Compañía Latinoamericana De Infraestructura & Servicios S

CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. Legal address: Leandro N. Alem 1050, 9th Floor City of Buenos Aires

Condensed Interim Consolidated Financial Statements for the nine-month period ended September 30, 2019, presented in comparative format

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

Condensed Interim Consolidated Financial Statements

For the period commenced January 1, 2019 and ended September 30, 2019, presented in comparative format

Contents

Condensed Interim Consolidated Financial Statements as of September 30, 2019 Condensed Interim Consolidated Statement of Income Condensed Interim Consolidated Statement of Other Comprehensive Income Condensed Interim Consolidated Balance Sheet Condensed Interim Consolidated Statement of Changes in Equity Condensed Interim Consolidated Cash Flow Statement

Notes to the Condensed Interim Consolidated Financial Statements

Summary Information

Review Report on the Condensed Interim Consolidated Financial Statements

CLISA – COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF INCOME For the nine-month period ended September 30, 2019, presented in comparative format

For the three-month For the nine-month

period ended period ended 09/30/2019 09/30/2018 09/30/2019 09/30/2018 CONSOLIDATED RESULTS Notes In Pesos In Pesos In Pesos In Pesos

Revenue from contracts with customers 3.6 10,955,831,053 11,993,056,679 33,369,986,637 32,299,522,143 Cost of providing services 4 (8,170,464,249) (8,543,018,451) (24,113,909,919) (23,087,398,999) Gross profit 2,785,366,804 3,450,038,228 9,256,076,718 9,212,123,144

Administrative expenses 5 (1,305,729,844) (1,369,828,604) (3,954,471,917) (3,885,634,915) Selling expenses and other operating expenses 6 (756,501,997) (984,946,056) (2,269,443,951) (2,463,481,386) Other operating income and expenses, net 1,269,630 23,981,163 60,167,045 35,664,283 Operating Income 724,404,593 1,119,244,731 3,092,327,895 2,898,671,126

Financial income 7 (1,006,598,683) 424,237,361 416,907,615 817,104,255 Financial expenses 7 (3,106,837,072) (5,471,978,211) (5,290,603,373) (11,365,124,327) Share of net profits of associates and joint ventures accounted for using the equity method 8 (32,005,938) 48,974,374 (140,422,660) 74,574,121 Goodwill impairment - (1,266,880) - (2,909,570) Loss before income tax (3,421,037,100) (3,880,788,625) (1,921,790,523) (7,577,684,395) Income tax (160,779,181) (222,200,575) (702,540,702) (943,495,523) NET LOSS FOR THE PERIOD (3,581,816,281) (4,102,989,200) (2,624,331,225) (8,521,179,918)

Net loss for the period attributable to: Owners of the parent (3,791,158,135) (4,212,163,388) (2,996,402,620) (8,781,621,450) Non-controlling interests 209,341,854 109,174,188 372,071,395 260,441,532 (3,581,816,281) (4,102,989,200) (2,624,331,225) (8,521,179,918)

Basic and diluted loss per share attributable to the owners of the parent during the period 9 (39.21) (43.57) (30.99) (90.83) (stated in Ps. per share)

The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements. These Condensed Interim Consolidated Financial Statements should be read with the audited Consolidated Financial Statements for the year ended December 31, 2018.

CLISA – COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME For the nine-month period ended September 30, 2019, presented in comparative format

For the three-month For the nine-month

period ended period ended 09/30/2019 09/30/2018 09/30/2019 09/30/2018 OTHER CONSOLIDATED COMPREHENSIVE INCOME In Pesos In Pesos In Pesos In Pesos

Net gain / (loss) for the period (3,581,816,281) (4,102,989,200) (2,624,331,225) (8,521,179,918) Other comprehensive income: Items that may be reclassified subsequently to profit and loss Effect of currency translation differences, net of income tax 854,085,786 1,154,015,604 419,348,272 2,244,720,038 Cash flow hedge, net of income tax - 208,315,424 (56,716,929) 280,345,546 Items that cannot be subsequently reclassified into profit or loss Gains on revaluation of property plant and equipment in subsidiaries 1,997,281,978 1,921,377,168 2,500,670,237 4,912,888,272 Other comprehensive income for the period 2,851,367,764 3,283,708,196 2,863,301,580 7,437,953,856 Total comprehensive (loss) /gain for the period (730,448,517) (819,281,004) 238,970,355 (1,083,226,062)

Comprehensive (loss) / gain attributable to: Owners of the parent (1,057,972,602) (1,044,308,691) (236,225,284) (1,654,901,216) Non-controlling interests 327,524,085 225,027,687 475,195,639 571,675,154 (730,448,517) (819,281,004) 238,970,355 (1,083,226,062)

The accompanying notes are an integral part of these Condensed Interim Consolidated Financial Statements. These Condensed Interim Consolidated Financial Statements should be read with the Audited Consolidated Financial Statements for the year ended December 31, 2018.

CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. CONDENSED INTERIM CONSOLIDATED BALANCE SHEET As of September 30, 2019 and as of December 31, 2018

09/30/2019 12/31/2018 ASSETS Notes In Pesos In Pesos

NON-CURRENT ASSETS Property, plant and equipment 10 20,114,495,281 17,349,061,168 Intangible Assets 12 2,827,901,402 2,831,972,823 Goodwill 11 578,468,802 523,707,773 Investments accounted for using the equity method 13 307,890,737 434,566,735

Deferred tax assets 228,167,205 119,390,589

Other receivables 886,018,778 1,161,265,166

Trade receivables 636,286,682 394,937,738 Total non-current Assets 25,579,228,887 22,814,901,992

CURRENT ASSETS

Other receivables 4,144,150,517 4,101,858,740

Inventories 1,670,178,623 1,437,971,560

Trade receivables 13,542,196,589 12,929,988,304 Other investments 14 126,217,191 101,063,856 Cash and cash equivalents 15 2,945,372,039 3,623,823,423 Total current Assets 22,428,114,959 22,194,705,883 Total Assets 48,007,343,846 45,009,607,875

EQUITY

Attributable to the owners of the parent 734,510,749 970,736,033

Non-controlling interests 1,236,843,199 1,134,182,508 Total Equity 1,971,353,948 2,104,918,541

LIABILITIES

NON-CURRENT LIABILITIES Bank and financial debts 16 17,843,176,489 16,113,556,209 Provisions for contingencies 18 701,215,395 761,280,710

Deferred tax liability 3,080,039,716 2,768,077,080

Other liabilities 3,036,352,940 3,397,485,827

Trade payables 350,704,595 253,469,239 Total non-current Liabilities 25,011,489,135 23,293,869,065

CURRENT LIABILITIES Bank and financial debts 16 6,370,834,477 5,413,231,046 Provisions for contingencies 18 157,033,213 105,061,298

Other liabilities 7,858,726,870 8,270,730,759

Trade payables 6,637,906,203 5,821,797,166 Total current Liabilities 21,024,500,763 19,610,820,269 Total Liabilities 46,035,989,898 42,904,689,334 Total Equity and Liabilities 48,007,343,846 45,009,607,875

CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the nine-month period ended September 30, 2019, presented in comparative format

Non-controlling Attributable to owners of the parent Total of equity interests Retained Effect of foreign Balances of Share Capital Legal Cash flow earnings / Item currency revaluation in Total capital Adjustment reserve hedge (Accumulated translation subsidiaries losses) Balances as of January 1, 2018 96,677,524 3,172,402,292 7,962,874 565,884,766 - 1,139,183,922 (2,824,872,670) 2,157,238,708 1,050,511,685 3,207,750,393

Net (loss) / gain for the period (8,781,621,450) (8,781,621,450) 260,441,532 (8,521,179,918) Other comprehensive income 2,107,400,630 280,345,546 4,738,974,058 - 7,126,720,234 311,233,622 7,437,953,856 Total Comprehensive (loss) / income - - - 2,107,400,630 280,345,546 4,738,974,058 (8,781,621,450) (1,654,901,216) 571,675,154 (1,083,226,062)

Reversal of revaluation in subsidiaries (2,295,969) 2,295,969 - - -

Transactions with shareholders

- Distribution of dividends in subsidiaries (59,342,063) (59,342,063) - Contributions and withdrawals in joint

ventures (177,752,583) (177,752,583) Total Transactions with shareholders ------(237,094,646) (237,094,646) Balances as of September 30, 2018 96,677,524 3,172,402,292 7,962,874 2,673,285,396 280,345,546 5,875,862,011 (11,604,198,151) 502,337,492 1,385,092,193 1,887,429,685

Balances as of January 1, 2019 96,677,524 3,172,402,292 7,962,874 1,353,139,165 56,716,929 4,290,018,017 (8,006,180,768) 970,736,033 1,134,182,508 2,104,918,541

Net (loss) / gain for the period (2,996,402,620) (2,996,402,620) 372,071,395 (2,624,331,225)

Other comprehensive income 404,602,136 (56,716,929) 2,412,292,129 2,760,177,336 103,124,244 2,863,301,580 Total Comprehensive (loss) / income - - - 404,602,136 (56,716,929) 2,412,292,129 (2,996,402,620) (236,225,284) 475,195,639 238,970,355

Reversal of revaluation in subsidiaries (5,777,558) 5,777,558 - - -

Absorption of Accumulated Losses (*) (3,135,959,698) (7,962,874) 3,143,922,572 - - -

Transactions with shareholders

- Distribution of dividends in subsidiaries (89,786,355) (89,786,355) - Contributions and withdrawals in joint

ventures (282,748,593) (282,748,593) Total transactions with shareholders ------(372,534,948) (372,534,948) Balances as of September 30, 2019 96,677,524 36,442,594 - 1,757,741,301 - 6,696,532,588 (7,852,883,258) 734,510,749 1,236,843,199 1,971,353,948

(*) As resolved in the Extraordinary Shareholders Meeting N° 42, held on June 27, 2019.

6 CLISA – COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. CONDENSED INTERIM CONSOLIDATED CASH FLOW STATEMENT For the nine-month period ended September 30, 2019, presented in comparative format

09/30/2019 09/30/2018 Notes In Pesos In Pesos Cash from operating activities Net loss for the period (2,624,331,225) (8,521,179,918)

Adjustments for: Depreciation and amortization 2,810,276,535 2,224,882,092 Income tax 702,540,702 943,495,523 Loss / (gain) from sales of property, plant and equipment 4,444,911 (8,055,197) Net loss / (gain) in associates 140,422,660 (74,574,121) Net loss for derecognition of property, plant and equipment 17,071,068 258,717 Net loss for derecognition of intangible assets 6,665,295 - Other operating and financial income and expenses, net 2,430,363,156 8,330,787,663 Interest earned and expense, net 1,501,161,629 1,090,333,479

