disclaimer - construcciones el cóndor

DisclaimerThis document contains forward-looking statements on the intentions, expectations or forecasts of Construcciones El Condor S.A. at the time the document was drawn up and in reference to various matters including, among others, its performance and other matters relating to the company activities and current position.

These forward-looking statements or forecasts can in some cases be identified by terms such as “expectation”, “anticipation”, “proposal”, “belief” or similar, or their corresponding negatives, or by the very nature of predictions regarding strategies, plans or intentions. Such forward-looking statements or forecasts in no way constitute, by their very nature, guarantees of future performance but are conditional on the risks, uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained in said intentions, expectations or forecasts.

Construcciones El Condor S.A. does not undertake to publicly report on the outcome of any revision it makes of these statements to adapt them to circumstances or facts occurring subsequent to this presentation including, among others, changes in the business of the company, in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by the company and, in particular, by the analysts and investors reading this document.

All the aforesaid persons are invited to consult the public documentation and information that Construcciones El Condor S.A. reports to or files with the bodies responsible for supervising the main securities markets and, in particular, with the Superintendencia Financiera de Colombia.

1. Who We Are

2. Our Figures 3. Backlog and InvestmentPortfolio

4. Key Value Drivers

5. Shareholder Structure and Stock Information

6. Infrastructure SectorPerformance and WhereWe Are

Outline

1. Who We Are

4

Six 4G projectsawarded (2 public and

4 private).

A new contractframework with risk

allocationcomplemented withnew laws for landacquisition and

enviromental processes.

A dedicated nationalentity for developmentof these projects (ANI).

Profitability and capitalstrenght

Backlog of COP $2,695 billion*.

Good CorporateGovernance practices.

Broad experiencebuilding and managing

large projects inColombia.

A sector leading theeconomical growth of

Colombia.

A sector with a clearfuture growth due to

lack of currentinfrastructure in

Colombia.

A government initiative,led by the

Vicepresident, toimprove infrastructure

nationwide.

I. The rightcompany.

II. In the rightsector.

III. Atthe rightmoment.

*Backlog as of December 2016

Source: Construcciones El Condor S.A.

1. Who We Are

5

38 years of ExperienceDeveloping infrastructure

projects in Colombia

Technical CapacityWe manage one of the

largest fleets of equipmentin Colombia

Human TalentGreat Place to Work 2016:

"One of the 7° best companiesto work for in Colombia"*

*More than 500 employees

Short-term Stability*Backlog COP $2,695 billion

*As of December, 2016

Long -term StabilityInfrastructure investment

portfolio

Financial Strengthand Access to

Capital Markets

* Closure 2015

3th in the construction sector by stockholders' equity *


1. Who We Are

6

Operating Revenues 2016COP $ 361.633 million

EBITDA 2016Construction

COP $ 70.320 millionConsolidated *

COP $ 215.482 million

Net Profit 2016COP $ 185.924 million

Backlog 2016COP $ 2.695 billion

Figures under COLGAAP

* Includes dividends and profit on sale of investments.Source: Construcciones El Condor S.A.

Total Employees 20162.079 direct employees*

* In addition there are 1,131indirect employees

(Concessions and Consortia)

What do we do?1. Who We Are

7

RoadsTunnelsBridgesDams

ViaductsConcrete Work

MinningOpencast mining

Soil and rock excavationMass transport systems

Experience in:

CONSTRUCTION

Experience in:

Road concessionsPublic service concessions

Airport concessionsEnergy generation projectsInvestments in companiesrelated to the infrastructure

sectorMinning concessions

INVESTMENT

Expectations of backlog associated with future investments in infrastructure needs.

For 38 years we have been profitable in the construction business.

Strategic location and selection of construction projects around the country.

The construction business represents the key value driver of the Company.

Source of backlog.

Efficient risk allocation.

Opportunities to develop new projects (PPPs) as complement of current investments (longer life of the construction business)

Revenue associated to these investments provide stability in the medium and long term (after construction).

Alignment between the construction

and investment businesses


Corporate Governance1. Who We Are

8

29 years /

24 years 29 years 24 years 36 years 16 years

Shareholders Assembly

Board of Directors

Ana Maria JaillierChief Executive Officer*

Years of experience / * Members of the Family / Source: Construcciones El Condor S.A.

80% owned by3 family units

7 members,5 independent

Team of directors with an average

of 27 years experience

The independent Board of Director members permanently monitor the integrated risk management system.

Predominately family-run Company with high standards of Corporate Government.

