August 9, 2017

1S2017

EARNINGSRELEASE

Less wasteof materials

Prints:

FacadesPre-fabricated pieces

Urban FurnitureHouses

Lower impact tothe environment

P R I N T E RLARGE FORMAT

8

20171S

DRONES

virtualR e a l i d a d

FOLIUMb i t á c o r a d i g i t a l

New

ServicesInnovation

We developed 3 Applications that: Increase productivity. Enhance BIM advantages. Help manage project’s information. These technologies are:

Digital topography with Drones

Folium (Construction Digital Logbook)

Commercial and technical virtual reality

Importantplayers in road

concessions

3

20171SCONCESSIONS

Operating Concessions:

Medellín – Caño Alegre and Malla Vial de Oriente

June, , 1996

Startingdate:

Finishingdate:

December, 2026

% ConconcretoParticipation:

24,85%

CCFC: Bogotá – Los Alpes

Starting date:

Finishing date:

% Conconcreto Participation

June, 1995 March, 2024 24%

* Figures under IFRS

Average Daily Traffic

2016 2017-I 2017-II

4.161 4.414 4.406 3.734 3.855 3.808 18.605 13.932 16.448 9.085 9.674 9.456

Toll

Cocorná

Puerto Triunfo

Guarne

Palmas

Total 35.585 31.874 35.585

2016 2017-I 2017-II

178.584 32.252 74.282

63.410 16.002 43.016

Accumulated Financial Results

(COP Millon)

Operational Income EBITDA*

Average Daily TrafficToll

CorzoRío Bogotá

TOTAL

2016 2017-I 7.136 7.374

17.656 17.530 24.792 24.904

2017-II7.354 17.86525.218

(COP Million)

Operational IncomeEBITDA *

Accumulated Financial Results2016 2017-I

143.990 29.851

47.679 12.681

2017-II

63.039

25.343

* Figures under IFRS

4

20171S

BUENAVENTURA

LOBOGUERRERO

Calima: TPD 5,500 (2016 F*)

Cisneros:TPD 6,500 (2016 F*)

CALI

DAGUA

YUMBO

MULALÓ

PALMIRA

BUGA

COP1,2billion

Investment

Vía Buga-Buenaventura

PPP Vía Pacífico (Buga - Buenaventura)

Progress on the pre-construction activities.

Amendment signed with the ANI.

CONCESSIONS

5

20171S

MELGAR

TPD 23,320 (2015)

FUSAGASUGÁ

GRANADA

BOGOTÁ

SOACHA

SIBATÉ

GIRARDOT

RICAURTECOP1,7

billion

InvestmentVía Bogotá-Girardot

CONCESSIONS

In April the measurement of the compliance indicators began. A score of 100% was obtained, therefore Conconcreto received full payment of the Functional Unit 0.

PPP Vía 40 Express (Bogotá – Girardot)

6

20171S

Palmas – El TablazoOriente, Antioquia

Private initiative presented by Devimed S.A.

COP Thousand474Million

Investment

Feasibility studies are expected to be delivered by the end of August.

DARIÉN INTERNATIONAL PORTNecoclí - Golfo de Urabá, Antioquia

Project under study. Progress in the environmental license procedures to subsequently obtain the port concession.

CONCESSIONS

7

20171S

Currently in the final stage of the previous consultation, it is expected in the next months to successfully close

negotiations with the Cabildos.

PCH PATICO (Cauca)

CONCESSIONS

9

BACKLOG

20171SCONSTRUCTION SERVICES

Historic Backlog

Backlog Execution

%

%

%

Infrastructure

Building

Housing

70

15

15$1.100 $1.300

$1.900 $2.000 $1.900 $2.551

$3.133

$628 $862 $564 $287 $269 $1922010 2011 2012 2013 2014 2015 2016 Jun-17 Jul-Dic

2017 2018 2019 2020 2021 2022

COP

Thou

sand

s of

Mill

ions $2.802

NOTE: Includes COP $112.000 mill of Túnel de la Línea project, awarded on July 4th.

