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CLISA - Compaa Latinoamericana de Infraestructura & Servicios S.A. CONFIDENTIAL | July 2016 DISCLAIMER Compaa Latinoamericana de Infraestructura & Servicios S.A. THIS PRESENTATION IS BEING SUPPLIED AND COMMUNICATED TO YOU SOLELY


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CONFIDENTIAL | July 2016

CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A.

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

DISCLAIMER

THIS PRESENTATION IS BEING SUPPLIED AND COMMUNICATED TO YOU SOLELY FOR YOUR INFORMATION AND MAY NOT BE REPRODUCED, FURTHER DISTRIBUTED TO ANY OTHER PERSON OR PUBLISHED, IN WHOLE OR IN PART, FOR ANY PURPOSE. Securities may not be offered or sold in the United States of America absent registration or an exemption from registration with the U.S. Securities and Exchange

  • Commission. The notes (and the guarantees) have not been, and will not be, registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the

securities laws of any other jurisdiction. The notes (and the guarantees) may not be offered or sold within the United States or to U.S. persons, except to qualified institutional buyers in the United States in reliance on the exemption from registration provided by Rule 144A under the Securities Act and to persons outside the United States in reliance on Regulation S under the Securities Act. You are hereby notified that sellers of the notes may be relying on the exemption from the provisions of Section 5

  • f the Securities Act provided by Rule 144A. By participating in this presentation you agree to be bound by the foregoing terms.

This presentation may contain forward‐looking statements that reflect CLISA ‐ Compañía Latinoamericana de Infraestructura & Servicios S.A. (“CLISA”), a company (sociedad anónima) incorporated under the laws of Argentina, together with its subsidiaries, current views and expectations regarding future events. Forward‐looking statements include statements concerning plans, objectives, goals, strategies, future events and other information that is not historical information. The words “estimates”, “expects”, “anticipates”, “projects”, “plans”, “intends”, “indicates”, “believes”, “will”, “would”, “should”, “could” and variations of such words or similar expressions are intended to identify forward‐looking statements. All forward‐looking statements, including, without limitation, our examination of historical operating trends, are based upon our current expectations and various assumptions. Assumptions and other important factors that could cause our actual results to differ materially from those in the forward– looking statements include, but are not limited to: general political, economic and social conditions, inflation and exchange rate risks. There can be no assurance that our expectations, beliefs and projections will be realized. This presentation may contain translations of certain currency amounts into U.S. dollars at specified rates solely for the convenience of the reader. These translations should not be construed as representations that these amounts actually represent such U.S. dollar amounts or could be converted into U.S. dollars at the rate indicated.

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

TABLE OF CONTENTS & COMPANY REPRESENTATIVES

I.

Executive Summary

II.

Investment Highlights

III.

Overview

IV.

Waste Management

V.

Construction & Toll Road

VI.

Transportation

VII.

Water Supply

VIII.

Growth Potential

IX.

Financial Debt

Adalberto Campana Chief Financial Officer 28 years in CLISA Mariano Peterlin Banking & Investor Relations 17 years in CLISA

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

 CLISA is a holding company based in Argentina,

engaged in waste management, infrastructure, public utilities and services.

 CLISA is the most important subsidiary of the

Roggio Group, one of the largest Argentine conglomerates.

 CLISA currently has two Euro Notes Series

  • utstanding in the market:
  • US$ 87.1 million Series 4 Notes due 2019
  • US$ 10.9 million Series 3 Notes due 2016

 Our fiscal year ends December 31st and our

financial statements are audited by PricewaterhouseCoopers.

 CLISA’s unsecured credit rating: “B-” (Fitch Ratings)

and “B-” (S&P)

 Argentine sovereign credit ratings: “B3” (Moody’s);

“B-” (S&P); “B” (Fitch)

  • I. EXECUTIVE SUMMARY

Note: 1. Does not include debt arising from factoring transactions with recourse (AR$ 782 million as of March 31, 2016) 2. Converted at an exchange rate of Ps. 14.70, as of March 31st, 2016

KEY FINANCIAL DATA (Consolidated) LTM Mar‐2016

(in AR$ million)

LTM Mar‐20162

(in U.S.$. million)

Total Assets 12,283 836 Equity 661 45 Financial Debt1 3,753 255 Cash & Cash Equivalents 776 53 LTM Revenues 8,848 602 LTM EBITDA 1294 88 Financial Debt1 / LTM EBITDA 2.9 Net Financial Debt1 / LTM EBITDA 2.3 LTM EBITDA / LTM Net Interest Expense 1.3 Employees (as of March ´16)

  • ver 13,000
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Compañía Latinoamericana de Infraestructura & Servicios S.A.

