Medellín, Colombia May 3, 2012 FIRST QUARTER 2012 RESULTS. Luis Fernando Alarcón, CEO Camilo Barco, CFO

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1 Medellín, Colombia May 3, 2012 FIRST QUARTER 2012 RESULTS Luis Fernando Alarcón, CEO Camilo Barco, CFO All rights reserved Interconexión Eléctrica S.A. E.S.P.

2 AGENDA Operating Highlights First Quarter 2012 Results Follow-up Strategy Q&A All rights reserved by Interconexión Eléctrica S.A. E.S.P. 2

3 HIGHLIGHTS FIRST QUARTER 2012 The Piratininga II substation was commissioned in Brazil. The investment totaled BRL 130 million with estimated annual revenues of BRL 7.4 million. The Shareholders' Meeting was held and the following decisions were approved: Election of the new Board of Directors Auditor: Ernst & Young Ltda. Earnings distribution: COP 68,549 million earmarked for mandatory tax reserves; COP 69,952 million to contribute to the growth strategy and financial soundness and COP 198,274 million for dividends. Dividends: COP 179 per share, payment will take place on June 26, ISA received the award to Best Investors Relations Website from the Latin American Investors Relations Awards 2011 (LirA 2011) and came in third place in the Best Communication of Financial Results and Best Annual Report categories. 3

4 HIGHLIGHTS FIRST QUARTER 2012 INTERNEXA began operations in Brazil and Argentina km of optical fiber in operation km of fiber optic alignment, testing and development in Central America and Chile. Committed to the Data Exchange agreements in the Southern Cone. 4

5 MACROECONOMIC SCENARIO Macroeconomic Scenario 1Q12 COLOMBIA PPI -0.58% CPI 1.47% Colombia Devaluation -7.75% COP/USD close 1, COP/USD average 1, appreciation scenario moderate inflation BRAZIL IGPM 0.62% Brazil Devaluation -2.86% BRL/USD close 1.82 BRL/USD average 1.77 CHILE CPI 0.90% Chile Devaluation -6.52% CLP/USD close CLP/USD average Source: Colombia: Medium-term fiscal framework Brazil: LCA basic annual data Peru: Latin Focus Analyst Digest, Central Bank, Citi Bank, REP Chile: Latin Focus Analyst Digest, Central Bank 5

6 AGENDA Operating Highlights First Quarter 2012 Results Follow-up Strategy Q&A All rights reserved by Interconexión Eléctrica S.A. E.S.P. 6

7 CONSOLIDATED FINANCIAL RESULTS REVENUES 5.8% COP billions 5,000 4,000 3,000 2,000 1, % 1,106 1,142 4,369 4,624 Peru contributed to the increase in revenue, while Brazil fell. Revenues 1Q12 USD 637MM 0 1Q11 1Q E Breakdown by Business 1Q12 Telecommu nications 2.5% Other 1.9% Breakdown by Country 1Q12 CHILE 23.0% OTHERS 0.9% PERU 8.1% Roads 18.5% Energy 77.2% BRAZIL 33.6% COLOMBIA 34.5% 7

8 CONSOLIDATED FINANCIAL RESULTS AOM EXPENSES COP billions 2,800 2,400 2,000 1,600 1, % 2,313 2, % Q11 1Q E Breakdown by Country 1Q12 CHILE 21.8% OTHERS 1.0% Total operating costs and expenses (AOM) reached USD 297 MM as of March PERU 7.5% BRAZIL 35.3% Operating margin was 53.3%. COLOMBIA 34.4% 8

9 CONSOLIDATED FINANCIAL RESULTS EBITDA 3.8% 3,500 3,000 3,027 3,144 COP billions 2,500 2,000 1,500 1, % Q11 1Q E Breakdown by Country 1Q12 Largest contribution to EBITDA was the energy sector with 79.5% for 1Q12. For 1Q12, EBITDA margin was 68.8%. PERU 6.8% CHILE 13.5% OTHERS 0.9% COLOMBIA 25.0% BRAZIL 53.8% 9

10 CONSOLIDATED FINANCIAL RESULTS NON-OPERATING RESULTS Non-operating results totaled COP -115 million, accumulated COP billions , % % 1Q11 1Q E COP billion 1Q11 1Q12 Change COP Change % Financial (179) (206) (27) 14.89% Others 18 (1) (18) % Total (162) (207) (45) 27.80% 10

11 CONSOLIDATED FINANCIAL RESULTS NET INCOME -7.6% COP billions % Net margin before minority interest 24.0% for 1Q Q11 1Q E COP billions 1Q11 1Q12 Change COP Change % Income before taxes (35) -8.1% Income tax provisions % Income before minority interest (96) % Minority interest (35) % NET INCOME (61) % 11

