R E L E AS E. November 14, Cámara de Comercio de Medellín para Antioquia Centro Empresarial El Poblado Medellín, Antioquia.

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1 Earnings R E L E AS E 3Q November 14, Cámara de Comercio de Medellín para Antioquia Centro Empresarial El Poblado Medellín, Antioquia.

2 2018 3Q Infrastructure Relevant Corporate Events: In a safe, controlled manner, the discharge of the reservoir of the ituango hydroelectric project began A new milestone is achieved in the recovery of the Ituango hydroelectric project, with the opening of the gates, the operation of the discharge system begins. The structure of the dam is stable and the passage of water is occurring in a safe, controlled manner, guaranteeing the safety of the project and the communities. Photo via El Colombiano Significant milestones in the project will continue to be achieved: The closure of the water passage and recovery of the powerhouse will be carried out as soon as the other technical conditions of the project are guaranteed. On Sunday, November 4, Level 405 was reached, which started the operation of the discharge system of the project through which the water circulates in a safe, controlled manner. With this milestone, it is possible to attend other important technical factors within the project, such as the reinforcement of the dam with the flexible screen in benthic cement, the plugging of the tunnels and the stabilization of the mountain. With the water level reaching Level 408, Gates 2, 3 and 4 start operating, which allows analyzing the behavior of the dam, the spillway and its gates, which will determine the decision to interrupt the flow of water through the powerhouse and start its recovery. Next Goals Reinforce the structure of the dam and waterproof it definitively Technically cover the tunnel of the auxiliary deviation system Technically cover the right deflection tunnel Intervene the landslides of the mountains near the project Permanent Monitoring Cauca River flows Behavior of the mountain Level of the reservoir Infiltrations in the dam Km 12 road tunnel

3 Investments Relevant Corporate Events: Vía Pacífico: the documents that initiate the reversion stage of the contract were signed It was signed an act of occurrence for an early termination cause with the ANI, beginning the reversion stage of the Concession. It will allow the ANI to re-contract the infrastructure project, including in this new contract the consideration of the circumstances that contributed to the early termination of this contract. The design of the second road between Mediacanoa and Loboguerrero will be updated. This update will take into account the geological complexities of the area. With the start of the reversal stage, obligations related to the pre-operational stage of the project such as sub-account funding and contractual equity draws, cease. The La Balastera sector of the Loboguerrero Mediacanoa Road, which was closed because of rock and dirt landslides.

4 Innovation Relevant Corporate Events: Recognition to constructora conconcreto In the CIB W conference In the framework of the CIB W Conference, a world congress of technological innovation applied to design, construction and management of projects, held from October 1 3 in Chicago, United States, Constructora Conconcreto, in co-authorship with ITM and Synapsis Research, published two articles inspired by innovation projects that seek to apply the Internet of Things to measure tower crane productivity and activities in the projects. We achieved this merit after having undergone a rigorous evaluation process by an international and scientific committee. "Instrumentation and Data Collection Methodology to Enhance Productivity in Sites Using Embedded Systems and IoT Technologies" "A Low-Cost System For Monitoring Tower Crane Productivity Cycles Combining Inertial Measurement Units, Load Cells and Lora Networks". Ideas que Valen 2018 We expanded Ideas que Valen to the entire value chain of the business with the participation of PACTIA. We integrate Company projects and processes to add value to our clients. Total Ideas: % of the ideas focused on optimizing costs and expenses. 24 winning ideas.

5 Concessions Relevant Events: Concessions under construction and structuring: Road Vía 40 Express (Bogotá Girardot): Start of operations on December 1st, In October the construction act was signed. The verification began with the UF8, Soacha-El Muña. The culmination of the FU8 is expected in April It is being reviewed with the ANI, the possible implications to the Project of the opening of the investigation of the Industry and Commerce Superintendence. Vía Pacífico (Buga - Buenaventura): start of operations on August 17, The documents that initiate the reversion stage of the contract were signed. Doble Calzada de Oriente (Palmas - Tablazo): Private initiative presented to the Antioquia Governor s Office. In October, Antioquia Governors office filed the project for approval with the Ministry of Finance for the second time, responding to the observations of said entity. Once the corresponding approvals are provided, the Governors office Will begin the bidding process. Concessions in Operation: Road Toll Cocorná Puerto Triunfo Guarne Palmas Total DEVIMED: 2017 Accumulated Financial Results Opertional Income EBITDA* Medellín Caño Alegre and Oriente Road Network Starting date: June, 1996 (Million COP) *Figures under IFRS. Starting Date: Finishing date: December, 2026 Average Daily Traffic % Conconcreto Participation: 25% 1Q2018 2Q2018 3Q Q2018 2Q2018 3Q CCFC: Bogotá Faca Los Alpes Finishing date: % Conconcreto Participation: June, 1995 Marzo, % Energy Generation: PCH Patico: Currently under the consecution of the financial closing. Peaje Corzo Río Bogotá Total Average Daily Traffic Q208 2Q2018 3Q Port: Darien International Port: Commercial diligence is being made with potential clients. Accumulated Financial Results (Million COP) Operational Income EBITDA* *Figures under IFRS Q208 2Q2018 3Q

