E A R N I N G S R E L E A S E

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1 EARNINGS RELEASE May 9,

2 2018 1Q Innovation Relevant Corporate Events: We Are Focused on Innovation: Orchestration of the Crane Towers C rane Towers are one of the most expensive assets in construction projects and determine the pace of execution of on-site activities. For this reason, ensuring the efficient use of this equipment is essential for productivity in a project. We have developed a system that allows real-time monitoring of the operation of the crane towers, measuring productivity cycles, average load lifted and hours of operation. Benefits: Alerts for inactivity in the use of cranes or load hoists greater than those allowed. A flexible, low-cost system that can be replicated to several projects and cranes. Improvement of the programming processes of the work activity. The data collected serves as a source for decision making, improving productivity, favoring the scope, cost and quality of the projects. Structure Efficiency Graph 24-jun jul-17 3-aug aug sep-17 Coordination phase to align prefabricated deliveries and mounting first floors. 2-oct oct nov-17 Coordinated project with defined goals for the production and installation line, better productivity for upper levels. 1-dec dec-17 PLANNED (prefabricated m2) REAL SUPPLIED (prefabricated m2) ORDERED (prefabricated m2) INSTALED (prefabricated m2) Average of m2 of structure per week Average of m2 of structure per week POURED WEEKLY GOAL INTERNAL GOAL Conconcreto / Investments / Services/

3 2018 1Q Relevant Corporate Events: We Delivered the Mantia Apartment Project in Itagüí, Antioquia: The Mantia Project in Itagüí, Antioquia is part of the Chimeneas General Urban Plan (GUP) and started to be delivered on May 30, The 23,629-m2 -constructed -area project has two 20-story housing towers, 240 apartments, six (6) per floor. It has a capacity for 181 private parking spaces and 40 spaces for visitors. In the construction process of this project, 28,952 m3 were removed in mechanical excavations; there were excavations amounting 1,048 m3 for foundations, as well as having a volume of 8,042 m3 of concrete and 624,702 kg of reinforced steel. Mantia Apartments an innovation laboratory It was implemented the methodology of the Orchestra Wheel, Folium, Livitek as thermal insulation, the pre-assembly of networks, slabs, laser measurement, access control, DURAPANEL, risk methodology among others. PUG Chimeneas Mantia apartment Built area: m2 Conconcreto / Investments / Services/ Itagüí, Antioquia.

4 2018 1Q Sustainability Relevant Corporate Events: LEED GOLD CERTIFICATE to the NOVA building of EPSA company (Celsia) Yumbo, Valle del Cauca We developed the construction of two buildings for the assets and well-being services control center of EPSA (CELSIA), remodeling works of existing buildings, and construction of urban spaces which obtained LEED GOLD certification. The LEED certification is a voluntary system recognized worldwide, which seeks to certify sustainable buildings with high energy performance, both in design and construction, and in the final operation of green buildings. 100 base points + 6 points of innovation in Design + 4 points of Regional Priority CERTIFIED SILVER GOLD PLATINUM 80 + In Colombia there are 132 certified projects and 221 in process of certification. LEED CERTIFICATION IN COLOMBIA LEVEL OF CERTIFICATION AMOUNT OF CERTIFIED PROJECTS Certified 20 Silver 36 Gold 62 Platinum 14 Conconcreto / Investments / Services/

