Outline. 1. Who We Are. 2. Our Figures. 3. Backlog and Investment Portfolio. 4. Key Value Drivers. 5. Stock Information

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2 Disclaimer This document contains forward-looking statements on the intentions, expectations or forecasts of Construcciones El Cóndor S.A at the time the document was drawn up and in reference to various matters including, among others, its performance and other matters relating to the company activities and current position. These forward-looking statements or forecasts can in some cases be identified by terms such as expectation, anticipation, proposal, belief or similar, or their corresponding negatives, or by the very nature of predictions regarding strategies, plans or intentions. Such forward-looking statements or forecasts in no way constitute, by their very nature, guarantees of future performance but are conditional on the risks, uncertainties and other pertinent factors that may result in the eventual consequences differing materially from those contained in said intentions, expectations or forecasts. Construcciones El Cóndor S.A. does not undertake to publicly report on the outcome of any revision it makes of these statements to adapt them to circumstances or facts occurring subsequent to this presentation including, among others, changes in the business of the company, in its strategy for developing this business or any other possible unforeseen occurrence. The points contained in this disclaimer must be taken fully into account by all persons or entities obliged to take decisions or to draw up or to publish opinions on securities issued by the company and, in particular, by the analysts and investors reading this document. All the aforesaid persons are invited to consult the public documentation and information that Construcciones El Cóndor S.A. reports to or files with the bodies responsible for supervising the main securities markets and, in particular, with the Superintendencia Financiera de Colombia.

3 Outline 1. Who We Are 2. Our Figures 3. Backlog and Investment Portfolio 4. Key Value Drivers 5. Stock Information 6. Infrastructure Sector Performance and Where We Are

4 1. Who We Are I. The right company... Profitable and capital strength. Backlog COP $1.85 billion. Good Governance practices. Wide experience building and managing large projects. II. In the right sector... The right investment vehicle. In a sector with high growth potential in Colombia. III. At the right moment... First tender 4G. Better structured projects with limited commercial risk. Public-private partnership (PPP) projects structuring. 4

5 1. Who We Are 36 years of Experience Developing infrastructure projects in Colombia Short-term Stability COP $1.85 billion Backlog Technical Capacity We manage one of the largest fleets of equipment in Colombia Long -term Stability Infrastructure investment portfolio Human Resource Great Place to Work One of the 6 best companies to work for in Colombia Up to 500 employees Financial Strength One of the top 5 companies in the infrastructure sector with the largest volume of assets and equity in Colombia 5

6 1. Who We Are Operating Revenues 2014 COP $ million EBITDA 2014 Construction COP $ million Consolidated COP $ million Net Profit 2014 COP $ million Backlog 2014 COP $1.85 billion Total Employees employees 6

7 1. Who We Are CONSTRUCTION Experience in: Motorways Tunnels Viaducts Bridges Dams Oil Pipelines Works in concrete Mining Opencast mining Excavation of soil and rock Mass transport systems INVESTMENT Experience in: Motorway concessions Public service concessions Port concessions Energy generation projects Investments in companies related to the infrastructure sector Mining concessions Experience our investors through concessions: Financing 6 Local Bank projects totalling USD 760 million Financing of Multilateral Bank projects totalling USD 400 million 27.5 million of passengers per year 600,000 tons of cargo transported *2,550 Km of double lane roadways, equivalent to 5,100 Km/lane. Built, restored, improved or under concession. **1,450 Km of double lane roadways equivalent to 2,900 Km/lane. 7

8 1. Who We Are STRATEGIC LEVEL CHIEF CORPORATE OFFICER CHIEF EXECUTIVE OFFICER CHIEF FINANCIAL OFFICER GENERAL PROJECT MANAGER CHIEF LEGAL OFFICER GENERAL COUNSEL ORGANIZATION DEVELOPMENT MANAGER NEW BUSINESS MANAGER CORPORATE FINANCE MANAGER TACTIC LEVEL PROCESS DIRECTORS COORDINATORS CORPORATE SUPPORT CORPORATE SUPPORT 8

