Grupo S.A. First Quarter 2015 Results Presentation Presented by Victor Cruz Vega President of Grupo Odinsa S.A. June 10 2015

Good Morning to all and welcome to the first quarter results presentation of Grupo Odinsa. We will talk about the results in this first Quarter, then we will emphasize on the recent 50% acquisition of the Mariscal Sucre Airport in Quito. In the presentation we will start with some highlights; we will talk about the public private partnerships (PPPs) of public initiatives, the PPPs of private initiative, structured by the ANI, the acquisition of the Mariscal Sucre Airport, International and National Projects we are working on, and the results for 1Q2015 presented in IFRS.

Of the highlights included in the presentation, we will go through each of the concessions we have:  First in Malla Vial del Meta, the PPP awarded to Odinsa by the National Government on April 6th 2015. Odinsa has 50% participation on this concession. This includes: 1. A By-pass road around Villavicencio and Access roads. 2. Corridors Villavicencio – Granada y Villavicencio -Puerto López – Puerto Gaitán – Puente Arimena. And 354 km. In roads under administration, operation and maintenance. It consists on the construction of 46 Km of double lane roads (Villavicencio - Acacias y Villavicencio – Apiay) and improvement and construction of 71 Km of single lane roads. Capex will be Cop$1.2 Trillion, in addition to Cop$225.000 Million contributed in kind by the Meta Department. On April 6, as we announced in the last presentation of results, the ANI conducted the Hearing Deadline for the reception of expressions of interest of the Project Malla Vial del Meta. Nevertheless, because there were no expressions of interest from third parties, the ANI proceeded to issue a resolution to award this IP to the originating group, as required by the APP Act. In accordance with this approval, on May 5th 2015 was signed the concession contract with the ANI in Villavicencio, with the presence of President and Vice President of . The new concessionaire, called Concesión Vial de Los Llanos S.A.S., is proceeding with all the milestones established in the contract for the beginning of the concession, especially in obtaining financial closure and the final designs of the project.

 In Pacifico 2, On June 3rd, the ANI awarded the first concession project led by Grupo Odinsa under the government´s 4G program. The concessionaire has the following composition: Grupo Odinsa (25%), Mincivil (21.15%), Construcciones El Cóndor (21.15%), Termotécnica Coindustrial (13.5%), Icein (9.2%) and Portugal's largest construction company Mota Engil Engenharia e Construcao (10%). The concession contract between the ANI and the concessionaire La Pintada SAS was signed on September 11 and the initiation document on November 11 2014. This date marked the beginning of major contractual milestones of the concession, such as the start of operations and the maintenance of existing roads, financial closure and the final designs for the construction. Consequently, the financial closure should occur in October and the start of construction in November 2015.

 In Autopistas del Café, our concession in Risaralda, Quindío and Caldas; we can notice the growth in traffic by 4.96% and we reached 2.9 million cars vs. 2.75 million on 1Q2014 and total collections grew by 7.15%. The concession paid dividends to its shareholders, including Odinsa, on April 14th and 16th. In late March the Initiation Document was signed on the Calle 52 and Circasia 1 ½. On February 28 the Initiation document was signed between EIA and ANLA, for the granting of the environmental license in Variante La Paz. The amendment 14 for the rehabilitation of the section la Española – Calarca (8.66 km) was signed on May 25th.