5 Concessions Relevant Events: Current status of concession projects in structuring or pre-operation: Road concessions under structuring and operation: Vía 40 Express (Bogotá Girardot): Start of operations on December 1st, The start of construction is subject to negotiation between the ANI and the concessionaire, regarding the scope of the first Functional Unit (FU8) to be constructed, Soacha El Muña. The financial closing and payout are under negotiation with potential creditors. Vía Pacífico (Buga - Buenaventura): start of operations on August 17, Under study the possibility of an early termination of the contract between the ANI and the Concessionaire. Doble Calzada de Oriente (Palmas - Tablazo): Private initiative presented by Devimed S.A. to the Antioquia Governor s Office. The Environmental Alternative was confirmed by Cornare. It is expected in the second quarter the approval of the feasibility and the presentation of the Project from the Governor s Office to the Ministry of Finance. Energy Generation: PCH Patico: Prior consultation reached an agreement with local communities on October 6, Continues the update of the environmental license that includes the negotiation with the local communities. Actually in process of obtaining the financial closing. Port: Darien International Port: Consecution of the strategic partner Patria, a private equity fund from Brazil who is an associate of Blackstone, one of the biggest asset managers in the world. On February 6, was signed the memorandum of understanding. Currently negotiating with potential clients to guarantee load to the port. Preliminary designs were contracted corresponding to phase 0. DEVIMED: Medellín Caño Alegre y malla vial de Oriente Starting date: June, 1996 Toll Cocorná Puerto Triunfo Guarne Palmas Operating Road Concessions: Finishing date: December, 2026 Average Daily Traffic: Total CCFC: Bogotá Faca Los Alpes % Conconcreto Participation: 25% 1Q Accumulated Financial Results (COP Million) Operational Income EBITDA* *Figures under IFRS Starting Date: 1Q Average Daily Traffic 1Q June, 1995 Marzo, % Toll T2018 Corzo Río Bogotá Total Accumulated Financial Results (COP Million) Operational Income EBITDA* *Figures under IFRS Finishing date: 1Q2017 % Conconcreto Participation: 1Q Conconcreto / Investments / Services/

6 Real-Estate Portfolio: Relevant Events: Relevant events 1. It was performed an Equity contribution from Protección for COP MM in January. 2. A profit distribution was performed for COP MM to the investors of the fund in January. NOI 1Q2018 GLA 1Q2018 Industry 25% Offices 17% Hotels 5% Self-Storage 4% Industry 46% Offices 16% Hotels 2% Self-Storage 3% Commerce 49% Commerce 32% $ mill m 2 in operation 21% 18% Participation in the Pactia PEF* (%) *Private Equity Fund 35% 44% 36% 46% mar-18 dec-17 Conconcreto Grupo Argos Protección Conconcreto / Investments / Services/

7 Real-Estate Portfolio: Relevant Events: Pactia PEF Capital Structure Equity Adjusted to Participation 1Q Var.% Assets % Liabilities % Equity % mar-18 Dec 2017 *Date of initiation of the fund January 20/2017* Pactia PEF Financial Results PACTIA TRUST 1Q2018 1Q2017 Var. % Gross Income % Operating Expenses (Opex) % Net Operating Income % Consolidated EBITDA % Occupation as of Mar-18 87% 95% 81% 62% 65% 89% Net Profit % Commerce Industry Offices Hotels Self- TOTAL* Storage * The total occupation weighted average does not include the hotels segment Conconcreto / Investments / Services/

8 Relevant Corporate Events: Backlog March 2018 The Company s backlog as of March 2018 is COP 2,4 billion, which amounts to 1.7 years of operation. 72% corresponds to infrastructure projects and 28% to building projects which includes housing projects. Thousands of Millions 2011 $1.300 apr-dec mar $3.313 $2.395 $2.405 $2.551 $2.000 $1.900 $1.900 $819 $680 $373 $320 $213 Closing Year Backlog Backlog Distribution 72 Infrastructure 28 Building (includes housing) Services: Relevant Events: Infrastructure: The execution of the first quarter concentrated in projects such as: The Ituango Hidroelectric Plant, Termination of La Línea Tunnel, Barranquilla port connectivity road, load and carriage of materials in Cerromatoso, Route 40, LATAM technical management, among others. During the first quarter a change in scope of some contracts amounted COP $ mill. Infrastructure COP Million $ $ - + $ $ $ Contracted Change in Scope Executed 1Q2018 Conconcreto / Investments / Services /

9 services: Relevant Events: Building (without housing): During the first quarter the execution concentrated in projects for Pactia, such as: Corferias Hotel (Bogotá), El ensueño Shopping Center (Bogotá), among others. Additionally, projects for third parties like the Medellín Chamber of Commerce, EPSA (Valle del Cauca), Blu Logistics (), among others. Regarding the works contracted, stand out the distribution center of Colgate (Palmira) for COP $ mill, construction of Buró Milla de Oro for COP $ mill, Corferia Offices for COP $ mill, and others for COP $8.384 mill. $ Building (Includes ) COP Million +$ $ $ $ Additionally, during the first quarter there was a change in scope of building contracts for COP $ mill. Building (housing): 2017 Contracted Change in Scope Executed 1Q2018 During the first quarter the execution concentrated in projects such as; Caminos de la Primavera (Huila), Zanetti and Mantia (Itagui, Antioquia), Puerto Azul (Cundinamarca), ILO, Marea II, Maui and Manhattan (Panama), among others. During the first quarter stands out the change in scope of some housing contracts for COP $ mill. Engineering and Design: Engineering and Design COP Million +$ $7.009 $ $ Internal Proyects: Primavera Mall Shopping Center. Buró Milla de Oro. Bodega Agunsa. National External Proyects: Networks Hilton Hotel Pereira Contracted Executed 1Q2018 International External Proyects: Hato Montaña. Greenwood Country Club. Conconcreto / Investments / Services /