II.INVESTMENT HIGHLIGHTS

 One of Argentina’s largest privately owned groups with over 13,000 employees and a history of over 100 years

under the same family ownership

 Proven ability to thrive under many different government administrations  Diversified across several infrastructure businesses, including waste management, construction, transportation

and water supply

 Combines businesses with more stable and predictable cash flows with others that offer important growth

  • pportunities under the new government

 Market leader in Argentina in most of its business segments  Well positioned to benefit from the expected increase in public and private sector investment in Argentina  Most contracts are hedged against inflation (i.e., inflation is passed through to client)  Present in international debt capital markets since 1997

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

Cliba Ingenieria Urbana S.A. Urban Waste Management

100%

WASTE MANAGEMENT

Benito Roggio e Hijos S.A. (Construction)

97.2%

CONSTRUCTION & TOLL ROAD

Toll Road Concessions

VARIOUS OWNERSHIP PERCENTAGES

Tecsan Ingenieria Ambiental S.A. Landfill, Waste Valorization, Urban Waste Management

100%

  • III. OVERVIEW

BUSINESS SEGMENTS

Metrovías S.A. (Subway and Urquiza Railroad Line)

90.7%

Management of Health Care Transactions

TRANSPORTATION WATER SUPPLY

Aguas Cordobesas S.A. (Water Supply Utility)

61.2%

Benito Roggio Transporte (Technical Assistance on Railroad Projects)

97.1%

OTHER ACTIVITIES

Benito Roggio Ferroindustrial (Railcar Repair Plant)

95.0%

Leader in waste management in Argentina One of the main construction companies in Argentina with

  • ver 100 years of

history Most important private transportation

  • perator in

Argentina Main private water supply

  • perator in

Argentina

Haug S.A. (Industrial and Mining Construction - Peru)

100%

Taym S.A. Industrial Waste Management

100%

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

Henry Perret CONSTRUCTION & TOLL ROAD 13 years in CLISA

  • III. OVERVIEW

OWNERSHIP, BOARD OF DIRECTORS & MANAGEMENT

Joaquín Acuña TRANSPORTATION 21 years in CLISA Adalberto Campana C.F.O. 28 years in CLISA Enrique Sargiotto WATER SUPPLY 28 years in CLISA Alberto Verra C.E.O. 38 years in CLISA

BOARD OF DIRECTORS PRESIDENT: Aldo Roggio VICE‐PRESIDENT: Alberto Verra DIRECTOR: Graciela Roggio

Pablo Delorenzi WASTE MANAGEMENT 21 years in CLISA

ALDO ROGGIO

52.5%

GRACIELA ROGGIO

47.0%

BENITO ROGGIO FOUNDATION

0.5%

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • III. OVERVIEW

LOCAL INDUSTRY LEADER

Transportation Waste Management Construction

Key Argentine Construction Companies Backlog1,2 (US$ mm) – March 2016

Source: Company Information, CNRT, Indec Notes: 1. Local backlog 2. Excludes Skanska, as it is focused on private clients, and Techint, given its focus on energy projects

Landfill

Country Level Market Share (tons) (%) As of 2015 Buenos Aires Metropolitan Area – 2015 Public Transportation Breakdown by Means of Transportation (# of PAX) Buenos Aires Metropolitan Area – 2015 Subway and Train Market Share (# of PAX)

1,449 642 526 265 246 Peer 1 CLISA Peer 2 Peer 3 Peer 4 75% 25% CLISA Ot hers Peer 2

Leading local market position of our businesses…

Water Supply Urban Waste Management

48% 47% 5%

Trenes Argentinos Ferrovías

72% 15% 13%

Bus Train Subway

Peer 1; 14.9% Peer 2; 11.7% Peer 3; 11.0% Peer 4; 8.8%

7.5%

Peer 5; 6.8% Peer 6; 5.0% Peer 7; 4.9% Others; 29.3% 1.5 0.6 0.5 0.3 ACSA Peer 1 Peer 2 Peer 3

Key Argentine private Water Supply operators (# of population served in mm)

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

Source: Company information

1997 2012 1908 2014

  • Cliba wins the public tender for the urban services

concession of the City of Buenos Aires’ Zone 2

  • Remaining 30% of Haug is acquired

2010

Despite being legally founded in 1996, CLISA’s activities enjoy a 100+ year track record, which has positioned the firm as a leader in the local infrastructure sector… … Our extensive track record as counterparty to government entities uniquely positions the company for government-sponsored infrastructure

  • Acquisition of Haug (70%) in

Perú

  • Benito Roggio Panama is

created

  • Benito Roggio e Hijos starts its

activities in Cordoba, Argentina, with a focus on housing construction

  • Benito Roggio e Hijos

expands its activities nationwide, incorporating large civil works 1950's 1974

  • Benito Roggio e Hijos starts
  • perations in Paraguay

1986

  • Clima, predecessor of Cliba, is

founded to operate the first urban waste management services contract in Córdoba

  • Active participation in privatization of

public utility services

  • Toll road, residential gas distribution,

cadastral and tax survey, mobile telephone services and power distribution 1990's 1994