 In Autopistas de los Llanos, we no longer have a concession since October 2013, however we have a contract with the ANI for the operation and maintenance of the road until they are reverted the PPP of private initiative “Malla Vial del Meta” and the PPP of public initiative “Via Restrepo-Yopal”. Traffic evidences a growth of 2.84% and collections by 1.33%. However on April 2015, collection amounted COP$7,516 million, only $3,484 million corresponded to the concessionaire (46.35% of the collection). On January 23 an amendment was signed extending the contract deadline for the administration, operation and maintenance for nine additional months in order to carry out the process of reversal of the concession, following the process established by the ANI. The completion date is due October 20, 2015 and the recognition for management, operation and maintenance stood at 46.35%. Considering the above, we are making adjustments to the concessionaire because we are only going to operate and maintain a 30 km road and collect ions in only two toll stations. Of the three roads that lead to Granada: Villavicencio, Puerto Lopez and Cumaral - Veracruz, the first two were reversed on June 9, to be awarded by ANI to the new PPP presented by Odinsa. However, we continue with the operation and maintenance of the third road Villavicencio - Cumaral - Veracruz, which must be reversed no later than October 20, 2015. Considering the above, we are making adjustments to the dealer because only going to operate and maintain 30 km road and collect in only two toll stations.

 In Santa Marta – Paraguachón, Traffic has decreased by 6.52% given the slowdown in trade with Venezuela; Likewise, collection decreased 8,72%, reaching COP $ 8.665 Million (vs. $ 9.493 Million in 2014). The works in Muchachitos ended in 2014, however, on April 28th 2015 the receipt document of the works of marine protection with the ANI was subscribed. The concession will perform maintenance in the sections Santa Marta – Palomino (COP$1,814 Millions) and Maicao – Paraguachón Maicao – Paradero (COP$1,433 Millions).

 In Hatovial, our concession in the Valley of Aburra, traffic has increased by 7.14%. The contract has a variable period depending on the expected income. As of April 2015 the 71.22% of it was achieved. At the current rate, the expected income would be reached in October 2020, within the contractual deadlines. The electronic toll collection system ("Quick Pass"), started its operation since April 2014, and the number of users continues growing. By April 2015 319 companies and 10,260 TAGs have been programed. Also, the works in Barbosa Pradera remain as scheduled. Load test where performed in the bridge Fundadores which allowed its delivery by May. We remain on the construction for bridges 1, 2, 3 and 4. The concession paid dividends to its shareholders, including Odinsa, on May 6TH.

 In Via de las Américas, most of the revenues comes from future year government payments; however in 1Q2015 the revenues from tolls was $ 3.448 Million. This amount is 15.9% higher than budgeted and 6,42% than collected. The collection of tolls is transferred to a trust fund account where the beneficiary is the National Infrastructure Agency (ANI), since the concession collected the present value of the Total Revenues - VPIT, including Future Budget Payments plus toll collections since November 2014. On May 22 the amendment No.1 between Vías de las Américas S.A.S and the Adaptation Fund, which grants Vías de las Américas two (2) additional months for the completion of the activities of the contract. Furthermore the farm budget is modified without changing the total value of the heading that directly runs the concessionaire. Vías de las Américas , under the contract signed with Odinsa, will make the same addition of the amendment No. 1 in this contract. The contract between Vías de las Américas S.A.S and the Adaptation Fund won’t be modified for now. By May 2015 the construction progress is 51.57%. Works are expected to run in 2015, 2016 and 2017 for $ 580,362, $ 264,323 and $ 91,701 million, respectively.

 There are two concessions in the Dominican Republic, as you know, Boulevard Turístico del Atlántico and Autopistas del Nordeste. These concessions are currently in operation and maintenance. Traffic has increased by 16.75% and 7.58% respectively, this is due to the economic growth in the Dominican Republic since 2013. However it doesn´t have a significant impact on income because it relies on minimum guaranteed revenue payments from the government. The Stand – by credit letters were issued on May 25 as a guarantee for the Guaranteed Minimum Income in the concessions that take place in the Dominican Republic. In the case of Autopistas del Nordeste the SBLC is $ 10.2 million and in BTA the SBCL is $12 million.

 In Aruba, we finished the Pre-Work tasks of the “Green Corridor”. Currently, we are working on the financial close with the Aruba Investment Bank; this financial close will be the first one in the Dutch Antilles, and it must be completed by July 15, 2015. Once the financial close of the project is completed, we will proceed to the signing of the main contract (DBFM Agreement) and we will continue with the tasks for the Main Work. The EPC will execute the works like this: 2015 a 25%, 2016 a 65% and on 2017 a 10%.