Changes in operating assets and liabilities: (Increase) / Decrease in inventories (293,133,177) (97,599,461) Increase in allowances and provisions for contingencies 538,864,684 587,662,189 (Increase) / Decrease in investments (19,722,903) 3,498,382 Increase in operating receivables (5,195,025,057) (5,859,450,044) Increase in operating liabilities 2,847,745,548 4,758,045,487

Net cash flow provided by operations 2,867,343,826 3,378,104,791

Payments and collection of interests, net (3,339,898,681) (2,757,942,250) Payments of income tax (401,365,769) (403,634,211)

Net cash flow (used in) / provided by operating activities (873,920,624) 216,528,330

Cash from investing activities Payment for property, plant and equipment (694,537,892) (982,718,155) Payment for intangible assets (228,359,861) (220,273,913) Changes in other investments, net 11,599,699 112,824,880 Proceeds on disposal of property, plant and equipment 67,711,072 47,351,868 Dividends collected 8,552,202 3,307,700

Net cash flow used in investing activities (835,034,780) (1,039,507,620)

Cash from financing activities Changes in other receivables and other liabilities (451,762,635) (612,300,193) Non-controlling interests contributions - (13,323,165) Dividends paid to non-controlling interests in subsidiaries (51,655,624) 635,314 Repayment of Corporate Bonds - (361,457,054) Incurrence of other bank and financial debts 4,768,578,999 5,774,970,843 Repayment of other bank and financial debts (2,715,690,201) (3,780,424,493) Net cash flow provided by financing activities 1,549,470,539 1,008,101,252

Subtotal (159,484,865) 185,121,962

Effect of inflation on cash and cash equivalents (571,995,020) (415,478,959) Effect of foreign currency translation on cash and cash equivalents 53,028,501 90,178,028

Decrease in cash and cash equivalents (678,451,384) (140,178,969)

Cash and cash equivalents as of the beginning of the period 15 3,623,823,423 2,855,539,267

Cash and cash equivalents as of the end of the period 2,945,372,039 2,715,360,298 15

Note 20 discloses the significant investing and financing transactions that do not affect cash or cash equivalents.

7 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Contents of the notes to the Condensed Interim Consolidated Financial Statements

1. General Information 2. Accounting policies and basis of preparation 3. Operating segment information 4. Cost of sales 5. Administrative expenses 6. Selling and other operating expenses 7. Financial income and expenses 8. Net (loss) / gain in associates 9. Earnings per share 10. Property, plant, and equipment, net 11. Goodwill 12. Intangible assets other than Goodwill 13. Investments in associates 14. Other investments 15. Cash and cash equivalents 16. Bank and financial debts 17. Leases 18. Allowances and provisions for contingencies 19. Balances and transactions with related parties 20. Additional information about the Condensed Interim Consolidated Cash Flow Statement 21. Commitments, contingencies and restrictions on the distribution of profits 22. Encumbered and restricted assets 23. Financial risk management 24. Changes in accounting standards 25. Events after the reporting period

8 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

1. General Information

CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. (hereinafter “CLISA”) runs its business operations through the equity interests it holds in Benito Roggio e Hijos S.A.(“BRH”), Benito Roggio Transporte S.A., Cliba Ingeniería Urbana S.A., Cliba Ingeniería Ambiental S.A. and Roggio Brasil Investimentos e Serviços Ltda, (jointly with CLISA, "the Company"). As detailed in Note 3, these subsidiaries engage mainly, through their operations and interests in other companies, in the following operating activities: construction, waste management, transportation and water supply services. CLISA is a holding company whose Incorporation Agreement dated October 21, 1996 was registered before the Inspección General de Justicia (“IGJ”) (Office of Corporations) on November 15, 1996 under registration No. 11,458 of Book 120, Volume A, of Corporations and its incorporation is valid until November 15, 2095. The latest registered amendment to its Bylaws was approved by the Ordinary and Extraordinary Meeting of Shareholders No. 42 held on June 27, 2019, and registered before IGJ under No. 20715 of Book 97 of Corporations on October 9, 2019. Roggio S.A. is the parent company of CLISA. Roggio S.A. is a holding company with legal address at Leandro N, Alem 1050, 9th floor, City of Buenos Aires and holds 97.44% of CLISA´s capital stock and voting rights. The following chart describes the share capital of CLISA: Subscribed Ordinary shares and paid (In Pesos) Class "A" Ps. 1 – 5 Votes 96,677,524

The share capital status is as follows:

09/30/2019 12/31/2018 12/31/2017 Share capital at the beginning of the year 96,677,524 96,677,524 96,677,524 Share capital at the end of the period / year 96,677,524 96,677,524 96,677,524

On May 15, 1997 CLISA was admitted to the corporate bonds Public Offering System by Resolution No. 11,735 of the National Securities Commission ("CNV").

Economic environment in which the Company operates These financial statements must be read in light of the economic environment in which the Company operates, whose main variables have recently been affected by a strong volatility, such as a drop in GDP, a significant increase in inflation and interest rates and a strong devaluation of the peso. Management closely monitors the changes in the variables affecting business to define possible actions to be taken as well as identify their potential impact on the Company´s financial and equity position.

