ISA ECONOMIC GROUPInvestor Presentation

March , 2013

ENERGY

TRANSMISSION

TOLL ROAD

CONCESSIONS

TELECOMMUNICATIONS

TRANSPORT

SMART MANAGEMENT

OF REAL TIME

SYSTEMS

Disclaimer

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Certain statements contained in this report constitute "forward-looking statements" within themeaning of the Private Securities Litigation Reform Act of 1995.

These forward-looking statements reflect our current views with respect to future events andare based on assumptions and subject to risks and uncertainties. Also, these forward-lookingstatements present our estimates and assumptions only as of the date of this report. Exceptfor our ongoing obligation to disclose material information as required by federal securitieslaws, we do not intend to update you concerning any future revisions to any forward-lookingstatements to reflect events or circumstances occurring after the date of this report.

Amounts expressed in US dollars are for information purposes only, and do not reflectaccounting conversion techniques usually applied. As of December 31, 2012, theexchange rate was of USD 1.00= COP 1,768.23 (Source: Banco de la República deColombia).

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AGENDA

About ISA

Growth Strategy

Consolidated Financial Results

ISA, a Linear Infrastructure Company

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Revenues by sector

2009 2010 2011 2012

Electric Energy Transport 95% 90% 80% 80%

Toll road concessions 0% 5% 16% 17%

Telecommunications Transport 3% 3% 2% 3%

Smart Management of Real Time Systems 2% 2% 2% 2%

ELECTRIC ENERGY

TRANSPORT

TOLL ROAD

CONCESSIONS

TELECOMMUNICATIONS

TRANSPORT

SMART MANAGEMENT OF

REAL TIME SYSTEMS

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ISA in Latin America

ISA Group, a linear infrastructure systems developer in energy, telecommunications and road

sectors, consolidates 30 companies in 8 countries.

ISA Group, a linear infrastructure systems developer in energy, telecommunications and road

sectors, consolidates 30 companies in 8 countries.

one of the largest international energy transporter

in Latin America

one of the largest international energy transporter

in Latin America

the largest public telecommunications network in

the Andean Region

the largest public telecommunications network in

the Andean Region

the largest operator of road concessions in Chile

the largest operator of road concessions in Chile

Telecommunications

EnergyTelecommunications

Telecommunications

EnergyTelecommunications

Energy

Road ConcessionsTelecommunications

Telecommunications

Energy

EnergyTelecommunications

Telecommunications

Energy

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Electric Infrastructure

� 40,665 km transmission lines in operation.

� Presence in Colombia, Peru Central America, Bolivia, and Brazil.

� Projects under execution in Colombia, Peru, Chile, and Brazil.

one of the largest international energy transporter

in Latin America

one of the largest international energy transporter

in Latin America

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Telecommunication Infrastructure

� 22,730 km fiber optic network in operation.

� Presence in Venezuela, Colombia, Central America, Ecuador, Peru, Chile, Argentina, and Brazil.

the largest public telecommunications network in

the Andean Region

the largest public telecommunications network in

the Andean Region

Road Infrastructure

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the largest operator of road concessions in Chile

the largest operator of road concessions in Chile

� 907 km road infrastructure in operation.

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Shareholders Structure

31.4% floats on the market31.4% floats on the market

As of December 2012 SHARES %

COLOMBIAN GOVERNMENT 569,472,561 51.4

COMPANIES WITH PUBLIC AND PRIVATE CAPITAL 189,979.077 17.2

PRIVATE INVESTORS 348,226,256 31.4

TOTAL INTO CIRCULATION 1,107,677,894 100.0

INSTITUTIONAL INVESTORS

60.5%

INDIVIDUALS21.2%

LEGAL PERSONS5.1%

FOREIGN INVESTORS

13.0%

ISA ADR PROGRAM

0.2%

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AGENDA

About ISA

Growth Strategy

Consolidated Financial Results

1,2001,352

1,5221,715

1,9312,175

2,450

2,759

3,108

3,500

471

901

1,401 1,4111,624

1,836

2,2492,434

0

500

1000

1500

2000

2500

3000

3500

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

MEGA Ingresos reales

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By 2016, ISA will have USD 3.5 billion in

revenues, of which 80% will be generated

outside of Colombia.

