This presentation may contain projections or other forward-looking statements related to ICA that reflect ICA s current expectations or beliefs

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Paula West
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2 This presentation may contain projections or other forward-looking statements related to ICA that reflect ICA s current expectations or beliefs concerning future events. Such forward-looking statements are subject to various risks and uncertainties and may differ materially from actual results or events due to important factors such as changes in general economic, business or political or other conditions in Mexico, Latin America or elsewhere, changes in capital markets in general that may affect policies or attitudes towards lending to Mexico or Mexican companies, changes in tax and other laws affecting ICA s businesses, increased costs, unanticipated increases in financing and other costs or the inability to obtain additional debt or equity financing on attractive terms and other factors set forth in ICA s most recent filing on Form 20-F and in any filing or submission ICA has made with the SEC subsequent to its most recent filing on Form 20-F. All forward-looking statements are based on information available to ICA on the date hereof, and ICA assumes no obligation to update such statements

Highlights Revenue and EBITDA Revenue decreased 3% vs 3Q14 Adj. EBITDA decreased 12% vs 3Q14 Adj. EBITDA margin 15.5% (vs 17.

30,588 ICA Fluor: 25,629 (13,070 for ICA) Other: 4,959 (1,682 for ICA) Debt and Leverage Debt grew 8% vs Dec 2014 Net debt grew 9% vs Dec 2014 53% 47% Net Debt / Adj. EBITDA of 8.9x (vs 7.

2013 2014 3Q15 LTM Revenues Concessions 2011 2012 2013 2014 3Q15 LTM Revenues 34,259 38,122 14% 15% 3,781 5,090 15% 10% 5,090 3,742 2,254 2,402 65% 1,466 31% 743 29,556 10% 16% 3,742 4,735 3,965 55%

2012 2013 2014 sep-15 Other JVs** Industrial * Mining Civil Months 35,319 3,175 7,115-50,404 25,029 27,187 11 11 6,756 41,977 636 8,296 4,983 5,700 8,166 30,658 63,295 2,245 18,986 5,108 56,072 1,682

3 Highlights Revenue and EBITDA Revenue decreased 3% vs 3Q14 Adj. EBITDA decreased 12% vs 3Q14 Adj. EBITDA margin 15.5% (vs 17.2% in 3Q14) Revenue 71% 14% 15% Construction Concessions Airports Backlog Comprehensive Backlog 56,072 Civil Construction: 35,031 Mining and other services: 6,289 Non-consolidated affiliates and JVs: 30,588 ICA Fluor: 25,629 (13,070 for ICA) Other: 4,959 (1,682 for ICA) Debt and Leverage Debt grew 8% vs Dec 2014 Net debt grew 9% vs Dec % 47% Net Debt / Adj. EBITDA of 8.9x (vs 7.6x in Dec 2014) Consolidated Q15 LTM Revenues Concessions Q15 LTM Revenues 34,259 38,122 14% 15% 3,781 5,090 15% 10% 5,090 3,742 2,254 2,402 65% 1,466 31% ,556 10% 16% 3,742 4,735 3,965 55% 2,167 35,658 35,532 16% 17% 4,735 6,138 4,816 4,734 50% 2,402 16% 16.7% 5,765 6,138 55% 2,614 Comprehensive Backlog sep-15 Other JVs** Industrial * Mining Civil Months 35,319 3,175 7,115-50,404 25,029 27, ,756 41, ,296 4,983 5,700 8,166 30,658 63,295 2,245 18,986 5,108 56,072 1,682 13,070 6,289 36,957 35, Construction Q15 LTM Revenues 27,169 8% 2,289 30,458 6% 1,847 21,744 7% 1,596 25,868 25,289 8% 2,085 4% 1,095 Airports Q15 LTM Revenues 2,776 39% 1,077 3,098 44% 1,368 3,420 41% 1,395 3,770 47% 1,790 4,219 49% 2,050 Debt and Leverage sep-15 Corporate + Other Airports Concessions Construction ND/Adj. EBITDA 46,081 46,791 10,082 14,598 1,930 2,980 15,210 18,795 18, ,572 12,865 3,103 53,779 23,706 4,818 57,929 25,545 4,834 14,196 18,793 20,704 10,419 8,407 6,462 6,

2014 3Q15 LTM Revenues 27,169 8% 2,289 30,458 6% 1,847 21,744 7% 1,596 25,868 25,289

6% 7% 8% 4% Debt 18,858 10,419 8,407 6,462 6,846 Cash 1,255 2,081 1,136 1,679 1,051