2. Accounting policies and basis of preparation

2.1 Basis of preparation The National Securities Commission (CNV), has established the applicability of Technical Resolution No. 26, and amendments, of the Argentine Federation of Professional Councils in Economic Sciences, which adopt the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), for entities included in the public offering regime, whether for their capital or for their corporate bonds, or which have requested authorization to be included in this regime. Application of these standards became mandatory for the Company since the year commenced January 1, 2012. These Condensed Interim Consolidated Financial Statements of the Company for nine-month period ended September 30, 2019 have been prepared in accordance with IFRS issued by the IASB and have been prepared in terms of the measuring unit current at end of the reporting period, as required by IAS 29 “Financial Reporting in Hyperinflationary Economies” for hyperinflationary economies. These Condensed Interim Consolidated Financial Statements of the Company for the nine-month period ended September 30, 2019 have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34). The Condensed Interim Consolidated Financial Statements have been prepared in accordance with the accounting policies used in preparing the information under IFRS as of December 31, 2018 (as described in Note 2 to the audited Consolidated Financial Statements for the year ended December 31, 2018), and on IFRS which are expected to come into effect by December 31, 2019 (as described in Note 24 (a) to these Condensed Interim Consolidated Financial Statements).

IAS 29 requires that the financial statements of an entity whose functional currency is that of a hyperinflationary economy should be stated in terms of the measuring unit current at end of the reporting period regardless of whether they are based on a historical cost approach or a current cost approach. To this aim, as a general rule, non-monetary items must be restated since the date of acquisition (or the date of the last adjustment for inflation, whichever is later) or since the date of the last revaluation performed, as appropriate. Every item in the balance sheet not already expressed in terms of the measuring unit current at the end of the reporting period must be restated by applying a general price index. Likewise, all items in the statement of income must be expressed in terms of the measuring unit current at the end of the reporting period, by applying the change in the general price index from the dates when the items of income and expenses were initially recorded in the financial statements.

Figures at December 31, 2018 and September 30, 2018, disclosed in these Condensed Interim Consolidated Financial Statements for comparative purposes, are expressed in terms of the monetary unit current at the end of the reporting period, as required by IAS 29.

9 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

These financial statements are stated in Argentine pesos without cents, except for earning per share, which is presented with decimals, and the operating segment information which is presented in thousands of Argentine pesos. These Condensed Interim Consolidated Financial Statements were approved by the Company's Board of Directors on November 8, 2019.

2.2 Consolidation basis 2.2.1 Companies consolidated at 100% are as follows:

Ownership Percentage as of Companies Ref. 09/30/2019 12/31/2018 Line of business - Benito Roggio e Hijos S.A. (1) 99.61% 99.61% Construction and waste management - Cclip S.A. (2) 68.58% 68.58% Services - Aguas Cordobesas S.A. (2) 71.98% 71.98% Water supply - Sehos S.A. (6) 100.00% 100.00% Construction and maintenance - Benito Roggio Panamá S.A. (2) 100.00% 100.00% Construction - Benito Roggio e Hijos S.A. (Paraguay) (2) 80.00% 80.00% Construction - Haug S.A. (Peru) (15) 100.00% 100.00% Construction and assembling of industrial facilities - Haug Chile International Ltda. (14) 100.00% 100.00% Engineering, construction and assembly services - Hame Representaciones S.A.C. (14) 100.00% 100.00% Marketing services - Katmai S.A. (14) 100.00% 100.00% Representation services - Necoha S.A.C.(formerly Benito Roggio Perú S.A.C). (14) 99.96% 99.96% Engineering, construction and assembly services - Consorcio Andino Haug - ABS S.A. (14) 100.00% 100.00% Engineering, construction and assembly services - Haug Limitada (Chile) (14) 100,00% 100,00% Engineering, construction and assembly services - Benito Roggio Construcciones y Concesiones S.A.C. (16) 100.00% 100.00% Construction and concession services - Haug S.A. (Argentina) (2) 95.00% 95.00% Construction and metalmechanics - Benito Roggio Transporte S.A. (1) 97.13% 97.13% Investment and advisory - Metrovías S.A. (3) 90.66% 90.66% Transportation - Corredores Ferroviarios S.A. (3) 95.00% 95.00% Transportation - Neoservice S.A. (3) 95.00% 95.00% Investment - Vianiley S.A. (8) - 100.00% Investment - Miplus S.A. (8) 100.00% 100.00% Investment - Prominente S.A. (7) 100.00% 100.00% IT services - Grunwald Comunicaciones S.A. (8) 100.00% 100.00% Investment - Metronec S.A. (6) 100.00% 100.00% Real estate services - Compañía Metropolitana de Seguridad S.A. (7) 100.00% 100.00% Security and surveillance services - Benito Roggio Ferroindustrial S.A. (3) 95.00% 95.00% Services related to transportation - Cliba Ingeniería Ambiental S.A. (4) 98.45% 98.45% Waste management - Tecsan Ingeniería Ambiental S.A. (9) 100.00% 100.00% Waste management - Envairo S.A. (formerly Cliba Rosario S.A.) (9) 100.00% 100.00% Waste management - Cliba Ingeniería Urbana S.A. (10) 100.00% 100.00% Waste management - Taym S.A. (11) 100.00% 100.00% Waste management - Ecoayres Argentina S.A. (11) 100.00% 100.00% Waste management - Enerco2 S.A. (11) 100.00% 100.00% Waste management - Central Buen Ayre S.A. (12) 100.00% 100.00% Waste management - Metro Ambiental S.A. (13) 100.00% 100.00% Waste management - Tecsoil S.A. (10) 100.00% 100.00% Waste management - Roggio Brasil Investimentos e Serviços Ltda. (1) 99.99% 99.99% Investment

Voting interest percentages are the same as ownership percentages, except for the following:

Voting interest percentages Name 09/30/2019 12/31/2018 - Metrovías S.A. 96.93% 96.93% - Cliba Ingeniería Ambiental S.A. 95.79% 95.79%