InfrastructureCOP Million

$2.072.781 $1.970.909 $185.471 $287.343

2016 Contracted Executed 1S2017

BuildingCOP Million

$605.401

$420.796

$61.719 $246.324

2016 Contracted Executed 1S2017

HousingCOP Million

$455.403 $412.313

$173.919 $217.009

2016 Contracted Executed 1S2017

HOUSING

Concentrated in Bogotá, Medellín, Barranquilla and Panama City.

Projects underconstruction

Projects inpre-sales14

925

5

4units for sale, which are expected to be sold in a period of 15,1 months

Projects under feasibility study

which represent

During the 1S2017, units were

units that are notarized out of the

4.626 units

2491.195

Launched units for sellingand estimated time to market

10

20171SHOUSING

expected to be notarized in 2017

139

759

27

9,1110,92

16,15

VIS*Number of Units

middle

*Low-income housing

highTime (months)

11

20171S

Real-Estate portfolio

56% 51%

44% 40%

10%

dic-16 Jun-17

Conconcreto Grupo Argos Protección

Participation in the real-estate Pactia PEF* (%)

RELEVANT EVENTS

Consolidation of the internationalization strategy in the U.S.

Acquisition of 100% of the Antares Shopping Center in Soacha.

The value of the assets portfolio increased 8% during the second quarter.

GLA Jun-2017

516.695 m2 in operation

Commerce

41% Industry

39%

Offices

13% Hotels

3% Self - storage

4%

Jun-17 Jun-16 Var. %

Gross Income

103.462 91.322 13% Operating Expenses (Opex) 32.469 27.413 18% Net Operating Income 70.994 63.908 11% Consolidated EBITDA*

50.883 56.729 -10% Net Profit 66.023 29.569 123%

*Non-comparable figures because in January 20, the Private Equity Fund was created.* Private Equity Fund

NOI Jun-2017

COP 70.994 mill

Commerce

56%

Industry

21%

Offices

15% Hotels

5% Self - storage

3%

RESULTS1S2017

CONSOLIDATEDFINANCIAL

Hidroeléctrica Ituango (Obra construida en consorcio para EPM) Ituango, Antioquia.

13

20171S

Corporate Consolidated Income from Ordinary Activities

COP 670.946 millJune-2017

COP 686.750 millJune-2016

-2%

Eliminations

$(16.972)

Housing

Investment

Corporate

$517.093

$99.068 $67.599

$4.157

Construction

$127.089 Housing $50.753

Investment $3.356

$(7.160)

Corporate

Eliminations

Construction

$512.712

+1%

COP 517.093 mill

Engineering & Design

Equipment

Infrastructure

Building

$282.677

$221.818 $8.518

$4.081

COP 512.712 mill

Engineering & Design

Equipment

Infrastructure

Building

$271.324

$231.571 $8.961 $856

+33%

COP 67.599 mill

Concessions

SubsidiariesHousing Fund

$5.102 $24.428

$37.054 $114 $901 Industrial CC

Other Real-Estate Assets

COP 50.753 millHousing FundSubsidiaries

$7.425 $136

$42.782

$73 $337

Concessions

Industrial CC

Other Real-EstateAssets

Investment RevenuesConstruction Revenues

14

20171SCorporate

Consolidated EBITDA

COP 94.478 millJune -2017

COP 110.319 millJune-2016

-14%Housing

Corporate

Construction

Investment

$54.190

$3.076 $49.709

$(12.497) Corporate

Housing

Construction

Investment

$71.726

$12.210 $43.615

$(17.232)

COP 54.190 mill COP 71.726 mill

-24%

Equipment

Engineering & DesignBuilding

Infrastructure

$53.358

(2.924)

$4.359

$(603)

Equipment

$17.299 $9.879

$(1.955)

Infrastructure

$46.503

Building

Engineering & Design

COP 49.709 mill COP 43.615 mill

+14%

$10.531

$6.085

$(156)