Luz Maria CorreaChief Corporate Officer* 31 years /

Adriana GallegoOperations Manager

Alberto Arango General Project

Manager

Isabel Cristina Vazquez

Chief Legal Officer General

Counsel

Sergio Perez Organizational Development

Manager

Alejandro Correa Corporate Finance

Manager*

CORPORATE SUPPORT

TACTIC LEVEL

SUPPORT LEVEL

CHIEF CORPORATE OFFICER

PROCESS DIRECTORS

COORDINATORS

CHIEF EXECUTIVE OFFICER

OPERATIONSMANAGER

GENERALPROJECT

MANAGER

CHIEF LEGALOFFICERGENERALCOUNSEL

ORGANIZATIONDEVELOPMENT

MANAGER

CORPORATEFINANCE

MANAGER

STRATEGIC LEVEL

27 years of Experience in the

Administrative Team

*Members of the Family

*31years

ProfessionalExperience:

24years


29years


24years


36years


*16years


*29years


1. Who We Are

Source: Construcciones El Condor S.A. 9

Track Record1. Who We Are

10Source: Construcciones El Condor S.A.

* Takes 100% of the concession (Ruta al Mar 100%)Major milestone: Project Finance - Pacifico 3

Project Finance with Capital Markets•Financing of Concesion Pacifico 3 .•Project finance for COP$ 2.1 Bn through a mutli-tranche and multi-currency facilty.•Maximum financing term: 20 years.•Format: 144A/Reg S offering.•Rating: BBB-

Project Finance wtih multilateral entities•Financing the construction of the El Dorado Airport.•In 2012, multilateral credit with: BID, EXIM Bank of China and CAF.•Credit contract for USD$ 400 MM with tranches in pesos and dollars.•Maximum financing term: 15 years.•Syndicated credit for USD$ 500 MM in 2015 to prepay obligations with multilateral entities.

400

$0.0

$400

USD

Mill

ion

Project finance

Ruta al Mar*

1.920

660

$1,600

$1,800

$2,000

$800

$1,200

Accumulated10 years

Major milestoneof El Condor

Major newproject finance

Track record in financing of projects by banks and multilaterals.

Experience1. Who We Are

11

Major milestones: Roads / Americas,Tunnels / Amaime Hydropower and Bridges / Caucasia Bridge

0

500

1,000

1,500

2,000

2,500

Accumulated10 years

Majormilestone ofEl Condor

Major newprojects

execution

Km/L

ane

0.0

5.0

10.0

15.0

20.0

25.0

30.0

Line

ar K

m

0.00.51.01.52.02.53.03.54.0

Line

ar K

m

2.153

1.289

986

24,7 3,8

1,1 0,54,5 3,4

Ruta al MarPacifico 3 Pacifico 2

Roads Tunnels

Accumulated10 years


Major newprojects

execution

Bridges

Accumulated10 years


Major newprojects

execution

217

449

94

193

Antique machinery

0

100

200

300

500

400

1 2-5 6-10 Major than 10

Num

ber

of u

nits

Years of serviceTotal units=953


1. Who We Are





Outline

22%

32%

14%18%

24%27%

21%14%

19%

37%34%

29%

19.5%

59.6%52.3% 51.4%

Margin Evolution2013 2014 (IFRS) 2015(IFRS) 2016 (IFRS)

2. Our Figures

13

Historical BacklogBalance of works hired and works to be implemented

COP Bn

Construction Revenues (COP Million)

214,414 239,827 264,981306,867

396,948

519,087

361,633

2010 2011 2012 2013 2014 (IFRS) 2015 (IFRS) 2016 (IFRS)

1,298,225 1,311,505

931,411

1,855,282

3,155,328

2,695,401

2011 2012 2013 2014 2015 2016

EBITDA Margin(Construction)

EBITDA Margin(Construction + Investment)

Operating Margin Net Margin

1. Who We Are





Outline

15

La Guajira

AntioquiaTransversal de las Americas - UrabaCaucheras HatovialConcesion Vias del NusAgregados San Javier - Medellin Tunel de OrienteConexion Pacifico 2 y 3Concesion Ruta al Mar

