shareholders Autopistas de la Montaña, ISA s grand commitment

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1 November 2011 N 22 shareholders BULLETIN Autopistas de la Montaña, ISA s grand commitment Our shareholders ratify ISA as a company well worth investing in ISA Services for you in our Web page In 11 years, the share of ISA has appreciated 1,265% and the IGBC 1,192%. Highlights ISA and its companies In 2004, ISA listed its ADR Level I with the United States Securities and Exchange Commission Contact us Autopistas de la Montaña, ISA s grand commitment The studies for the Autopistas de la Montaña Project are a serious effort by all the parties involved that evidences ISA s commitment to contributing to the regional and national competitiveness. The Company recently presented to the Instituto Nacional de Concesiones INCO a complete report on the scope of the studies of the Autopistas de la Montaña Project, in compliance with the commitments included in the interadministrative contract signed between the two entities in January of ISA and its consultants disclosed the technical and financial structuring studies that evidence an ample, in-depth, analysis of the different areas, and allow understanding and grasping dimensions of the project adequately. This scenario proposes a configuration of the road system studied, giving answers to the country s current competitiveness needs, the project s setting geographical and geological complexity as well as current and future transport dynamics. WORK TO BE IMPLEMENTED BY STAGES The designs and structuring contained in the studies were made in an integral and modular fashion, in such a way that the different configurations adopted for the project can be developed by stages, from the simple upgrading of existing roads to the development of four-lane roads in the corridors with the largest traffic levels. From this perspective, the studies offer a solution of large dimensions, involving a total investment that might reach COP 15,560 trillion (pesos of December of 2008) for complete development of the project that would include development of the 4-lane North-South corridor (segments 2 and 4), the 2-lane Troncal a Urabá (segment 1) and the Puerto Berrío road (segment 3) involving a new 2-lane road that would add to the existing road. The project s design includes four corridors of competitiveness, two of which integrating the country from its Southern border with Ecuador to Cartagena in the Caribbean Sea, another one providing connection to Urabá, and the last one, transversely connecting the Troncal Occidental and the Troncal del Magdalena (Ruta del Sol). The project s total length designed is 760 km, BENEFITS We are committed to the implementation of this work, which both Antioquia and the Country so much need, ratified the Colombian President, Juan Manuel Santos, in Medellín, during the Acuerdo para la Prosperidad held last September 26. including 15 large tunnels exceeding one kilometer in length, and totaling 52 km, 116 small tunnels of less than one kilometer, totaling 37 km, and 703 bridges totaling around 64 km. ISA incorporated a model for selection of the project s routes, where several options were considered, from the technical, financial and economic perspectives; the latter focused on the alternative with the highest social return, in terms of shortest travel time and reduced operating costs for cargo carriers. The proposals both for corridors and new roads standards offer effective solutions of competitiveness, with shorter travel times and lower motor vehicle operating costs. These are roads with high standards when compared to the roads existing in the country, taking into account the special geographic location (mountain) as well as the project s geologic and geotechnical conditions, that call for transcendental changes in the way these infrastructure projects have been previously conceived. Along the next few months, INCO must determine the project s basic scope, the work plan and amount to be invested, while ISA will work with the Grupo Infraestructura para la Competitividad to prepare an ample disclosure plan that will inform different audiences about the scope of the studies.

2 Our shareholders ratify ISA as a company well worth investing in ISA, in joined efforts with INVAMER a nationwide market research company, carried out a survey among its shareholders in order to know their current profile and design communication strategies according to their needs and preferences. This issue features an ample compilation of this work, which involved 700 people interviewed at random by phone in the cities of Medellin, Bogota, Cali, Barranquilla, Bucaramanga and other small ones of Colombia. We are pleased to present to you the main findings and conclusions of this research: WHO THEY ARE Our shareholders are essentially adults with 76% over 45 years old. 54% are over 55 years old, 22% are between 45 and 54, and only 3% of them are between 18 and 24 years old. ISA s public listing process made shareholding more democratic: 60% or ISA shareholders are in social-economic brackets 3 y 4, with bracket 3 predominating in almost all cities; 3% of our shareholders are in bracket 1, while 17% are in bracket 2. Bucaramanga is the city with the most shareholders in bracket 4 (53%), while Barranquilla and Medellin are the cities with the most people in bracket 6, with 16% and 15%, respectively. Half our shareholders are married (49%), and almost half of them are women (49%). 51% have professional studies: 31% college studies, 20% have graduate and master s studies, and 14% are technicians and/or technologists. 51% work independently, 25% have a job, 23% are retired, and around 21% of them are homemakers. Continue

