CONFIDENTIAL Februa ry 2017 Disclaimer Presentation of Non-GAAP - PowerPoint PPT Presentation

CONFIDENTIAL Februa ry 2017

Disclaimer Presentation of Non-GAAP Information We report our financial results in accordance with IFRS. However, we have included in this Presentation certain financial measures and ratios that are not recognized financial measurements under IFRS or generally accepted accounting principles of the United States (“U .S. GAAP”), which we believe gives investors significant information related to our operational performance and our cash generation capability, facilitating comparisons among periods. “Adjusted EBITDA,” a measure used by management to evaluate ongoing performance, refers to net income (loss) plus financial results, net, plus/less income tax, plus depreciation and amortization, less/plus net gain (loss) in associates and plus goodwill impairment. The measurements of Adjusted EBITDA contained herein are not defined under IFRS or U.S. GAAP, are not measures of operating profit, operating performance or liquidity presented in accordance with IFRS or U.S. GAAP and are subject to important limitations. Adjusted EBITDA does not have a standardized meaning and may not be comparable to those used by other companies Forward – looking Statements This Presentation may contain statements that constitute “forward -looking statements” . The words “believe,” “could,” “may,” “estimate,” “continue,” “potential,” “anticipate,” “intend,” “expect,” “will,” “should” and “plan,” among others, are intended to identify forward-looking statements. Forward- looking statements are not guarantees of performance. They involve risks, uncertainties and assumptions because they relate to future events and, therefore, depend on circumstances that may or may not occur in the future. Forward-looking statements include, but are not limited to, statements regarding our officers’ intent, belief or current expectations with respect to, among other things, the use of proceeds of this offering, our financing plans, trends affecting our business, the impact of competition and future plans and strategies. Our future results may differ materially from those expressed in or suggested by these forward-looking statements. Many of the factors that will determine these results are beyond our ability to control or predict. Investors are cautioned not to put undue reliance on any forward-looking statements. Forward-looking statements speak only as of the date they were made and neither we nor the managers undertake to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. Rounding Certain figures included in this Presentation have been rounded for ease of presentation. Percentage figures have not in all cases been calculated on the basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage amounts in this Presentation may vary from those obtained by performing the same calculations using the figures in Clisa’s Audited Consolidated Financial Statements and Clisa’s Unaudited Condensed Interim Consolidated Financial Statements. Certain other amounts that appear in this Presentation may not sum due to rounding.

P.1 Background. History. Main subsidiaries. Key Figures.

P.2 Background. History. Based in Argentina, CLISA is a holding company. CLISA is a member of the +12,700 Roggio Group, one of the largest Argentine conglomerates. It is the group’s most important subsidiary. employees The Roggio Group started its operations as a construction company in the city of Córdoba more than 100 years ago, back in 1908. It rapidly expanded its works throughout Argentina and then diversified to other activities, with an extensive international experience in different areas (Brazil, Uruguay, Over 100 years building Paraguay, Chile, Bolivia, Ecuador, Mexico). It has a broad technical and operational experience in public works and services companies from the future. construction, electricity, transportation, engineering, and others. The Roggio Group is currently focused on Construction, Waste Management, Transportation, Water Supply Services and Entertainment. It has also developed in the past few years important new businesses in the country such as mobile telephone services, power distribution, as well as banking and real estate business activities.

P.3 Background. Main Subsidiaries. As a holding company, CLISA is organized into several business units, developed and executed by its main operative subsidiaries: WASTE CONSTRUCTION TRANSPORTATION WATER SUPPLY MANAGEMENT Cliba Ingenieria Urbana S.A. Benito Roggio e Hijos S.A. Metrovías S.A. Aguas Cordobesas S.A. (Urban Waste Management) (Water Supply Utility) (Construction) (Subway and Urquiza Railroad Line) 100% 61.2% 99.2% 90.7% Tecsan Ingenieria Ambiental S.A. Haug S.A. Benito Roggio Transporte (Landfill, Waste Valorization, (Industrial and Mining (Technical Assistance on Railroad Urban Waste Management) Construction - Peru) Projects) 100% 97.1% 100% Taym S.A. Benito Roggio Ferroindustrial Other construction companies and JV´s (Industrial Waste Management) (Railcar Repair Plant) VARIOUS OWNERSHIP 100% 95.0% PERCENTAGES Leader in waste One of the main construction Most important private Main private water management in companies in Argentina with transportation operator in supply operator in Argentina over 100 years of history Argentina Argentina