 With regards to the El Dorado Airport, under the Opain concession; during the 1Q2015, the total number of passengers reached 7,050,259 (vs. 6,251,532), an increase of 12.78% compared to 1Q2014. The number of passengers, who pay airport tax reached in 1Q2015 2,75 million vs. 2,46 million in 1Q2014, representing an increase of 11.95%. Of these, international passengers reached 796.299 (vs. 714.880) and nationals 1,958,918 (vs. 1,746,204) for an increase of 11.39% and 12.18%, respectively, between the first quarter of 2014 and first quarter of 2015. A new credit contract was signed between OPAIN and a group of banks including S.A., BNP Paribas Securities Corp., HSBC Securities (USA), Sumitomo Mitsui Banking Corporation y Bancolombia Panamá S.A on May 8, 2015. The purpose of this facility is to: replace the debt with multilaterals, contributions from shareholders and to finance the completion of some works. The total facility is US$500 million, effective until 2025. The repayment will start in 2016 until the end of 2025. The main features of the facility are: o Two tranches: Tranche A will amount $450 million and aims to pay existing debt, all refinancing costs and project completion and return of contributions to shareholders. Tranche B amounting $50 million aims to give the dealer the necessary flows to complete the contractual works established for January 2017. o Among the benefits of refinancing we find: . The Sponsor Support Agreement will be eliminated. . Dividend distribution or credit payments for shareholders are allowed with the first disbursement of Tranche A. . Better interest rates. . Voluntary prepayments without prepayment fees. . Flexible financial covenants.

 In Sociedad Portuaria de Santa Marta, we can see most of the categories of cargo handled exhibit growth 1Q2015, compared to the same period in 2014. In the framework of the summit of sustainable maritime port terminals, chaired by the OEA and the CIP, which was held in Mar del Plata, Argentina, the Port of Santa Marta was presented once again as a success case in the continent for protecting the environment and working with communities. The Partial Plan of the Port of Santa Marta ranks third in the 100 Latin American Infrastructure 2015 report prepared by the firm CG LA Infrastructure, being highlighted as one of the most strategic projects for the region and for the country. The Partial Plan of the Port of Santa Marta, estimates a total investment of $ 550,000 million for an urban project, which includes the consolidation of the areas that currently have port vocation but are outside the port. It also includes urban renewal and improvement of the entire perimeter area of the harbor, which today is impaired, as a contribution to the competitiveness and tourism in the city. PPP Variante Férrea: on May 14, 2015 the studies required for feasibility are filed before the ANI.

 In CONFASE, we were in the second year of operation and maintenance works. In February 2015, the failure of the first arbitration tribunal was obtained. In February 2015, the failure of the first arbitration tribunal was obtained. In it, Confase was recognized with $16,227,176,016 the initial claim was of $50,685,405,511. The IDU brought an action for annulment against this decision. On April 28, the attorney for Confase filed opposition to this action of annulment and we are waiting for the decision of the Council of State, which has two months to issue a ruling. Therefore, failure is expected for August 2015. After presenting the updated designs approved by the IDU and unit prices for unforeseen activities with the work schedule for the next 14 months, on May 5, 2015 the Bicentennial Park project. Addendum No. 7 implies that CONFASE S.A. must run the approximate value of $ 14,000 million in 14 months to complete the works for the Bicentennial Park, according to the approved project designs. For this, CONFASE S.A. signed with the IDU and amendment to the amendments number 1 on May 11, 2015, in which i) terms where extended as requested by CONFASE, so that the works must be submitted by July 10, 2016, ii) the scope of the Addendum No. 7 was clarified and iii) the technical specifications that must be accomplished by the contractor were included. Likewise, Confase maintains another arbitration claim against the IDU and TRANSMILENIO, for claims of $ 19,000 Million. This claim was filed in June 2014.