9 1. Who We Are Board of directors 4 Independents JUAN FELIPE GAVIRIA GUTIÉRREZ Civil Engineering degree from the National University School of Mining; specialized degrees in Statistics from the Interamerican Center for Statistics Education in Santiago, Chile, and in Applied Mathematics from the National University. Served as Rector of EAFIT University. Formerly an executive of companies such as Enka de Colombia, Integral Lda., and Conconcreto. Served as President of Inversiones Aliadas, Inversiones La Merced S.A., Acerías Paz del Río S.A., Unibán, and Empresas Públicas de Medellín. Also served as Minister of Public Works and Mayor of Medellín. Member of the Board of Directors of entities such as Banco de Colombia, Fabricato, the Medellín Chamber of Commerce, and the National Association of Industries (ANDI, by its Spanish acronym. LUIS FERNANDO PÉREZ CARDONA Economics degree from the University of Antioquia; specialized degree in International Banking in Buenos Aires, Argentina. Founder of Renting Colombia S.A., Suleasing Internacional and Sutecnología S.A. Served as executive of companies such as Corporación Financiera Suramericana S.A. and Banco Sudameris. Served as President of Leasing Bancolombia S.A. for ten years until Formerly on the Board of Directors of Renting Colombia S.A. and Imbocar Ltda. JAIRO GONZÁLEZ GÓMEZ Law degree with specialization in Commercial Law at the Pontifical Bolivarian University. Served as a lawyer at Ignacio Sanín Bernal & Cía Abogados and currently is the Vice President Secretary General of Nutresa S.A. and Director and Senior Partner at González Gómez Abogados. Also a member of the panel of Arbitrators of the Conciliation, Arbitration, and Amicable Settlement Center of the Medellín Chamber of Commerce. ÓSCAR ANTONIO ECHEVERRI RESTREPO Chemical Engineering degree from the University of Antioquia and specialized degree in the Physical Properties of Gases at the Torres Quevedo Research Centre in Madrid. Served as executive of companies such as Cadena, Ingenio Risaralda, Construcciones y Montajes de INDEGA, Procter and Gamble, and Product Supply Colombia. Served as President of Leonisa and SOMEX S.A. JOSÉ JAIRO CORREA GÓMEZ. Civil Engineering degree from the National University School of Mining. Founder and President of Construcciones El Cóndor S.A. from its founding until Past member of the Board of Directors of ACIC, Camacol Antioquia, Concession Santa Marta Paraguachón, Concession Autopista de los Llanos, Latinco, and Grupo Odinsa. ALEJANDRO CORREA RESTREPO. Holds a degree in Administrative Engineering from the Antioquia School of Engineering, with a specialization in Corporate Finance from the same university. Before working as an Investment Assistant at Grupo Cóndor Inversiones S.A., served as Real Sector Analyst, International Trader, and Business Consultant at Serfinco Comisionistas de Bolsa S.A. Currently serves as Investment Director at Construcciones El Cóndor S.A. and Manager of Concession Red Vial del Cesar. DANIEL ALBERTO VARGAS LEAL Civil Engineering degree from Escuela de Minas of Nactonal University from Medellin (1981). Co-Funder of Construcciones El Cóndor SA. He worked with the company since its founding until The last position in the company was the Commercial Manager. He has belonged to the Boards of Latinco SA, Construcciones El Cóndor SA, Red Vial del Cesar S.A. and Arqclass Ltda. 9

10 Outline 1. Who We Are 2. Our Figures 3. Backlog and Investment Portfolio 4. Key Value Drivers 5. Stock Information 6. Infrastructure Sector Performance and Where We Are

11 2. Our Figures Construction Revenues (COP Million) The average EBITDA for the last 5 years of the construction business was 18%. The current backlog is equivalent to 4,9 years of current billing 2014 The backlog as of December 31 st 2014 has a variation on the same period of 2013 due to: Revenues as of December 2014 New contracts of COP $1.24 billion EBITDA + Investments Dividends (COP Million) 40% Backlog (COP Million) ,50% 22,00% 21,50% 21,00% 20,50% 20,00% 19,50% 19,00% 18,50% 18,00% 21,89% 21,52% ,51% 19,58% EBITDA *CAGR: Compounded Annual Growth Rate Source: Construcciones El Cóndor S.A. 11

12 2. Our Figures Construction revenues per nature of work (COP Million) Construction revenues per nature of work (Year 2014) % 7% 70% Concessions Private Public Others Concessions Private Public Construction revenues per type of work (COP Million) 40% Construction revenues per type of work (Year 2014) % 9% 85% Roads Hydroelectrics Mining Others Roads Mining Airports *CAGR: Compounded Annual Growth Rate Source: Construcciones El Cóndor S.A. 12

