PROPOSALS FROM THE BOARD MEMBERS Extraordinary General Meeting of Shareholders on February 1, 2016. ISAGEN S.A. E.S.P. reports that on January 26, 2016, the Company's shareholders presented four candidate proposals in order to become a part of the Board of Directors of the Company, 2 lists to select the independent members of the Board and 2 to select the non-independent members of this governing body. The election of the Board of Directors will take place at the General Meeting of Shareholders set for February 1, 2016. The letters sent from the Shareholder candidates have been attached herein. These are the proposed lists: The proposed lists for the election of independent members of the Board of Directors are as follows: 1. Proposal from BRE INVESTMENTS L.P. Seat Principal Alternate First Seat Orlando Cabrales Segovia Jorge Humberto Botero Angulo Second Seat Juan Carlos Esguerra Portocarrero Luz Helena Sarmiento Villamizar 2. Proposal from PROTECCIÓN S.A. Principal José Fernando Isaza Delgado Alternate Andres Felipe Mejía Cardona The proposed lists for the election of the non-independent members of the Board of Directors are as follows: 1. Proposal from BRE INVESTMENTS L.P. Seat First Seat Second Seat Third Seat Fourth Seat Fifth Seat Principal Rafael Miranda Richard Legault Carlos David Castro Harry Goldgut Eduardo Salgado Alternate Jerry Divoky Sachin Shah Andres Felipe Crump Jennifer Mazin Felipe Pinel 1. Proposal from Empresas Públicas de Medellín. Principal Jesús Arturo Aristizábal Guevara Alternate Tatyana Aristizabal Londoño ISAGEN Resumés Board Member Candidates ISAGEN EXTRAORDINARY MEETING OF SHAREHOLDERS 2016 I. PROPOSED LISTS FOR NON-INDEPENDENT MEMBERS: 1. PROPOSAL OF BRE INVESTMENTS L.P. RAFAEL MIRANDA JERRY DIVOKY Education Education - Bachelor of Arts in Industrial Engineering of Universdiad de Comillas, Madrid. Master of Quantitative Management Methods of the EOI Business School. - Master of Business Administration - MBA- of the University of British Columbia. Bachelor of Arts in Economics of the University of Victoria. Head of the CFA Institute, as Certified Financial Analyst Professional Experience - Chairman of Acerinox S.A. Chairman of Hispania Activos Inmobiliarios S.A. Chairman of Honor de Eurelectric, the European Electricity Association. Chairman of the Association for the Progress of Management (APD, for the Spanish original). Chairman of the Social Council of Universidad de Burgos Chairman of the Spanish Council of INSEAD Business School. Board Member of Brookfield Infrastructure Partners. Former Board Member of Enersis. Former Director General and Chief Executive Officer of Endesa España. Former Chairman of the Endesa Foundation. Professional Experience - - - Senior Portfolio Manager of the infrastructure group at British Columbia Investment Management Corporation (bcIMC) in Canada. Supervisor of private investing in infrastructure assets, mainly through direct investments. Worked in investment banking in Europe, mainly on topics of energy infrastructure acquisition in the region. Experience on Boards of Directors. He has been an alternate member of Transelec Norte S.A. and Transelec S.A. RICHARD LEGAULT SACHIN SHAH Education Education - Accountant of the University of Quebec. Member of the Canadian Institute of Chartered Accountants (CPA, CA). - Bachelor of Arts in Trade of the University of Toronto. Member of the Canadian Institute of Chartered Accountants (CPA, CA). Professional Experience Professional Experience - - Senior Managing Partner of Brookfield Asset Management. Chairman of Brookfield Renewable Energy Partners. Supervisor of the platform of companies for the generation of renewable energy and electrical public utilities of Brookfield. Board of Directors Experience: Chairman of the Board of Transelec S.A., Board Member of the CD Howe Institute, QG100 and member of the Investment Committee and the Steering Committee of Brookfield Health and Safety. - Senior Managing Partner of Brookfield Asset Management. Chairman of Brookfield Renewable Energy Partners. Supervisor of the Renewable Energy Group on the global level. CARLOS DAVID CASTRO ANDRES FELIPE CRUMP Education Education - Industrial Engineer of Universidad de Los Andes. MSc in Finance of the London Business School. - Bachelor of Arts in Law of Universidad de