $ - Pasivos diferidos $ 791.680 $ 44.679 Otros pasivos $ 91.544 $ 47.741 Bonos y papeles comerciales $ 79.000 $ 79.092 Total Pasivos $ 1.631.046 $ 816.473 The main differences on the liabilities arise from: Payable Accounts and Accruals and Provisions: Under IFRS these items are integrated under Payable Accounts. Deferred Liabilities: In Col GAAP income received during the execution of the works in the concessions (tolls, state contributions, loans and future funds) were recorded in the liability account and amortized to the extent that the income was recognized. Under IFRS these values disappear. The main impact is reflected in Autopistas del Café. Other liabilities: construction consortiums where Odinsa has no control were pooled for IFRS in the line of investment, although previously they were integrated line by line. These relate mainly to the construction consortium of the Airport, Hatovial and Imhotep 62

Conversion to IFRS Main differences in the Consolidated Balance Sheet 12/31/2014 12/31/2014 Col GAAP IFRS Patrimonio Capital sucrito y pagado $ 18.317 $ 18.318 Superávit de capital $ 264.236 $ 264.237 Reservas $ 364.001 $ 364.002 Revalorización del patrimonio $ 19.388 $ - Dividendos Decretados en Acciones $ - $ - Ajuste en Conversión IFRS $ - $ 73.868 Utilidad neta del año $ 102.200 $ 108.702 Diferencia en Cambio $ 82.043 $ - Otro Resultdo Integral $ - $ 4.410 Superávit por valorizaciones $ 25.270 $ - Total Patrimonio $ 875.455 $ 833.532 Interes Minoritario $ 190.515 $ 208.406 The main differences in equity arise from: Net adjustment Conversion to IFRS recorded in the integrated income account. Net Income for the Year: It is explained in the next slide. 63

Conversion to IFRS Main differences in the Income Statement 12/31/2014 12/31/2014 Col GAAP IFRS Estado de Perdidas y Ganancias Ingresos Operacionales $ 927.970 $ 835.715 Costo de ventas $ (490.143) $ (414.705) Utilidad bruta $ 437.827 $ 421.010 Gastos operacionales $ (233.039) $ (206.454) Utilidad operacional $ 204.788 $ 214.556 Ingresos no operacionales $ 39.048 $ 46.137 Gastos no operacionales $ (81.934) $ (65.742) Utilidad a/ Prov. Imp. Renta $ 161.903 $ 194.951 Provisión Impuesto Renta $ (24.961) $ (34.169) Utilidad Neta a/ Int. Minoritario $ 136.942 $ 160.782 Interes minoritario $ (34.742) $ (52.081) Utilidad neta del año $ 102.200 $ 108.701 The main differences in the income statement arise from: Under IFRS, construction consortiums, considered joint ventures where Odinsa has control are consolidated at 100%, while under Col GAAP they were only by their share participation. construction consortiums where Odinsa has no control are accounted using the equity method. The result of uncontrolled investments where there is a significant influence, it is recorded as income in the equity method using the equity participation method. Other Effects due to the IFRS on the income statement: Decrease in depreciations (change of life), increased by cost of projects studies and research. Provision for the Income Tax: Increase in the provisions due to the calculations for the deferred tax. 64

Results for 1Q2015 65

Results as of March 2015 4Q2014 4Q2014 1Q2015 Col GAAP IFRS IFRS Ingresos por Concesiones Viales $ 252.678 $ 255.074 $ 63.851 Costos por Concesiones Viales $ 15.622 $ 15.622 $ 2.308 Margen de Contribución $ 237.056 $ 239.452 $ 61.543 Margen de Contribución % 93,82% 93,88% 96,38% Ingresos por Negocio Energía $ 379.267 $ 379.267 $ 51.045 Costos por Negocio Energía $ 316.576 $ 316.576 $ 33.192 Margen de Contribución $ 62.691 $ 62.691 $ 17.853 Margen de Contribución % 16,53% 16,53% 34,98% Ingresos por Operación $ 83.867 $ 83.867 $ 17.466 Costos por Operación $ 37.791 $ 35.623 $ 7.804 Margen de Contribución $ 46.076 $ 48.244 $ 9.661 Margen de Contribución % 54,94% 57,52% 55,32% Grupo Odinsa reports a strong operational performance over 1Q2015, as evidenced by the strength of its various business lines, allowing it to report revenue in line with 2014 results (under IFRS). Concessions are still the main source of income that contributes to the generation of Odinsa s EBITDA. In 2014, the absolute amount was of $239,452 Million. The contribution Margin up to March 2015 was $61,543 Million which is in line with previous results. Energy Business is the second most important business line. In 2015 first quarter, this line reports a contribution margin of $17,853 Million, following the trend of $62,691 Million reported on December 2014. Ingresos por Constuccion $ 170.293 $ 86.080 $ 30.607 Costos por Constuccion $ 118.084 $ 47.394 $ 17.534 Margen de Contribución $ 52.209 $ 38.687 $ 13.073 Margen de Contribución % 30,66% 44,94% 42,71% Ingresos por Otros Servicios $ 33.800 $ 33.998 $ 5.479 Costos por Otros Servicios $ 2.070 $ 2.061 $ 510 Margen de Contribución $ 31.730 $ 31.936 $ 4.969 Margen de Contribución % 93,88% 93,94% 90,69% The Operation Business, which corresponds mainly to the toll collection operation of INVIAS, still shows a high contribution percentage margin, despite the decrease in the absolute amount, as a result of the reversal of various toll stations to the INVIAS. Up to March 2015, Construction Business contribution margin reached $13,073 Million, which represents a solid performance of this business line due to construction advances in Autopistas del Cafe, Odinsa principal construction consortium. 66