13 2. Our Figures Considerations EBITDA margin construction business has averaged 18% over the last 5 years EBITDA (Construction), was COP $ million as of December 31 st 2014 EBITDA (Construction & Investment), was COP $ million as of December 31 st 2014 Margin Evolution % 32% 27% 27% 22% 20% 22% 21% 10% 8% 14% 17% 18% 15% 15% 12% EBITDA Margin (Construction) EBITDA Margin (Construction + Investment) Operating Margin Net Margin Fuente: Construcciones El Cóndor S.A. 13

14 Outline 1. Who We Are 2. Our Figures 3. Backlog and Investment Portfolio 4. Key Value Drivers 5. Stock Information 6. Infrastructure Sector Performance and Where We Are

15 Guajira Concesión Santa Marta - Paraguachón Magdalena Concesión Santa Marta - Paraguachón Sucre Transversal de las Américas - San Marcos Córdoba Transversal de las Américas - Montería Antioquia Transversal de las Américas - Urabá Hatovial Agregados San Javier - Medellín Túnel de Oriente Conexión Pacífico 2 y 3 Construcciones Pipelines of El Cóndor S.A. is actively involved in Colombian infrastructure plan Caldas Avenida Colón - Manizales Conexión Pacífico 3 Bogotá Aeropuerto El Dorado. Tramo del Transmilenio NQS Nariño Transversal del Sur Pasto - Tumaco Putumayo Transversal del Sur Variante San Francisco - Mocoa 15

16 3. Backlog and Investment Portfolio Backlog Balance of works hired and works to be implemented Backlog (December 2014) 931,411 Contracts Termination (-) 0 Backlog Adjustments December 2014 (-) 75,403 Operating Revenues (As of December 2014) (-) -380,337 Other Construction Revenues (As of December 2014) (-) -12,441 New Contracts (As of December 2014) (+) 1,241,247 Backlog as of December ,855,282 4,9 years Representing of sales 2014 Amounts in million COP Historical Backlog 1,855,282 1,561,468 1,298,225 1,311, , , , , , ,411 MM COP Source: Construcciones El Cóndor S.A. 16

17 3. Backlog and Investment Portfolio Backlog Structure Backlog per Type of Work Backlog per Nature of Work 15% 2% 100% Roads 83% Concession Private Public Source: Construcciones El Cóndor S.A. 17

18 0% Outline 1. Who We Are 2. Our Figures 3. Backlog and Investment Portfolio 4. Key Value Drivers 5. Stock Information 6. Infrastructure Sector Performance and Where We Are

19 4. Key Value Drivers Construction Business Focus on infrastructure Concesión La Pintada, 21,15% COP $2.489 MM* Pacífico 2 Concession 4G Investment Pacífico 3 SAS, 48% COP $ MM* Pacífico 3 Concession 4G Odinsa, 15,85% COP $ MM** A large Colombian construction and infrastructure development publicly traded company Hatovial, 21,10% COP $ MM* Concession for the development of Aburrá Norte Túnel Aburrá Oriente, 12,50% COP $5.925 MM* Concession for the connection between Valle de Aburrá and Valle de San Nicolás Transmilenio NQS, 49,98% COP $1.227 MM* Concession for the construction of two sections of the mass transit system in Bogotá Opain, 15,00% COP $ MM* Concession for the operation and construction of El Dorado Airport in Bogotá Santa Marta Paraguachón, 2,6% COP $2.684 MM* Concession for the redevelopment, rehabilitation and operation of the roadway project from Colombia to Venezuela in La Guajira Trans. de las Américas, 33,33% COP $ MM* Concession for the rehabilitation, expansion, improvement and conservation of the Transversal de las Américas roadway project (Tramo I) Red Vial del Cesar 100% COP $7.262 MM* Construction, rehabilitation and maintenance of 35.7 km of the Cesar roadway project ** Market value * Book value of equity Source: Construcciones El Cóndor S.A. 19

20 4. Key Value Drivers CONSTRUCTION BUSINESS Business perpetuity cash flow DCF and comparable multiples valuation DFC to WACC Perpetuity cash flow growth related to economic performance The Construction Business represents most of the value of the Company. ODINSA Listed in the stock exchange Value related to market value It is the main investment of the Company (15.85%) and repre sents the second component in terms of value CONCESSIONS Concessions with limited lives The operating revenues for construction services includes the construction services for the concessions Comparable multiples valuation do not work to this investments due to their limited lives 20

21 Outline 1. Who We Are 2. Our Figures 3. Backlog and Investment Portfolio 4. Key Value Drivers 5. Stock Information 6. Infrastructure Sector Performance and Where We Are