3 Our shareholders ratify ISA as a company well worth investing in surveyed shareholders read on average 2.56% newspapers and magazines per week. The total number of shareholders surveyed use a computer an average 3.64 times per week, with an average internet use of 3.35 times per week. Barranquilla (56%), Cali (52%), Bogotá and Medellín (50%). 53% never interact in chats or social networks. 79% of shareholders log on from their homes. They also log on from work, internet cafés, and free public access places. SHAREHOLDERS WITH A HISTORY Our shareholders are a stakeholder group with a history within our Company and with loyalty toward the stock. To the question In what year did you purchase your ISA shares?, 50% answered in the year 2000, 24% in the year 2002, 5% in 2007 and 4% in ISA, A COMPANY TO INVESTIN 99% consider ISA to be an interesting company worth investing in, whereas 1% do not think so, on the grounds of appreciation and return. In Medellín and Bucaramanga, 100% of shareholders interviewed are very satisfied with both their investment and the Company. Growth, soundness and international projection are ISA s most outstanding attributes among our shareholders. TECHNOLOGY AND MASS MEDIA As to technology use, 62% of shareholders report not having ever used I Pad/ MP3/ or MP4 systems. 32% read digital newspapers/magazines every day, while 31% do so at least once per week. Barranquilla and Bucaramanga show the highest percentages with contacts with these media at 38% and 36%, respectively. Hundred percent of 83% of our shareholders are exposed to TV on a regular basis, followed by newspapers, radio, internet and magazines. ABOUT ISA s PUBLICATIONS As to publications sent to them by ISA (shareholders newsletter, news and financial results, among others), 94% would like to go on receiving the publications, more often. Topics regarding the Company that interest them most are related to the stock, its internationalization strategy, relevant facts and news, financial results, the road concessions business, corporate governance, and CSR. 82% of respondents have never visited ISA s webpage, 15% have, and the remaining 3% do not know it. Ampler information and communication are the main suggestions from ISA s shareholders, regarding the services it renders them: 28% want more information, 8% more services and attention, and 5% more communication.

4 ISA Services for you in our Web page Through its Web page investors section, ISA offers timely, constant and secure information. The page is a very helpful instrument offering the stock s daily quote and special services to download account statements, documents, etc. View the stock s daily market quote online. Source BVC View Financial Results Use our new services for producing account statements and income tax certificates (only in Spanish) Shareholders information section YOU CAN ALSO ACCESS: Quarterly and annual financial results Relevant facts Shareholding Dividends FAQs Shareholder s data updating Contact Us In 11 years, the share of ISA has appreciated 1,265% and the IGBC 1,192%. As a result of the four issuances, the flouting shares has an important 31.43% shareholding participation in ISA. Share Points Market capitalization as of September 30, 2011 (COP MM): 12,849,064 ISA calculations