References: (1) Direct interest held by Clisa. (2) Direct interest held by Benito Roggio e Hijos S.A. (3) Direct interest held by Benito Roggio Transporte S.A. (4) Direct interest held by Clisa and Benito Roggio e Hijos S.A. (5) Direct interest held by Metronec S.A. (6) Interest jointly held by Benito Roggio Transporte S.A. and Benito Roggio e Hijos S.A. (7) Interest jointly held by Metronec S.A. and Benito Roggio Transporte S.A. (8) Direct interest held by Neoservice S.A. (9) Interest jointly held by Cliba Ingeniería Urbana S.A. and Clisa (10) Interest jointly held by Clisa and Cliba Ingeniería Ambiental S.A. (11) Interest jointly held by Cliba Ingeniería Urbana S.A. and Tecsan Ingeniería Ambiental S.A. (12) Interest jointly held by Tecsan Ingeniería Ambiental S.A. and Enerco2 S.A. (13) Interest jointly held by Enerco2 S.A. and Cliba Ingeniería Urbana S.A. (14) Direct and indirect interest held by Haug S.A. (Peru) (15) Direct interest held by Benito Roggio e Hijos S.A. y Sehos S.A. (16) Direct interest held by Benito Roggio e Hijos S.A. y Haug S.A.(Peru)

10 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

2.2.2 Companies which are consolidated proportionately - Joint operations- are as follows:

Ownership Percentage as of Companies Ref. 09/30/2019 12/31/2018 Line of business Public railway passenger Unidad de Gestión Operativa Ferroviaria de Emergencia S.A. – in liquidation (1) 50.00% 50.00% transportation service Public railway passenger Unidad de Gestión Operativa Mitre Sarmiento S.A. – in liquidation (1) 50.00% 50.00% transportation service

(1) Represents the direct ownership percentage held by Metrovías S.A.

2.2.3 Interests in Structured Entities Ownership Percentage as of

Structured Entities Ref. 09/30/2019 12/31/2018 Line of business Structured Entities in which the Company has control – Joint arrangements (Consolidation at 100%) BRH / ROVELLA CARRANZA S.A. UTE (Rosario city beltway) (1) 70.00% 70.00% Construction C.P.C. S.A. / BRH UTE (Branch C – Belgrano Railway – Province of Santa Fe) (1) 50.00% 50.00% Construction BRH / ROMERO CAMMISA CONSTRUCCIONES S.A. UTE (Contract for road repair (1) 70.00% 70.00% Construction and maintenance No. 308) BRH / VIALMANI S.A. UTE (Paving of National Road No. 76, Quebrada Santo Domingo (1) 80.00% 80.00% Construction - Pircas Negras tranche, Province of La Rioja) C.P.C. S.A. / BRH UTE (Branch C – Belgrano Railway – San Cristobal, Province of (1) 50.00% 50.00% Construction Santa Fe ) SEHOS S.A. / COMSA DE ARGENTINA S.A. (Track renewal – Maldonado Junction – (5) 50.00% 50.00% Construction J.L. Suárez – Gral. Mitre Railway) BRH / BOETTO Y BUTTIGLIENGO S.A. UTE (Construction of Motorway in National (1) 60.00% 60.00% Construction Road No. 36 – Calamuchita-Río Cuarto tranche– Province of Córdoba) BRH / GREEN S.A. / CASELLA S.A. (Construction of a Four-Lane Avenue and median divider island in Provincial Road No. 1 - San Salvador de Jujuy-Palpalá tranche– (1) 40.00% 40.00% Construction Province of Jujuy) BRH / J.CARTELLONE C.C. S.A. / BORCOM S.A. UTE (Master plan for the supply of (1) 35.00% 35.00% Construction drinkable water to Posadas and Garupá – Misiones) BRH / BOETTO Y BUTTIGLIENGO S.A. UTE – Closure of Cordoba city beltway – El (1) 80.00% 80.00% Construction Tropezon-Spilimbergo tranche- Province of Córdoba BRH / MIJOVI S.R.L. – Construction of a weir on the Salado river and a water channel (1) 50.00% 50.00% Construction to connect with Canal de Dios – Province of Santiago del Estero BRH / JUMI S.R.L. / AGV SERVICIOS MINEROS S.R.L UTE - Sales de Olaroz (1) 44.00% 30.00% Construction BRH / MAPAL S.A.C.I.A. / SIGMA S.A. - UT- (Gran Tulum water channel, Province of (1) 51.00% 51.00% Construction San Juan) CLIBA Ing. Amb. S.A. / TECSAN Ing. Amb. S.A. U.T.E. (Cliba San Isidro) (2) 100.00% 100.00% Waste management CLIBA Ing. Amb. S.A. / TECSAN Ing. Amb. S.A. U.T.E. (Cliba Santa Fe) (2) 100.00% 100.00% Waste management CLIBA Ing. Amb. S.A. / TECSAN Ing. Amb. S.A. S.A. U.T.E. (Cliba Neuquén) (2) 100.00% 100.00% Waste management TECSAN Ing. Amb. S.A. / BRH U.T.E. (Norte III landfill) (3) 100.00% 100.00% Waste management BENITO ROGGIO TRANSPORTE S.A. – BENITO ROGGIO FERROINDUSTRIAL S.A. (4) 100.00% 100.00% Transportation - UTE Structured Entities in which the Company has joint control – Joint operation