CaldasAvenida Colon - ManizalesConexion Pacifico 3

PutumayoTransversal del Sur Variante San Francisco - Mocoa

CordobaTransversal de las Americas - MonteriaConcesion Ruta al Mar

SucreTransversal de las Americas - San MarcosConcesion Ruta al Mar

BolivarConcesion Ruta al Mar

MagdalenaConcesion Santa Marta - Paraguachon

CesarConcesion Cesar - GuajiraCesar Grupo 3

Concesion Santa Marta - ParaguachonConcesion Cesar - Guajira

BogotaAeropuerto El Dorado.Tramo del Transmilenio NQS

NariñoTransversal del Sur Pasto - Tumaco

MetaConcesion de Los Llanos


RefubrishNo InterventionConstructionImprovement

18%15%

40% 27%

Intervention Type Brakedown

419,5 Km

268,5 Km608,54 Km

Improvement

Construction

No intervention 227,8 KmRefurbrish

1524,34 KmOperation andmaintenence

3. Backlog and Investment Portfolio


Backlog – Balance of works hired and works to be implemented

Historical Backlog

Amounts in MM COP* Adjusted operating revenues: dividends and other revenues unassociate with the backlog is discounted

7.5 yearsof revenues

16

3,155,3280

(100,752)(359,175)

00

2,695,401

TOTAL BACKLOG (December 2015)CONTRACTS TERMINATIONBACKLOG ADJUSTMENT (As of December 2016)OPERATING REVENUES (As of December 2016)*OTHER REVENUES (As of December 2016)NEW CONTRACTS (As of December 2016)TOTAL BACKLOG (As of December 2016)

931,411

1,855,282

3,155,328

2,695,401

2013 2014 2015 2016

1. Who We Are





Outline


Investment PortfolioBook Value Portfolio approx. COP $661.739 million *

18

OPAIN and Grupo Odinsa are no longer part of the portfoliofollowing their sale after the closing date of the quarter.Source: Construcciones El Condor S.A.

Mature assetsCOP $57.884 million

Grupo Odinsa **Santa Marta Paraguachon *

Hatovial *Gena-Selma *Red Vial del Cesar *

Vias de las Americas *Aeropuerto El Dorado - OPAIN *

Projects in executionCOP $403.870 million

Tunel de Aburra Oriente *Pacifico 2 *

Cesar Guajira *Llanos *Ruta al Mar *

Vias del Nus *

Hidroelectrica del Rio Aures *Consorcio Minero del Cesar S.A.S * Condor Investment USA Inc*

New projectsCOP $197.144 million

Other projectsCOP $2.842 million

Concesionaria Trans NQS SurConcesionaria Transmilenio del Sur *Transmilenio Carrera 7 SC S.A.S.

Pacifico 3 *

*Book value of equity as of December 2016

** Market value

1. Who We Are





Outline


Free Float Evolution April 2012- December 2016

Ownership Structure December 201640%

Considerations


% Shares April 2012

% Shares September 2016

% Shares December 2016

Family

Pension Funds

Internationals

Individuals

Corporations

80%

12%

3%0%5% Positive development in pension funds as

structural and long-term players, which gives stability to the stock price.

Additionally, the participation of these investors reinforces the importance of issues such as Corporate Governance.

Total Shareholders as of December 2016: 602

11%

23%

38%

27%

61%

0.56%

16%22%

61%

0.56%

13%

25%

PENSION FUNDS INTERNATIONALS INDIVIDUALS CORPORATIONS


40%

1 A

nnua

l div

idend

s a

re d

ecl

are

d b

ase

d o

n th

e n

et

inco

me o

f the

pre

vious

yea

r

1,4%

1,9%

1,9%


Market Cap (COP Million)

Dividend - Yield

Dividend per share Yield

El Condor VS Colcap

Since El Condor is a company in expansion, the yield is not very high

compared to other companies.

Much of the profits are capitalized in the company to leverage the

long-term growth.

