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 $3.05 billion*. *Backlog as of September, 2015 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... 6 projects awarded 4G (2 public and 4 private) 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 Technical Capacity We manage one of the largest fleets of equipment in Colombia Human Resource Great Place to Work One of the 5 best companies to work for in Colombia More than 500 employees Short-term Stability * COP $3.05 billion Backlog *As of September de 2015 Long -term Stability Infrastructure investment portfolio Financial Strength One of the top 10 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 COP $ million Consolidated COP $ million Net Profit 2014 COP $ million Backlog 2014 COP $1.85 billion Total Employees employees Figures under COLGAAP 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 Airport 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 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. 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. Professional Experience: 35 years Professional Experience: 29 years Professional Experience: 27 years Professional Experience: 39 years 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. 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. 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 Corporate Finance Manager at Construcciones El Cóndor S.A. and Manager of Concession Red Vial del Cesar. First generation First generation Second generation 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 Revenues (COP Million) CAGR* ,69% The average EBITDA for the last 5 years of the construction business was 18%. The current backlog is equivalent to 5,6 years of current billing 2014 The backlog as of September 30, 2015 has a variation on the same period of 2014 due to: Revenues New contracts of COP $ million 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 Q3-15 *CAGR: Compounded Annual Growth Rate 11

12 2. Our Figures revenues per nature of work (COP Million) revenues per nature of work (Year 2014) % 7% 70% Concessions Private Public Others Concessions Private Public revenues per type of work (COP Million) 40% revenues per type of work (Year 2014) % 9% 85% Roads Hydroelectrics Mining Others Roads Mining Airports 12

13 2. Our Figures Considerations EBITDA margin construction business has averaged 18% over the last 5 years EBITDA (), was COP $ million as of December 31 st 2014 EBITDA ( & 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 () EBITDA Margin ( + Investment) Operating Margin Net Margin 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 La Guajira Santa Marta - Paraguachón Concession Cesar - Guajira Concession Magdalena Santa Marta - Paraguachón Concession Cesar Cesar - Guajira Concession Cesar Grupo 3 Bolívar Ruta al Mar Concession Sucre Transversal de las Américas - San Marcos Ruta al Mar Concession Córdoba Transversal de las Américas - Montería Ruta al Mar Concession Antioquia Transversal de las Américas - Urabá Caucheras Hatovial Vías del Nus Concession Agregados San Javier - Medellín Túnel de Oriente Conexión Pacífico 2 y 3 Ruta al Mar Concession Caldas Avenida Colón - Manizales Conexión Pacífico 3 Bogotá El Dorado Airport Tramo del Transmilenio NQS Meta Los Llanos Concession Nariño Transversal del Sur Pasto - Tumaco Putumayo Transversal del Sur Variante San Francisco - Mocoa Pipelines of Construcciones El Cóndor is actively involved in Colombian infrastructure plan 15

16 3. Backlog and Investment Portfolio Backlog Balance of works hired and works to be implemented BACKLOG (December 2014) CONTRACTS TERMINATION BACKLOG ADJUSTMENT (As of September 2015) OPERATING REVENUES (As of September 2015)* OTHER REVENUES (As of September 2015) NEW CONTRACTS (As of September 2015) TOTAL BACKLOG (As of September 2015) * Adjusted operating revenues: dividends and other revenues unassociate with the backlog is discounted Amounts in MM COP Historical Backlog (98.875) ,6 years of 2014 revenues Q3-15 Amounts in MM COP 16

17 3. Backlog and Investment Portfolio Backlog Structure Backlog per type of work 1% Backlog per nature of work 2% 7% 99% 91% Roads Airports Concession Public Private 17