  • Metrovias begins operation of

Subway Network and the Premetro

  • f the City of Buenos Aires and the

Urquiza Railroad

  • Norte III landfill operations begin

1996

  • Clisa issues its first

international bond (Reg S/144A) 2007

  • Acquisition of a

controlling stake in Aguas Cordobesas 2006

  • Construction of Ecoayres biogas

extraction and treatment plant under the Clean Development Mechanism (CDM) established by Kyoto Protocol 2011

  • Autovía del Mar starts operations
  • First Biological Mechanical

Treatment Plant of Argentina starts operations in the Norte III landfill

  • Central Buen Ayre starts
  • perations, the country´s

largest biogas-fueled generation plant

  • Clisa is created, consolidating all

infrastructure activities of the Group

  • III. OVERVIEW

KEY MILESTONES

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • III. OVERVIEW

KEY FIGURES EVOLUTION & BREAKDOWN BY BUSINESS SEGMENTS

Revenues (AR$ mm) EBITDA (AR$ mm)

4,357 4,740 6,011 6,847 8,568 8,848 2011A 2012A 2013A 2014A 2015A LTM MAR 2016A 583 728 945 1,087 1,183 1,294 2011A 2012A 2013A 2014A 2015A LTM MAR 2016A

Revenues breakdown AR$ 8,848 million EBITDA breakdown AR$ 1,294 million

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • III. OVERVIEW

KEY SEGMENTS FINANCIAL OVERVIEW

Transportation Water Supply Services

Financial Highlights (AR$ mm)

Waste Management Construction & Toll Road Concessions

1,575 2,155 2,682 3,571 3,734 280 364 352 624 709 18% 17% 13% 17% 19% 2012A 2013A 2014A 2015A LTM Mar-16 291 387 483 668 721 48 66 43 78 88 16% 17% 9% 12% 12% 2012A 2013A 2014A 2015A LTM Mar-16 2,144 2,410 2,382 2,934 2,999 323 411 453 361 365 15% 17% 19% 12% 12% 2012A 2013A 2014A 2015A LTM Mar-16 668 920 1,290 1,346 1,342 65 79 136 136 148 10% 9% 11% 10% 11% 2012A 2013A 2014A 2015A LTM Mar-16

Some businesses have more stable and predictable revenues and EBITDA, while others are more volatile

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SECTION IV

WASTE MANAGEMENT

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

OVERVIEW CLIBA is a leader in Argentina in waste management services. It started its activities in the year 1986. It is the only fully integrated waste management company in Argentina

Waste management operates under three different business units:

 Cliba: Urban Waste Management Services  Tecsan: Landfill and Waste Valorization  Taym:

Industrial and Commercial Waste Management Services

Note: 1. As of March 31st 2016

Revenues breakdown by segment

Urban Waste Management 43% Landfill 46% Waste Valorization 6% Industrial Waste Management 5%

Revenues

LTM Mar-2016 (AR$ mm)

3,734 EBITDA

LTM Mar-2016 (AR$ mm)

709 Employees1 (#) 4,055

CEAMSE 44% City of Buenos Aires 28% San Isidro 9% Neuquen 5% Santa Fe 3% Other public clients 6% Private clients 5%

Revenues breakdown by client

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

SECTOR OVERVIEW We participate in all stages of the cycle of waste management…

Source: Company

  • 2. Treatment

Between collection and disposal, urban solid waste (USW) can be subject to processes that produce technical,

  • perational,

economic and sanitary benefits. The objective of USW treatment is to reduce volume and its contaminating potential by transforming it into inert or biologically stable material. Processes applied to solid waste can be: a) mechanical, b) thermal,or c) biological

  • 4. Valorization
  • Energy from Waste
  • Energy production

from combustion of biogas generated in landfills

  • MBT - a mix of

mechanical operations and biological processes aimed at diverting and stabilizing biodegradable materials before landfilling and recovering recyclables e.g. metals

  • 1. Collection - Household, green and industrial waste is collected and sent to a transfer

station, treatment unit or landfill a) Mechanical Classification – sorting by economic criteria or as a preparatory step for subsequent processing b) Thermal - reducing the volume and mass of the waste and inert the hazardous components, while at the same time generating thermal and/or electricity and minimizing pollutant emissions to air and water c) Biological – treating the organic portion of waste

  • 3. Landfill
  • Sanitary landfill - where non-hazardous

waste is spread in layers, compacted, and covered

  • Secure landfills - where hazardous waste is

safely buried

Industrial waste Household waste Green waste CONSUMPTION COLLECTION MBT Plant TREATMENT PHYSICAL-CHEMICAL TREATMENTS SORTING / RECYCLING COMPOSTING SOIL DECONTAMINATION PRODUCTION / TRANSFORMATION ENERGY From WASTE LANDFILLS