2012 2013 2014 sep-15 63,295 Other JVs** Industrial * Mining Civil Months 2,245

3,175 5,700 8,166 7,115-36,957 35,031 30,658 25,029 27,187 20 18 20 11 11 PEMEX

4 Construction Q15 LTM Debt Q15 LTM Revenues 27,169 8% 2,289 30,458 6% 1,847 21,744 7% 1,596 25,868 25,289 8% 2,085 4% 1,095 Debt Net Debt / Adjusted EBITDA 18, ,419 8, , , Revenues 27,169 30,458 21,744 25,868 25,289 2,289 1,847 1,596 2,085 1,095 margin 8% 6% 7% 8% 4% Debt 18,858 10,419 8,407 6,462 6,846 Cash 1,255 2,081 1,136 1,679 1,051 Net Debt 17,603 8,337 7,271 4,783 5,795 Comprehensive Backlog sep-15 63,295 Other JVs** Industrial * Mining Civil Months 2,245 56,072 50,404 1,682 18,986 6,756 41,977 13, ,319 8,296 4,983 5,108 6,289 3,175 5,700 8,166 7,115-36,957 35,031 30,658 25,029 27, PEMEX 18,965 74% Private 6,664 26% Government 31,178 89% Private 3,853 11% Lump-sum 16,815 48% Unit Prices 15,414 44% Mixed 2,452 7% Abroad 6,656 19% México 28,375 81% * Corresponds to ICA s participation in ICA Fluor ** Corresponds to ICA s participation in other non-consolidated affiliates and JV s

Industrial Construction. 2011. 2012. 2013. 2014 3Q15 LTM Backlog. 2011. 2012. 2013. 2014. sep-15 37,971 21,140 Revenues 10,397 8% 856 12,998 5% 686 10,115 6% 656 12,256 7% 896 8% 1,600 Backlog Months of execution 14,230 16,591 16.

5 Industrial Construction Q15 LTM Backlog sep-15 37,971 21,140 Revenues 10,397 8% ,998 5% ,115 6% ,256 7% 896 8% 1,600 Backlog Months of execution 14,230 16, , , Revenues 10,397 12,998 10,115 12,256 21, ,600 margin 8% 5% 6% 7% 8% Backlog 14,230 16,591 9,966 37,971 25,629 Months of execution Joint Venture between ICA (51%) and Fluor Corporation (49%). 21 years of operations and over 140 projects executed. Involved in full project life cycle: FEED, Engineering, Procurement, Module Fabrication, Construction, Startup, Operation and Maintenance. Main Projects: Total contract Estimated terminatio Currency PEMEX Related Experience Since 1997, ICA Fluor has completed 59 projects improving the operating conditions of various refineries located across 10 Mexican regions. Off-shore platforms, sulfur recovery units, and cryogenic plants are some of the principal projects ICA Fluor has executed. Coker Plant, Hidalgo $ 20,884 2Q18 MXP/USD Los Ramones Sur Gas Pipeline $ 11,755 3Q16 USD Revamp of vinyl plant PVC $ 2,598 2Q16 MXP/USD

6 Concessions Q15 LTM Debt Q15 LTM 4,816 4,734 Revenues 2,254 2,402 65% 1,466 31% 743 3,965 55% 2,167 50% 2,402 55% 2,614 Debt Net Debt / Adjusted EBITDA 15, , , ,793 20, Revenues 2,254 2,402 3,965 4,816 4,734 1, ,167 2,402 2,614 margin 65% 31% 55% 50% 55% Debt 15,210 18,795 14,196 18,793 20,704 Cash 6,662 2,301 2,168 2,264 2,941 Net Debt 8,549 16,494 12,028 16,529 17,763 TUCA MAYAB LIPSA ICASAL ANESA AUNETI MITLA DIPESA TUCA2 AQSA SAQSA AQUOS RENOVA MTY VI PAPAGOS SARRE Reynosa Invested (as of 3Q15) Total (estimated) To be invested (estimated) Concessions (25 years remaining) Asset Revenue Equity Other Total Equity Other Total Equity Other Total % ICA Equity 3Q15 LTM Highways Toll , , Highways Toll 1,019 4,911 5,930 1,019 4,911 5, Highways Toll 1,287 1,460 2,747 1,287 1,460 2, Highways Toll + PPP 1,888 4,139 6,027 1,888 4,139 6, Highways Toll 3,321 2,876 6,197 3,321 2,876 6, Highways Toll + PPP 2,600 6,309 8,909 2,600 6,309 8, Highways Toll + PPP 1,942 2,004 3,946 3,757 7,900 11,657 1,815 5,896 7, ,089 Highways Toll 1, ,879 2,304 3,780 6, ,857 3, Highways Toll ,015 2, ,509 2, Highways Toll 3,243 2,344 5,587 4,103 5,450 9, ,106 3, Water PPP 1, ,108 1, , Water PPP , , Water PPP 432 1,416 1, ,416 1, Water PPP ,202 8,808 11,010 2,202 8,808 11, Social Infra PPP 2,039 4,350 6,389 2,039 4,350 6, Social Infra PPP 1,927 4,598 6,525 1,927 4,598 6, Energy PPP ,410 2, ,410 1, Operating Service Adj. EBITDA NA NA Total: 25,380 37,997 63,377 31,839 61,583 93,422 6,459 23,586 30,045 3,905 4,622 NOTES: 1) Conforms the consolidated Operating (cash EBITDA)

