Isagen S A ESP : Cumulative Arbitration Court of ISAGEN and CI Grodco S. en C.A. - Sando S.A. issued arbitration ruling settling the pretensions and exceptions in both claims.

RELEVANT INFORMATION

On January 30, 2017, Ruling was issued in the cumulative Arbitration Process of ISAGEN and CI GRODCO S. EN C.A. - SANDO S.A. The

Ruling stated the following:

1. Decisions relative to the claim filed by CI GRODCO and CONSTRUCCIONES SANCHEZ DOMINGUEZ

   SANDO S.A. E.S.P. against ISAGEN S.A. E.S.P.: some

   exceptions were proved in full; others were proved partially and others were refused; deposition were made in relation with contract No. 46/3851, and compelled ISAGEN to may to the claimants $2,454,896,063 (indexed sum on the date of the ruling), corresponding to additional works executed by virtue of the aforementioned contract; the sum has been duly updated to this date and a 10-day period was granted for such payment; this deadline will count a of the date of execution of the ruling. The contract was declared settled.

2. Decisions related to the claim filed by ISAGEN S.A. E.S.P against CI GRODCO and CONSTRUCCIONES SANCHEZ DOMINGUEZ - SANDO S.A. E.S.P.: Some exceptions were proved in full; others were proved partially and others were refused; failure to comply by the defendant was declared, as well as the knowledge that CI GRODCO had with respect to the conditions of the zone where the works would be performed.

3. There was no order for cost payment;