ACHIEVEMENTS

…will be recognized among the top three energy transmissioncompanies in the Americas and the largest in Latin America… ���� Largest in LatAm

Over 20% of revenues will come from businesses other than energytransmission… ���� USD 538 million (22%)

Entry into other related businesses ���� Road Concessions

… largest data transporter in the Andean region ���� Largest

… development of energy futures markets ���� Derivex

MEGA

Strategy Growth and Diversification

AS OF 2012

Revenues: USD 2,434 million (70%)Outside: USD 1,664 million (68%)

Colombia

� UPME Project: Chivor II Norte transmissions Line 230 kV, 150 Km.Estimated bid date: April 2013; estimated investment: USD 63 million.

� Other UPME projects being defined for the second half of 2013.� Connections projects with private agents.� Road infrastructure tenders of the Fourth Generation concessions (4G).

Chile

� 2012 Expansion Plan – energy transmission sector (280 km): estimatedinvestment: USD 200 million in SIC (Central Interconnected System) and SING(Great North Interconnected System); estimated bid date: April 2013.

� SIC-SING interconnection, 610 km, 1,500 MVA. Estimated investment: USD 800million.

Peru

� Two 220-Kv transmission line projects (Machupicchu-Tintaya and Motobamba-Iquitos). Estimated bid dates: April and June 2013; estimated investment: USD329 million and USD 372 million, respectively.

Opportunities for Next Months

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AGENDA

About ISA

Growth Strategy

Consolidated Financial Results

2007 2008 2009 2010 2011 2012

2007 2008 2009 2010 2011 2012

COLOMBIA BRAZIL PERU CHILE OTHER

2007 2008 2009 2010 2011 2012

COLOMBIA BRAZIL PERU CHILE OTHER

47%

Revenues EBITDA

Net Income

Consolidated Income Statement

USD million

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1,596 1,7901,870 1,987

2,471

68%

22%

Margins

2,434

128 134

178194 190

154

BMI: before minority interestExchange rate: COP 1,768.23

1,1051,286 1,361 1,429

1,712 1,642

2007 2008 2009 2010 2011 2012

Operativo EBITDA NETO AIM

BRAZIL31.1%

COLOMBIA28.3%

PERU9.5%

CHILE30.7%

OTHERS0.4%

Energy67.1%

Roads30.6%

Telecom1.4%

SMRTS0.9%

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Consolidated Balance Sheet

Assets by Country - 2012

Assets USD 14,592As of December Liabilities USD 8,7592012 (USD Million) Minority Interest USD 2,360

Equity USD 3,456

CO

P b

illio

ns

6,425 6,111

4,398 4,173

15,836 15,487

0

5,000

10,000

15,000

20,000

25,000

30,000

2011 2012

Liabilities Minority interest Equity

Assets 26,659 25,771 Assets by Business - 2012

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Consolidated Financial Debt

2011 2012 Var. % 2012 USDCHILE 4,447 4,330 -2.64% 2,449

COLOMBIA 1,908 1,777 -6.87% 1,005

BRAZIL 2,170 2,165 -0.21% 1,225

PERU 900 1,057 17.49% 598

BOLIVIA 70 55 -21.12% 31

ARGENTINA 8 4

TOTAL 9,495 9,392 -1.1% 5,312

Breakdown by CurrencyBreakdown by Rate Breakdown by Source

Exchange rate US$ 1.00 = COP 1,768.23 COP in billions, USD in millions

Fixed54%

CDI13%

ICP14%

TJLP5%

TAB4%

Libor3%

DTF4%

Other3%

Capital Market63.8%

Banks34.9%

Other1.4%

BRL19.6%

COP17.8%

USD22.6%

UF + CLP39.0%

Otras0.9%

0

200

400

600

800

1000

1200

1400

2013 2014 2015 2016

Colombia Peru Brazil Chile Others

Capex and permanent investments

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Investments by Sector %

Investments by Country %

The investment for the next 4 years will be USD 2.1 billion* approximately.The investment for the next 4 years will be USD 2.1 billion* approximately.

