N 28 NEWSLETTER SHAREHOLDERS. Direct access. ISA, more interactive. How to browse. Let s further connect along this Christmas season

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1 Direct access ISA, more interactive. How to browse Let s further connect along this Christmas season Keeping forward with our strategic updating Evolution of ISA share (January - October 2013) Net income of ISA grew 47.8% Relevant facts SHAREHOLDERS NEWSLETTER NOVEMBER 2013 N 28 Illustration: Triario

2 Direct access ISA, more interactive. How to browse Let s further connect along this Christmas season Keeping forward with our strategic updating Evolution of ISA share (January - October 2013) Net income of ISA grew 47.8% Relevant facts Keeping forward with our strategic updating ISA advances in the several projects of its strategic updating process ISA 2020, a conceptual bet that answers the challenges of an increasingly complex and demanding business environment. These projects, some of which may go until the year 2020, encompass working in four main fronts: Internal and external aligning of key audiences Introduction of organizational change that boosts strategic initiatives Definition and development of initiatives that look for increased efficiencies Development of capacities for our next strategic cycle In the last months, among many other things, we conducted the strategic alignment of ISA 2020 with the financial plan and budget targets; we incorporated INTERCOLOMBIA, the subsidiary that will deliver electric energy transmission services in the country and we defined its board of directors and legal representatives; we defined the contract model for the partnership in commendam that will rule the contractual relationship between ISA and INTERCOLOMBIA; we structured a proposal for position profiles as well as a governance model and defined some of the work teams that will be part of the companies; we created a new line and substation maintenance strategy; and we worked in new investment methodologies and new practices to improve the procurement process. The process goes on and results achieved so far are evidence of ISA s capacity to obtain what it intends to, to comply with challenges and to attain goals set. Evolution of ISA share (January - October 2013) Main indices - Latin American Stock Exchanges APPRECIATION 10% ISA -2.50% IGBC -4.50% COLCAP -4.90% IPSA -9.04% IGBVL % IBOV % As on October 31 of 2013, the share of ISA has lost value with regard to the other market indices in Latin America. 5% 0% -5% -10% n stock indices (IGBC and COLCAP) continue to show the best performance for the end of the quarter. The index with the highest decline was that of the Lima stock exchange followed by and -15% -20% -25% -30% -35% DEC 12 as on October 31, 2013 FEB 13 MAR 13 APR 13 MAY 13 JUN 13 JUL 13 AUG 13 SEP 13 OCT 13 IGBC and COLCAP: n Stock Exchange IPSA: Santiago Stock Exchange IGBVL: Lima Stock Exchange IBOV: Stock Exchange In October, the share of ISA occupied the 11th place in the category of high stock market capitalization. Data of the Stock Initial Quote (Closing Price as on September 30) Ending Quote (Closing Price as on October 31) ISA Quote Variation during October October Average Price October Maximum Price October Minimum Price Initial IGBC (September 30) Ending IGBC (October 31) IGBC October Variation $ 9,450 $ 9, % $ 9,435 $ 9,680 $ 9,310 14, , % Accumulated results year to date (October) tell that net sellers continue to be both funds in general and individuals. Volumes traded have increased 2% with respect to same period a year ago (65,344,555 shares in 2013 vs. 64,267,061 in 2012).

3 Net income of ISA grew 47.8% Direct access ISA, more interactive. How to browse Let s further connect along this Christmas season By the end of the third quarter of 2013, net income of ISA and its companies amounted to COP 327,308 million, representing 47.8% increase with respect to same period a year ago. Consolidated operating revenues totaled COP 2,637,168 million, EBITDA COP 1,487,402 million, EBITDA margin 56.4% and consolidated assets COP 26,765,308 million. Revenues by country 38.6% 26.1% 23.1% 11.1% 1.1% Keeping forward with our strategic updating Evolution of ISA share (January - October 2013) Net income of ISA grew 47.8% Relevant facts These results were positively affected by the recognition as financial assets (formerly, intangible assets) of and concessions. They were also affected by the early termination and subsequent renewal of Concession Contract 059 of 2001 in CTEEP subsidiary, the net effect of provision for account receivable from the State of São Paulo in CTEEP and ISA Capital Do Brasil, and the consolidation of Evrecy Participações Ltda. EBITDA by country 39.9% 35.0% 9.8% 14.2% 1.2% Assets by country Recognition of and concessions as financial assets had positive impact on the regional results of ISA and its companies. 28.1% 33.9% 26.5% 11.1% 0.4% Consolidated balance sheet (non audited) SEPTEMBER 2013 DECEMBER 2012 In millions of n Pesos 9M13 % Part. Dec 12 Var. % Assets 26,765, % 25,770, % Liabilities 15,234, % 15,487, % Minority interest 3,984, % 4,173, % Equity 7,545, % 6,110, % Total liabilities, minority interests and shareholders equity 26,765, % 25,770, % For additional information visit our website, investors section (Financial Results). Starting January 1st, 2014, the local number for ISA shareholder attention in Medellín changes to: The Toll-Free number continues operating as usual.