Considerations

910,370

743,804

947,704

620,315 660,521

2012 2013 2014 2015 2016

Construcciones El Cóndor COLCAP

60

70

80

90

100

110

120

130

09/0

4/12

09/0

6/12

09/0

8/12

09/1

0/12

09/1

2/12

09/0

2/13

09/0

4/13

09/0

6/13

09/0

8/13

09/1

0/13

09/1

2/13

09/0

2/14

09/0

4/14

09/0

6/14

09/0

8/14

09/1

0/14

09/1

2/14

09/0

2/15

09/0

4/15

09/0

6/15

09/0

8/15

09/1

0/15

09/1

2/15

09/0

2/16

09/0

4/16

09/0

6/16

09/0

8/16

09/1

0/16

09/1

2/16

21.7 24.433.0 33.0

48.01.4%1.9% 2.0%

3.1%

4.2%

0.00%

1.00%

2.00%

3.00%

4.00%

5.00%

2012 2013 2014 2015 2016$0

$10

$20

$30

$40

$50

$60

1. Who We Are





Outline

6. Infrastructure Sector Performance and Where We Are


Medellin

Bolombolo

Primavera

La Pintada

ANTIOQUIA

Length approx. (Km)Planned intervention

ConstructionRefurbish

Milestones:May 22/14 – Constract signing

November 11/14 – Acta de inicio signingStage: Beginning construction

FU Place

La Pintada - Puente Iglesias

Puente Iglesias - Start Tunnel

Mulatos Tunnel

End Tunnel - Bolombolo

La Pintada - Primavera

Planned intervention

Construction

Construction

Construction

Construction

Refurbish, operationand maintenance

Length (Km)

18,3

19,8

2,5

3,2

54

1

2

3

4

5

Autopista Conexion Pacifico 2 (21%)

Capex (infrastructure investment):$1.03 billion COP of December 2013

4G Projects

23

43,754



Manizales

La Pintada

La ManuelaLa Virginia

ANTIOQUIA

RISARALDA

CALDAS Milestones:July 15/14 – Constract signing

November 4/14 – Acta de inicio signingAugust/15 - Financial closure

Stage: Beginning construction

Autopista Conexion Pacifico 3 (48%)


FU Place

La Virginia - Asia

Variante Tesalia

Tres Puertas - IrraVariante La Manuela

Irra - La Felisa

La Felisa - La Pintada


Improvement

Construction

Improvement

Improvement

Improvement

Length (Km)

30,1

23,8

31,6

14,5

46,2

1

2

3

4

5

Length approx. (Km)

23,8122,4


ImprovementConstruction

4G Projects

24



PPP PrivateConcesion Cesar - Guajira S.A.S. (100%)

Adjusted contract value:$1.146.726 million COP of December 2013

Additional No. 7 to the Concession Contract 006 - 2015 wasagreed, the scope of the project was modified because of the

no installation of Urumita and Cuestecitas toll stations.

Valledupar

Cuestecitas

San Roque

CESAR

LA GUAJIRA

Values

67


New road tolls

7350,3Project scope

Functional units

Total road tolls

Original Project

Values

45


New road tolls

5233,5Project scope

Functional units

Total road tolls

Modified project

Length approx. (Km)

206,114


Rehabilitation

14,2Construction

Operation and maintenance

116Basic maintenance*

* Only during the pre-operation stage.

4G Projects

25



Granada

Villavicencio

META

Length approx. (Km)232,471,250,4

Planned interventionRefurbish

ImprovementConstruction

Milestones:May 5/15 – Constract signing

June 6/15 – Acta de inicio signingStage: preconstruction

Place

Villavicencio - Granada



Anillo vial Villavicencio

Anillo vial Villavicencio

Villavicencio - Puerto Lopez

Length (Km)

39,9

23,9

9

6,3

6

77,9

Puerto Lopez - Puerto Gaitan

Puerto Lopez - Puerto Gaitan

Puerto Gaitan - Puente Arimena

Puerto Gaitan - Puente Arimena

60

Puerto Gaitan - Puente Arimena 21,6

49,6

24,7

23

FU

1

2

3

4

5

6

7

8

9

10

11

PPP PrivateConcesion Los Llanos S.A.S. (11%)


4G Projects

26



Cruz del Viso

Monteria

Caucasia

ANTIOQUIA

BOLIVAR

SUCRE

CORDOBA

FU

1

2

3

4

5

6

7

Place

Caucasia - Planeta Rica

Segunda calzada Cerete - Lorica

Variante Planeta Rica y CereteEl 15 - San Carlos - Cerete

Planeta Rica - Monteria -Segunda calzada El 15 - Monteria

Puerto Rey - Monteria -Santa Lucia - San Pelayo

Cerete - Lorica - Coveñas -Tolu

Variante Lorica y Coveñas a CienagaTolu - Pita Abajo - El Pueblito

Length (Km)

60,3

37,5

41,1

64,5

90

59,1

53,1


Improvement

Construction

Improvement andconstruction

Americas receives

8 Tolu - Tolu ViejoEl Pueblito - San Onofre - Cruz del Viso

87 Improvement

Americas receives

Improvement

Construction

Length approx. (Km)225,9112,2154,5

Planned interventionImprovementConstruction

Americas receives

PPP Private Concesion Ruta al Mar S.A.S. (100%)

