CONFIDENTIAL October 2016

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.

Background.History.

Main subsidiaries.

Key Figures.

P.1

Background.History.

P.2

+12,800

employees

Over 100 years building

the future.

Based in Argentina, CLISA is a holding company. CLISA is a member of the

Roggio Group, one of the largest Argentine conglomerates. It is the group’s

most important subsidiary.

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,

Paraguay, Chile, Bolivia, Ecuador, Mexico). It has a broad technical and

operational experience in public works and services companies from

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.

Background.Main Subsidiaries.

P.3

As a holding company, CLISA is organized into several business units,

developed and executed by its main operative subsidiaries:

Cliba Ingenieria Urbana S.A.Urban Waste Management

100%

WASTEMANAGEMENT

Benito Roggio e Hijos S.A.(Construction)

97.2%

CONSTRUCTION& TOLL ROAD

Toll Road Concessions

VARIOUS OWNERSHIPPERCENTAGES

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

100%

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

90.7%

TRANSPORTATION WATER SUPPLY

Aguas Cordobesas S.A.(Water Supply Utility)

61.2%

Benito Roggio Transporte(Technical Assistance on Railroad

Projects)

97.1%

Benito Roggio Ferroindustrial (Railcar Repair Plant)

95.0%

Leader in waste management in

Argentina

One of the main construction companies in Argentina with

over 100 years of history

Most important private transportation operator in

Argentina

Main private water supply operator in

Argentina

Haug S.A.(Industrial and Mining

Construction - Peru)

100%

Taym S.A.Industrial Waste Management

100%

Background.Key Financial Figures.

P.4

Revenues BreakdownAR$ 9,242 mm

4,357 4,740

6,0116,847

8,5689,242

2011A 2012A 2013A 2014A 2015A LTMJUN

2016A

583728

9451,087

1,183

1,436

2011A 2012A 2013A 2014A 2015A LTMJUN

2016A

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

EBITDA BreakdownAR$ 1,436 mm

Background.Key Segment Financial Overwiew.

P.5

Transportation Water Supply Services

Waste Management Construction & Toll Road Concessions

291 387

483

668 760

48 66 43 78 89

16% 17%

9% 12% 12%

2012A 2013A 2014A 2015A LTM…

668 920

1,290 1,346 1,373

65 79 136 136 167

10% 9% 11% 10% 12%

2012A 2013A 2014A 2015A LTM…

1,5752,155

2,682

3,5714,032

280 364 352 624 829

18% 17%13%

17% 21%

2012A 2013A 2014A 2015A LTM…

2,1442,410 2,382

2,934 3,023

323 411 453 361 370

15% 17% 19%12% 12%

2012A 2013A 2014A 2015A LTM…

Waste Management.Urban Waste Management.

Landfill and Waste Valorization.

Industrial and Commercial Waste Treatment.

P.6

Waste Management.P.7

(Urban Waste Management) (Landfill and Waste Valorization)

(Industrial and Commercial

Waste Treatment)

Waste Management.P.8

Cliba is the leader and the only

fully integrated waste

management company in

Argentina.

It started its activities in 1986.

4,100

employees

More than 650,000 tons of waste

collected per year, serving over

1,500,000 people.

More than 5,600,000 tons of waste

disposed per year in 4 landfills.

Generates 86.500 MWh of energy from

biogas (produced by landfills).

Mechanical and biological treatment of

1,100 tons of waste per day.

Recovers 6,800 tons of recyclable

materials per year.

Urban Waste Mangement

47%Landfill41%

Waste Valorization

6%

Industrial Waste Management

6%

Revenues breakdown by

segment

Waste Management.P.9

Cliba provides Urban Waste Management

services including:

• Urban Waste Collection

• Manual and Mechanical Street

Sweeping

• Park & Park-like areas Maintenance

• Drain & Sewer Clearance, Cleaning

& Maintenance

• Pathogenic Waste Treatment and

Disposal.

Equipment: over 300 heavy and light duty

equipment including compactor trucks,

sweepers, flushers, rolls-off, pick-ups, etc.

1.5 million people served

Urban Waste Management.

650,000tons of waste

collected per yearCity of

Neuquén,Province of

Neuquén360.000

people served

City of

Buenos

Aires615,000

people

served in

Zone 2

County of

San IsidroProvince of

Buenos

Aires290.000

people served

City of

Santa Fe,Province of

Santa Fe260.000 people

served in Zone 1

Waste Management.P.10

Landfill.