(proportionate consolidation) BRH / ESUCO S.A. / SUPERCEMENTO S.A.I.C. UTE (Coastal Protection Works for (1) 33.33% 33.33% Construction Yacyretá in the cities of Posadas, Garupá and Candelaria, Province of Misiones) BRH / ELECTROINGENIERIA S.A. Partnership (Closure of Cordoba city beltway) (1) 50.00% 50.00% Construction PANEDILE ARGENTINA S.A. / BRH / PETERSEN THIELE Y CRUZ S.A. UTE (Renovation of pumping station and wastewater treatment plant – Province of Santiago (1) 35.00% 35.00% Construction del Estero) BRH /SUPERCEMENTO S.A.C.I. / J.C.C.C. S.A. UTE (Vega Creek Second Emissary) (1) 33.33% 33.33% Construction BRH / JOSE J. CHEDIACK S.A.I.C.A. UTE (Elevation of rail line - Gral. Mitre Railway) (1) 50.00% 50.00% Construction BRH / SACDE SA - U.T. – (Closure of Cordoba city beltway – National Road No. 20 - El (1) 50.00% 50.00% Construction Tropezón tranche- Province of Córdoba) BRH / SUPERCEMENTO S.A.C.I. / J.CARTELLONE C.C. S.A. UTE (Water Treatment (1) 33.34% 33.34% Construction Plant in Tigre, Province of Buenos Aires) BRH / AGV SERVICIOS MINEROS S.R.L. / JUMI S.R.L. UT – Lindero Project, (1) 32.00% 32.00% Construction Province of Salta BRH / MINERA SAN PEDRO S.R.L. – Consortium for Cooperation – Aggregate (1) 60.00% 60.00% Construction materials supply BRH / ELEPRINT S.A. / ECODYMA S.A. UT - Salado river expansion - Province of Construction (1) 33.34% - Buenos Aires HAUG S.A. / DENEM / MYC (6) 33.34% 33.34% Construction HAUG S.A. / Obrainsa (6) 42.31% 42.31% Construction Structured Entities in which the Company has significant influence – Joint

ventures (equity method) COMSA DE ARGENTINA S.A. / SEHOS S.A. (Track renewal - Merlo St. to Marcos Paz (5) 50.00% 50.00% Construction St. tranche and Moreno St. to Km 51.200 tranche)

(1) Direct interest held by BRH (2) Direct and indirect interest held by Cliba Ingeniería Urbana S.A. and Cliba Ingeniería Ambiental S.A. (3) Direct and indirect interest held by Cliba Ingeniería Urbana S.A. and BRH (4) Direct and indirect interest held by Benito Roggio Transporte S.A. (5) Direct interest held by Sehos S.A.

11 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

(6) Direct interest held by Haug S.A.

2.2.4 Non-controlling interests Non-controlling interests are ownership interests in the consolidated entities described in the preceding points, not attributable to the owners of the controlling company. Non-controlling interests have been valued at equity value represented by those holdings in the entities controlled by the Company. The most significant non-controlling interests are those in Benito Roggio e Hijos S.A. (Paraguay), Aguas Cordobesas S.A., BRH / ROVELLA CARRANZA S.A. UTE, BRH / BOETTO Y BUTTIGLIENGO S.A. UTE, BRH /J.CARTELLONE C.C. S.A. / BORCOM S.A. UTE, BRH S.A. / MIJOVI S.R.L UT and BRH / JUMI S.R.L. / AGV SERVICIOS MINEROS S.R.L UT.

2.3. Accounting policies The accounting policies adopted by the Company have been described in Note 2 to the audited Consolidated Financial Statements for the year ended December 31, 2018. Additionally, in relation to Income Tax calculation, pursuant to Law No. 27430, the tax inflation adjustment set forth in Title VI of the Income Tax Law is applicable for fiscal years commencing on or after January 1, 2018 as long as the cumulative inflation rate over a period of three years as from that date is at least 100%. Subsequently, Law No. 27468 modified the guidelines for the transition established by Law No. 27430 indicating that for the first, second and third fiscal year as from its enforcement, the tax inflation adjustment would be applicable if the Consumer Price Index (CPI) increase for each of those fiscal years exceeded fifty five percent (55%), thirty percent (30%) and fifteen percent (15%), respectively. The tax inflation adjustment for the fiscal year under calculation will have effect either as a negative or positive adjustment; one third of it will be allocated in the relevant fiscal period and the remaining two thirds, in two equal parts, in the two immediately following periods. At the date of these financial statements, the Company estimated that the parameters set by the Income Tax Law for the application of the tax inflation adjustment in Argentina will be met at the end of the present fiscal year and, consequently, the tax inflation adjustment was applied for the calculation of current and deferred Income Tax for the nine-month period ended September 30, 2019.

Furthermore, Note 24 describes the accounting standards, amendments and interpretations that came into force for the year beginning on January 1, 2019.

2.4. Estimates The preparation of these financial statements requires the use of estimates. It also requires the Company's management to exercise judgment in the process of applying accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations about future events that are believed to be reasonable under the circumstances.

The Company makes estimates and assumptions concerning the future. The resulting accounting estimates might differ from actual results. The Company´s most critical estimates and judgments are discussed below.

(a) Estimated impairment of goodwill Periodically, the Company conducts goodwill impairment tests, according to the accounting policy described in Note 2.7 to the audited Consolidated Financial Statements for the year ended December 31, 2018. The recoverable amounts of the cash generating units (CGU) have been determined by calculating the value-in-use. These calculations require the use of estimates.

(b) Income tax The Company is subject to income tax in the countries where it operates. In order to determine the income tax provision in each of the jurisdictions where income tax is paid, the Company exercises its professional judgment to show the tax consequences of the economic events of each fiscal year, based on the current tax legislation, making the best estimates according to the information available at the date of the consolidated financial statements.