18 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 Río Aures Hydropower 15,83% COP $$1.153 MM* Hydropower (Antioquia) Book Value Portfolio approx. $ MM Industrias Selma 49,75% COP $3.219 MM* Investment thermal power plant (Panamá) Pacífico 3 SAS 48% COP $ MM* Pacífico 3 Concession 4G Cesar Guajira Concession, 100% Pending transfer approx. $ MM PPP Cesar - Guajira Concession Los Llanos Concession, 11% COP $ MM* PPP Malla Vial del Meta Concession Transmilenio Carrera 7 SC SAS 30% COP $15 MM* La Pintada Concession 21,15% COP $4.482 MM* Pacífico 2 Concession 4G Consorcio Minero del Cesar SAS 29,40% COP $ MM* Coal mine (Cesar) Constructora Túnel de Oriente 12,70% COP $2.629 MM* Tunnel construction (Antioquia) Transmilenio del Sur 50% COP $440 MM* Odinsa 10,41% COP $ MM** A large Colombian construction and infrastructure development publicly traded company Hatovial 21,11% COP $ MM* Concession for the development of Aburrá Norte Túnel Aburrá Oriente 12,51% COP $5.673 MM* Concession for the connection between Valle de Aburrá and Valle de San Nicolás Transmilenio NQS 50% COP $502 MM* Concession for the construction of two sections of the mass transit system in Bogotá Opain 15% COP $ MM* Concession for the operation and construction of El Dorado Airport in Bogotá Santa Marta Paraguachón 2,97% COP $2.484 MM* Concession for the redevelopment, rehabilitation and operation of the roadway project from Colombia to Venezuela in La Guajira Vías de las Américas SAS 66% COP $ MM* Concession for construction of a road to unite Panamá and Colombia with Venezuela (Section I) Red Vial del Cesar 94,89% COP $5.347 MM*, rehabilitation and maintenance of 35.7 km of the Cesar roadway project ** Market value * Book value of equity Amounts as of June,

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 Business represents most of the value of the Company. ODINSA Listed in the stock exchange Value related to market value It is a major investment for the company (10. 41%). 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% 62% Free Float Evolution April September 2015 % Shares April % % Shares December % 23% 3% 27% 20% 22% 13% 14% 14% 9% 11% 17,65% % Shares December 2014 % Shares September 2015 PENSION FUNDS INTERNATIONALS INDIVIDUALS CORPORATIONS Ownership Structure September % 2% 4% 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 September 30, 2015:

23 5. Stock Information Market Cap (COP Million) El Cóndor VS Colcap ,9% 1,4% Construcciones El Cóndor COLCAP Q Annual dividends are declared based on the net income of the previous year Dividend - Yield $36 $33 3,27% $24 $22 2,00% 1,88% 1,37% 1,9% Q % 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. Dividend per share Yield 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 Autopista Conexión Pacífico 2 (21%) Capex (infrastructure investment): $1.03 billion COP of December 2013 UF Place La Pintada - Puente Iglesias Puente Iglesias - Start Tunnel Túnel Mulatos End Tunnel - Bolombolo La Pintada - Primavera Length (Km) 18,3 19,8 2,5 3,2 54 Planned intervention Refurbish, operation and maintenance ANTIOQUIA Medellín Primavera Bolombolo La Pintada Planned intervention Refurbish Length approx. (Km) 43,7 54 Milestones: May 22/14 Constract signing November 11/14 Acta de inicio signing 25

26 6. Infrastructure Sector Performance and Where We Are Autopista Conexión Pacífico 3 (48%) Capex (infrastructure investment): $1.8 billion COP of December 2013 UF Place La Virginia - Asia Variante Tesalia Tres Puertas - Irra Variante La Manuela Irra - La Felisa La Felisa - La Pintada Length (Km) 30,1 23,8 31,6 14,5 46,2 Planned intervention Improvement Improvement Improvement Improvement La Pintada La Virginia ANTIOQUIA RISARALDA CALDAS La Manuela Manizales Planned intervention Improvement Length approx. (Km) 23,8 122,4 Milestones: July 15/14 Constract signing November 4/14 Acta de inicio signing August/15 - Financial closure 26

