CONFIDENTIAL Ma y 2017 Disclaimer Presentation of Non-GAAP - PowerPoint PPT Presentation

CONFIDENTIAL Ma y 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% 69.0% 99.6% 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. Revenues (AR$ mm) EBITDA (AR$ mm) 15% 16% 16% 14% 16% 15% 12,283 11,090 1,765 1,889 8,568 1,183 1,087 6,847 945 6,011 728 4,740 2012A 2013A 2014A 2015A 2016A LTM 2011A 2012A 2013A 2014A 2015A 2016A MAR 2017A Revenues Breakdown EBITDA Breakdown AR$ 12,283 mm AR$ 1,889 mm Waste Management; 58.4% Waste Management; 42.1% Construction; 27.4% Construction; 35.1% Transportation; 12.5% Transportation; 14.7% Water Supply; 3.7% Water Supply; 7.7% Holding and Other Activities; 0.4% Holding & Other Activities; -2.0%

P.5 Background. Key Segment Financial Overwiew. Construction Waste Management 21% 21% 17% 17% 12% 13% 12% 13% 19% 17% 5,176 4,823 4,306 3,764 3,571 2,934 2,410 2,382 2,682 2,155 1,103 1,023 624 483 518 411 453 361 364 352 2013A 2014A 2015A 2016A LTM 2013A 2014A 2015A 2016A LTM Mar-17 Mar-17 Transportation Water Supply Services 17% 14% 13% 12% 11% 10% 9% 9% 8% 7% 1,810 1,593 948 863 1,346 1,290 668 920 483 387 221 236 136 136 66 78 71 69 79 43 2013A 2014A 2015A 2016A LTM 2013A 2014A 2015A 2016A LTM Mar-17 Mar-17

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 per Cliba is the leader and the only Revenues breakdown by year, serving over 1,500,000 people. fully integrated waste segment management company in More than 5,600,000 tons of waste disposed per Argentina. year in 4 landfills. It started its activities in 1986. Over 76 million tons of waste disposed since Waste + 4,050 Industrial Waste start of operations. Valorization Management 6% employees 6% Has built over 300 hectares of landfill infrastructure. + 700 heavy Mechanical and biological treatment of 1,100 Urban Waste and light duty tons of waste per day. Mangement equipment 47% Landfill Recovers 1,600 tons of recyclable materials per 41% year. including compactor trucks, sweepers, flushers, rolls-off, pick-ups, etc

P.9 Waste Management. Urban Waste Management. Cliba provides Urban Waste Management services 1.5 million including: City of City of Santa Buenos people served • Urban Waste Collection Fe, • Manual and Mechanical Street Sweeping Aires Province of • Green areas maintenance 615,000 Santa Fe 650,000 • Drain & Sewer Clearance, Cleaning & people 260.000 people served in Maintenance served in Zone • Pathogenic Waste Treatment and Disposal. Zone 2 tons of waste 1 collected per Revenue generation and collection • year Services are billed and paid for on a monthly City of basis. County of Neuquén, • Revenues do not depend on the volume of San Isidro Province of waste collected, but are instead determined by Province of Neuquén the size of the area served and the kind of Buenos Aires 360.000 services provided. 290.000 people people served • served Contracts contain price adjustment clauses that are triggered upon changes from 5% to 7% in the cost structure.