Norte III LandfillThe most important landfill

in Argentina and one of the

largest in South America

and the world.

(5,000,000 tons per year)

Waste coming from 27 districts in

Greater Buenos Aires and the city

of Buenos Aires.

Neuquén LandfillNeuquén province

(130,000 tons per year)

Waste coming from the city of

Neuquén and the municipality

of Centenario.

Mar del Plata

LandfillBuenos Aires

province

(440,000 tons per

year)

Waste coming from

the municipality of

General Pueyrredón.

Rivadavia LandfillMendoza province

(35,000 tons per year)

Disposes

5,600,000tons of waste per year

Transports

2,400,000tons of waste per year

Tecsan is the business division that operates 4

landfills in Argentina

P.11

Tecsan also focuses on waste valorization, developing and executing projects specialized on resource recovery from waste by using

multiple technologies.

Waste Valorization.

MBT PlantDesigned, built and currently operates the first Mechanical and

Biological Treatment Plant (MBT) of Argentina and South America.

Waste processing capacity of 1,100 tn/day

(Approximately 25% of the waste generated by the City of Buenos

Aires).

Waste Management.

Central Buen Ayre

Built and currently operates a biogas-fueled energy

generation plant with the biogas collected from Norte III

landfill. It is the first in Argentina and one of the three

largest in South America.

Waste Management.P.12

Taym provides integrated waste

management solutions to industrial and

commercial clients, such as transport,

treatment and landfill of industrial and

hazardous waste (asbestos, waste of

electrical and electronic equipment),

cleaning of industrial facilities,

restoration of contaminated areas,

among others.

Taym operates in Argentina and

Uruguay.

Hazardous Waste

Landfill.

Taym runs a Hazardous Waste

Landfill located in Córdoba province,

which provides treatment and

disposal services of hazardous

waste in security cells.

Total disposal capacity:

1,200,000 tons

Operational capacity:

53,000 m3

Industrial and Commercial Waste Treatment.Taym provides environmental

management services to important

national and international companies,

supported by 20 years of experience:

Peugeot-Citröen

Volkswagen Argentina

Renault Argentina

General Motors

IVECO Argentina

Ford Motor Argentina

Fate

Lockheed Aircraft Argentina

Pirelli

YPF

Banco República (Uruguay)

Construction.Construction.

Toll road concessions.

P.13

Construction.P.14

TOLL ROAD CONCESSIONS

Autovía del Mar SA

Concesionaria Vial 1 SA

CONSTRUCTION

(Large Scale Construction Projects)

(Metallic Structures & EPC)

Construction.P.15

Benito Roggio e Hijos SA is the subsidiary through which

CLISA participates in the construction industry in Argentina

and other LATAM countries (Panama, Peru, Paraguay,

Brazil).

It started its activities in the City of Cordoba, Argentina, in

1908.

It is one of the most important and traditional construction

companies in Argentina.

Solid credentials in all sectors of large civil works, for both

private clients and for public clients at all administration levels

(national, provincial and municipal).

It is a “universal” construction company, with extensive

experience in many different construction techniques for wide

range of industries.

2,100

employees

Road 42%

Hydraulic 20%

Tanks & Metallic

Structures 17%

Engineering 7%

Maintenance 6%

Others8%

Backlog

AR$ 8,075

millions 1,2, 3

1. Projects that have not started do not reflect accumulated inflation, to be added once launched

2. Includes best offers not yet formally awarded

3. As of July 31, 2016

Construction.P.16

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)

Benito Roggio e Hijos.

Construction.P.17

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)

Benito Roggio e Hijos.

Construction.P.18

Main completed

Construction works.

Energy.

Pichi Picún Leufú Hydroelectric Dam on the

Limay River (provinces of Neuquén and Río Negro)

Piedras Moras Hydroelectric Plant (province of

Córdoba)

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)

Benito Roggio e Hijos.

Construction.P.19

Main completed

Construction works.

Sanitation.

Sewage Collector, Lift Stations and Carlos

Paz Sewage Treatment Plant (province of

Córdoba)

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)

Benito Roggio e Hijos.

Construction.P.20

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)

Benito Roggio e Hijos.

Construction.

Main completed

Construction works.

Architecture.