 Turning to our other business units, energy, we have GENPAC in the Copiapo desert, Chile; a plant of 96 MW. During de first five months of 2015, the plant had a low generation, generating only 975MWh, product of the strong inflow of photovoltaic projects in the Cardones node, where the power station is located. This generation has replaced diesel-based plats. Thermal generation has maintained it levels as those reported in 2014, since the demand its being covered with renewable energy. This renewable energy reached 228GWh in May, mainly contributed by Wind generation (159 GWh). Solar generation was stable at 69 GWh. During April the marginal cost of Cardones was at 87.59 US $ / MWh, due to the high injection energy from solar power plants. For the month of May, the marginal cost of the system again rallied reaching 115.84 US $ / MWh, this jump is due to the onset of autumn and winter, when the solar decreases and generates as a consequence low production, increasing the need for the operation of thermal power plants. The pilot project of photovoltaic generation reached 206 kWh in April, similar to the value obtained in 2014, which proves the consistency of the data of the pilot project. Genpac operation generated in 1Q2015 EBITDA and Net Income of US $906 million and $630 million, respectively, against US $631 million and $341 million in 1Q2014.

 As for GENA in Panama, BY March 2015 the cumulative generation reached 315 MWh This decline is typical of a generation plant reserve. Taking advantage of this, efforts are being made to perform maintenance in order to preserve the equipment. Despite maintenance Termocolón units are available to operate the system when required. Nevertheless, since it has energy contracts signed with distributors, contracts are normally dispatched and GENA serves its contractual obligation to deliver energy through purchases in the spot market. In March 2015, the gross margin and EBITDA was of US $6.34 and US $4.15 million respectively. This result is 28.4% and 35.3% lower than reported in the same period of 2014. Moreover, lower generation partially is mitigated by lower revenue generation, evidencing apparent savings in operation and maintenance and depreciation of 31% and 96%. The latter due to the absence of generation, the plant does not depreciate due to the use of the depreciation method for hours of operation. Net profit as of March 2015 is $1.9 million against US $3.19 in the same period of 2014.

 As for the Toll Collection project with INVIAS, In 2014, all the activities of the Concession Agreement No. 250 of 2011 between the Invias and Odinsa Proyecto e Inversiones S.A., for the operation, exploitation, organization and total management of the 39 toll stations located along the national road network run by the Instituto Nacional de Vías. As of May 4, 2015, three new toll stations where added: Cano, Daza and El Placer, located in the corridor Rumichaca - Pasto - Cano. Therefore up to May 2015 we have 42 toll stations and we have completed 80.02% of the contract.

Practically most of the concessions have reported positive results. The reversion of Autopistas de los Llanos reflected a significant fall in our concession perimeter; nevertheless we have managed to support this fall with extensions of our works in other concessions. With the approval of the PPP of private initiative Malla Vial del Meta we will continue improving and regaining what was reversed con the Concesión Via de los Llanos.