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

GEOGRAPHICAL FOOTPRINT

Uruguay

  • Industrial and Commercial

Waste Services — Taym City of Buenos Aires

  • Urban Waste Management

— Cliba Buenos Aires Province of Buenos Aires

  • Urban Waste Management

— Cliba San Isidro

  • Landfills

— Norte III — Mar del Plata

  • Waste Valorization

— Mechanical Biological Treatment (MBT) Plant — Central Buen Ayre — Ecoayres — Composting Plant

  • Industrial and Commercial Waste Services

— Taym Santa Fe

  • Urban Waste Management

— Cliba Santa Fe Córdoba

  • Industrial and Commercial

Waste Services

  • Landfill

— Taym Neuquén

  • Urban Services

— Cliba Neuquén

  • Landfill

— Neuquén

  • Industrial and Commercial Waste

Services — Taym Mendoza

  • Landfill

— Rivadavia Department

…with a presence throughout the whole country.

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

LANDFILL & WASTE VALORIZATION

  • Landfill

Design, construction, operation and maintenance disposal modules

Design, construction and operation of plants for the treatment of liquids emanated from garbage

Collection, transport, treatment and disposal of pathogenic and special waste

Design, construction and operation of waste transfer stations

Waste transport from waste transfer station to landfill

Remediation of dumps

  • Waste valorization

Waste recovery (separation, classification and further recycling)

Biological conversion

Thermal conversion

Biogas generation

Tecsan operates the largest landfill and the most sophisticated waste valorization business in Argentina

75%

TECSAN has a 75% market share in terms of landfills waste disposal. (Company estimate)

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

LANDFILL

  • One the largest landfills in the world, receives over 400,000 tons of waste per month (approximately 30% from the City of

Buenos Aires and 70% from the Greater Buenos Aires). Such waste is generated by a population of 11.7 million people - 29%

  • f the total Argentine population.
  • Client: CEAMSE (Coordinación Ecológica Área Metropolitana Sociedad del Estado), a state-owned company created by the

Province of Buenos Aires and the City of Buenos Aires to jointly coordinate municipal solid waste in Buenos Aires metropolitan area (“AMBA”). The AMBA is a large urban center that comprises the City of Buenos Aires and 24 Municipal units of the Province of Buenos Aires with a total population of over 13 million people.

  • Start of Operations: 1994
  • Contract Period: The original contract term has been extended as the construction of new modules became necessary. Last

extension was granted in December 2014 for the construction and operation of "Modulo Norte III A & B - unification" and will remain effective until the module is completed.

  • Pricing Mechanism: Revenue based on tons disposed and transported per month plus fixed amounts for the operation of a

plant for the treatment of liquids emanated from garbage and other complementary services. Price is adjusted quarterly through a polynomial adjustment formula which accounts for general cost increases.

Operational Metrics

Norte III Neuquén

Start of operations: 2000 Tons/month: 11,000

Other Landfills

Start of operations: 2012 Tons/month: 38,000 Start of operations: 2016 Tons/month: 3,000

Mar del Plata Mendoza

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

LANDFILL – NORTE III SITE

The largest landfill in Argentina and one of the largest landfills in the world

Norte III

10.5 MM tons

Leachete Treatment Plant 1,350 m3 MBT Plant Composting Plant Leachete Treatment Plant 2,000 m3

Norte III-A

10.5 MM tons

Norte III-B (+ expansion)

20.8 MM tons

Norte III-C

24.5 MM tons

Leachete Treatment Plant 600 m3 Central Buen Ayre

Norte III A-B unification

11 MM tons capacity

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

WASTE VALORIZATION

Operational Metrics

Mechanical and Biological Treatment (MBT) plant

  • MBT plant processes waste in two stages:
  • First stage: mechanic separation of organic and inorganic waste
  • Second stage: during aerobic composting, organic waste is treated

biologically through aerial oxygen by tunnels. Inorganic waste is classified in order to be sold

  • Solid waste processing capacity: 1,100 tons per day (approximately 25%
  • f Buenos Aires City‘s solid waste), currently the largest in Latin America
  • Contract Period: 15 years (plus possible renewal of 15 years)
  • Client: CEAMSE
  • Start of operations: 2012
  • Pricing Mechanism: Revenue is determined by non-disposed tons on a monthly basis. Price is adjusted through a polynomial

adjustment formula that is applied when cost increases exceed 5% or every 3 months, whichever comes first

The first and only MBT plant in Argentina and one of the largest in LatAm.