10 Relevant Events: ,73 At the closing of March 2018 there are: ,98 8, Projects under construction. 1 Project on pre-sales Units for sale which are expected to be sold in average on a 16 month term counted as of to-date. LIH* Medium High Num. Units Time (months) Concentrated in Bogotá, Medellín and Barranquilla * Low Income 233 During the 1st quarter, units were commercialized Q2016 2Q2016 3Q2016 4Q2016 1Q2017 2Q2017 3Q2017 4Q2017 1Q Budget Real Non commercialized Terminated 40% Pre-Sales 5% Cundinamarca 25% Huila 5% 55% Región Caribe 45% Antioquia 25% From 20 projects that compose the housing portfolio, 11 are under construction (55%), 8 are finished projects (Including Mantia) (40%) and 1 is on pre-sales (5%). From the 20 on-going housing projects, 9 are located in the Caribe region (45%), 5 in Cundinamarca (25%), 5 in Antioquia (25%) and 1 in Huila (5%). Conconcreto / Investments / Services /

11 Relevant corporate events: Consolidated Income from Ordinary Activities Mar-2018 COP mill -29% Mar-2017 COP mill Investment Corporate Investment Corporate Eliminations (1.540) Eliminations (8.641) Revenues COP mill -34% Revenues COP mill Equipment Building Engineering & Design Infrastructure Equipment Building Engineering & Design Infrastructure Fund 454 Investment Revenues COP mill Subsidiaries % Fund 438 Investment Revenues COP mill Subsidiaries 54 Industrial CC Concessions Other Real-Estate Assets Industrial CC Concessions Other Real-Estate Assets 1 Conconcreto / Investments / Services/

12 Relevant corporate events: Mar-2018 COP mill Consolidated EBITDA -36% Mar-2018 COP mill Investment Investment (553) Corporate Corporate (6.871) (9.911) EBITDA COP mill -31% EBITDA COP mill Equipment Building Engineering & Design 140 Infrastructure Equipment Building Engineering & Design Infrastructure Fund 226 Concessions Investment EBITDA COP mill Industrial CC PACTIA Subsidiaries (2.977) Conconcreto / Investments / Services/ -32% Fund 262 Industrial CC Concessions Investment EBITDA COP mill Fund Subsidiaries PACTIA