As for Quito Airport Grupo Odinsa SA through one of its investment vehicles, has reached an agreement to acquire 50% of the company that owns 93% of the economic rights of the Concessionaire's Mariscal Sucre International Airport. Among the steps to be headed to formalize the sale, we are in the process of the authorizations of government agencies in Ecuador (Superintendencia de Control de Poder de Mercado) and current project lenders. This important acquisition will be financed with a credit facility of US $ 182 million, granted by Itaú BBA. Also, Itaú BBA acted as financial advisor for Odinsa during this transaction. Mariscal Sucre Airport, was inaugurated on February 20, 2013, constructed in an area of 1,500 hectares. It is a terminal that has a track of 4,100 m long and 50,000 m2, which mobilized 5.6 million passengers and about 180,000 tons of cargo in 2014. With traffic that has averagely grown by 6,7% in the last decade; the airport plans to receive more than 8 million passengers by 2020 and more than 200,000 tons of cargo. For this additional investment in the coming years will be made for more than US$100. With this this major acquisition, Odinsa will enter Ecuador´s market as part of its strategic expansion in Latin America and the Caribbean. CCR, a Brazilian company with extensive experience in the field of road and airport concessions, with and equal participation in the airport as Odinsa, will form a strong management team for the Mariscal Sucre airport. The Concession Agreement between the Municipality of Quito and the Corporation Quiport SA grants the concessionaire for 35 years the operation, administration, maintenance and improvement of the airport service from 2006 to 2041. A Strategic Alliance Agreement concluded on January 31, 2011, adapting the original contract to the rules established in the new Constitution of 2008. In addition, there was a restructure in the conditions of economic participation in the project income. According to the concession contract, Quiport has the obligation to: • Provide airport service with the best international standards • Perform all necessary measures to maintain and improve service during the concession investments. • At the end of the concession period, it must return the Airport in perfect operating conditions to the Municipality of Quito in representation of the Ecuadorian State.

Likewise, the contract establishes the authority to collect compensations with regulated tariffs established in the concession contract. In addition it is given the possibility to develop other aeronautical and non-regulated commercial activities. As consideration the concessionaire must compensate 11% of its regulated revenues to the aviation authority of the country.

As for the Private Public Initiatives – PPPs of Public Origin, ANI “Fourth Generation Concessions”; those marked in red are the tenders that have been awarded. Since our last presentation, on March, 2015, ANI awarded four bids under the “Fourth Generation Concession” program. Likewise, it received offers for four additional concessions that will be awarded in the next few days. Odinsa was prequalified in 4 of the projects where offers where presented, however we decided not to present an offer. Odinsa will continue to review each project on a case by case basis to determine whether to participate or not. In case there is a new project, Odinsa will continue working on the same plural structure, composed by: El Condor, Termotécnica Coindustrial, Mincivil, Icein and Mota Engil.

Grupo Corredor Valor Km. Estado Adj. 1 * Honda - P. Salgar - Girardot $ 995 200 Adj. 06/03 2 Mulalo - Loboguerrero $ 1.200 32 Adj. 12/05 3 Perimetral Oriente $ 1.200 153 Adj. 07/23 4 * Cartagena - $ 995 153 Adj. 07/02 5 Autopista Conexión Norte $ 980 145 Adj. 10/17 6 * Río Magdalena 2 $ 1.370 144 Adj. 10/22 7 * Conexión Pacífico 1 $ 1.790 49 Adj. 06/03 8 * Conexión Pacífico 2 $ 910 98 Adj. 05/22 9 Conexión Pacífico 3 $ 1.290 142 Adj. 07/15 10 P. del Hierro - Cruz del Viso $ 448 175 Adj. 05/19 11 Sisga - El Secreto $ 491 137 Adj. 05/25 12 Villavicencio - Yopal $ 1.800 260 Adj. 06/02 13 * Santa Ana - Mocoa $ 1.500 476 Adj. 06/09 14 * S. de Quilichao - Popayán $ 1.100 76 Ofertas 05/08 15 * Autopista al Mar 1 $ 1.560 110 Ofertas 05/22 16 Barranca - Bucaramanga $ 1.700 261 Ofertas 05/29 17 * Autopista al Mar 2 $ 1.460 135 Ofertas 06/05 18 * Rumichaca - Pasto $ 1.600 80 Ofertas 06/19 Total ====> $ 22.389 2.826