$529 Housing Fund

SubsidiariesConcessions

Industrial CC

PACTIA

$32.720

Industrial CC Subsidiaries

Housing Fund

$8.540 $1.938

$(67) Concessions

PACTIA

$15.957 $17.247

Construction EBITDA Investment EBITDA

1S2017 CONSOLIDATED FINANCIAL RESULTS

15

20171S

Jun-16 Variation

$686.750 -2,3%Ordinary Income

Increase in other Income

EBITDA Margin

Net debt/EBITDA ratio

Financial Liabilities

MILLION

16,1% -200 pbs

Backlog Increase $2,0 40%BILLION

Growth in other Earnings $0 100%MILLION

$853.647 9%MILLION

1,43x 59%

Jun-17

$670.946MILLION

14,1%

$2,8 BILLION

$33.381MILLION

$6.894 174,1%MILLION

$18.895MILLION

$929.234MILLION

2,27x

FINANCIAL INDICATORS AS OF JUN-17

1S2017 CONSOLIDATED FINANCIAL RESULTS

16

20171S

Var$ Var%CONSOLIDATED STATEMENT OF RESULTSCOP Million jun-17 jun-16

jun-17 jun-16

Income from ordinary activities 670.946 686.750 (15.805) -2,3%Cost of sales (609.811) (588.000) 21.811 3,7%

Gross Profit 61.135 98.750 (37.615) -38,1%Other income 18.895 6.894 12.001 174,1%Administration and sales expenses (21.081) (23.835) (2.754) -11,6%Employee benefit expenses (30.104) (26.840) 3.265 12,2%Other expenses (5.576) (3.559) 2.017 56,7%Other earnings (losses) 33.381 - 33.381

Operating Profit 56.650 51.411 5.240 10,2%Exchange difference 2.872 (2.374) 5.246 -221,0%Financial Income 8.659 14.424 (5.765) -40,0%Financial Expenses (46.529) (39.865) 6.664 16,7%Equity method 12.360 34.300 (21.940) -64,0%

Before - Tax Profit 34.012 57.896 (23.884) -41,3%Current tax expenses (9.048) (9.776) (728) -7,4%Adjustment for deferred taxes (2.004) (7.985) (5.981) -74,9%Minority interest 170 (376) (546) -145,3%

Net Profit 23.130 39.759 (16.629) -41,8%

EBITDA 94.478 110.319 (15.841) -14,4%

MarginsGross 9,1% 14,4%Operating 8,4% 7,5%Before-Tax 5,1% 8,4%Net 3,4% 5,8%EBITDA 14,1% 16,1%

1S2017 CONSOLIDATED FINANCIAL RESULTS

17

20171S

Financial Liabilities

-1%

3%

8%

-7%

-46%

239.793 257.236

479.008 463.525

201.870 186.450

8.562 15.924

Jun-17 Dec-16

$929.234 mill $923.136 mill

6,77%

5,75% 3,99%

5,79%

7,51% 5,76%

9,25% 10,96% 9,65%

2015 2016 Jun-17 CPI IBR

Cost of debt

ESTADOS DE SITUACIÓN FINANCIERA CONSOLIDADOCOP Million Jun-17 Dec-16 Var$ Var%

Current Assets 1.565.396 1.664.521 (99.125) -6,0%

Non-current Assets 1.632.778 1.588.971 43.807 2,8%

Total Assets 3.198.174 3.253.492 (55.318) -1,7%

Current Liabilities 1.177.347 1.263.420 (86.073) -6,8%

Non-current Liabilities 667.538 643.549 23.989 3,7%

Total Liabilities 1.844.885 1.906.969 (62.084) -3,3%

Total Equity 1.353.289 1.346.523 6.766 0,5%

Construction Construction

Investment Investment

Housing Housing

Corporate Corporate

Average Cost of Debt CC

18

20171S

Covenants* Administrative covenants for monitoring and control.

Net Financial Debt/EBITDA

Objective: Lower than 4x

0,98 1,65

2,27

dec-15 dec-16 jun-17

Goal

EBITDA/Net Financial Expenses*

*Net financial expenses = financial expenses – financial income.

Objective: Higher than 3,6x

2,90 2,65 3,02

dec-15 dec-16 jun-17

EBITDA/Net Financial Expenses GoalNet Financial Debt/EBITDA

Question and Answer Session