6 Real-Estate Portfolio Relevant Events: Relevant events 1. It was performed an Equity contribution from Protección for COP MM in July, completing their investments comitment in the fund for a total of COP MM. 2. It was performed a distribution of profits for COP MM in July. 3. Divestments in the following assets were made: Viva Villavicencio Viva Sincelejo San Pedro Plaza Industry 23% NOI 3Q2018 Offices 15% $ mill Hotels 4% Self-Storage 3% International 4% Commerce 51% 4. The investment committee approved the restitution of profits for COP MM product of the divestment in the previus mentioned assets, which was performed in October Start of operations of the Project Dream Plaza, located in Panama. 6. The investment committee approved the development of the third tower of Buró 25, which Will be destined to sale of Offices. Industry 50% GLA 3Q2018 Offices 19% Hotels 2% Self-Storage 3% m 2 in operation Commerce 26% Participation in the Pactia PEF* (%) 27,5% 17,6% 32,1% 36,3% 40,4% 46,1% sep -18 dec -17 *Private Equity Fund Conconcreto Grupo Argos Protección

7 Real-Estate Portfolio Relevant Events: Pactia PEF Capital Structure Equity Adjusted to Participation 3Q Var.% Assets % Liabilities % Equity % Sep-18 *Date of initiation of the fund. Dec 2017 January 20/2017* Financial Results Management Company PACTIA SAS 3Q2018 3Q2017 Var. % Occupation as of Sep-18 Gross Income Cost of Sales Net Operating Income Before-Tax Profit % 27% 64% 63% 90% 87% 81% 67% 69% 86% Net Profit % Pactia PEF Financial Results PACTIA PEF 3Q2018 3Q2017 Var. % Commerce Industry Offices Hotels Self- TOTAL* Storage * The total occupation weighted average does not include the hotels segment Gross Income Operating Expenses (Opex) % 34% Net Operating Income Consolidated EBITDA Net Profit % 38% 25%

8 Relevant Corporate Events: Backlog September 2018 The Company s backlog as of September 2018 is COP billion, which amounts to 1,6 years of operation. 67% of the backlog corresponds to infrastructure projects and 33% corresponds to building, which includes housing projects. COP Thousands of Millions oct-dec sep $3.313 $2.395 $1.975 $2.551 $2.000 $1.900 $1.900 $694 $359 $375 $244 $202 $101 Closing Year Backlog Backlog Distribution 67 Infrastructure 33 Building (Includes ) NOTE: Doesn t include Vía Pacífico for COP $ MM Services: Relevant Events: Infrastructure: The execution of the first nine months of the year concentrated in projects such as: Ituango Hidroelectric Plant, Balance la Línea proyect, Barranquilla Port connectivity road, Ruta 40, carriage of materials in Cerromatoso, LATAM technical management, among others. $ Infrastructure COP Million $ - - $ $ $ During the first nine months, among the change in scope of the contracts stand out the outflow of Vía Pacífico from the Backlog where the scope was reduced to designs and environmental management for COP $ mil. The previous amount added to the greater scope of other contracts for COP $ mill amounts for a net value of COP -$ mill Contracted Change in Scope Executed 3Q2018