As for Private Public Initiatives – PPPs of Private Origin Under Development we are currently working on 4 that are: La Paila Cajamarca, Extension Runways El Dorado Airport A, Extension Runways El Dorado Airport A and Vias del NUS S.AS. In La Paila Cajamarca: on April, 2015 the ANLA requested an amendment to the route proposed by Odinsa in the section Eden - Zona Franca. Odinsa appealed for this to be reconsidered. On May 13 a new version of the project scope was presented including: • Removal of the stretch El Caimo - Cementerio Armenia. • Reducing the scope of the maintenance and operation of La Paila - Calarca, in the section La Paila - La Herradura. The ANI is currently reviewing the technical documents updated with the modified scope. In the extension of the runways in El Dorado Airport A, On November 5, 2015, Odinsa presented a Private Initiative Project for the studies, designs, financing, construction and maintenance for the improvement of airside infrastructure at Bogota Eldorado Airport, in line with the existing master plan for the Airport. In March 2015 ANI asked Odinsa to reevaluate the IP extent. The option of splitting the scope of the IP initially presented by Odinsa, in two (2) PPP was raised; one would have the priority work planned to run in the short term, and the other would manage works that will be implemented in the medium term; As for the extension of the runways in El Dorado Airport B the project has de following aspects:  Scope: Private Initiative for the studies, design, financing, construction, operation (collection) and maintenance of the airside infrastructure, and operation (collection) and routine maintenance of the existing infrastructure in the airside of El Dorado Airport in Bogota  Type of initiative: Proposal for Public-Private Partnership of private initiative, without application of public resources.  Remuneration: from the collection of fees applicable in the Track Law.  Consideration to the state: 20% of gross collection  Estimated time of the concession: 20 years. This concession would begin once finished the priority projects proposed for the eventual concession.  Scope: Maintenance includes the existing infrastructure, such as new infrastructure proposed in the PPP A, and the new infrastructure in the PPP B.  Capex: $ 800,000 million approx. And finally in Vias del NUS we aim to give continuity to the dual carriageway which is currently being built and operated by the Hatovial SAS concession to connect Medellin, in a faster and more direct manner, to the northeast of Antioquia and especially to make this the route that connects Antioquia to the Ports on the Atlantic coast and the populations on the northern part of the country, using the Ruta del Sol concession through Puerto Berrio, making this corridor one of the most important highways of the country. In addition to these investments, VIAS DEL NUS S.A.S has planned activities for operation and maintenance of the road and track maintenance of the roads currently managed by the concession Hatovial from 2021. The estimated Capex of this project is $ 1.2 billion.

Capex - Cop$Millones Proceso Aprobación % Odinsa 1 La Paila Cajamarca - "Ruta del Privilegio" $ 1.063.000 En Factibilidad (Prefactibilidad Aprobada) 100,0% 2 Mejores Lado Aire Aeropuerto El Dorado - A $ 200.249 Prefactibilidad Entregada 100,0% 3 Mejores Lado Aire Aeropuerto El Dorado - B $ 811.264 Prefactibilidad Entregada 100,0% 4 Vías del NUS S.A.S – VINUS $ 1.184.000 En Factibilidad (Prefactibilidad Aprobada) 22,2% Total ====> $ 3.258.513

As for New Projects, Odinsa is studying the possibility to present an offer in the following projects:

1. Expansion of the airport El Dorado: Opain expects to bring forward expansion of the airport. The project is divided in 4 phases; for a total investment of US$450 million. Phase I requires an investment of US$200 Million, this work will be voluntary under the current contract and will be repaid with the commercial exploitation of the new areas. For the other three phases , an investment of US$250 million is required and the compensation mechanism is being negotiated with the government.

2. Design, Build, Finance and Maintenance (DBFM) of "Watty Vos Boulevard" route in Aruba: Grupo Odinsa already prequalified in this project. On June 9, 2015 Odinsa presented an offer for this project. In the following days we will know the results. The Capex for this project is approximately US$100 Million (Afl.180 Million).

3. Photovoltaic Generation Project in Chile: As seen before, Odinsa is advancing setting forward the expansion of the Genpac´s energy plant in Chile, in order to include 14MW of photovoltaic generation. The Chinese Company TBEA was awarded the EPC contract to supply and install the infrastructure for this project. The investment will be around US $ 25 million.

