Results

Presentation

2015

Odinsa

1. Change in Management

2. Strategic Strengths

3. Highlights

4. Consolidated Results as of December 2015

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Change in Management Mauricio Ossa Echeverri – Odinsa´s president since February 1st 2016

Mauricio holds a Business Degree from Eafit University, with advanced studies in international marketing. He graduated from Universidad de la Sabana’s Inalde Business School Advanced Management Program, and from the CEO’s Management Program at Kellogg’s Management School in Illinois. Mauricio has taught in several postgraduate courses in the following universities: EAFIT, Pontificia Bolivariana, Javeriana, Universidad de Los Andes and Universidad del Rosario. He has been involved with Grupo Argos since he´s internship, 22 years ago; where he has held important positions such as Industrial Business Manager and National Marketing Manager. His last position in Cementos Argos was the VP for the Caribbean Region and Legal Representative.

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Strategic Strengths

Diversification

4 Fuente: Valoración de Activos KPMG

Results 2015

In 2015, Odinsa reported its best outcome for the past years, with a net income of Cop $ 133,190 million. This was achieved with a consolidated income of Cop$902.924 million and EBITDA of Cop$292.145. As shown in previous presentations, 84% of the revenues and EBITDA are originated from road concessions, airports and Energy Generation Plants. Likewise, Odinsa´s operative income and EBITDA are diversified geographically, allowing the company to benefit from current devaluation of the Colombian Peso. More than the 44% of Odinsa´s Operative Income and 49% of its EBITDA are produced outside Colombia.

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Strategic Strengths

Highlights Colombia Road Concessions - Autopistas de Café - 61.92%

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• First generation concession with guaranteed minimum income (GMI).

• Initiation and termination of activities : January 1999 - January 2027.

• 270,2 Km on single carriageway in Quindío, Risaralda and Norte del Valle.

• 7 toll booth stations, 3 costumer service centers, 1 operational control centers and 1 weighing station.

Overview

Shareholding Participation

Project Location

Colombia Road Concessions - Autopistas de Café - 61.92%

Highlights: • Additional works: Circasia 1½, Intersección Calle 52 and Tramo Calarcá –

La Española (execution 80%).

• Adaptation Fund works: Talud La Chila, Mitigation in the intersection Chinchiná and protection of the Cenicafé bridge.

• Maintenance: Horizontal and vertical signage and installation of studs.

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Highlights

Colombia Road Concessions - Vías de los Llanos - “Malla Vial del Meta” - 51,0%

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• PPP of private initiative (without government resources).

• Awarded on April 9 2015, signing of the contract May 5th and of the initiation document June 9th 2015.

• Object of the Contract: i). Corredor Granada – Villavicencio – Puerto López – Puerto Gaitán – Puente Arimena. ii). Villavicencio Beltway and city access – Malla Vial del Meta.”

• Tollbooth stations: 6, 1 new and 5 in existence .

• 354 Kilometers.

Project Location Overview

Shareholding Participation

Highlights

Highlights

Colombia Road Concessions - Vías de los Llanos - “Malla Vial del Meta” - 51,0%

Highlights: • Award date: April 9 2015; Contract Signing: May 5 2015; of operation

open day: June 9 2015.

• Priority Intervention in corredor Puerto López – Puerto Gaitán and in segments by the INVIAS.

• Delivery of the layout studies and geometric designs for the entire project. Currently, they are reviewed by the auditors.

• Sponsor´s equity contributions in 2015: Cop$115.834 Millions.

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Colombia Road Concessions - Conexión Pacífico 2 - 25,0%

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• PPP of private initiative (4G – with future budget allocations & Guaranteed traffic revenues).

• Milestones of the contract: awarded on May 22, 2014. Project start-up: November 11, 2014.

• 25 – year contract.

• 98Km ; Construction: La Pintada – Bolombolo (44 Km) and maintenance: La Pintada – Primavera (54 km).

Project Localization Overview

Highlights

Shareholding Participation

Highlights

Concesiones Viales Nacionales - Conexión Pacífico 2 - 25,0% Collections 2015: Cop$17,938 Millions. Sponsors Equity Contributions 2015: Cop$49,215 Millions. Awarded: May 22 2014. Contract Signing : September 11 2014. Operation Initiation : November 11, 2014. Highlights: • On November 6, 2015 the pre-construction stage is concluded,

with the beginning of the construction phase.

• The rehabilitation of Unit 5, between La Pintada and Primavera, has begun.

• The existing roads La Pintada-Peñalisa and La Pintada-Primavera, are under operation and maintenance preserving quality indicators.

• Average daily traffic of 5,630 vehicles per day.

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Hechos destacados

Colombian Road Concessions - Vias del Nus- 22,2%

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• 30 –year concession

• Capex $1,1 Billions.

• Project Start-up: January 25th 2016.

Shareholding Participation

Hechos destacados

Concesiones Viales Internacionales - Auto. del Nordeste (R. Dominicana) - 42.5%

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• Contract Law, approved by the Legislative Chambers and ratified by the President.

• Guaranteed Minimum Income. • Awarded in July 18, 2001. Works where completed in June 2008.

• 30 year contract, 107km, 3 toll stations.

• Issued US $162mm under the 144-A Regulation in EU.

Project Localization Overview

Shareholding Participation

Highlights

International Road Concessions- Auto. del Nordeste (R. Dominicana) - 42.5%

Highlights: • Grupo Odinsa its under negotiations for a possible increase in its

participation in ADN and BTA. • Despite de concession depends largely on the Guaranteed Minimum

Income, in 2015, the traffic of vehicles paying toll increased by 5.79%, reaching 3.426.827vehicles.