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

WASTE VALORIZATION

Operational Metrics

Central Buen Ayre

  • Installed capacity: 11.8 MW/hour
  • Contract Period: 14 years (plus possible renewal

period of 1.5 years)

  • Terms: Under the national program for renewable

energy, ENARSA should buy 100% of the energy generated, up to:

  • 10 MW/hour
  • 1,211,070 MWh during life of contract
  • Client: ENARSA
  • Start of operations: 2012

The largest biogas-fueled energy generation plant in Argentina and one of the largest in the region.

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

URBAN WASTE MANAGEMENT

  • Containerized & non-containerized waste collection
  • Construction & demolition waste collection
  • Yard & garden collection
  • Manual & mechanical street & sidewalk sweeping
  • Containers & trash cans provision, reposition, replacement & maintenance
  • Graffiti, banners & parades cleaning
  • Drain cleaning and unclogging
  • Pruning & chipping
  • Special services
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Compañía Latinoamericana de Infraestructura & Servicios S.A.

Contract Location Client Start of Operations Contract Period Tariff Adjustment Mechanism Population Served Tons/ month

(in thousands)

City of Buenos Aires Buenos Aires City Government 1987 Current contract began on October of 2014 and lasts until 2024 (possibility of 1 year renewal)

615,000 24 San Isidro San Isidro Municipality 1991 Short term renewals until next tender

292,000 16 City of Neuquén Neuquén Municipality 2000 Current contract began on 2015 and lasts until 2023 (with a possibility of 1-year renewal)

362,000 8.6 City of Santa Fe Santa Fe Municipality 1996 Contract lasts until the next tender process takes place

261,000 5

  • IV. WASTE MANAGEMENT

URBAN WASTE MANAGEMENT CONTRACTS

Zone 2 City of Buenos Aires Centenario City of Neuquén Zone I

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

URBAN WASTE MANAGEMENT – MARKET SHARE IN ARGENTINA1

Note: 1. Company estimates calculated by the size of the population served by private providers in cities with more than 70,000 residents.

Peer1; 14.9% Peer 2; 11.7% Peer 3; 11.0% Peer 4; 8.8% 7.5% Peer 5; 6.8% Peer 6; 5.0% Peer7; 4.9% Others; 29.3%

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IV. WASTE MANAGEMENT

INDUSTRIAL SERVICES

  • Collection, transport, treatment & landfill of industrial, special & hazardous waste
  • Earthworks & soil remediation
  • Restoration of contaminated areas
  • Planning, development & management of programs and technologies for waste

separation

  • WEEE (Waste Electrical and Electric Equipment) treatment & valorization
  • Industrial cleaning
  • Technical cleaning in productive processes
  • Environmental impact reports

Operational Metrics

  • Clients: industrial and commercial sector
  • Operates in Argentina and Uruguay
  • Taym has a hazardous waste landfill in Córdoba, with a disposal capacity of 1.2 million tons providing a relevant

competitive advantage.

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SECTION V

CONSTRUCTION & TOLL ROAD

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

BENITO ROGGIO E HIJOS S.A. - OVERVIEW BENITO ROGGIO E HIJOS S.A. is the subsidiary through which CLISA participates in the construction industry in Argentina and other LATAM countries (Panama, Peru, Brazil). It is one of the leaders of the sector.

Note: 1. As of March 31st 2016

Revenues breakdown

Benito Roggio e Hijos 69% Haug 24% Sehos 5% Benito Roggio Panamá 2%

Revenues

LTM Mar-2016 (AR$ mm)

2,999 EBITDA

LTM Mar-2016 (AR$ mm)

365 Employees1 (#) 2,370

  • Started operations in 1908 in Córdoba, Argentina.
  • It is a “universal” construction company, with extensive experience in

many different construction techniques for wide range of industries.

  • Public sector, both at national and provincial level, is the main

counterparty.

  • It is one of the most important and traditional construction companies

in Argentina.

  • Throughout its history, it has been awarded numerous awards for the

works performed.

  • Through SEHOS, an Argentinean subsidiary, it performs railway works

and hospital maintenance.

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

Main completed Construction works.

Road infrastructure. Rosario - Victoria Bridge 9 de Julio North Highway (City of Buenos Aires) Córdoba - Rosario Highway (Various tranches) Western Access to the City of Buenos Aires Paso de Jama - Jujuy (Located at Chile and

Argentina’s Territorial Boundary)

  • V. CONSTRUCTION

BENITO ROGGIO E HIJOS S.A. - OPERATIONS

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

BENITO ROGGIO E HIJOS S.A. - OPERATIONS Main completed Construction works.

Transport infrastructure.

Buenos Aires Railways improvement Extension of Lines B and E Buenos Aires Subway

  • Line B: St. Juan Manuel de Rosas and

Echeverría

  • Line D: St. Juramento
  • Line E: St. Correo Central, Catalinas and

Retiro (to be opened) Caleta Paula Port (Caleta Olivia, Santa Cruz)

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

BENITO ROGGIO E HIJOS S.A. - OPERATIONS Main completed Construction works.