13 Financial Results March 2018: Consolidated statement of results: The economic slowdown and the current local political situation have influenced the lower dynamism of the and Real-Estate Sector and the operating results of this First Quarter. Also, the volatility of the exchange rate has impacted the results of the period: At the level of GROSS PROFIT, the 18% reduction has to do with the termination of infrastructure projects that had an important execution last year, and that have not been substituted by new projects. This lower dynamics, in turn, influences the activity and occupation of the Machinery Lease and Formwork Business. The 40% reduction at the level of OPERATING PROFIT is impacted by: The lower contribution of the PACTIA PEF, associated with lower appraisals of the assets in operation, is reflected in the item OTHER EARNINGS AND LOSSES. Noteworthy is the effort in the 23% reduction in OPER- ATING EXPENSES, as a result of the adjustment that has been made since last year, in such a way that the level of expenses is adapted to the lower activity that was foreseen. The lower execution in OTHER INCOME is related to the lower earnings due to exchange differences, and lower income from recoveries in Infrastructure and projects. The reduction in OTHER EXPENSES has to do with the lower financial contribution (4 x 1000). The positive variation of the EQUITY METHOD is a consequence of the higher profits of Devimed and VÍA 40. The EXCHANGE DIFFERENCE has a significant impact on Results, as a consequence of the 10% revaluation of the Exchange Rate during this period, which impacts the surplus balance in Dollars. However, this loss has still not materialized, as long as these resources are monetized. FINANCIAL INCOME has a favorable behavior due to the interest generated by the subordinated debt contributed to the VÍA 40 Project. The reduction of FINANCIAL EXPENSES, due to the lower cost of the debt in 191 bps is related to the fall of the IBR and the CPI. Consolidated statement of financial position: CONSOLIDATED STATEMENT OF Variation RESULTS mar-18 mar-17 $ % COP Million Income from ordinary activities (92.288) -29,0% Cost of sales ( ) ( ) (86.551) -30,3% Gross Profit (5.738) -17,7% Gross Margin 11,8% 10,2% Other income (4.393) -67,4% Administration and sales expenses (7.546) (9.832) (2.286) -23,3% Employee benefit expenses (11.511) (14.905) (3.394) -22,8% Other expenses (1.905) (2.605) (700) -26,9% Other earnings (losses) (14.253) -69,0% Equity Method ,5% Operating Profit (15.019) -40,2% Operating Margin 9,9% 11,7% Exchange difference (8.746) (456) (8.291) 1820,1% Financial income (1.622) 37,8% Financial expenses (17.975) (20.086) ,5% Before Tax Profit (19.577) -92,7% Before Tax Margin 0,7% 6,6% Current tax expenses (3.520) (4.505) (985) -21,9% Adjustment for deferred taxes (2.091) (5.611) -268,4% Minority interest (420) 622,8% Net Profit (12.562) -86,1% Net Margin 0,9% 4,6% EBITDA (18.720) -35,9% EBITDA Margin 14,8% 16,4% CONSOLIDATED Variation BALANCE SHEET mar-18 dec-17 $ % COP Million Current Assets (29.149) -2,1% Non-current Assets (5.153) -0,3% Total Assets (34.303) -1,1% Current Liabilities ,1% Non-current Liabilities (49.125) -5,3% Total Liabilities (24.762) -1,4% Total Equity (9.541) -0,7% Among the variations, stands out the increase of the CURRENT LIABILITIES explained by the advances received for construction projects and reclassifications. FINANCIAL LIABILITIES COP MILLION mar-18 dec-17 Var $ Var % From the $ mill of FINANCIAL LIABILITIES, the debt associated to Consortia, Subsidiaries and Trusts amounting COP $ mill, is covered by each of them. The operation should only cover the debt associated to the construction business, the corporate and the investment segment (6.967) -3% Investment (499) 0% (2.000) -2% Corporate % TOTAL ,5% For more information, Click here to consult the notes to the consolidated Financial Statements Conconcreto / Investments / Services/

14 Financial Liabilities Consolidated: Mar 18 COP mill 0,5% Dec 17 COP mill Corporate $ Investment $ $ $ Corporate 34% -2% Investment 0% -3% Corporate $ Investment $ $ $ Financial Results March 2018 Separated: STATEMENT OF RESULTS - SEPARATED (Million COP) mar-18 mar-17 Variation Var $ Var % Income from ordinary activities (71.175) -27,8% Cost of sales ( ) ( ) (75.573) -32,8% Gross Profit ,9% Gross Margin 16,4% 10,1% Other income (4.143) -82,4% Administration and sales expenses (5.160) (6.003) (843) -14,0% Employee benefit expenses (9.090) (12.323) (3.233) -26,2% Other expenses (1.179) (2.394) (1.216) -50,8% Other earnings (losses) ,3% Equity method from associated companies (14.253) -69,0% Operating Profit (8.532) -22,1% Operating Margin 16,2% 15,0% Exchange difference (8.749) (337) (8.412) 2498,4% Financial income (780) 18,9% Financial expenses (16.701) (19.448) ,1% Before Tax Profit (13.417) -58,5% Before Tax Margin 5,1% 8,9% Expense (Income) for taxes, continuing operations 423 (6.100) (6.523) -106,9% Net Profit (6.894) -41,0% Net Margin 5,4% 6,6% EBITDA (11.667) -22,8% EBITDA Margin 21,4% 20,0% SEPARATED Variation BALANCE SHEET mar-18 dec-17 (Million COP) $ % Current Assets (14.888) -1,4% Non-current Assets (1.631) -0,1% Total Assets (16.518) -0,6% Current Liabilities ,2% Non-current Liabilities (30.996) -4,1% Total Liabilities (15.554) -1,1% Total Equity (964) -0,1% For more information, Click here to consult the notes to the separated Financial Statements Conconcreto / Investments / Services/