Results as of March 2015 4Q2014 4Q2013 Var. % Total Revenue $ 919.906 873.978 Total Costs $ 490.143 463.646 Contribution Margin $ $ 429.763 410.332 $ 5,26% $ 5,71% $ 4,74% Contribution Margin % 46,72% 46,95% Operating Expenses $ 106.693 $ 134.418-20,63% EBITDA $ 323.070 $ 275.914 17,09% EBITDA Margin % 35,12% 31,57% Depreciation & Amortization $ 126.346 $ 150.843-16,24% EBIT - Utilidad Operacional $ 196.724 $ 125.071 57,29% EBITDA Margin % 21,39% 14,31% Resuls of Non-Controlled Investments $ 1.474 $ 11.010-86,61% Net Financing Expense $ 63.837 $ 78.453-18,63% Other Income / Expense $ 27.542 $ 130.247-78,85% Incoem Before Taxes $ 161.903 $ 187.875-13,82% Corporate Taxes $ 24.961 $ 71.952-65,31% Net Income Grupo Odinsa $ 136.942 $ 115.923 18,13% Minority Interest Result $ 34.742 $ 24.227 43,40% Net Income after Minority Interest $ 102.200 $ 91.696 11,45% NET Margin % 11,11% 10,49% In 1Q2015, Odinsa generated an EBITDA of $79,454 Millions explained by: A Contribution Margin, already mentioned. Operating expenses for 1Q2015 are in line with 2014 reported results. In 1Q2015, EBIT shows consistence with EBITDA previously presented. This is a result of maintaining same levels of depreciation and amortization as 2014. In 1Q2015, after EBIT parties turned to a Net Income of $11,082 Million. Those are explained below; Net Financial Expenses: Reported $13,537 Million. In this expense, stands out the reduction on financial expenses of Odinsa Holding and Generadora del Pacifico. Corporate Tax: Increases proportionally to taxable dividends received from Autopistas del Cafe. This amount should not grow significantly the rest of the year because there are not expected any similar dividends. In 2014 first quarter, EBITDA reached 74.277 Millions, income before taxes was of 30.810 Millions and Net Income was 12,961 Million 67

Although the information contained in this presentation is provided under the highest professional standards in the generation of these forecasts, GRUPO ODINSA does not guarantee future performance. The Company specifically disclaims all warranties express or implied with respect to the use of this information or any results with respect thereto and it does not assume any liability with respect to any information included here. This material has been prepared solely for informational purposes and should not be construed as a solicitation or an offer to buy or sell any securities and should not be relied upon as advice to potential investors. This material should not be regarded by recipients as a substitute for the exercise of their own judgment. This presentation has statements about the Company future plans and prospects that constitute forward-looking statements. However, these projected financial statements should not be considered to be a presentation to forecast future results. Actual results may differ materially from those indicated by these forward-looking statements as a result of various factors and undue reliance should not be placed on these forward-looking statements. Indeed, there will usually be differences between projected and actual results because events and circumstances frequently do not occur as expected, and those differences may be material. Accordingly, these projections represent the management s best estimates only as of today and should not be relied upon as representing the Company s estimates as of any subsequent date. While GRUPO ODINSA may decide to update these forward-looking statements in the future, it disclaims any obligation to do so, even if the estimates change. 68