los Andes. Master of Law - LLM- of Columbia University. Master of Finance. Professional Experience Professional Experience - Senior Vice President of Brookfield Infrastructure Group. Manager of Brookfield for Colombia. Alternate Director of Sociedad Concesionaria Vespucio Norte Express S.A. Former Chief Financial Officer of Colombian companies Carulla Vivero S.A. and Corpacero S.A. Worked at the International Finance Corporation (IFC) in Washington D.C. and Sao Paulo. - Senior Vice President of Brookfield Infrastructure Group in the group of Mergers and Acquisitions. Supervisor of legal and transactional activities of the group for South America. Consultant of mergers, acquisitions and operations on the capital market. Director of Sociedad Concesionaria Vespucio Norte Express S.A. and Sociedad Concesionaria Túnel San Cristóbal S.A. HARRY GOLDGUT JENIFFER MAZIN Education Education - Attorney -LL.B- of Osgoode Hall Law School of the University of Toronto. Professional Experience - Senior Managing Partner of Brookfield Asset Management Chairman of the Group of Energy and Public Utilities. - Attorney of the Universidad de Los Andes. Professional Experience - Senior Vice President and General Counsel of Legal Director of Brookfield Renewable Energy Partners. - Active agent in the restructuring of the electric power industry in Ontario, Canada, for which he has been a Member of the Government Committee of Electricity Market Design, the Energy Advisory Committee, the Clean Energy Work Group and the Ontario Board of Energy. - Supervisor of the legal affairs of the renewable energy group, including transactional activity, corporate governance and public reporting. EDUARDO SALGADO FELIPE PINEL Education Education - - Bachelor of Science in Industrial Engineering and General Systems Theory of the Monterrey Institute of Technology and Higher Education in Mexico. Master of Business Administration - MBA of Wharton School of the University of Pennsylvania. - Bachelor of Arts in Law by the Rio de Janeiro State University. Master of Business Administration - MBA - of the Getulio Vargas Foundation. Professional Experience Professional Experience - - - Senior Vice President of the group of Mergers and Acquisitions of Brookfield Renewable Energy Partners. Supervisor of investment activities in renewable energy and advisor of the asset management and operations teams. Alternate member of the Board of Directors of the Empresa de Energía de Boyacá (EBSA) in Colombia. - - 2. Managing Partner of Brookfield Asset Management Senior Vice President of Corporate Operations for Brookfield Renewable Energy Group. Supervisor of the team of professionals in charge of providing support for the group's continental platforms, support for teams in new markets to share best practices in operations, health, safety, environmental management, information technologies and project development. Former Director General for the platform of Brookfield Renewables in North America. Principal Member of the Board of Directors of the Empresa de Energía de Boyacá (EBSA) in Colombia. PROPOSAL OF EMPRESAS PÚBLICAS DE MEDELLÍN. JESÚS ARTURO ARISTIZÁBAL GUEVARA TATYANA ARISTIZÁBAL LONDOÑO Education Education - Civil Engineer of the Universidad Nacional de Colombia, specialized in Roads and Transport. Professional Experience - Medellín's Deputy Mayor for Housing, Mobility Infrastructure and Sustainability. Acting Mayor of the Medellín City Hall on 10 occasions. - Business Administrator of the Universidad EAFIT. Professional Experience - Vice-Chairman of Finance at Almacenes Éxito. Chief Financial Officer, Manager of the Financial Planning Department, and Planning Analyst at EPM. Experience in corporate risk management. - - - Director of the Administrative Planning Department of Medellín. Director of Energy, Manager of Energy Generation, Administrative Manager, Assistant and Acting CEO of Empresas Públicas de Medellín (EPM). Acting General Director of the Medellín Metro. CEO of Empresa Antioqueña de Energía (EADE), Empresas Varias de Medellín, Corporación Forestal de Antioquia, and Fondo Prestacional de Antioquia. Administrative and Service Director of the Medellín Metro. Secretary of Government and Public Works for the Department of Antioquia. President of the Universidad de Antioquia and the Politécnico