12 CONSOLIDATED FINANCIAL RESULTS BALANCE SHEET Assets 30,000 26,659 26,512 As of December, assets increased 0.5% compared to 25, % COP billions 20,000 15,000 10,000 15,836 16, % 4,398 4,213 Assets Breakdown by Country 1Q12 5,000 6, % 6,122 OTHERS 0.5% Q12 CHILE 31.0% Liabilities Minority interest Equity BRAZIL 32.2% PERU 8.4% COLOMBIA 27.9% 12

13 CAPEX AND PERMANENT INVESTMENTS COP billons Q12 1, E Colombia Brazil Peru Chile Bolivia CAPEX and permanent investments totaled COP 297 trillion for Breakdown by Country 1Q12 Breakdown by Business Peru 32.8% Chile 3.1% Colombia 21.5% billion 1T E Energy 285 1,780 Telecommunications 6 82 Brazil 42.5% Roads

14 CONSOLIDATED FINANCIAL DEBT Sector 1Q Change COP Change % 1Q12 USD CHILE 4,381,580 4,447,373-65, % 2,445 COLOMBIA 1,876,592 1,907,732-31, % 1,047 BRAZIL 2,210,428 2,170,000 40, % 1,233 PERU 896, ,902-3, % 500 BOLIVIA 60,528 70,303-9, % 34 TOTAL 9,426,030 9,495,310-69, % 5,260 Exchange rate US$ 1.00 = COP 1, COP in billions, USD in millions Net Debt / EBITDA: 3.1 EBITDA / Interest: 4.7 Breakdown by Rate Breakdown by Source Breakdown by Currency Other 5% TAB 4% Libor 2% Banks 36% Multilateral 2% Soles 0.2% BRL 22.2% TJLP 6% ICP 15% CDI 15% Fixed 53% Bonds 62% UF + CLP 46.8% USD 11.4% COP 19.3% 14

15 AGENDA Operating Highlights First Quarter 2012 Results Follow-up Strategy Q&A All rights reserved by Interconexión Eléctrica S.A. E.S.P. 15

16 FOLLOW-UP STRATEGY GROWTH AND DIVERSIFICATION By 2016, ISA is expected to reach revenues of USD 3.5 billion, 80% will be generated outside of Colombia ,108 3,500 millions USD ,401 1,411 1,200 1,352 2,453 2,249 1,836 1,624 2,175 1,931 1,715 1,522 2,450 2, MEGA Revenues GROWTH WITH PROFITABILITY GENERATE SHAREHOLDER VALUE 16

17 FOLLOW-UP STRATEGY OPPORTUNITIES FOR NEXT MONTHS Colombia Chivor - Chivor II - North - Bacatá transmission line at 230 kv, 140 km. Expected bid date: second semester, Project Honey II. Substation at 230 kv and 4 km of double circuit network to connect the Miel II central. New 220 kv Termocol substation and reconfiguration of Termoguajira - Santa Marta line. Expected bid date: second semester, Peru Carhuaquero-Cajamarca Norte Caclic - Moyobamba transmission Line at 220 kv., estimated investment USD 135 million, expected bid date: August Moyobamba Iquito transmission Line 220 Kv. Expected bid date: August 2012, estimated investment USD 330 million. Machupicchu Quencoro Onocora Tintaya transmission Line at 220 Kv, estimated investment USD 70 million, expected bid date: October Brazil ANEEL bidding process: Belo Monte Infrastructure, expected bid date: July August Chile Expansion Plan Energy Transmission Projects 2011 : estimated investment of USD 800 million. Adjudication date: May 24. Attractive secondary market of concessions and infrastructure activities. 17

18 INTERCONEXIÓN COLOMBIA PANAMÁ (ICP) Electric transmission line of 600 km, in direct current (HVDC) technology, between substations Cerromatoso in Colombia and Panamá II in Panamá Transport capacity of 300 MW at its first stage (possibility of expansion to 600 MW) Milestones Key Dates Environmental Impact Studies + License Auction for capacity allocation 2012 Financial Structuring 2012 Construction

19 AUTOPISTAS DE LA MONTAÑA RECOMMENDED CONFIGURATION Section Single road (km) Dual road (km) I II (*) III (**) IV Subtotal Total Control 493 (*): Includes La Quiebra tunnel (**): Operate as two existing road with the road 19

20 AGENDA Operating Highlights First Quarter 2012 Results Follow-up Strategy Q&A All rights reserved by Interconexión Eléctrica S.A. E.S.P. 20

21 DISCLAIMER Certain statements contained in this report constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of These forward-looking statements reflect our current views with respect to future events and are based on assumptions and subject to risks and uncertainties. Also, these forward-looking statements present our estimates and assumptions only as of the date of this report. Except for our ongoing obligation to disclose material information as required by federal securities laws, we do not intend to update you concerning any future revisions to any forward-looking statements to reflect events or circumstances occurring after the date of this report. Amounts expressed in US dollars are for information purposes only, and do not reflect accounting conversion techniques usually applied. As of March 31, 2012, the exchange rate was of USD 1.00=COP 1, (Source: Banco de la República de Colombia).