4. PPA Bid Panama: Odinsa is still interested in the purchase of power and energy by 350 MW, for new gas-fired plants, from 2017 until 2031. The government, through the Empresa de Transmisión Eléctrica de Panamá published specifications for the first auction and we must submit an offer by the end of June.

5. Mass transportation infrastructure – Bus terminal Project Guatemala: we are working on a project to operate at least one of two transfer modules Centers (Centras) to serve the city of Guatemala. Our partner in this project, the Prodi Group of Mexico, is working on the feasibility of the project which should be submitted for consideration by the city of Guatemala.

OPA :

Grupo Argos acquired in the Colombian Stock Market a participation of 24.8% in Grupo Odinsa, with an average price per share of $9,495 pesos (Transaction by $ 461,000 million). On April 16, 2015 the Superintendencia Financiera received from Grupo Argos S.A. an authorization request for a Public Tender Offer on ordinary shares of Grupo Odinsa S.A with a price per share of COP$9.500. The Superintendent informed the BVC the suspension of trading of stocks of Grupo Odinsa until the next business day after the publication of the tender notice. The Financial Superintendence of Colombia, on May 12, 2015, authorized Grupo Argos S.A. to formulate a Public Tender Offer for Grupo Odinsa shares entitled to vote. On May fourteen (14), fifteen (15) and nineteen (19), Grupo Argos SA published in different mainstream newspapers as Portfolio and The Republic the notices for the OPA. As set out in the booklet of Grupo Argos SA for the Tender Offer on Common Shares of Grupo Odinsa, acceptances for the Offer should be submitted within ten (10) business days from May 25 until the 5th of June inclusive in the hours between nine o'clock (9:00 am) and one pm (1:00 pm) ("Acceptance Period"). As reported by the Bulletin of the BVC, 106 acceptances for 89,608,029 shares were received representing 46% of total outstanding shares, thereby it exceeded the maximum percentages stated in the Notice of the Offer. In the next days the BVC shall make the award of the maximum offered, corresponding to 25% of the total shares of Grupo Odinsa. Finally the manner and time in which the acceptors of the Offer will receive the remuneration is within three trading days (3) calculated from the day after the award, this should be done in terms of the Rules of the BVC and the BVC Circular for takeover bids. Clearing and settlement of transactions will be made through the clearing and settlement system of the BVC.

Conversion to IFRS:

The main differences in assets arise from: • Investments: previously uncontrolled investments were recorded at cost. Under IFRS these are being recorded by the equity method. Construction consortium where Odinsa has no control, are grouped in the line of investment, where previously they were integrated line by line. • Debtors: Previously the contributions for future capitalizations (Opain, Via de las Americas) were recorded as a receivable account, but under IFRS they are considered as an investment. The impairment analysis of receivable accounts is performed, recording a decline in receivable accounts in Confase. • Fixed and Intangible Assets: Under Col GAAP received assets in leasing were considered intangibles, however under IFRS they are considered as fixed assets. • Deferred charges: Under Col GAAP in concessions all the costs associated with the construction phase are recorded as a deferred asset. However, concession assets under IFRS are recognized as financial and / or intangible asset. The main impact is reflected in Autopistas del Café. • Valuations of assets: Under IFRS valuations disappear.

The main differences on the liabilities arise from: • Payable Accounts and Accruals and Provisions: Under IFRS these items are integrated under Payable Accounts. • Deferred Liabilities: In Col GAAP income received during the execution of the works in the concessions (tolls, state contributions, loans and future funds) were recorded in the liability account and amortized to the extent that the income was recognized. Under IFRS these values disappear. The main impact is reflected in Autopistas del Café. • Other liabilities: construction consortiums where Odinsa has no control were pooled for IFRS in the line of investment, although previously they were integrated line by line. These relate mainly to the construction consortium of the Airport, Hatovial and Imhotep.

