Results Presentation 1Q2016May 11th 2016

1.Highlights:1.1. General Shareholder´s Assembly

1.2. Change in Corporate Image

1.3. Reform in the Code of Corporate Governance

1.5. International Road Concessions

1.6. Airport Concessions

1.7. Odinsa Proyectos e Inversiones S.A.

2.Consolidated Results as of March 20162.1. Against March 2015

2.2. Consolidated Balance Sheet

2.3. Revenues per Business Line

Aeropuerto El Dorado

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1. Highlights

Puente Helicoidal - Autopistas del Café

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Highlights

Jorge Mario Velásquez- President of Grupo Argos

1.1 General Shareholders Assembly

In the Ordinary Shareholders’ Assembly heldon March 18, 2016. Jorge Mario Velásquez,was elected as a board member, replacingJosé Alberto Vélez, who retired in march 2016.

The company´s bylaws where also amendedduring the General Shareholder’s Assembly.

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Highlights

1.1 General Shareholders Assembly

The main amendments made to theCompany´s bylaws included:

• Change in name of the corporation toOdinsa S.A.

• Change of the company´s legal domicile toMedellín.

• Change in the corporate purpose.

• Change in General Shareholders Assemblyquorum and qualified majorities.

• Change in the attributions given to theBoard of Directors.

• Change in the attributions given to theCEO of the Company.

ADN República Dominicana

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Highlights

ADN República Dominicana

1.2 Change in Corporate Image

• To fall within the identity system of GrupoArgos.

• Image based on graphic characteristics ofGrupo Argos and the company’s mainactivities: Road Concessions (roads) andAirport Concessions (runways).

• The color is aligned with the other logos inGrupo Argos.

• It reflects features such as dynamism,agility, reliability, experience, strength andsustainability.

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Highlights

ADN República Dominicana

1.3 Reform in the Code of Corporate Governance

In April, the Board of directors approved areform in the Code of Corporate Governance.

The main objectives of the reform where:

• Align with the recent amendment to thebylaws of the company.

• Fulfillment of market regulations.• Ensure investors rights.• Align with the promotion and dissemination

of the best corporate practices.• Establishing good relations with

shareholders.

Some advantages of this Code are:

• Improvement in government practices.• Encourage transparency in the management

of business relations with all its stakeholders.• Define mechanisms to protect investors.• Well defined procedures for the activities of

the company

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Highlights

1.4 National Road Concessions- Vías de las Américas

Vías de las Américas

• On April 18th, the sale of Odinsa’s shares inVías de las Américas S.A.S. was completed.

• The transfer of shares under the sharepurchase agreement was conditioned to theapproval by the National InfrastructureAgency-ANI.

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Highlights

1.4 National Road Concessions- Autopistas del Café 61.92%

• On March 8th, amendment No. 15 was signed for the completion of the rehabilitation in LaEspañola – Calarcá.

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32.437

35.583

1Q 2015

1Q 2016

Tráfico Promedio Diario - TPD

+ 3,146 vehículos

37.471

43.622

1Q 2015

1Q 2016

RecaudoCop$ Millones

+ 16,42% en

ingresos, por

mayores niveles de

tráfico.

Highlights

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

Highlights:

• In April, the toll stations of Yucao and Casetabla in the Puerto López - Puerto Gaitán roadreverted to the concession.

• The detailed designs of units 1 and 7 were delivered.• The ANLA issued a favorable concept for the consideration of the improvement of the second

carriageway between Séptima Brigada – Ocoa – Apiay.

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19.633

22.980

1Q 2016

Presupuesto

Tráfico Promedio Diario - TPD

- 3,347 vehículos

diarios o -14,56% ,

por disminución

actividad

petrolera. $21.285,8

2

$35.886,49

1Q 2016

Presupuesto

Recaudo 1er Trimestre 2016Cop$Millones

- 40,69% de Ingresos contra

Highlights

1.4 National Road Concessions- Conexión Pacífico 2 - 25,0%

Awarded: May 22 2014. Contract Signed on : September 11 2014. Start of Operation: November 11, 2014

Highlights:

• All environmental licenses and PAGAs(Adaptation Plans of Environmental Guide)have been obtained.

• The rehabilitation of Unit 5, between La Pintada

and Primavera, has advanced by 32%. Deliveryis schedule for October 2016.

• Progress in land acquisition in Units 1, 2 and 3,stands at 49%, 54% and 100%, respectively.

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Highlights

1.4 National Road Concessions- Vías del Nus- 22,2%

Awarded : December 3, 2015. Contract Signed: January 25 2016.Independent Engineer hired on March 1 2016.

• First Equity contribution of Cop$32,000 Millions.

• Cisnero toll station was received by theconcession.

• A “Road Show” held to present the project tonational and multilateral banks and privateequity funds was held.

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Highlights

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

Highlights:

• Odinsa is under negotiations to increase its equity participation in ADN and BTA.

• Fitch Ratings upgraded the bonds' rating with B+ “positive”.

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9.526

11.209

1Q 2015

1Q 2016

Average Daily Traffic

Aumento del 17,7% en vehículos diarios.

2.910

3.385

1Q 2015

1Q 2016

Toll CollectionUS$ Miles

El aumento en el tráfico representó un recaudo adicional de 16,3%

Highlights

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

Highlights:

• Odinsa is under negotiations to increase its participation in ADN and BTA.