9 services: Relevant Events: Building: During the first nine months of the year the execution concentrated in projects for Pactia such as Corferias Hotel (Bogotá), El Ensueño shopping center (Bogotá), Dist. center Colgate Palmira (Valle del Cauca) and others. The execution also concentrated in projects for third parties such as Cámara de Comercio de Medellín, Admin. EPSA (Valle del Cauca), Torre Avianca Clle 26 (Bogotá), Nova Second stage (Jumbo, Valle del Cauca), and during the third quarter, the Project complimentary buildings of the Econcementos plant (Antioquia). Among the Works contracted stands out principally: Chimeneas Shopping Center for COP $ mil, Buró 25 Stage 3 for COP $ mil, Colgate Palmira Dist. Center for COP $ mil, of Buró Milla de Oro for COP $ mil, Supercade Manitas for COP $15.466, Corferia Offices for COP $ mil, and others for COP $8.384 mil. $ Building (Includes ) COP Million +$ $ $ $ : During the first nine months of the year the execution concentrated in projects such as: Zanetti and Mantia (Itagui, Antioquia), Caminos de la Primavera (Huila), Puerto Azul (Cundinamarca), Sunset Boulevard (Barranquilla), ILO, Marea II, Maui and Manhattan (Panama), among others Contracted Change in Scope Executed 3Q2018 Among the Works contracted in housing stands out the Project Montebianco for COP $ During the first nine months stands out the greater scope of the Building and projects for a value of COP $ mill. Engineering and Design: The following projects stand out during the analyzed period: International projects: - Royal Park project, scope: structural design. National projects (external client): - Gran Plaza adjustments project, scope: architectural and structural design. - Wayabero Hotel project, scope: networks and structural design. - L-16 project, scope networks and structural design. $ Engineering and Design COP Million +$ $ $ National projects (internal client) - Buró 25 T3 project and Parking lots, scope: networks and structural design. - Monte Río II project, scope: networks and structural design. - Puerto Azul II project, scope: networks Contracted Executed 3Q2018

10 Relevant Events: Launched units for selling and estimated time to market 107 6, ,30 LIH* Medium High Num. Units *Low Income Time (months) 3,14 11 At the closing of September 2018 there are: Projects under construction Terminated projects 1 Project on pre-sales Units for sale which are expected to be sold on average in 6,89 months the Low Income, 9,30 months the Medium Income and 3,14 months the High Income, counted as of to date. Concentrated in Bogotá, Medellín and Barranquilla During the third quarter Marketed Units units were commercialized Q2017 2Q2017 3Q2017 4Q017 1Q2018 2Q2018 3Q 2018 Real average 59% Pre-Sales 5% Cundinamarca 23% Región Caribe 40% Terminated 36% From 22 projects that compose the housing portfolio, 13 are under construction (59%), 8 are finished projects (36%) and 1 is on pre-sales (5%). Antioquia 32% Huila 5% From the 22 on-going housing projects, 9 are located in the Caribe region (40%), 5 in Cundinamarca (23%), 7 in Antioquia (32%) and 1 in Huila (5%).

11 Relevant Figures: Consolidated Income from Ordinary Activities Sep-2018 COP mill -25% Sep-2017 COP mill Other Real-Estate Assets Investment Corporate Other Real-Estate Assets Investment Corporate Eliminations (35.501) Eliminations (55.810) Revenues COP mill -32% Revenues COP mill Equipment Building Engineering & Design Infrastructure Equipment Building Engineering & Design Infrastructure Hosuing Fund Investment Revenues COP mill Subsidiaries % Hosuing Fund Investment Revenues COP mill Subsidiaries 182 Industrial CC Concessions Other Real- Estate Assets Industrial CC Concessions Other Real- Estate Assets

12 Relevant Figures: Sep-2018 COP mill Consolidated EBITDA 7% Sep-2017 COP mill Investment $ Investment $ $6.148 Other Real- Estate Assets $(543) $ Corporate $(20.131) $2.622 Other Real- Estate Assets $(3.407) $ Corporate $(16.232) Hosuing Fund $931 EBITDA COP mill Equipment $ Building $ Engineering & Design Investment EBITDA COP mill $1.767 Infrastructure $ Industrial CC $ % 4% Hosuing Fund $847 EBITDA COP mill Equipment $7.731 Building $(185) Investment EBITDA COP mill Infrastructure $ Engineering & Design $(718) Industrial CC $9.559 Concessions $ PACTIA $ Subsidiaries $(9.070) Concessions $ PACTIA $ Subsidiaries $(712)