The main differences in equity arise from: • Net adjustment Conversion to IFRS recorded in the integrated income account. • Net Income for the Year: It is explained in the next slide.

The main differences in the income statement arise from: • Under IFRS, construction consortiums, considered joint ventures where Odinsa has control are consolidated at 100%, while under Col GAAP they were only by their share participation. construction consortiums where Odinsa has no control are accounted using the equity method. • The result of uncontrolled investments where there is a significant influence, it is recorded as income in the equity method using the equity participation method. • Other Effects due to the IFRS on the income statement: Decrease in depreciations (change of life), increased by cost of projects studies and research. • Provision for the Income Tax: Increase in the provisions due to the calculations for the deferred tax.

Grupo Odinsa reports a strong operational performance over 1Q2015, as evidenced by the strength of its various business lines, allowing it to report revenue in line with 2014 results (under IFRS).

Concessions are still the main source of income that contributes to the generation of Odinsa´s EBITDA. In 2014, the absolute amount was of $239,452 Million. The contribution Margin up to March 2015 was $61,543 Million which is in line with previous results.

Energy Business is the second most important business line. In 2015 first quarter, this line reports a contribution margin of $17,853 Million, following the trend of $62,691 Million reported on December 2014.

The Operation Business, which corresponds mainly to the toll collection operation of INVIAS, still shows a high contribution percentage margin, despite the decrease in the absolute amount, as a result of the reversal of various toll stations to the INVIAS.

Up to March 2015, Construction Business contribution margin reached $13,073 Million, which represents a solid performance of this business line due to construction advances in “Autopistas del Cafe”, Odinsa principal construction consortium.

In 1Q2015, Odinsa generated an EBITDA of $79,454 Million explained by:

 A Contribution Margin, already mentioned.  Operating expenses for 1Q2015 are in line with 2014 reported results.

In 1Q2015, EBIT shows consistence with EBITDA previously presented. This is a result of maintaining same levels of depreciation and amortization as 2014.

In 1Q2015, after EBIT parties turned to a Net Income of $11,082 Million. Those are explained below;

 Net Financial Expenses: Reported $13,537 Million. In this expense, stands out the reduction on financial expenses of Odinsa Holding and “Generadora del Pacifico”.  Corporate Tax: Increases proportionally to taxable dividends received from “Autopistas del Cafe”. This amount should not grow significantly the rest of the year because there are not expected any similar dividends.

Questions:

1. With Argos new acquisition of the company, will there be any restructuration or administrative adjustment? R/ as of today we know as much as the market know about the OPA; we haven’t had any contact with them. We believe they will contact us as when all of this process is completed, in order to work cooperatively in the future of the company.

2. With regards to the projects that you have been working on for the past years, such as Via del Privilegio, and taking in to account the tax reform on the income tax that acts on the 43% of the CREE; how has Odinsa managed this externality that affects the IRR of the project?

R/ for the past 3 years we have been working on this project, however during this time we have had to adjust the project to different risks/externalities such as: taxes, financial risks and land purchases. What we have done is to adapt the project by enlarging or timing its scope. As for the tax reform it is important to clarify that the final studies where delivered on December, so this income tax was already contemplated.

3. Where are you in the financial closure of Pacifico 2? And how is it going with the land purchase?

R/ we have been working really hard on the financial closure because the due date is on October 2015. For this, we have been working with two national banks such as Banco de Bogotá and Davivienda and with one international that is Itau; in order to sign the credit contracts before de due date. As for the land purchase, until the final designs are not handed in, we can’t pursue with this item. However, we expect to have them by the end of July.

4. Why have you stopped presenting offers in the public projects, is it for the risk/return rate?

We are interested in public projects, this is why we presented offers in the first wave of the 4G, however, in the second wave we have found some exceptional prices that aren’t consistent with our return rates. This also why, we have concentrated our efforts in projects where we have a competitive advantage.