2014 3Q15 LTM Revenues 2,776 39% 1,077 3,098 44% 1,368 3,420 41% 1,395

2,050 margin 39% 44% 41% 47% 49% Debt 1,930 2,980 3,103 4,818 4,834

2,429 Distributions 2010 2011 2012 2013 2015 Metropolitan 1,200 1,200

7 Airports Q15 LTM Debt Q15 LTM Revenues 2,776 39% 1,077 3,098 44% 1,368 3,420 41% 1,395 3,770 47% 1,790 4,219 49% 2,050 Debt Net Debt / Adjusted EBITDA 4,818 4,834 2,980 3,103 1, Revenues 2,776 3,098 3,420 3,770 4,219 1,077 1,368 1,395 1,790 2,050 margin 39% 44% 41% 47% 49% Debt 1,930 2,980 3,103 4,818 4,834 Cash 534 1,248 1,550 2,810 2,405 Net Debt 1,396 1,732 1,553 2,008 2,429 Distributions Metropolitan 1,200 1,200 1,200 Border Cities Tourist Regional ICA Public Dividends Reimbursements - - 1,200 1,200 1,200 Total ,200 1,200 1,200

9 FX Impact and Debt Reduction 2,607 2,501 4,242 3, Construction Concessions Airports Corp & Other Total (307) (717) (123) (1,552) (2,699) FX impact Debt Reduction New Debt

Total 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y & + Construction 6,846 3,821 1,455 1,461 101 7 - - - - - Concessions 20,704 477 522 2,381 523 612 741 889 1,014 2,765 10,781 Airports

10 Total 1Y 2Y 3Y 4Y 5Y 6Y 7Y 8Y 9Y 10Y & + Construction 6,846 3,821 1,455 1, Concessions 20, , ,014 2,765 10,781 Airports 4, ,025-1, Corporate + Other 25, , , ,587 - Debt 57,929 5,184 5,473 4,441 1, , ,575 14,352 10,781

129,424 Cancún Tulúm highway (130 km) Mexico City SW Bypass (89 km) Express Connector, Aut.

Inglaterra (23 km) Bypass Atlixco - San Martín Texmelucan A-4 (114 kms) General Drainage

Desalination plant in La Paz, Baja California New Mexico City Airport Military Air base and

Project Paso de la Reina - 540 MW in Oaxaca Salina Cruz Marine Terminal Breakwater Isla de

Catarina Apodaca suburban train Tehuantepec Isthmus corridor Chalco - La Paz - Constitución

Panamá - Río Hato highway, Tranche 1 Costanera Panamá - Río Hato highway, Tranche 2 Don

Potable water system (Panama) Children s Hospital (Panama) Hospital "Dr.