Buenos Aires Sheraton HotelBuenos Aires, Argentina

Cordoba StadiumCórdoba, Argentina

Chile International AirportSantiago, Chile,

Argentinian Embassy in ParaguayAsunción, Paraguay

CONRAD HotelPunta del Este Uruguay

Telecom Corporate BuildingBuenos Aires, Argentina

Telecomunication Complex (ANTEL)Montevideo, Uruguay

Benito Roggio e Hijos.

P.21

Construction.P.22

Metallic Structures & EPC.

Haug is a Peruvian company specialized in

engineering, manufacturing, construction and

assembly of industrial plants, tanks and

metallic structures, as well as EPC contracts.

It has a portfolio of national and international

clients in the mining, energy, oil and gas,

construction and infrastructure industries.Haug has obtained important quality

certifications which have enabled its entrance

into a highly demanding market.

Haug.

Toll road concessions.P.23

CV1 - Concesionaria Vial 1

Concessionaire of National Road Corridors No. 1 and No. 29.

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

Province of Buenos Aires and a tranche of National Roads No.

22 and 151 in the Provinces of Río Negro and Neuquén.

• Term: until Apr-2017.

• Stake: 51%

Autovía del Mar

Concessionaire of the Integrated Atlantic Road System, in the

Province of Buenos Aires.

• Roads: Provincial Roads No. 2, 11, 36, 56, 63 and 74 in the

Province of Buenos Aires.

• Term: 30 years since Jul-2011.

• Stake: 26,7%

1,290 km

1,140 km

Note: Since CLISA does not have a controlling stake in any of these businesses, CLISA consolidated figures do not reflect any

revenue or results from these activities.

Transportation.Passenger transportation.

Maintenance and repair of rolling stock.

R&D of solutions for railways.

Technical assistance.

P.24

P.7

The area of Transportation of CLISA is

the leader in the railway sector in

Argentina. It focuses its activities in the

integrated management of companies

that transports passengers, maintains

rolling stock and develops solutions to

the sector.

It has regional reach with presence and

working force in Buenos Aires,

Córdoba, Rio de Janeiro and Sao

Paulo.

6,000

employees

P.25

Transportation.

P.26

Transportation.

(Passenger Transportation) (Maintenance and repair of

rolling stock. R&D of solutions for railways)

(Technical assistance)

P.7

Since 1994, Metrovias operates and

maintains the Subway Network and the

Premetro of the City of Buenos Aires and

has the concession of the Urquiza Railroad

that connects the neighbourhood of

Chacarita (Buenos Aires City) with 5 districts

in the province of Buenos Aires.

124 stations

84 km. of network

Over 3,100trips per day

291 million

passengers (2015)

Over 20years of service

P.27

Transportation.Passenger transportation.

P.7

Benito Roggio ferroindustrial (BRf) offers

solutions to the railway and industrial sector.

Works to build, repair and maintain wagons,

locomotives, bogies and railway electrical

machines are carried out in the company

plant which has more than 7,900 m2.

Furthermore, the company has Research

and Development for technological

solutions to the railway and industrial sector.

Infrastructure Plant

1 gantry crane of 70 tons for

maneuvers

1 mobile gantry crane of 30 tons

2 overhead cranes of 30 tons

2 overhead cranes of 5 tons

5 naves

P.28

Transportation.Maintenance and repair of rolling stock.

R&D of solutions for railways.

P.7

VLT

Benito Roggio Transporte (BRt) participates in the

consortium for the construction, operation and

maintenance of the VLT (light train) in the city of Rio de

Janeiro, Brazil. The first of the 3 projected lines was

inaugurated in June 2016.

31 stations

28 km long

300,000 daily passenger

Linha 18

This project is a PPP, where BRt provides technical assistance

in the construction, implementation, operation and

management for 25 year period. Line 18 of Sao Paulo metro is

a monorail with Driveless system.

13 stations

15 km long

350,000 daily passengers

P.29

Transportation.Technical assistance.

Water Supply Services.Drinking Water Supply.

P.30

Water Supply Services.Aguas Cordobesas.Aguas Cordobesas is in

charge since 1997 of the

concession for water

treatment, purification,

distribution and

commercialization for

domestic, commercial and

industrial purposes in the

city of Córdoba.

480employees

88%Client Satisfaction

with service

Terms of concession

30 years ( until 2027)

2 Water treatment plants

with a total treatment

capacity of 7 m3/sec

18 Pressure raising stations

7 Customer Attention

Facilities

P.31

+ 4,000 kmTotal distribution network

1,500 kmNew water distribution networks since

the beginning of the concession.

1.5 million people served

500,000 clients