Colombia 34

Peru 10

Brazil 44

Chile 12

Energy 98

Telecommunications 2

* Projections: September de 2012

US

D m

illio

n

593

384

534

627

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Moody’s: Baa3 Stable outlook (December 2012)

S&P: BBB- Stable outlook (December 2012)

Fitch: BBB- Positive outlook (September 2012)

Fitch (local market Bond): AAA Stable outlook (June 2012)

Indicators and Credit Risk Rating

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Debt Indicators

Net Debt / EBITDA: 2.7

EBITDA / Interest: 4.1

Debt Indicators

Net Debt / EBITDA: 2.7

EBITDA / Interest: 4.1

Credit Risk Ratings

Investor Relations

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Phone +571 315 74 70

Email InvestorRelations@isa.com.co

Website www.isa.com.co

ISA’s linear infrastructure systems stretch from city to city,

country to country, and point to point, contributing to the

advancement of the peoples of Colombia, Brazil, Peru, Chile,

Bolivia, Ecuador, Argentina, Panama and Central America.

� The Piratininga II substation was commissioned in Brazil. The investment totaled BRL130 million with estimated annual revenues of BRL 7.4 million.

� INTERNEXA began operations in Brazil and Argentina. 19.912 km of optical fiber in operation. 2.587 km of fiber optic alignment, testing and development in Central America and Chile. Committed to the Data Exchange agreements in the Southern Cone.

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Highlights 2012

ISA won the public biddingprocess opened by the Mining-Energy Planning Unit (Unidad dePlaneación Minero Energética –UPME), for the development ofthe new Termocol substation, inMagdalena, Colombia, as well asits associated transmission lines.Estimated annual revenues USD600,000

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� ISA was granted 3 projects as outlined inthe 2011 Expansion Plan in Chile.

� Strategic importance: ISA enters theelectricity transmission sector in Chile.

� 743 km of transmission lines in total.

� Pertaining to the Central InterconnectionSystem.

� Estimated to be operational in January2017.

� Exploitation rights granted in perpetuity.Annual revenues of US$63 million (2017dollars), indexed to the CPI in the U.S., theIPC in Chile and currecy exchange rates.

Highlights 2012

Santiago

Pto Montt

Coquimbo

Concepción

1

2

3

900 km

1.030 km

SING

SIC

Antofagasta

Copiapó

22

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Highlights 2012

CONCESSION RENEWAL IN BRAZIL

� Brazilian government issued a renewal forconcessions that mature from 2015 to2017.

� Applicable to CTEEP’s 059 Concession.

� Indemnification of CTEEP’s assets after2000 totals R$ 2,891 million; it will receiveR$ 515 million in annual revenues foroperation and maintenance of assets.

� Pending from ANEEL is the criterion andvalue of the compensation for assets as ofMay 2000 and revenues adjusted forinvestments.

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Fitch: BBB- Positive outlook (Sep. 2012)ISA

TRANSELCA

ISA CAPITAL DO

BRASIL

TRANSMANTARO

REP

CTEEP

Moody’s: Baa3 Stable outlook (Dec.2012)

Credit Risk Rating

Fitch*: AAA Stable outlook. (May 2012)

Fitch*: BBB- Stable outlook (June 2012)

Apoyo y Asociados*: AAA Stable outlook (May 012)

Pacific*: AAA Stable outlook (May 2012)

Apoyo y Asociados*: AAA Stable outlook (Dec..2012)

Fitch*: AA+ Stable outlook (June 2012)

S&P: BBB- Stable outlook (Dec.2012)

Fitch*: AAA Stable outlook (Jun.2012)

Ruta del BOSQUE

Ruta del MAULE

Ruta del MAIPO

Feller-Rate*: A Stable outlook (Dec. 2012)

S&P*: BB+ Stable outlook (Oct. 2012)

Feller-Rate*: A Stable outlook (Oct. 2012)

S&P: BBB- Stable outlook (Oct. 2012)

Feller-Rate*: A Stable Outlook (Jun. 2012)

S&P*: BBB- Stable outlook (Oct. 2012)

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Moody’s*: Baa2 Stable outlook (June 2012)

Moody’s*: Baa3 Stable outlook (July 2012)

Moody’s*: Baa3 Stable outlook (June 2012)

Fitch: BB+ Stable outlook (June 2012)

(*) Local market Bonds Rating

Fitch*: A- Stable outlook (Dec. 2012)

Equilibrium*: AAA Stable outlook (Jan. 2013)

Fitch*: AA+ Stable outlook (June 2012)