Energy.

Pichi Picún Leufú Hydroelectric Dam on the Limay River (provinces of Neuquen and Rio Negro) Piedras Moras Hydroelectric Plant (province

  • f Cordoba)

Recreo

  • La

Rioja 500 Kv. Energy Interconnection (province of La Rioja) Adduction Channel at the Pehuenche Hydroelectric Dam (Chile) Ullum Hydroelectric Plant and Transforming Station (province of San Juan)

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

BENITO ROGGIO E HIJOS S.A. - OPERATIONS Main completed Construction works.

Sanitation.

Sewage Collector, Lift Stations and Carlos Paz Sewage Treatment Plant (province of Cordoba) Paraná de Las Palmas Water Treatment Plant

(province of Buenos Aires)

Environmental Sanitation Plan of Maldonado

(Uruguay)

Works to provide drinking water (several

Argentine provinces)

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

BENITO ROGGIO E HIJOS S.A. - OPERATIONS Main completed Construction works.

Industry, Oil and Gas.

Hidra Total Austral Project (province of Tierra del

Fuego)

Peak Shaving Plant

(Asunción del Paraguay, Paraguay)

Cabo Negro Gas Pipeline (Kimiri Aike, Chile) Nuclear Fuel Factory (Ezeiza, Buenos Aires)

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

BENITO ROGGIO E HIJOS S.A. - OPERATIONS Main completed Construction works.

Architecture. Buenos Aires Sheraton Hotel

Buenos Aires, Argentina

Cordoba Stadium

Córdoba, Argentina

Chile International Airport

Santiago, Chile,

Argentine Embassy in Paraguay

Asunción, Paraguay

CONRAD Hotel

Punta del Este, Uruguay

Telecom Corporate Building

Buenos Aires, Argentina

Telecomunication Complex (ANTEL)

Montevideo, Uruguay

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

BACKLOG

Construction Segment Backlog1,2

(AR$ million)

Backlog breakdown AR$ 8,651 million1,2

Note: 1. Projects that have not started do not reflect accumulated inflation, to be added once launched 2. Includes best offers not yet formally awarded

Backlog status Breakdown by client

Cordoba Pce. 26% DNV 24% Clients Outside Argentina 21% City of Buenos Aires 14% Other National Government Clients 12% Others 3% Road 45% Hydraulic 19% Tanks & Metallic Structures 16% Engineering 7% Electricity 5% Others 8% In progress 59% Unstarted 34% Project awarded or Best offer 7%

355 346 476 941 1.253 961 1.689 1.809 3.233 4.515 5.136 5.168 6.112 6.983 8.651

1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 9.000 10.000 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 MAR

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

BACKLOG

Main Projects Type Client Status Backlog

(in millions AR$)

  • Córdoba city beltway – Tropezon-

Spilimbergo tranche (Córdoba)

Road

Caminos de las Sierras S.A.

Unstarted (est. 08- 2016)

945

Building of 5 km of Córdoba´s city beltway. Works include: building 1,8 km of viaduct; 0,31 km of road in trench; 4 bridges; among others

  • Tanks major maintenance (Chile)

Tanks

ENAP REFINARIAS SAC

In progress

916

Refinery tanks major maintenance, cleaning, inspection and certification

  • Rehabilitation of Los Molinos water

channel (Córdoba)

Hydraulic

Agencia Córdoba Inversión y Financiamiento

In progress

861

Piping a 35 km long water channel from Los Molinos dam to Córdoba city

  • Road repair and maintenance (C.RE.MA

Various contracts) - (La Rioja, Jujuy)

Road DNV In progress/ Unstarted

610

Over 500 km of roads repair and maintenance

  • Vega Creek Second Emissary (CABA)

Hydraulic

GCBA –Ministry

  • f Urban

Development

Unstarted (est. 08- 2016

537

8.4 km long tunnel, of which 6 km are built with a tunneling machine and 2.4 km are built with traditional tunneling method

  • Rosario city beltway (Rosario)

Road DNV In progress

345

Works include: building 20 km of additional lane, building of new bridges and widening existing ones, reparations and resurfacing for the whole beltway, among others

~ 48%

  • f

to tota tal backlog

Location

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SLIDE 35

35

Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • V. CONSTRUCTION

HAUG S.A. HAUG S.A. is a Peruvian company specialized in engineering, manufacturing, construction and assembling of production plants, tanks and metallic structures.

  • Lead company in its area of focus in Peru, also with a presence in other Latin American countries.
  • Oriented to the private sector, its clients are usually Mining, Oil & Gas, Energy and Industrial companies, as

well as Global Engineering companies acting as their agents.

