Corporate PresentationMarch 2017

Mariscal Sucre Airport

Highlights

Santa Marta - Paraguachón

History

Develops its first

project overseas:

Autopistas del

Nordeste, in

Dominican

Republic.

Places first, AA+

rated,US$20mm,

Bond issued in

Colombian

market.

Develops its first

project for

Bogota’s mass

transportation

system:

Transmilenio

Phase II.

1994

1998

2005

2012

Stock is listed in

the Colombian

Stock Exchange.

Awarded with El

Dorado Airport

Concession.

Awarded with

Boulevard

Turístico del

Atlántico (BTA),

toll road

concession in

Dominican

Republic

Odinsa is

founded by

42

companies

from the

construction

sector.

19922000

2004

Awarded Aruba

Green Corridor,

marking entrance

into Netherland

Antilles’ Market.

Awarded Pacifico 2

Concession, first

concession under the

Colombian

Governments 4G

program.

Acquisition of 50%

stake in Mariscal

Sucre Airport in

Ecuador.

2013

2015

2005

2007

Grupo Argos acquires

a 88,55%

participation in

Odinsa.

Changes in its

administration, its

business name and

image and its

headquarters.

Increased its

participation in ADN

and BTA from 42% to

67.5%.

20161994

1998

2005

20121992

2000

2004

2013

2015

Awarded with

its firsts toll

road

concessions:

1. Santa

Marta-

Riohacha-

Paraguacho

n (1994).

2. Autopistas

de Los

Llanos

(1994).

3. Autopistas

del Café

(1997).

4. Hatovial

(1998).

2005

2007

Awarded

Autopistas de

las Americas.

Awarded

concession for

the operation

of toll plazas

nationwide.

2016

Parent Company

Grupo Argos, holding with sustainable

investments on infrastructure. Its legal

nature corresponds to a corporation, listed

in the Colombia Stock Exchange, which is

also the case of Argos (cement), Odinsa

(road and airport concessions) and Celsia

(power).

Since December 26th 2016, Grupo Argos

acquired a 98,55% participation in Odinsa.

PABLO

ARROYAVECARLOS MARIO

ALZATE

EDUARDO

BETTINGUSTAVO

ORDOÑEZ

ANDRES

ORTEGA

Chief Financial

Officer

Administrative and

Human Resources

Vice President

Vice President of

Corporate Affairs

Road Concessions

Vice President

Airport Concessions

Vice President

MAURICIO OSSA

Chief Executive

Officer

Board of Directors

Shareholders

Assembly

Corporate Governance

Business Portfolio

Long-term infrastructure concessions in

two specific business segments, at any

stage of the value chain.

Roads 36%

Airports64%

Value of the portfolio by

strategic sector

National29%

International71%

Value of the portfolio by project

location

Source: KPMG Purchase Price Allocation

Business Portfolio

Average operating life

of the Concessions:Average life of the Concessions

under construction:

14.8

Years

25

years

43%

62% 100%51% 43%

2015

22%40%

22%

51%60%

25%

47% 35%

12%

AKF ADN BTA Green Corridor Malla Vial Meta

Pacífico II VinusSta Marta -

Paraguachón Hatovial

SPSMOpainQuiport

Gena Genpac

Seeking total divestiture

Divestitures

2017

Divestitures

35%47%

60% 68%

79%

51%

AKF ADN Y BTA

Malla Vial Meta Pacífico II

OpainQuiport

Control in ADN and BTA in D.R.

Acquisition of control in Pacifico

2, a 4G project (25% to 79%)

swap for Hatovial (22%), Vías del

Nus (22%), Autopistas del Café

(2%) and Green Corridor (100%).

Divestment process in Santa

Marta - Paraguachón

Divestment in Sociedad

Portuaria de Santa Marta, Gena

and Genpac.

100%

Green Corridor

10

Financial Management Operation and

Maintenance

Structuring and commercial

management EvolutionConstruction

Milestone1:

Contract Award

Milestone2:

Financial

Closure

Milestone 3:

Technical

completion

Milestone 4:

Reversion to

Government

Milestone0:

New Idea

Opain(35%)

Quiport (50%)

AKF (60%)

ADN (68%)BTA(66%)

ALlanos

SMRP (35%)

APP’s Pistas

APP’s Ampliaciones

La Pintada

R.Privilegio

Vías del Meta

Business portfolio

(78,85%)

Business portfolio

RUTA DEL SOL

4G CONCESSIONS (STRUCTURING PHASE)

4G CONCESSIONS (AWARDED)

ODINSA CURRENT CONCESSIONS

1. Concession Autopistas del Café

2. Concession La Pintada

3. Concession Vial de los Llanos

1

2

3

Business portfolio

1 AUTOPISTAS DEL NORDESTE

2 BOULEVARD TURISTICO DEL ATLÁNTICO

• First generation concession with guaranteed

minimum revenue (GMI).

• Initiation and termination of activities : January 1999

- January 2027.

• 270.2 Km (132km single lane and 65 km double

lane) in Quindío, Risaralda and Norte del Valle.

