Medellin, May 2, 2016

First Quarter 2016Financial Results

DISCLAIMER

ISA 2016 FINANCIAL RESULTS

Certain statements contained in this report constitute "forward-looking statements" within

the meaning of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements reflect our current views with respect to future events

and are based on assumptions and subject to risks and uncertainties. Also, these forward-

looking statements present our estimates and assumptions only as of the date of this

report. Except for our ongoing obligation to disclose material information as required by

federal securities laws, we do not intend to update you concerning any future revisions to

any forward-looking statements to reflect events or circumstances occurring after the

date of this report.

The unaudited figures are expressed in millions of Colombian pesos (COP).

Amounts expressed in US dollars are for information purposes only, and do not

reflect accounting conversion techniques usually applied. As of March 31, 2016, the

exchange rate was of USD 1.00= COP 3.022,35 (Source: Banco de la República).

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Highlights Investments

1Q16 Financial Results

Q&A

3

AGENDA

4

HIGHLIGHTS

Dividend

Remuneration of Board of Directors

Approved at the Annual Ordinary Shareholders’ Meeting

Amendment of Bylaws

Statutory Auditor

Dates 26-jul. 15-dec. Total

Ordinary dividend 114 114 228

Extraordinary dividend 30 30 60

Total (pesos per share) 144 144 288

Total in millions of pesos 159,506 159,506 319,011

Carlos Caballero Argáez*

Deputy General

Director of Public Credit and Federal

Treasury

Carlos Mario Giraldo*

Carlos Felipe Londoño Álvarez

Jesús Arturo Aristizabal Guevara*

Henry Medina Gonzalez*

Santiago Montenegro Trujillo*

Camilo Zea Gómez *

Board of Directors

*independent members

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SUBSEQUENT EVENTS

Ordinance No. 120 of April 20, 2016 from the Ministry of the

State of Mines and Energy

The values homologated by the Brazilian Electricity Regulatory Agency (Agência

Nacional de Energía Elétrica –ANEEL) concerning the non-depreciated assets prior to

year 2000, will be included in the composition of the Regulatory Remuneration Base

of energy transmission concessionaires.

The capital cost is to be added to the corresponding Permitted Annual Remuneration.

Highlights

Investments1Q16 Financial Results

Q&A

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AGENDA

2016 2017 2018 2019 2020

COLOMBIA PERU BRAZIL CHILE OTHERS

by country COP %

Colombia 2.915 30,5

Peru 1.958 20,5

Brazil 1.605 16,8

Chile 3.073 32,2

Others 5 0,0

by business COP %

Energy 8.499 88,9

Toll Roads 116 1,2

Telecommunications 799 8,4

SMRTS 142 1,5

Projections: February 2016

LONG-TERM INVESTMENT PLAN

Long-term investment plan ensures ISA’s ongoing growth

COP 9.555.292 millions

BreakdownCOP billions

7

3.435

926

519 509

4.167

TRM 2.925 2.944 2.959 2.981 3.010

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INVESTMENTS 1Q16

First quarter investments reached COP 950.633 million

85% in energy

transmission

Country ProjectInit.

year

Chile

Cardones Maitecillo 2018

Maitecillo - Pan de Azucar 2x500kv 2018

Pan de Azucar - Polpaico 2x500 kv 2018

New line Encuentro – Lagunas 2017

Second circuit Encuentro-Lagunas 2017

Transformación SE Cardones, Maintecillo and Pan de Azúcar 2017

Colombia

Double circuit Betania - Mirolindo 230 kV 2016

UPME 05-2014: Cerromatoso-Chinú-Copey 2019

SE Monteria a 230 kV and LT´s associated 2018

SE Caracolí 220 kV and associated lines 2017

Conexión GECELCA 3.2 al STN en la SE Cerromatoso 2016

Ituango substations and LT´s at 500 and 230 kV 2018

Peru

Expansion 3 ISA Peru 2016

Expansion 13 2016

Expansion 15 2015

Expansion 16 2016

Expansion 17 2017

First phase SE Carapongo and connections with associated lines 2018

Transmission line Friaspata-Mollepata and SE 220/60kV 2016

Generation Andina, SE Tingo María 2016

Transmission line Mantaro-Montalvo 500 kV 2017

Transmission line La Planicie - Industriales 220 kV and SE´s associated 2016

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Colombia UPME Expansion Plan for a total of USD 215

(reference value) for 2016-2017

Colombia-Panama Interconnection. USD 500

Peru

Proinvestment Projects for 2016. New

substation and compensating variable La

Planicie and transmission line Aguaytía -

Pucalpa. Estimated investment: USD 63,1

million.

Chile

Plex 7 CDEC-SIC projects: Bank of transformers

in substations New Cardones, New Maitencillo

and New Pan de Azucar and sectioning

substation, associated transmission lines.

Estimated investment: USD 168,5 million.

MOP Projects 2016, with investments of USD

556,4 million in pedestrian connectivity and

regulatory safety projects in concessions of Ruta

del Maule, Ruta del Bosque, Ruta de Araucanía

and Ruta de los Ríos.

Brazil

Reinforcement projects authorized by ANEEL.

Annual USD 72,5 million.