  • Haug has obtained important quality and safety certifications which enabled its entrance into a highly

demanded market.

Pueblo Viejo – Dominican Republic Barrick - Pascua Lama - Argentina Man Tkraf - Conveyor Belt - Perú Bechtel Chile - Los Bronces Project- Chile

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SLIDE 36

36

Compañía Latinoamericana de Infraestructura & Servicios S.A.

CLISA participates in two toll road concessions. Given CLISA is not the operator, it does not consolidate operations in its financial

  • statements. CLISA’s consolidated EBITDA does not reflect any revenue or results from these activities.

CV1 CONCESIONARIA VIAL S.A. is the concessionaire of National Road

Corridors No. 1 and No. 29. Clisa has a 51% stake in the company (50% voting rights)

  • Roads: National Roads No. 3, No. 205, No. 226 and No. 252, in the Province of Buenos

Aires and a tranche of National Roads No. 22 and No. 151 in Río Negro and Neuquén (1,290 km).

  • Term: Until Apr-2017.
  • Besides the usual toll road services, CV1 also performs maintenance and extension works
  • n roads, which are paid for by the National Government as traditional public works
  • Roads: Provincial Roads No. 2, 11, 36, 56, 63 and 74 in the Province of Buenos Aires. (1,140 km).
  • Term: 30 years since Jul-2011.
  • It is a traditional toll road concession, where works are performed directly by the concessionaire and financed through the toll

paid by users.

  • The Province of Buenos Aires has approved all tariff increases provided for under the concession contract so far.

AUTOVIA DEL MAR S.A. is the concessionaire of the Integrated Atlantic Road System, in the Province of Buenos Aires. Clisa’s stake in the company is 26.7%.

  • V. TOLL ROAD

CURRENT CONCESSIONS

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SLIDE 37

SECTION VI

TRANSPORTATION

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SLIDE 38

38

Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • VI. TRANSPORTATION

CLISA´s transportation segment is the leader in the railway sector in Argentina. It focuses on its activities in the integral management of companies that transport passengers, maintain all equipment and develop solutions. It has regional reach with a presence in Buenos Aires, Córdoba, Rio de Janeiro and São Paulo.

Note: 1. As of March 31st 2016

Revenues breakdown

Metrovias 84% Benito Roggio Ferroindustrial 12% Benito Roggio Transporte 2% Others 2%

Revenues

LTM Mar-2016 (AR$ mm)

1,342 EBITDA

LTM Mar-2016 (AR$ mm)

148 Employees1 (#) 6,029

The largest private transportation operator in Argentina Over 290 million passengers transported in 2015

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Compañía Latinoamericana de Infraestructura & Servicios S.A.

METROVIAS S.A. operates two different transportation services in Buenos Aires.

  • VI. TRANSPORTATION

METROVIAS

  • Operation and maintenance contract for the

Government of the City of Buenos Aires.

  • Term: until December 2017.
  • 272.7 million paying passengers in 2015
  • 6 subway lines + Premetro
  • 61 km of track, 102 stations and 625 railcars
  • Over 3,000 trips per day
  • Concession contract awarded by the Argentine

Federal Government

  • Term: until December 2017
  • 18.5 million paying passengers in 2015
  • 26 km of track, 23 stations and 108 railcars
  • Over 130 trips per day

Buenos Aires Subway System Urquiza Commuter Railroad

Revenues

LTM Mar-2016 (mm)

1,162 EBITDA

LTM Mar-2016 (mm)

200 Increased Cost Compensation1

LTM Mar-2016 (mm)

2,446

Note:

  • 1. Subsidies granted instead of fare increases.

These revenues are not recorded as revenues in Metrovias´ financial statements, and are instead subtracted from the operating costs.

SUBWAY 97% URQUIZA 3% SUBWAY 78% URQUIZA 22%

Metrovias 48% Trenes Argentinos 47% Ferrovías 5%

Metrovias Market Share

AMBA - 2015 Subway and Train Market Share (# of PAX)

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SLIDE 40

SECTION VII

WATER SUPPLY

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SLIDE 41

41

Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • VII. WATER SUPPLY

CONCESSION CONTRACT

Object: capturing, treating, preserving, carrying, distributing and marketing water for residential, commercial and industrial consumption in the City of Córdoba.

Population Served: 1.5 million

Sewage System: not included in ACSA’s concession

Term: 30 years (Since May 1997 until May 2027)

Concession Grantor: Province of Córdoba

Operator: Benito Roggio e Hijos S.A.

AGUAS CORDOBESAS S.A. (“ACSA”) is the largest private water utility company in Argentina, positioning CLISA in an unmatched position should any privatization trend return to Argentina

Note: 1. As of March 31st 2016

Revenues

LTM Mar-2016 (AR$ mm)

721 EBITDA

LTM Mar-2016 (AR$ mm)

88 Employees1 (#) 550 

Investment Plan:

  • ACSA only has to perform the preventive and remedial repairs

and maintenance works.