(c) Fair value of derivatives or other financial instruments The fair values of financial instruments that are not traded in active markets are determined using valuation techniques. The Company uses its judgment to select a series of methods and makes assumptions based primarily on the market conditions prevailing at the end of each reporting period.

(d) Revenue recognition The Company uses the percentage of completion method based on the costs incurred (POC) to account for the construction and service contracts at a fixed price. The application of this method requires estimating the costs to be incurred and the services to be provided to date, to determine the actual services provided and actual costs incurred as a proportion of the total services to be provided and total costs to be incurred for each of the contracts.

(e) Provisions for lawsuits and contingencies The Company's Management and its legal counsel evaluate contingent liabilities based on the elements of judgment available at the time of preparing these consolidated financial statements. In order to estimate their amounts, the likelihood of occurrence has been considered, among other conditions. If in evaluating the contingency there is a chance that losses could materialize and the amount may be estimated by reliable means, a provision must be recognized. If the potential loss is not probable, or if it is probable but its amount cannot be reliably estimated, the nature of the contingent liability and an estimate of its probability of occurrence are disclosed in a note to the consolidated financial statements.

(f) Revaluation of property, plant and equipment

Property, plant and equipment of the Company classified under “Heavy machinery and equipment”, “Heavy vehicles”, “Buildings”, “Land” and “Building improvements” captions, have been recorded at the value arising from the independent appraisal reports, which estimate a reasonable value of property through the identification of the fair value of the new units with similar features and considering the use and remaining useful life of those assets, as well as improvements therein, or through the use of valuation techniques based on location,

12 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format existing buildings, condition and remaining useful life of the building, the possibility of access and benefits from potential improvements, among other factors. 3. Operating segment information The Company operates through four principal business segments: Waste Management, Construction, Transportation and Water Supply. 3.1. Waste management The Company provides waste management services through Cliba Ingeniería Urbana S.A. and Tecsan Ingeniería Ambiental S.A. (“Tecsan”), and in the companies or the joint ventures in which they participate directly and indirectly. Waste management services by operating in four major lines of business: (i) urban waste management; (ii) landfill; (iii) industrial services; and (iv) waste valorization.

3.1.1. Urban Waste Management The following chart briefly summarizes the services provided: Participation in City Population served Services (1) each project (%) Buenos Aires (Zone 2) ...... 615,000 100% A/B/C/D San Isidro ...... 292,000 100% A/B/C/D Neuquén ...... 360,000 100% A/B/D Santa Fe (Zone 1) ...... 260,000 100% A/B/D

(1) Services rendered: A — Collection B — Manual and mechanical street cleaning C — Street cleaning D — Other services The Company has been rendering urban waste management services in the city of Buenos Aires since 1987.Currently, Cliba Ingeniería Urbana S.A. provides services in the so-called Zone 2 (Recoleta, Palermo, Belgrano, Colegiales and Nuñez neighborhoods) of the city of Buenos Aires, within the framework of the Public Bid No. 997/2013 for the provision of urban waste (wet stream) management services. The contract term is 10 years, as from October 1, 2014, with an option to renew it for a further 12 month-period, upon decision of the Government of the City of Buenos Aires. The Company has been rendering urban waste management services in San Isidro since 1991. The contract term was extended until December 31, 2019. The Company considers that this contract will be renewed until a new bid is called for. The Company has been rendering urban waste management services in the city of Neuquén since 2000.The contract currently in force was signed on November 16, 2015, in the framework of Public Bid No. 06/2015 for “Provision of Urban Cleaning Services”, for an 8-year term, with an extension option for an additional year. The contract for services for the City of Santa Fe (Zone 1), where the Company has been providing services since 1996, was extended until there is a call for bids. On October 29, 2019, the Company notified the City of Santa Fe of its decision to terminate the contract due to significant overdue payments owed by the City of Santa Fe. In this scenario, the contract provides for continued service for a period of 120 business days. At the date of these financial statements, the Company continues providing services regularly and is working to resolve this situation. In addition to the urban management services usually provided by the Company, on May 15, 2017, Coordinación Ecológica Área Metropolitana Sociedad del Estado (Ecological Coordination of the Metropolitan Area, CEAMSE) and Metro Ambiental S.A. entered into a 12-month contract for the provision of cleaning services and the eradication of dumpsites, as well as the promotion of comprehensive urban solid waste management in the Matanza-Riachuelo basin, as per National Public Bid No. 05/16. Works commenced in June 2017 and extended until January 2019. 3.1.2. Landfill Landfill operations covers a wide range of services, including civil works and construction of infrastructure for final disposal of household waste, disposal of waste through different mechanisms, treatment of leachate, transportation of waste and the composting of organic waste. The Company currently operates three landfills Argentina: Norte III, Neuquén and Mar del Plata. Norte III: UTE Norte III operates the state-owned CEAMSE landfills located in the Norte III environmental complex under a one-service contract. The “Norte III D” module is currently in operation, while modules Norte III (2001), Norte IIIA (2005), Norte IIIB (2010), Norte IIIC (2014), Norte III B+C (2016) and Norte III “Unification of Modules A+B” (2017) have already been completed. Currently, approximately 460,000 tons of waste coming from the City of Buenos Aires and 27 districts from the Greater Buenos Aires area are disposed monthly. As of September 30, 2019 Norte III D module still has capacity to receive approximately 14 million cubic meters of waste. In October 2014, a new leachate treatment plant became operative, with a treatment capacity of 2,000 m3 per day, which has been developed with membrane biological reactor (MBR) technology, thus providing a cutting-edge technology solution for the treatment of leachate generated in the Norte III landfill. In addition, capacity increase works in other leachate treatment plant, from current 1,350 to 2,350 cubic meters/day, are currently in progress.