Contract value:$2.7 billion COP of January 2014

Milestones:October 14/15 – Constract signing

November 27/15 – Acta de inicio signingStage: preconstruction

4G Projects

27



UF

1

2

3

4

5

Place

Pradera - Porcesito

Porcesito - Start La Quiebra Tunnel

La Quiebra Tunnel

Variante Cisneros

Receive Concession ContractNo. 97-CO-20-1738 (Hatovial)

Length (Km)

9,5

5,1

4,1

5,5

97,5


Construction

Construction

Construction

Construction

Operation andmaintenance

Length approx. (Km)97,524,2

Planned interventionOperation and maintenance

Construction

PPP PrivateConcesion Vias del Nus S.A.S. (21%)

Contract value:$2.4 billion COP of December 2013

ANTIOQUIA

BelloMedellín

Altos de Dolores

Milestones:January 25/16 – Constract signing

March 9/16 – Acta de inicio signingStage: preconstruction

4G Projects

28


Strategic plan

PROFIT

ABLE

GROWTH

INFRASTRUCTURE

EXPANSION

CO

NSO

LIDA

TIO

NA

ND G

ROW

TH O

FIN

VES

TMEN

T

DEVELOPMENTOF HUMAN TALENTAND INNOVATION

CO

RPORA

TE SOC

IAL

RESPON

SIBILITY

Source: Construcciones El Condor S.A. 29

Thank youE-mail: [email protected]

Phone number: +57 (4) 4480029

www.elcondor.com

Annexes

1. Who We Are

Operating RevenuesDecember, 2016

COP $99.291 million

32

EBITDA December, 2016Construction

COP $27.302 millionConsolidated *

COP $172.136 million

Net ProfitDecember, 2016

COP $161.007 million

BacklogDecember, 2016

COP $2.695 billion

*Includes dividends and profit on sale of investments.Source: Construcciones El Condor S.A.

Figures under COLGAAP

Operating Results fourth quarter 2016


33

OPAIN and Grupo Odinsa are no longer part of the portfolio following their sale after the closing date of the quarter.

Investment PortfolioBook Value Portfolio as of December 2016, COP $661.739 million *

Sour

ce: C

ons

truccio

nes

El C

ond

or S

.A.

Mature assets Participación Valor en librosOrganizacion de Ingenieria Internacional S.A. (Grupo ODINSA S.A.) 0.4% 9,580Concesion Santa Marta Paraguachon 3.0% 984Concesion Aburra Norte S.A. (Hatovial S.A.) 21.1% 31,404Industrias Selma 49.8% 10,851Concesion Red Vial del Cesar 94.9% 5,064Total value of mature assets 57,884Projects in execution

Vias de las Americas S.A.S. 66.7% 98,141Sociedad Concesionaria Operadora Aeroportuaria Internacional (OPAIN S.A.) 15.0% 90,590Constructora Tunel de Oriente S.A.S. 12.7% 2,629Concesion Tunel de Aburra Oriente 12.5% 20,695Concesion Pacifico Tres S.A.S. 48.0% 182,149Concesion La Pintada S.A.S. (Pacifico 2) 21.2% 9,666

New projects ParticipaciónConcesion Vial los Llanos S.A.S. 11.0% 19,818Concesion Cesar Guajira S.A.S. 100.0% 55,049Concesion Ruta al Mar S.A.S 100.0% 106,458Concesion Vias del Nus S.A.S 21.11% 15,818Total value of new projects 197,144Others

Hidroelectrica del Rio Aures 15.8% 1,046Consorcio Minero del Cesar S.A.S. 29.4% 0Transmilenio Carrera 7 SC S.A.S. 30.0% 0Concesionaria Trans NQS Sur 50.0% 420Concesionaria Transmilenio del Sur 50.0% 435Condor Investment USA INC. 100.0% 941Total value of others 2,842

Total value of projects in execution 403,870



Strategy for Enterprise Development

Dominant IssueConstruction operations that have to be integrated in a vertical form and with intensive use of equipment for masive materials movements.

FocusDomestic market: exploit strenghts and diversify into other sectors. International markets: focus initially on infrastructure businesses.

Market-Stability political and economic.-Investor reliability and long terms perspectives of growth.

Sectors-Infrastructure: roads, ports, airports, railroads and earth movementsworks.- Oil & Gas: pipeline and related services.- Energy: hydro power plants (small and medium size).- Water: WWTA, irrigation districts and reservoirs.- Mining.

Business- Construction services (with and without equity).- Construction services + O & M.- Acquisitions (for vertical integration purpose).

34

disclaimer - construcciones el cóndor

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