• Collections in 2015 grew as a result of higher traffic and adjustment on toll fees due to inflation.

• In January 22, 2016, Fitch Ratings rated bonds with B+ “positive”.

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Highlights

International Road Concessions - Auto. del Nordeste (R. Dominicana) - 42.5%

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• Contract Law, approved by the Legislative Chambers and ratified by the President.

• Guaranteed Minimum Income. • Awarded in 2001. Likewise, in 2009 its second stage was approved;

starting construction in 2007 and ending in 2011.

• It is funded by multilaterals (BID, BEI, CAF, Proparco) for US$151.1 Millions for 15 years.

• 1 toll station and 124Km (24Km new roads)

Project Localization Overview

Shareholding Participation

Highlights

International Road Concessions - Blvd. Turístico del Atlántico (R. Dom.) - 42.5%

Highlights • Grupo Odinsa its under negotiations for a possible increase in its

participation in ADN and BTA.

• During 2015, total traffic increased by 6.5% (1.355.404 vehicles), due to the economic recovery of Dominican Republic.

• Only 14% of the vehicles are charged, amounting 188,792 vehicles.

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Highlights

Airport Concessions- Opain - 35%

• The concession contract was signed on September 12, 2006, for the management, operation, commercial exploitation, maintenance, modernization and expansion of the El Dorado International Airport in Bogotá.

Ingresos Totales

Inicio Concesión

Accumulated 2015 $ 2.114.795 Accumulated 2016 $ 2.391.814

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Highlights

Airport Concessions - Opain - 35%

Highlights: • In 2015, 30MM de passengers were mobilized (arrivals- departures) in el

Dorado Airport. Where, 9.4MM are International and 20MM national. • In 2015, the airport reported a 6,01% growth in air operations; reaching

61.159. • Between November, 2014 and October, 2015, 631.730 tons of cargo

where dispatched. • In 2015, KLM (Netherlands), AVIOR (Venezuela) and TAM (Brazil), initiated

operation. Tree new routes were opened: Amsterdam, Valencia and Barbados s .

• In May 2015, Opain´s debt with multilaterals was refinanced by Bancolombia, BNP, HSBC and Sumitomo. Their main condition was the elimination of the "Sponsor Support Agreement".

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Highlights

Airport Concessions - Mariscal Sucre, Quito - 50%

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• Only airport in Quito, Ecuador

• One of the two airport s in Ecuador for international passengers and cargo.

• 5.5 million passengers

• Cargo: 216,000 tons

• It is Located 35km from the center of the city.

• Fully compliant with ICAO standards; one of the few in Latin America

Overview

• Mariscal Sucre International Airport (UIO) initiated operations on February 20, 2013.

• Strong local travel market with 98% Origin-Destination Quito.

• 12 airlines currently operate at the airport.

• Designed with the expansion of the runway platform, terminal facilities and loading allocations, allowing its growth.

Operational Benefits

Highlights

Airport Concessions - Mariscal Sucre, Quito - 50% Former Airport vs. Nuevo Airport

45,000

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Highlights

Airport Concessions- Mariscal Sucre, Quito - 50%

5,508,880

45,000

42,000

215,726

115.6

1,760,055

30,235,622

173,000

56,200

630,543

72.2

9,166,197

Passengers

Passenger Terminal sqm

Cargo Terminal sqm.

Estimated Cargo (Ton)

EBITDA 2015 (US$ Millions)

International Passengers

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Highlights

Airport Concessions- Mariscal Sucre, Quito - 50%

Highlights: • The agreement for the acquisition of the 50% of the company who owned the 93% of economic rights of the Airport Concession

was signed on December 10, 2015.

• Concession until 2041.

• In 2015, the airport attended 61.159 air operations, a 5,45% less than 2014.

• In 2015 it received the World Travel Award for being a leading airport in South America and a 4 star rating by Skytrax.

• The “Final Completion” for the construction was achieved.

• Debt was reduced by US$31,25 Millions, reaching US$222 Millions.

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Income Statement (Millions)

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Consolidated Results as of December 2015

COP $ Miles de Millones 2015 2014 Var%

Ingresos Totales 902 782 15%

Costos de ventas y gastos de administración 627 605 4%

Ganancia por actividades de operación 288 186 54%

EBITDA 292 195 50%

Margen EBITDA (%) 32% 25%

Ganancia atribuible a los propietarios de la

controladora133 85 56%

Margen Neto (%) 15% 11%

USD $ Millones

Ingresos Totales 278 334 -17%

Costos de ventas y gastos de administración 193 258 -25%

Ganancia por actividades de operación 89 80 11%

EBITDA 90 83 8%

Margen EBITDA (%) 32% 25%

Ganancia atribuible a los propietarios de la

controladora41 36 13%

Margen Neto (%) 15% 11%

Key Results as of December 2015 (Millions)

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1. Gross Profit + Income from Equity-Accounted Method - Costs Structure 2. Operating Income + Depreciation and Amortization 3. Operating Income - Financial Expenses Odinsa Group S.A.

Consolidated Results as of December 2015

Key Results as of December 2015 (Millions)

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Consolidated Results as of December 2015

Nacional(55%) Internacional(45%) Nacional(51%) Internacional(49%)

Income Variation Per Business (Million)

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Consolidated Results as of December 2015

EBITDA Variation per business (Million)

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Consolidated Results as of December 2015

Consolidated Results as of December 2015

Net Income Variation per business (Million)

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Resultados Consolidados a diciembre de 2015

Balance Sheet (COP)

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+98%