4 Relevant facts Direct access ISA, more interactive. How to browse Let s further connect along this Christmas season Keeping forward with our strategic updating Evolution of ISA share (January - October 2013) Net income of ISA grew 47.8% Relevant facts June 12 ISA wins new electricity line in ISA won international public bidding to develop a 174 km electricity line in Northern. The double-circuit, 220 kv Encuentro-Lagunas line is part of Grand Northern Interconnected System -SING, for its Spanish initials-; exploitation rights are perpetual. Expected annual revenues are USD 5,849,000 and estimated investment USD 80,000,000. With this project, ISA will total close to 931 km of electric lines in. July 18 ISA keeps growing in ISA won a public bidding to design, finance, construct, operate and maintain a 900 km transmission line at 500 kv and its associated substations. The line has three segments: Mantaro-Marcona with 350 km, Marcona-Socabaya with 445 km and Socabaya-Montalvo with 105 km. Estimated annual revenues are close to USD 41.5 million; maximum reference investment estimated by Proinversión is USD 412 million. For its execution the project has been transferred to Consorcio Transmantaro CTM, subsidiary of ISA (60%) and EEB (40%). August 30 BVC grants recognition to ISA The n Stock Exchange delivered ISA the IR Recognition, an initiative that while ratifying the commitment of the company to the market implies an increased commitment to a management style based on best practices. Such stimulus recognizes implementation of the best information disclosure and transparency processes that have permitted the company preserving investors and shareholders trust, attaining competitiveness, and seeking satisfaction from its stakeholders. October 22 Fiber optics network in grows CTEEP ian Agência Nacional de Energia Elétrica ANEEL authorized subscription of contract between CTEEP and INTERNEXA to install information transport networks over the high-voltage grids granted to CTEEP in the State of São Paulo,. As a result of this initiative, ISA and its companies will be able to expand their telecommunications networks in a market with wide growth possibilities such as the ian market. October 28 XM will design traffic center in Antioquia province XM subscribed an agreement with the Government of Antioquia province to design and prepare the prototype of the Control Center for Antioquia s Road Infrastructure -CCIV, for its Spanish initials-, which will provide the province with a high valueadded interactive road infrastructure information management center that will facilitate decision making and communication with the citizens. October 29 New investments in Internexa Participações, INTERNEXA s investment vehicle, received loan for USD 41 million, approved by ISA s Board of Directors, earmarked for financing this company s investment plan in. November 5 INTERNEXA grows in NQT is the new information transport network company that INTERNEXA S.A. acquired in. This way, ISA s telecommunications subsidiary expands its value offer, permitting expansion of its customer portfolio. The operation was close to R$ 190,000,000 to be financed with loans in the local market and capital contributions made by investment vehicle INTERNEXA Participações. Mark this date in your agenda for 2014: The Regular Shareholders Meeting of ISA will be held on Friday March 28, 2014 at the Intercontinental Hotel in Medellín. We will be expecting you.

5 SHAREHOLDERS NEWSLETTER N 28 NOVEMBER 2013 ISA, more interactive It is a pleasure to bring you issue No. 28 of the shareholders' newsletter, now reaching you in a more modern, interactive, friendly and agile version that permits browsing it, printing it, and forwarding it to your friends, among other functions. Enjoy it!. In this application you will find several surfing options (orange boxes). Roll the mouse over each button to see a full description of its function: Zoom in / zoom out In the bottom bar you will find different interaction options: 1. Exit zoom 2. Zoom to increase contents size 3. Full screen 4. Exit full screen 5. Send to a friend 6. Close application In each visit to the page you will find direct links to the newsletter subjects and a button to print the whole article or a portion of it Go to page 1