• 7 toll booth stations, 3 costumer service centers, 1

operational control center and 1 weighing station

Overview

Autopistas de Café - 61.92%

• PPP of private initiative (without government resources).

• Awarded on April 9th 2015, signing of the contract May

5th and the initiation document June 9th 2015.

• Tollbooth stations: 6 in total, 1 new.

• 354 Kilometers.

Overview

Vías de los Llanos - “Malla Vial del Meta” - 51%

• PPP of Public 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).

Overview

Conexión Pacífico 2 – 78.85%

• Contract Law, approved by the Legislative Chambers and

ratified by the President.

• Guaranteed Minimum Revenue.

• Awarded in July 18, 2001. Works were completed in June

2008.

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

• Issued US$162 MM in debt under the 144-A Regulation.

Overview

Autopistas del Nordeste (DR) - 67.5%

• Contract Law, approved by the Legislative Chambers and

ratified by the President.

• Guaranteed Minimum Revenue.

• Awarded in 2001. Likewise, in 2009 its second stage was

approved; starting construction in 2007 and ended in

2011.

• Funded by multilaterals (BID, BEI, CAF, Proparco) for

US$151.1 MM with a 15 year maturity.

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

Overview

Boulevard Turistico del Atlántico (DR) - 67.5%

• 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.

• Third airport with the largest number of passengers in

Latin America after Mexico and Sao Paulo.

• First airport in cargo movement in Latin America.

• In 2016 the airport received 31.5 MM passengers.

• Awarded with four stars by Skytrax.

• Recognized as the best airport in South America.

Overview

Opain - 35%

• One of the two airports in Ecuador for international

passengers and cargo.

• 5.5 million passengers in 2016.

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

Latin America

• Initiated operations on February 20, 2013.

• Strong local travel market with 98% Origin-Destination

Quito.

• 12 airlines currently operating.

• Designed with the expansion of the runway platform,

terminal facilities and loading allocations, allowing its

growth.

Overview

Mariscal Sucre, Quito - 50%

Financial Statements 2016

Aeropuerto El Dorado

Concesión Vial de los Llanos

* Includes Odinsa, Odinsa Holding Individual, Odinsa PI and Odinsa Servicios

2016 vs 2015

133.190

670.20

2

Real Dec2015 Real Dec2016

Net Income

308.204

1.065.8

30

Real Dec2015 Real Dec2016

EBITDA

902.096

1.485.594

Real Dec2015 Real Dec2016

Operational Revenues

+65%

432.441

835.240

Real Dec2015 Real Dec2016

Cash

1.559.616

2.350.

151

Real Dec2015 Real Dec2016

Financial Debt

754.461 801.529

Real Dic2015 Real Dic2016

Individual Financial Debt*

52.659

75.153

Real Dic2015 Real Dic2016

Cash*+43%

+93%

+>200%+51%

+5%

+>200%

*Negocios directos de O.Holding (financiamiento a filiales en el exterior, carga financiera e impuestos).

**Negocios directos de Odinsa (Operación de Autopistas, Inmobiliarios, gasto corporativo, carga financiera e impuestos nacionales).

***No se muestra la columna de eliminaciones entre negocios para esta presentación.

Financial Statements 2016

CONCESIONES

VIALES CONSTRUCCION

CONCESIONES DE

AEROPUERTOS Otras op. Int (*)

Otros

directos

Odinsa (**)

Total

Ingreso Operacional 547.483 171.941 6.019 708.911 120.049 1.360.748

Ingresos por Método de Participación 251 24.231 100.682 0 0 124.847

Ingreso Operacional+MPP 547.734 196.173 106.702 708.911 120.049 1.485.594

Utilidad Bruta 246.337 111.097 106.702 708.911 115.825 1.241.747

EBITDA 177.196 103.374 92.124 695.826 45.352 1.065.830

EBITDA RECURRENTE 177.196 103.374 92.124 33.413 -41.157 316.909

Utilidad Operacional 171.239 102.417 92.124 695.826 42.154 1.028.628

Utilidad o Pérdida en la matriz 158.833 74.893 43.272 865.613 7.237 670.202

Margen bruto 45% 57% 100% 100% 96% 84%

Margen EBITDA 32% 53% 86% 98% 38% 72%

Margen Operacional 31% 52% 86% 98% 35% 69%

Margen Uti l idad 29% 38% 41% 122% 6% 45%

Deuda Financiera 992.038 909 555.675 444.407 357.122 2.350.151

Deuda Financiera de CP 36.695 0 24.140 294.371 146.461 501.667

Disponible 711.187 47.006 12.594 17.003 47.421 835.240

PRINCIPALES DATOS FINANCIEROS Dec2016

64%23%

13%

0%Operational

Income

57%27

%

16%

Net Profit

47%

28%

25%

0%EBITDA

Road Concessions

Airport Concessions

Construction

Contact

Rodrigo Arias Castaño

Gerente de Gestión Financiera

y Seguros

rarias@odinsa.com

Thank youMarch 2017

Autopistas del Café