INVESTMENT OPPORTUNITIES

SHORT AND MEDIUM TERM

Highlights

Investments

1Q16 Financial ResultsQ&A

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AGENDA

EXCHANGE

RATES

1Q16

average

1Q15

verage

Change

%

1Q16

Close

1Q15

Close

Change

%

COP / DOLLAR USD 3.262,26 2.468,22 32,17% 3.022,35 2.576,05 17,32%

COP / REAL 834,34 861,99 -3,21% 848,97 803,01 5,72%

COP/ CLP 4,64 3,95 17,47% 4,48 4,11 8,93%

REAL / DOLLAR USD 3,91 2,86 36,71% 3,56 3,21 10,90%

CLP / DOLLAR USD 702,7 624,34 12,55% 675,1 626,87 7,69%

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CONSIDERATIONS

Financial results reached COP 192 billion in

the first quarter 2016

1. The entry into operation of new projects in Peru, higher revenues in Chile and UPME

bidding processes.

2. The conversion effect of foreign affiliates increased quarterly income by in COP

$17.827 million

Total 1Q16 operating

revenues reached COP

1.541.884 million or USD

510 million

MRTS: Management of Real Time Systems

CONSOLIDATED FINANCIAL RESULTS - NCIF

REVENUES

12

bu

sin

es

s

co

un

try

CO

P b

illio

ns

1Q16 Breakdown

Exchange Rate USD 1 = COP 3.022,35

1.157

1.542

1Q15 1Q16

33,3%

COLOMBIA31,9%

CHILE20,5%

BRAZIL15,9%

PERU30,4%

OTHERS1,3%

Energy 72,1%

Roads20,2%

Telecommunications

5,4%

MRTS2,3%

1Q16 1Q15Change

COP

Change

%

AOM Costs and Expenses 766 540 227 42,0%

Depreciation 70 65 5 7,3%

Amortization 66 50 16 32,5%

Provisions 15 13 3 21,0%

Total 917 667 250 37,5%

CONSOLIDATED FINANCIAL RESULTS - NCIF

COSTS AND OPERATING EXPENSES

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COP billion

bu

sin

es

s

co

un

try

CO

P b

illio

ns

1Q16 Breakdown

Exchange Rate USD 1 = COP 3.022,35

667

917

1Q15 1Q16

37,5%

COLOMBIA33,9%

CHILE12,5%

BRAZIL14,9%

PERU37,8%

OTHERS0,9%

Energy 77,6%

Roads11,7%

Telecommunications

7,6%

MRTS3,2%

EBITDA reached COP 778.945 million / USD 258 million in 1Q16.

CONSOLIDATED FINANCIAL RESULTS – NCIF

EBITDA

14

bu

sin

es

s

co

un

try

CO

P b

illio

ns

1Q16 Breakdown

EBITDA Margen

Exchange Rate USD 1 = COP 3.022,35

620

779

1Q15 1Q16

25,7%

53,6 58,6 58,448,3 50,5

1Q15 2Q15 3Q15 4Q15 1Q16

COLOMBIA29,5%

CHILE36,6%

BRAZIL3,7%

PERU26,6%

OTHERS3,6%

Energy68,2%

Roads27,2%

Telecommunications

3,8%

MRTS0,9%

Total 1Q16 financial

expenses were COP

241.512 million / USD 82

million.

CONSOLIDATED FINANCIAL RESULTS - NCIF

FINANCIAL EXPENSES

15

CO

P b

illio

ns

1Q16 BreakdownCOP billions

Exchange Rate USD 1 = COP 3.022,35

202242

1Q15 1Q16

19,7%

3

17

43

113

66

OTHERS

PERU

BRAZIL

CHILE

COLOMBIA

-0,2

1

117

124

MRTS

Telecommunications

Roads

Energy

Net Income for 1Q16 reached COP 192.414 million / USD 64 million

CONSOLIDATED FINANCIAL RESULTS - NCIF

NET INCOME

by country COP

Colombia 56.851

Chile 70.389

Brazil 7.158

Peru 51.161

Others 6.856

by business COP

Energy Transmission 112.866

Road Concessions 68.901

Telecommunications Transport 8.757

MRTS 1.890

16

millions

CO

P b

illio

ns

1Q16 Breakdown

Net Margen

Exchange Rate USD 1 = COP 3.022,35

31,3%

146

192

1Q15 1Q16

12,714,4

17,7

9,612,5

1Q15 2Q15 3Q15 4Q15 1Q16

Assets in 1Q16 totaled COP 29.520.187 million / USD 9.767 million

CONSOLIDATED FINANCIAL RESULTS - NCIF

BALANCE SHEET

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CO

P b

illio

ns

1Q16 Assets

Breakdown by business

8,7%

-2,1%

3,5%

5,0%

Exchange Rate USD 1 = COP 3.022,35

Assets 28.113 29.520

Energy67,8%

Roads29,0%

Telecommunications

2,8%

MRTS0,4%

7.840 7.673

3.553 3.678

16.720 18.169

2015 1Q16Liabilities Non-controlling interest Equity

CONSOLIDATED FINANCIAL DEBT

NCIF (includes preferred shares with a repurchase option)

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1Q16 currency

breakdown

Exchange Rate USD 1 = COP 3.022,35

BRL13,90%

COP17,94%

USD27,25%

UF + CLP40,88%

Others0,03%

disbursements (increase)

amortization (decrease)

4,2 4,5

4,3 4,3 4,2 3,9 3,9

4,2 4,4

3,9 3,9 4,2

3,9 4,0

3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16

Debt / EBITDA EBITDA / Interest

Highlights

Investments

1Q16 Financial Results

Q&A

19

AGENDA

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INVESTOR RELATIONSCONTACT

Email InvestorRelations@isa.com.co

Website www.isa.co

Telephone +574 315 7470

@ISA_Avanza /ISAAvanza Interconexión

Eléctrica ISA/CanalISAAvanza