P.4 Background. Key Financial Figures. EBITDA (AR$ mm) Revenues (AR$ mm) 17% 16% 16% 15% 14% 13% 9.894 8.568 1.651 1.183 1.087 6.847 945 6.011 4.740 728 4.357 583 2011A 2012A 2013A 2014A 2015A LTM 2011A 2012A 2013A 2014A 2015A LTM SEP SEP 2016A Revenues Breakdown 2016A EBITDA Breakdown AR$ 9,894 mm AR$ 1,651 mm Waste Management; 44.4% Waste Management; 60.8% Construction; 32.3% Construction; 23.1% Transportation; 14.3% Transportation; 12.0% Water Supply; 8.5% Water Supply; 5.5% Holding and Other Activities; 0.6% Holding & Other Activities; -1.4%

P.5 Background. Key Segment Financial Overwiew. Construction Waste Management 23% 18% 17% 17% 13% 4.392 19% 17% 15% 12% 12% 3.571 2.934 2.682 2.410 2.382 2.155 2.144 3.195 1.575 1.003 624 364 352 280 453 411 361 382 323 2012A 2013A 2014A 2015A LTM 2012A 2013A 2014A 2015A LTM Sep-16 Sep-16 Transportation Water Supply Services 14% 16% 17% 11% 10% 10% 12% 9% 11% 9% 839 1.415 1.346 1.290 668 920 483 387 668 291 199 90 78 136 136 66 48 43 65 79 2012A 2013A 2014A 2015A LTM 2012A 2013A 2014A 2015A LTM Sep-16 Sep-16

P.6 Waste Management. Urban Waste Management. Landfill and Waste Valorization. Industrial and Commercial Waste Treatment.

P.7 Waste Management. (Urban Waste Management) (Landfill and Waste (Industrial and Commercial Valorization) Waste Treatment)

P.8 Waste Management. More than 650,000 tons of waste collected Revenues breakdown by Cliba is the leader and the per year, serving over 1,500,000 people. only fully integrated waste segment management company in More than 5,600,000 tons of waste disposed Argentina. per year in 4 landfills. It started its activities in Waste Industrial Waste 1986. Valorization Management 6% Over 76 million tons of waste disposed since 6% start of operations. Has built over 300 hectares of landfill Urban Waste infrastructure. Mangement Landfill 47% Generates 86.500 MWh of energy from 41% biogas (produced by landfills). + 4,050 Mechanical and biological treatment of 1,100 employees tons of waste per day. Recovers 6,800 tons of recyclable materials per year.

P.9 Waste Management. Urban Waste Management. Cliba provides Urban Waste Management 1.5 million City of services including: City of • Urban Waste Collection people served Buenos Santa Fe, • Manual and Mechanical Street Aires Province of Sweeping Santa Fe 615,000 650,000 • Park & Park-like areas Maintenance people 260.000 people • Drain & Sewer Clearance, Cleaning served in served in Zone 1 tons of waste & Maintenance Zone 2 • Pathogenic Waste Treatment and collected per year Disposal. City of County of San Isidro Neuquén, Equipment: over 300 heavy and light duty equipment including compactor trucks, Province of Province of sweepers, flushers, rolls-off, pick-ups, etc. Buenos Neuquén 360.000 Aires people served 290.000 people served

P.10 Waste Management. Landfill (Design, construction and operation). Tecsan is the business division that designed, built and currently operates 4 landfills and is currently Jujuy Landfill Norte III Landfill developing a new landfill in Argentina Jujuy province The most important landfill (Under construction) Transports Disposes in Argentina and one of the largest in South America 2,400,000 5,600,000 and the world. Mar del Plata (5,000,000 tons per year) Landfill tons of waste per year tons of waste per year Waste coming from 27 districts in Buenos Aires Greater Buenos Aires and the city Treats Has disposed province of Buenos Aires. (440,000 tons per 3,950 m 3 + 76 million year) of leachate per day Neuquén Landfill Waste coming from tons of waste since start the municipality of of operations Neuquén province General Pueyrredón. (130,000 tons per year) Rivadavia Landfill Waste coming from the city of Neuquén and the municipality Mendoza province of Centenario. (35,000 tons per year)