22 5. Stock Information 55% 59% Free Float Evolution April December % % Shares April % 23% 27% 22% 20% 13% 14% 14% % Shares December 2013 % Shares December % PENSION FUNDS INTERNATIONALS INDIVIDUALS CORPORATIONS Ownership Structure December % 3% 2% 12% 80% FAMILY PENSION FUNDS INTERNATIONALS INDIVIDUALS CORPORATIONS 40% Considerations Positive developments in pension funds as structural and long-term players, which gives stability to the stock price Additionally, the participation of these investors reinforces the importance of issues such as Corporate Governance. Total Shareholders as of December 31st, 2014: 587 Source: Construcciones El Cóndor S.A. 22

23 5. Stock Information Market Cap (COP Million) El Cóndor VS Colcap $ $ $ ,0% ,4% ,9% Construcciones El Cóndor COLCAP Dividend - Yield 40% 1 Annual dividends are declared based on the net income of the previous year $33,00 2,0% 1,9% 1,4% $24,40 $21,70 1,9% 1,4% Dividend Yield Considerations Since El Cóndor is a company in expansion, the yield is not very high compared to other companies. Much of the profits are capitalized in the company to leverage the long-term growth. Source: Construcciones El Cóndor S.A. 23

24 Outline 1. Who We Are 2. Our Figures 3. Backlog and Investment Portfolio 4. Key Value Drivers 5. Stock Information 6. Infrastructure Sector Performance and Where We Are

25 6. Infrastructure Sector Performance and Where We Are PPP s Private El Cóndor Cesar - Guajira Road Connection APPROVED Approval from Ministry of Finance and the National Planning Capex - estimated investment in infrastructure: $ million Share of Construcciones El Cóndor S.A.: 100% Antioquia - Bolívar Road Connection IN FEASIBILITY Pending approval of the Ministry of Finance and National Planning Capex - estimated investment in infrastructure: $1 billion Share of Construcciones El Cóndor S.A.: 100% Source: Construcciones El Cóndor S.A

26 6. Infrastructure Sector Performance and Where We Are PPP s Private El Cóndor Estructura Plural Vías del Nus - VINUS IN FEASIBILITY In structuring the feasibility stage Capex - estimated investment in infrastructure: $1 billion Share of Construcciones El Cóndor S.A.: 21% Los Llanos Highway APPROVED Approval from Ministry of Finance and the National Planning Awarded and pending contract signing Capex - estimated investment in infrastructure: $1.2 billion Share of Construcciones El Cóndor S.A.: 11% Source: Construcciones El Cóndor S.A. 2726

27 6. Infrastructure Sector Performance and Where We Are Strategic plan PROFITABLE GROWTH INFRASTRUCTURE EXPANSION CORPORATE SOCIAL RESPONSIBILITY DEVELOPMENT OF HUMAN TALENT AND INNOVATION CONSOLIDATION AND GROWTH OF INVESTMENT 27

28 6. Infrastructure Sector Performance and Where We Are Strategy for Enterprise Development Dominant Issue Construction operations that have to be integrated in a vertical form and with intensive use of equipment for masive materials movements. Focus Domestic market: to explode strenghtens and diversifications to other sectors. Internationals market: firstly infrastructure business. Target Market The business development on markets frequently evaluated to confirm its positive evolution an attractiveness for El Cóndor. Source: Construcciones El Cóndor S.A. Market -Stability political and economic. -Investor reliability and long terms perspectives of growth. Sectors -Infrastructure: roads, ports, airports, railroads and earth movements works. - Oil & Gas: pipeline and related services. - Energy: hydro power plants (small and medium size). - Water: WWTA, irrigation districts and reservoirs. - Mining. Business - Construction services (with and without equity). - Construction services + O & M. - Acquisitions (for vertical integration purpose). 28

29 Thank you Phone number: +57 (4)

30 Annexes 30

31 Annexes Under bid Second wave of concessions 4G Contract value % El Cóndor Process status Pasto - Rumichaca 2,316,127 30% In Pre-bid Santana - Mocoa - Neiva 2,969,581 30% In Bidding Popayán - Santander de Quilichao 1,702,786 25% In Bidding Autopista Magdalena 1 2,780,226 17% In Pre-bid Autopista al Mar 1 2,244,728 20% In Bidding In addition to these projects we are checking lists of other projects of second wave of 4G, not requiring prequalification process: Autopista al Mar 2: 2.3 billion Source: Construcciones El Cóndor S.A. 31