Colombiano Jaime Isaza Cadavid. Acting Director of Departmental Improvements in Antioquia. General Director of CORPAUL. Member of the Medellín City Council. Experience in corporate risk management. Board of Directors Experience: Currently a Board Member of ISA, Hidroeléctrica Ituango, Parques del Río, member of the Steering Committee of the Metropolitan Technological Institute. - Board of Directors Experience: Currently a Board Member of Protección, Grupo Malco, Fundación Fraternidad Medellín, Fundación Éxito, Distribuidora de Electricidad del Sur. Has been a Board Member at EPM, Almacenes Éxito, Carulla, DECA II, Centrales Eléctricas del Norte de Santander. II. PROPOSED LISTS FOR NON-INDEPENDENT MEMBERS: 1. PROPOSAL OF BRE INVESTMENTS L.P. ORLANDO CABRALES SEGOVIA JORGE HUMBERTO BOTERO Education Education - Lawyer of the Pontificia Universidad Javeriana. Master's in Philosophy, Boston College. Professional Experience - - Vice-Minister of Energy of the Ministry of Mines and Energy. President of the National Hydrocarbon Agency. Legal Affairs Vice-President for Latin America, Legal Director, Senior Lawyer, Executive Advisor of the Presidency and Political Analyst of BP Energy Company Colombia. Legal Advisor for Ecopetrol. Experience in corporate risk management. Board of Directors Experience: Malterías de Colombia, Aluminios Reynolds S.A., Astilleros Vikingos S.A., Oleoducto Central S.A. (OCENSA), Corporación Excelencia en la Justicia, Casa Editorial El Tiempo, ISA and ISAGEN. - Lawyer of the Universidad de Antioquia. Professional Experience - Executive President of FASECOLDA. Executive Director of the World Bank Group. Minister of Commerce, Industry and Tourism. President of ASOBANCARIA. Founder and President of ASOFONDOS. President of Banco Cafetero. Legal Secretary to the President of the Republic. Legal Affairs Vice President of the Asociación Nacional de Industriales (ANDI). Advisor to the Board of Directors of Banco Davivienda. Advisor to the Steering Committee of the Excelencia de la Justicia Corporation. Experience in corporate risk management. Board of Directors Experience: Banco Cafetero, Banco de Colombia, Corporación de Ahorro y Vivienda Colmena, Bancoldex, Instituto de Fomento Industrial, Proexport, Empresa de Energía de Bogotá, Empresas Públicas de Medellín, Empresa de Telecomunicaciones de Bogotá, Compas, Operadores Portuarios, CPKP and ISAGEN. JUAN CARLOS ESGUERRA PORTOCARRERO LUZ HELENA SARMIENTO Education Education - Lawyer of the Universidad Javeriana. Specialist in Socioeconomic Sciences of the Universidad Javeriana. Master of Law of Cornell University, United States. - Professional Experience - Geologist of the Universidad Industrial de Santander. Specialist in Conflict Resolution of the Universidad Javeriana. Master of Environmental Assessment and Management of the Universidad Sergio Arboleda. Master of Development Practices and Management of the Universidad de los Andes. Specialist in Disaster Relieve and Prevention of the Universidad Sergio Arboleda. - Minister of the Interior and Justice. Ambassador of Colombia to the United States of America. National Defense Minister. Associate Judge of Colombia's Constitutional Court and Council of State. Delegate to the National Assembly. Ad Hoc Judge for the Inter-American Court of Human Rights. Vice Minister and General Secretary of Communications. Professor for the Law departments of various universities. Registered member of the Colombian Academy of Jurisprudence. Partner at the firm Esguerra Barrera Arriaga. Experience in corporate risk management. Board of Directors Experience: Mapfre Seguros Generales de Colombia, Mapfre Colombia Vida Seguros, Chubb de Colombia Compañía de Seguros, Instituto Nacional de Radio y Televisión, Empresa Nacional de Telecomunicaciones S.A and ISAGEN. 