13 Financial Results September 2018: Consolidated statement of results: The GROSS PROFIT as of September 2018 was increased due to the investment segment where the Rea-Estate fund registered lower cost of sales. OTHER INCOME (non-recurrent) was registered associated with the settlement of exchange rate hedges, and profit in the sale of the Asdesillas lot and the Torremolinos asset. Decrease in the OPERATING EXPENSES by 25%. Reduction in OTHER EARNINGS affected by: Lower participation in the PEF from one year to another. Higher payment of yields of the PEF for $ MM The restitution of contributions approved by the investment committee for COP 267,967MM will be reflected in the results of 4Q2018. PEF Sep-18 Sep-17 Var Profits Fair Value % -19% TOTAL ,2% Management Sep-18 Sep-17 Var Dividends Profits ,1% The reduction in the EQUITY METHODS is reflected by lower profits in some companies, which for the same period last year generated greater profits. The exchange rate volatility generated variations in the EXCHANGE DIFFERENCE. The higher FINANCIAL INCOME is related to the accrual of interest on the subordinated debt, interest on loans to Infrastructure Projects and higher yields of the cash surpluses of the Helios Consortium. Reduction in FINANCIAL EXPENSES by 6% for the reduction of the financial debt by COP Million from year to another reflected in the decrease of credits for Lots, financial leasing and working capital of projects and credits to consortiums. Status in the Consolidated Financial Situation: CONSOLIDATED STATEMENT OF RESULTS sep-18 Sep-17 Var $ Var % COP Million Income from ordinary activities ( ) -25,0% Cost of sales ( ) ( ) ( ) -29,3% Gross Profit ,5% Gross Margin 14,9% 9,7% Other income (6.935) -26,4% Administration and sales expenses (24.420) (32.030) (7.610) -23,8% Employee benefit expenses (34.174) (45.153) (10.979) -24,3% Other expenses (4.562) (8.232) (3.670) -44,6% Other earnings (losses) (7.736) -18,6% Equity Method (4.551) -21,1% Operating Profit ,1% Operating Margin 15,9% 10,2% Exchange difference (2.101) (1.687) (414) 24,6% Financial income (6.531) 54,7% Financial expenses (53.217) (56.529) ,9% Before Tax Profit ,4% Before Tax Margin 10,6% 5,2% Current tax expenses (13.016) (13.186) (170) -1,3% Adjustment for deferred taxes (10.741) (1.397) ,9% Minority interest (872) (233) ,6% Net Profit ,4% Net Margin 7,1% 3,7% EBITDA ,6% EBITDA Margin 20,9% 14,7% CONSOLIDATED BALANCE SHEET COP Million sep-18 dec-17 Var $ Var % Current Assets ,8% Non-current Assets (2.358) -0,1% Total Assets ,0% Current Liabilities ,2% Non-current Liabilities ( ) -39,3% Total Liabilities ,0% Total Equity ,3% Within the variations, stands out the increase in CURRENT LIABILITIES explained by the short-term novations of the financial obligations while the debt re-profiling is finished. For more information, Click here to consult the notes to the consolidated Financial Statements

14 Financial Liabilities Consolidated: Sep 18 COP mill -3,3% Dec 17 COP mill Corporate $ Investment $ $ $ Corporate 26% -20% Investment 0% -8% Corporate $ Investment $ $ $ ANNEXES Financial Results September 2018 Separated: STATEMENT OF RESULTS - SEPARATED Million COP sep-18 sep-17 Var $ Var % Income from ordinary activities ( ) -21,8% Cost of sales ( ) ( ) ( ) -27,8% Gross Profit ,6% Gross Margin 16,2% 9,3% Other income (5.925) -25,8% Administration and sales expenses (17.789) (19.946) (2.157) -10,8% Employee benefit expenses (27.332) (36.806) (9.474) -25,7% Other expenses (3.077) (6.518) (3.441) -52,8% Other earnings (losses) (8.050) -31,3% Equity method from associated companies (7.736) -18,6% Operating Profit ,8% Operating Margin 19,9% 13,1% Exchange difference (2.041) (1.622) (418) 25,8% Financial income (3.287) 30,0% Financial expenses (48.946) (54.491) ,2% Before Tax Profit ,2% Before Tax Margin 13,2% 6,7% Expense (Income) for taxes, continuing operations (19.327) (14.555) ,8% Net Profit ,6% Net Margin 9,8% 4,7% EBITDA (11.667) -22,8% EBITDA Margin 7,1% 7,2% SEPARATED BALANCE SHEET sep-18 dic-17 Var $ Var % Million COP Current Assets ,3% Non-current Assets (7.605) -0,4% Total Assets ,9% Current Liabilities ,0% Non-current Liabilities ( ) -44,7% Total Liabilities ,3% Total Equity ,6% For more information, Click here to consult the notes to the separated Financial Statements