12 International Mexico Amounts in Ps. million Highways Water Social Energy Ports Trains 105,596 64, , ,052 13, ,424 Cancún Tulúm highway (130 km) Mexico City SW Bypass (89 km) Express Connector, Aut. Zapotlanejo - Av. Inglaterra (23 km) Bypass Atlixco - San Martín Texmelucan A-4 (114 kms) General Drainage for the Valley of Mexico Río de los Remedios regulating reservoir Cotaxtla Aqueduct Desalination plant in La Paz, Baja California New Mexico City Airport Military Air base and Air Force School Commercial and business complex, Espacio Condesa Naranjal Hydroelectric Project (301.3 MW - 2 X 150 MW) Nuevo Guerrero Hydroelectric Project (900 KW) in Guerrero Hydroelectric Project Paso de la Reina MW in Oaxaca Salina Cruz Marine Terminal Breakwater Isla de la Palma Platform in Michoacan Monterrey Sta. Catarina Apodaca suburban train Tehuantepec Isthmus corridor Chalco - La Paz - Constitución 1917 Suburban train Total: 591, ,490 13,434 60, ,423 19, ,823 Costanera Panamá - Río Hato highway, Tranche 1 Costanera Panamá - Río Hato highway, Tranche 2 Don Matías Caucasia (Colombia) Water package 1-Potable water system (Panama) Water Package 2 Potable water system (Panama) Children s Hospital (Panama) Hospital "Dr. Rafael Ángel Calderón Guardia (Costa Rica) Conventions center (Panama) Porvenir II (Colombia) Diquis hydroelectric project (Costa Rica) Energía de Centrales Hidroelectricas (Peru) AMEGA Port Terminal (Costa Rica) San Juan de Marcona Port Terminal (Peru) JAPDEVA Puesto 5/7 Port (Costa Rica) Bogotá Metro Santiago- V Región rail corridor (Chile) Medellin monorail (Colombia) Total: 647,481

13 Refining Offshore Power Modularization 46,750 Tula Reconfiguration - New Plants Tula Reconfiguration - Offsites, utilities & integration. Package 4A 33,235 Homol-A Process Center CA-KU-A1 Compression Platform PB-KU-H2 Production Platform 70,431 Texas - Tuxpan (subsea), 800km CC San Luis Potosi, 790MW (OPF) CC Tamazunchale 1,350MW 17,776 BG Lake Charles Liquefaction Project Modules Annova LNG Brownsville Project Modules Fabrication Pipelines Mining & Metals Gas Processing 90,525 La Laguna- Aguascalientes (central) Pipeline, 600km Texas - Tuxpan (subsea), 800km 37,060 94,860 Peñasquito Pyrite Leach Metates Gold Project Peñasquito Tailings Expansion LNG Liquefaction Terminal for LNG export Natural Gas Supply to Baja California Sur Total: 390,637

14 2016 Budget The budget adopted a new methodology for prioritizing projects based on feasibility and social and economic impact. The budget also seeks to increase private sector investment through: - Long Term Productive Infrastructure Projects - Public-Private Partnerships Total capital spending of Ps billion 20% of total budget. FIBRA E Newly authorized financial instruments that will enable investors to participate in infrastructure and energy projects, increasing the capital available for financing investments. New Mexico City Airport During the first half of 2016, the main infrastructure works will be bid. Starting the second half of the year, the works that will make the airport operational will be bid.

15 New on-shore and off-shore production & processing infrastructure Refurbishing and/or revamping of existing infrastructure New players in the domestic O&G sector (access to NOC s, IOC s and/or oilfield services companies) Implementation of maintenance and integrity programs New contracting frameworks and negotiation strategies Pemex alliances: upstream, downstream, midstream and petrochemicals

16 19,200 - Mexico Toluca Train - Guadalajara Electric Train - Metro Line 9 Tacubaya Observatorio - Metro Line A Chalco La Paz 3,800 - Veracruz port expansion - Isla del Carmen port 9,700 - New Mexico City Airport - Water projects for NAICM 21,900 - Modernization of Palenque San Cristobal highway - Modernization of the second beltway for Gomez Palacio-Torreon 6,500 - Eastern Outlet Tunnel - Third aqueduct for the Cutzamala system 1,400 - Water management project in Tabasco 3,600 - Santa Maria dam - Centenario Canal Source: SHCP, Expenditure Budget for ,900 - Mexico City General Hospital, Heart and Lung Unit - New tower for the Cancer Institute

17 For more information please contact: Elena Garcia Gabriela Orozco +(5255) x 3608 Gabriel de la Concha gabriel.delaconcha@ica.mx Chief Financial Officer In the US: Daniel Wilson +(1212) dbwilson@zemi.com

Consolidated Q15LTM 38,122 35,658 35,798 34,259 29,556 17% 6,138 15% 5,090 10% 3,742 16% 4,735

Consolidated Q15LTM 38,122 35,658 35,798 34,259 29,556 17% 6,138 15% 5,090 10% 3,742 16% 4,735 73% Revenue 14% 13% Construction Concessions Airports 8% 42% 50% Consolidated 2011 2012 2013 2014 2Q15LTM Backlog 2011 2012 2013 2014 2Q15 LTM Civil Mining Industrial * Other JVs Months 34,259 35,319 25,029