2. Professional Experience - Minister of the Environment and Sustainable Development. General Director of the National Authority of Environmental Licenses (ANLA). Director of the Ministry of the Environment, Housing and Territorial Development. Socio-environmental consultant at the InterAmerican Development Bank (IDB). Head of the Coal Division of Cerrejón. Director of External Relations for Ecopetrol. Occupational Health Manager for Termo Santander. Experience in corporate risk management. PROPOSAL OF PROTECCIÓN S.A. JOSÉ FERNANDO ISAZA ANDRÉS FELIPE MEJÍA Education Education - Electrical Engineer of the Universidad Nacional de Colombia. Master of Theoretical Physics of the same university. Master of Mathematics of the University of Strasbourg, France. Honors Degree in Engineering and Honorary Doctor of the Universidad de Caldas and the Universidad Nacional de Colombia. Professional Experience - President of the Jorge Tadeo Lozano University. Professor of the Universidad Central. Executive President of the Compañía Colombiana Automotriz. Minister of Public Works and Transportation. President of Ecopetrol. CEO of the Instituto de Fomento Industrial (IFI). Executive President of Coldeaceites and Fedemol. - Bachelor of Economics, Michigan University. Master of Administration of the Universidad EAFIT, Medellín. Diploma in Strategic Planning of the University of Barcelona. Upper Management studies of the Universidad de los Andes and EXPRO program in International Business of the Rotterdam IBS, Holland. Professional Experience - General Director of Mecánicos Unidos. Experience in corporate risk management. Board of Directors Experience: EDATEL, Protección, Sufinanciamiento, Fabricato, ISA, Internexa, XM and ISAGEN. Business Administration from the Universidad EAFIT. - Head of the Infrastructure Unit and of the Energy Division of the National Planning Department. Consultant to the United Nations University and the World Bank. Experience in corporate risk management. Board of Directors Experience: Ecopetrol, Carbocol, Empresa de Energía de Bogotá, Banco de Bogotá, Corporación Financiera Colombia, member of the Steering Committee of Universidad Jorge Tadeo Lozano and ISAGEN. Doctor LUIS FERNANDO RICO PINZÓN Chief Executive Officer ISAGEN S.A. E.S.P. Carrera 30 No. 10C-208+ Medellín Re: Acceptance of the Independent nomination to the ISAGEN Board of Directors and delivery of the completed questionnaire. Nominated by Dr. Rico: Hereby, I accept the nomination to serve as an independent member of the ISAGEN S.A. E.S.P. Board of Directors, which is to be submitted to the consideration of the Extraordinary General Meeting of Shareholders called to be held on February 1, 2016. I express that I understand the criteria of independence as expressed in Paragraph 2 of Article 44 in Law 064 / 2005, which are presented and complemented in Section 2 of the ISAGEN Corporate Governance Code*. I have filled out and submit the forms to ensure compliance with the regulations on multifunds and the exercise of political rights on behalf of the Pension Fund Administrators. Likewise, I declare that I fulfill the necessary qualities in order join the Board of Directors of the Company and that I know the different documents of the Corporate Governance that regulate the positions of authority and decisionmaking processes, recognize the rights of shareholders and investors and promote transparency of our management. Cordially, Orlando Cabrales Segovia C.C. No. 804174522 ‘Article 5.2 of ISAGEN's Corporate Governance Code adds the following to the Independence criteria established in Law 964 / 2005: *ISAGEN does not consider the following independent: (…) 7. The person is a partner or employee of a supplier of goods or services, when the value of the goods or services acquired represents more than twenty percent (20%) of ISAGEN's operating expenses or they represent twenty percent (20%) or more of the revenue of the supplier of goods or services. 8. The person is a partner or employee of a client when the revenue from purchases represents more than twenty percent (20%) of ISAGEN's total sales." Version 2, January 12, 2016 QUESTIONNAIRE FOR NOMINATING AND/OR ELECTING MEMBERS OF THE BOARD OF DIRECTORS. The completion of this questionnaire is done at the request of the Administrators of the Pension Funds of the Individual Savings System, hereafter AFPs PROTECCION, PORVENIR. COLFONDOS AND OLD MUTUAL, by ORLANDO CABRALES SEGOVIA, potential Candidate for the ISAGEN Board of Directors, legal entity in which Obligatory Pension Funds and/or Severance Payment Funds are shareholders1. In order to respond to the following questions, the Candidate must consider the list of legal entities and companies related to each AFP, according to the APPENDICES of this document. Except in the case of reelection as an independent