  • The Province of Córdoba must provide necessary financing for

additional investments to renovate or expand the networks. There is a tariff surcharge of 18% to be applied to specific works (% varies according to type of client).

826% 1027% 2001 2002 2003 2003 2004 2004 2005 2006 2006 2007 2007 2008 2008 2009 2010 2010 2011 2011 2012 2013 2013 2014 2014 2015 2015 Residential Non Residential

Tariff Evolution (2001 base year)

The Concession Grantor has always honored tariff increases.

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SLIDE 42

SECTION VIII

GROWTH POTENTIAL

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SLIDE 43

43

Compañía Latinoamericana de Infraestructura & Servicios S.A.

 Given limited infrastructure investments during the last decade, Argentina is facing a significant need

for transport, energy, telecommunication, water and sanitation infrastructure

 The new government is focusing on infrastructure as a driver of economic growth due to its impact on

employment

 Some specific plans have been announced but many remain as broad ideas

Plan Belgrano 10-year plan: ~ US$ 16,000 mm

Province of Cordoba 5-year plan : ~ US$ 3,800 mm

Province of Buenos Aires waterworks plan : ~ US$ 1,000 mm

 Private sector investment needs to catch after many years of low activity  The next two slides illustrate some of the plans that are relevant to our areas of expertise

2.9% 0.7% 2.1%

5.0% 1.6% 0.3% '80 - '89 '90 - '99 '00 - '03 '04 - '12 Public Private

INVESTMENT IN INFRASTRUCTURE (%) OF GDP

  • VIII. GROWTH POTENTIAL
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Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • The main necessary infrastructure works to be done in transportation (road, railroad and fluvial), energy

and water and sanitation, totals around US$ 54 billion.

Infrastructure Work

Estimated Cost

(in million US$)

National road infrastructure (maintenance and upgrade of 10,000 km) 10,800 Provincial road network 11,000 Railroad works (3,790 km in main tracks and access tracks) 6,430 Water transport (61% in ports and 39% in main waterways) 1,135 City of Buenos Aires: RER + Riverside Highway 2,650

Transportation Subtotal 32,015

Waterworks in Cordoba Province 1,000 Waterworks in Buenos Aires Province 1,000

Waterworks Subtotal 2,000

Electric Energy Generation 19,000 Electric Energy Transport 1,000

Electrical Energy Subtotal 20,000

Total 54,015

  • VIII. GROWTH POTENTIAL

CONSTRUCTION

Source: Company estimates

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SLIDE 45

45

Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • VIII. GROWTH POTENTIAL

WASTE MANAGEMENT Location Project Status Estimated Cost

(in million US$)

City of Buenos Aires South MBT (1,000 Tons) Pre-awarded

120

North MBT (1,000 Tons) Waiting for award

120

WTE (1,500 Tons) Under analysis

375

Metropolitan Area of Buenos Aires WTE (1,500 Tons) Under analysis

375

MBT (1,000 Tons)

120

Rest of Buenos Aires Province 10 Landfills (3,600 Tons) with: Under analysis

225

  • Landfill, Separation Plant & Composting Plant

City of Cordoba

  • Landfill & Separation Plant

Under analysis

80

  • MBT (500 Tons)

City of Rosario

  • Landfill & Separation Plant

Under analysis

80

  • MBT (500 Tons)

Total

1,495

Source: Company estimates

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SLIDE 46

SECTION IX

FINANCIAL DEBT

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SLIDE 47

47

Compañía Latinoamericana de Infraestructura & Servicios S.A.

  • IX. FINANCIAL DEBT

Consolidated Financial Debt Breakdown & Evolution Breakdown by Currency

(in AR$ million) FINANCIAL DEBT BREAKDOWN

Dec‐14 Mar‐15 Jun‐15 Sep‐15 Dec‐15 Mar‐16 US$ Debt 1,312 1,356 1,306 1,384 1,737 1,999 AR$ Debt 1,182 1,142 1,301 1,581 1,707 1,753 FINANCIAL DEBT1 2,494 2,498 2,607 2,965 3,444 3,753 Cash & Equivalents

  • 934
  • 656
  • 773
  • 925
  • 696
  • 776

NET FINANCIAL DEBT

1,560 1,842 1,834 2,040 2,748 2,977

Note: 1. Does not include debt arising from factoring transactions with recourse (AR$ 782 million as of March 31, 2016)

AR$ 47% US$ 44% Other 9%

  • 500

1.000 1.500 2.000 2016 2017 2018 2019 2020+

Debt Maturity

as of Mar-16 (in AR$ millions)

Amortizing Debt + Leasing Revolving Corporate Bonds

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SLIDE 48

CONFIDENTIAL | July 2016