27 6. Infrastructure Sector Performance and Where We Are PPP Private Cesar - Guajira Concession S.A.S. (100%) LA GUAJIRA Capex (infrastructure investment): $ million COP of December 2013 Valledupar Cuestecitas UF Place San Roque - Becerril Becerril - La Paz Valledupar - La Paz - El Molino Valledupar - San Juan del Cesar Length (Km) 57,5 81,9 45,2 52 Planned intervention Refurbish Refurbish Refurbish Refurbish, operation and maintenance CESAR El Molino - Distracción Distracción - Cuestecitas Valledupar - San Diego 39,9 59,6 14,2 Refurbish Refurbish San Roque Planned intervention Refurbish Operation and maintenance Length approx. (Km) 322, ,2 Milestones: June 30/15 Constract signing August 12/15 Acta de inicio signing 27

28 6. Infrastructure Sector Performance and Where We Are PPP Private Los Llanos Concession S.A.S. (11%) Capex (infrastructure investment): $1.2 billion COP of December 2013 Villavicencio Granada META UF Place Villavicencio - Granada Villavicencio - Granada Villavicencio - Granada Anillo vial Villavicencio Anillo vial Villavicencio Villavicencio - Puerto López Puerto López - Puerto Gaitán Puerto López - Puerto Gaitán Puerto Gaitán - Puente Arimena Puerto Gaitán - Puente Arimena Length (Km) 39,9 23,9 9 6,3 6 77, ,6 24,7 23 Puerto Gaitán - Puente Arimena 21,6 Planned intervention Refurbish Improvement Length approx. (Km) 232,4 71,2 50,4 Milestones: May 5/15 Constract signing June 6/15 Acta de inicio signing 28

29 6. Infrastructure Sector Performance and Where We Are Montería CÓRDOBA ANTIOQUIA Cruz del Viso SUCRE BOLÍVAR Caucasia UF Place Caucasia - Planeta Rica Segunda calzada Cereté - Lorica Variante Planeta Rica y Cereté El 15 - San Carlos - Cereté Planeta Rica - Montería - Segunda calzada El 15 - Montería Puerto Rey - Montería - Santa Lucía - San Pelayo Cereté - Lorica - Coveñas - Tolú Variante Lorica y Coveñas a Ciénaga Tolú - Pita Abajo - El Pueblito 8 Tolú - Tolú Viejo El Pueblito - San Onofre - Cruz del Viso PPP Private Ruta al Mar Concession S.A.S. (100%) Length (Km) 60,3 37,5 41,1 64, ,1 53,1 Planned intervention Improvement Américas receives Contract value: $2.7 billion COP of January 2014 Planned intervention Improvement Improvement and construction Américas receives Américas receives Improvement 87 Improvement Length approx. (Km) 225,9 112,2 154,5 Milestones: October 14/15 Constract signing November 27/15 Acta de inicio signing 29

30 6. Infrastructure Sector Performance and Where We Are PPP Private Vías del Nus Concession S.A.S. (21%) Contract value: $2.4 billion COP of December 2013 UF Place Pradera - Porcesito Porcesito - Start Túnel de la Quiebra Túnel de la Quiebra Variante Cisneros Range received concession contract 97-CO (Hatovial) Length (Km) 9,5 5,1 4,1 5,5 97,5 Planned intervention Operation and maintenance Bello Medellín Altos de Dolores Planned intervention Operation and maintenance Length approx. (Km) 97,5 24,2 ANTIOQUIA Milestones: January 26/15 Constract signing 30

31 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 31

32 6. Infrastructure Sector Performance and Where We Are Strategy for Enterprise Development Dominant Issue 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. 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 - services (with and without equity). - services + O & M. - Acquisitions (for vertical integration purpose). 32

33 Annexes Results for the third quarter 2015 (IFRS) Financial Statements Operating Revenues COP $ million EBITDA COP $ million Consolidated COP $ million Operating Profit COP $ million Operating Margin 40,5% Backlog Q COP $3.05 billion Net Profit COP $ million Net Margin 32,5% 33

34 Thank you Phone number: +57 (4)