member of the Board, are you or have you been an employee or manager (member of the Board of Directors or registered agent) of the AFPs, subordinate entities (affiliates or subsidiaries) or controlling companies of the AFPs or subordinate or controlling companies of the entities involved with the AFPs in the last year? YES NO X Which entity? In relation to the AFP, Are you a shareholder who, directly or by virtue of an agreement, directs guides or controls the majority of the voting rights, or who determines the majority of the administrating bodies of the AFPs or its affiliates? YES NO X Which entity? In relation to the AFP, Are you a partner or employee of an entity that provides consulting services to the AFPs, its affiliates or companies that belong to the same economic group as the AFPs2, when the revenue from this account represents twenty percent (20%) or more of their operational revenue? YES NO X Which entity? In relation to the AFP, Are you an employee or manager of a foundation, association or company that receives donations representing more than twenty percent (20%) of that received by the respective institution from the AFP or its affiliates? YES NO X Which entity? In relation to the AFP, Have you received a different remuneration from the professional fees as a member of a Board of Directors, an audit committee or any other committee created by the Board of Directors, the AFPs or its affiliates, which this remuneration represents 20% or more of the total revenue received from professional fees during the last year? YES NO X Which committee? In relation to the AFP, Do you have sufficient time available to exercise as an active and efficient participant in meetings of the Board of Directors as an independent member? 1 This questionnaire is done in order to fulfill that established in Articles 2.6.13.1.5 and 2.6.12.1.13 of Decree 295 / 2010, incorporated in Title 12 of Book 6, Part 2, Decree 2555 / 2010, modified by Decree 857 / 2011. 2 Economic Group. The Superintendence of Companies, through measure 2020-021321 from February 13, 2011, established that corresponding to “one of the modalities that the conglomerates can be structured in, and because of this, we understand that through lacking a purposeful and directed unity, the determining proposal of the business groups are stipulated under Articles 260 and 261 of the Code of Commerce,” which references subordinates and their assumptions, respectively. Version 2, January 12, 2016 YES X NO Have you mentioned the number of Board of Directors that you are a part of? 4 How many times have you been elected by the AFPs to be a member of this Board of Directors? 2 This questionnaire was completed on January 27, 2016. Sincerely, ORLANDO CABRALES SEGOVIA C.C. No. 804174522 Version 2, January 12, 2016 APPENDIX OF THE QUESTIONNAIRE FOR NOMINATING AND/OR ELECTING THE MEMBERS OF THE BOARD OF DIRECTORS. Entities affiliated with the AFP. According to the applicable rules, the entities affiliated with the AFP consider the following: The subordinate entities or controlling companies of the AFP: The shareholder(s) or real beneficiaries of five percent (5%) or more of the shares in the AFP or who has the capacity to designate a member of the board: The companies where the AFP is a shareholder or real beneficiary of five percent (5%) or more of the shares therein, or those that have the capacity to designate a member of the board. (This excludes people who are designated to exercise the political rights that correspond to the investments made to the obligatory pension funds that are administrated by the AFPs.): The companies where shareholders with 5% principal or more of the AFP have 5% principal or more, or those that have the capacity to designate a member of the board: Companies that are a part of the same Economic Group of the AFP: Entities connected to the AFP: The subordinate entities or controlling companies of the AFP’s affiliates: The associations or companies that provide consulting services to the AFP, entities that pertain to the same economic group or its affiliates: The companies where the registered agents of the AFP and their affiliates are board members: The foundations, associations and companies that receive more than 20% of the total of their donation from the AFP or its affiliates.