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3.921

4.398

1Q 2015

1Q 2016

Average Daily Traffic

Aumento del 12,18% vehículosdiarios.

630.676

814.037

1Q 2015

1Q 2016

Toll Collection US$ Miles

El recaudo aumento en

Highlights

1.6 Airport Concessions - Opain - 35%

Highlights:

• Cargo and air operations: 52.569 air operations and 3.588 cargo operations.

• The expansion of the north and south passenger terminals continues as planed.

• Awarded by Skytrax as the leading airport in Southamerica.

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6.985.723

7.487.074

1Q 2015

1Q 2016

Pasajeros que pasan por Aeropuerto

+ 7,18% en número

total de

pasajeros. 1.958.918 2.081.611

796.299 862.043

-

1.000.000

2.000.000

3.000.000

4.000.000

1Q 2015 1Q 2016

No. de Pasajeros que Pagan Tasa Aeroportuaria

Nacionales Internacionales

Highlights

1.6 Airport Concessions- Mariscal Sucre, Quito - 50%

Highlights:

• Traffic affected by macroeconomic situation in Ecuador and Tame´s financial condition.However, the traffic of international passengers increased in the first trimester.

• Declared as the Best Regional Airport in South America in 2016 by Skytrax.

• The airport´s infrastructure was not affected by the tragic earthquake in Ecuador.

• Important efforts where made to aid earthquake victims.

• Qatar Airways will initiate cargo operations with B777 aircrafts.

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752.285 667.516

567.556569.774

0

500.000

1.000.000

1.500.000

1Q 2015 1Q 2016

Pasajeros Internacionales y Domésticos

Doméstico Internacional

1,319,841 1,237,290

Highlights

1.7 Odinsa Proyectos e Inversiones S.A. – Toll stations Operation 100%

• Extension of the contract with the Invías on March

18th for an amount of $32,351 million pesos.

• Delivery of 21 toll stations to the Invías.

• Receipt of 4 new toll stations.

• Currently Odinsa PI operates 24 toll stations.

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2. Consolidated Results as of March 2016

Concesión Santa Marta – Paraguachón

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Consolidated Results as of March 2016

2.1 Contra Marzo del 2015

Highlights:

• In 1Q2016, Odinsa reports a solid financial performance. Its income and EBITDA increased by44% and 79%, respectively. Also, Net Profit increased by Cop$57,000 Million.

• Its strong performance is attributable to:• Road concession performance• Major construction activities.• Higher margins generated by the power generation business.• Improvement in the results of Opain in the first quarter.• Inclusion of Quiport, under the equity participation method since December 2015..

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174

.94

5

25

2.4

04

Real Mar2015 Real Mar2016

Ingreso Operativo + MPP

73

.14

5 13

0.6

62

Real Mar2015 Real Mar2016

EBITDA

7.3

57

65

.23

5

Real Mar2015 Real Mar2016

Utilidad Neta

60

9.8

62

1.5

72

.38

5

Real Mar2015 Real Mar2016

Deuda Financiera

+44% +79% >+200% 150%

Consolidated Results as of March 2016

2.2 Consolidated Balance Sheet

Highlights:

• Between December 2015 and March 2016, Odinsa´s debt increased by about $93,000 Million as aresult of disbursements made to C.I.C. (Aruba), for the construction of the road, to Genpac, forthe completion of the photovoltaic project in Copiapo, and debt repayment in Autopistas delCafé.

• The significant increase in Odinsa´s debt was materialized in late 2015, when the acquisition ofQuiport was completed.

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2.983

2.009

260

714

Activo Pasivo, interes minoritario &patrimonio

Balance de Diciembre 2015

3.114

2.102

242

770

Activo Pasivo, interes minoritario &patrimonio

Balance de Marzo 2016

Consolidated Results as of March 2016

2.3 Revenues per Business Line

* Includes the direct business of O.Holding (financing subsidiaries abroad, financial expense and taxes).

** Includes the direct business of Odinsa (Highway Operation, Real Estate, corporate costs, financial burden and national taxes).

CONCESIONES

VIALES CONSTRUCCION

CONCESIONES DE

AEROPUERTOS ENERGIA

Otras Ops.

Int. (*)

Otros

Directos

Odinsa (**)

Total

Ingreso Operacional 97.297 47.534 0 69.050 613 6.852 221.346

Ingreso Operacional+MPP 99.334 47.468 30.634 69.050 859 5.058 252.404

Utilidad Bruta 45.610 35.532 30.634 38.390 859 4.631 155.656

EBITDA 35.106 33.424 30.472 32.800 1.126 -2.266 130.662

Utilidad Operacional 34.256 33.182 30.472 29.722 1.126 -3.191 125.566

Utilidad o Pérdida en la matriz 16.096 22.450 20.837 10.030 8.216 -12.394 65.235

Deuda Financiera 108.002 0 599.972 138.066 357.150 369.196 1.572.385

Deuda Financiera de CP 0 0 24.851 47.918 206.032 128.593 407.394

Disponible 342.246 40.699 0 69.301 75.543 12.731 540.520

PRINCIPALES DATOS FINANCIEROS Mar2016

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Aeropuerto Mariscal Sucre