5 Highlights ISA and its companies MAY 11, 2011 AUGUST 10, 2011 XM, ISA s subsidiary, incorporated Sistemas Inteligentes en Red S.A.S., a new company that will be in charge of planning, design, optimization, commissioning, operation, administration of goods and services markets requiring the development of information systems and technological platforms that involve value added information exchange. SEPTEMBER 9, 2011 Through CTEEP, ISA won two lots in the transmission auction conducted by Agência Nacional de Energía Elétrica (Brazilian National Agency of Electric Energy) and BM&F Bovespa of Sao Paulo, to develop three substations and four transmission lines. Winning such auction is very important because it will permit ISA to enter into two new states in Brazil, Paraíba and Pernambuco, completing 14 states where it can operate.. ISA presented in Santiago de Chile the road concession and telecommunications business through which it formalized its entrance to this country in the search of new growth opportunities. Government officials, politicians, representatives of the financial and infrastructure sectors, industry associations and the media, as well as executives and associates of ISA companies in Chile, attended the event. MAY 18, 2011 ISA won the public bidding convened by the Mining and Energy Planning Unit UPME to interconnect ISAGEN s Sogamoso hydroelectric power plant (Santander province) to the National Transmission System. This new work, to be commissioned on June 30, 2013, will mean USD 4.8 million annual revenues (US Dollars of December 31, 2010) for ISA. JUNE 8, 2011 Through its companies in Peru, ISA put into operation the first work at 500 kv in the country: the Chilca-La Planicie-Zapallal project with USD 138 million investment and 90 km of 500 kv lines, 200 km of 220 kv circuits convertible to 500 kv, and three substations. AUGUST 10, 2011 The Company submitted to INCO the technical and financial structuring studies for the Autopistas de la Montaña project; the deep and extensive analysis will permit to understand and correctly size up the project. The proposals offer effective and competitive solutions since they are works with higher standards than those currently existing in the country. SEPTEMBER 29, 2011 Jorge Hernán Cárdenas Santa María tendered his resignation to his position as alternate member of the Board of Directors of ISA. His resignation obeys to the coming, as principal board member, of his brother Mauricio Cárdenas Santa María, in his capacity as new Minister of Mines and Energy. OCTOBER 3, 2011 ISA, parent company, rated over 100 in the survey of transparency policies and mechanisms conducted this year by the Corporación Transparencia por Colombia, national chapter of Transparency International. This score put ISA in fifth place among the 24 utilities voluntarily participating in the survey, an important position considering that it is the first time that the Company undergoes evaluation in this survey, which reached this year its fourth edition in the country.

6 In 2004, ISA listed its ADR Level I with the United States Securities and Exchange Commission WHAT IS ADR? American Depositary Receipt ADR is a United States negotiable instrument representing one or more shares of a company located outside the USA. One ADR of ISA represents 25 common shares 1:25.. WHAT IS LEVEL 1? It is an ADR category applicable to companies that comply with the accounting and stock-market regulations of the market of incorporation. ISA complies with the rules and regulations applicable to Colombian companies listed on the Bolsa de Valores de Colombia. In the United States, ADRs Level 1 can be traded in the Over-the-Counter OTC markets and may be purchased only by qualified investors. WHAT IS THE IDENTIFICATION OF THE ADR OF ISA? Each ADR is identified by a name or symbol. The identification of the ADR of ISA is IESFY. HOW ARE ADRS BOUGHT AND SOLD? ADRs are bought and sold through brokers in the United States. For selling or cancelling ADRs, brokers contact the Depositary Bank that is sponsoring ISA stock, who in turn orders the sale of the equivalent shares in the local market (BVC). For purchasing ADRs, the US broker orders the purchase in the local market of the equivalent shares; ADRs are delivered by the Depositary Bank after putting the shares purchased under the Local Custodian s custody. Through the OTCQX platform, authorized brokers can also place their quotes for purchasing and selling ISA ADRs directly among them, bypassing the depositary bank. ( CONTACT US Colombia Toll-Free line for shareholder attention In Medellín, Colombia: Fax: accionesisa@isa.com.co. Shareholder attention offices: Calle 12 Sur N ISA. Bloque 3 - Piso 2 Tel: Fax: El Poblado, Medellín - Colombia - Suramérica Carrera 48 No Torre Sur, Piso MAvenida Los Industriales, Barrio Colombia Tel: / 52. Fax: El Poblado, Medellín - Colombia South America Calle 31 Nº 6-39 Piso 19, Edificio San Martín Tel: Fax: Bogotá - Colombia South America. Correspondence offices: ISA has seven offices in different cities to receive communications at no cost for the shareholder. See Web page: investors section / shareholders information / attention centers. Remember Next dividend payment: January 27, 2012 Uncollected dividends do not earn any return or interest. Collect them promptly.