City of Neuquén: on July 17, 2014 a new contract was signed with the Municipality of Neuquén for the design, construction and operation of an environmental complex for urban solid waste disposal (16,400 tons per month on average for the last twelve months), biogas capture and construction of a waste separation plant. The contract has an 8-year term, with an option to extend it for a further year. As of the date of these financial statements, the Company made the strategic decision of assigning the contract to another operator, as a result of an operational and functional reorganization. This assignment was authorized by Decree No. 0851/2019 issued by the City Council of the City of Neuquén in charge of the Municipal Executive Body and published in the Municipal Official Gazette on October 18, 2019 and we believe it will come into effect in the last quarter of 2019.

13 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Municipality of General Pueyrredón: Tecsan designed, built and is currently operating a landfill in the Municipality of General Pueyrredón. After successive temporary contract extensions to avoid the interruption of services, on October 1, 2018 CEAMSE took control of the landfill and requested Tecsan to continue the provision of services in the existent module and to develop and operate the necessary infrastructure to increase waste disposal capacity. The contract extension is estimated to expire in mid-2020 or when the enlarged landfill is completed, whichever occurs first. Currently, approximately 36,800 tons of waste are disposed monthly. In addition: i) On December 27, 2013 Tecsan signed a contract with the National Secretariat of Environment and Sustainable Development and the Government of the Province of Mendoza for the design, construction and operation of a landfill, their associated systems, and two transfer stations in the eastern region of the Province of Mendoza. The construction stage finished in May 2015 while operations started in January 2016 and finished in January 2019; ii) On December 20, 2016 Tecsan entered into an agreement with the National Ministry of Environment and Sustainable Development for the “Construction of a Landfill in the Chanchillos Environmental Complex and Compost Facility, San Pedro Transfer Station and Clean-up of the Palpalá and El Pongo Open Dumpsites - Province of Jujuy – GIRSU-LPI-O-1/2015”. This work currently has a degree of completion of 80% approximately and; iii) Tecsan was awarded the International Public Bidding No. 09/2016 for the development of an environmental complex and landfill in Villa Carlos Paz, in the Province of Cordoba. This project had been completed at the date of issuance of these financial statements. 3.1.3. Industrial services Through its subsidiary Envairo S.A., the Company provides non-hazardous industrial waste collection and transportation services for large quantity generators in the City of Buenos Aires and the Province of Buenos Aires, with a specialized fleet for that activity, and through Taym S.A. it continues working on cleaning services in Uruguay. In regards to the treatment and disposal plant for hazardous and special waste located near the City of Córdoba, it flooded as a result of the extraordinary weather conditions that took place in late March 2017, a fact that affected its operation. Currently, the necessary works to resume operations continue in progress. 3.1.4. Waste valorization Our waste valorization activities started with a greenhouse gases emission reduction project in 2007. Later, in the framework of the National and International Public Bid ENARSA N° EE 001/2010, the Company was awarded a contract for energy supply by using biogas extracted from the Norte III C landfill. The project is carried out by our subsidiary Central Buen Ayre S.A., which has built and is currently operating an electric power station running on biogas, with a nominal capacity of 11.8 MW. Approximately 90,000 MW were generated and supplied to the electrical grid in the last twelve months. The contract will be in force until 2026. UTE Norte III operates, under a contract signed with CEAMSE, a plant for the mechanical and biological treatment of urban solid waste for a 15-year period since October 2012. Approximately 381,300 tons of urban solid waste were treated during the last twelve months. Currently, approximately 31,700 tons of waste are treated monthly. This operation is estimated to continue for approximately 23 years, the maximum term permitted by contract. Furthermore, the Company, through Ecoayres S.A., was granted the exclusive rights derived from the exploitation of biogas in the Norte III B module and its extension. On December 4, 2015, the Government of the City of Buenos Aires, through the Environment and Public Space Ministry, pre-awarded Tecsan the National and International Public Bid No. 49-SIGAF/2015 for the Design, Construction, Operation and Maintenance of a plant for the mechanical and biological treatment of urban solid waste in the City of Buenos Aires (MBT Sur). This project will be executed by a joint venture between Tecsan, which holds a 75% interest, and Sorain Cechini Tecno España S.L., which holds a 25% stake. The contract term will be 10 years with the possibility of extending it for an additional 10-year period. The Government of the City of Buenos Aires has not yet informed neither the contract award date nor the date of commencement. 3.2. Construction 3.2.1. Benito Roggio e Hijos S.A. Through its subsidiary BRH, a construction company which is positioned as one of Argentina’s largest construction companies, the Company is engaged in a wide range of activities in the construction industry. BRH develops different types of projects, such as road, railway and subway infrastructure, water treatment, ports, industrial facilities and architectural projects. BRH has completed important construction projects, such as the IBM corporate building in Buenos Aires; the Santiago International Airport, in Chile; the Piedras Moras Dam in the Province of Córdoba; the Mario Alberto Kempes Football Stadium in the City of Córdoba (formerly, Chateau Carreras Football Stadium); the Western Access in Buenos Aires; the Conrad Hilton Punta del Este Resort & Casino, in Punta del Este, Uruguay; the Pichi Picún Leufú Hydroelectric Dam in the province of Neuquén; the 9 de Julio Northern Highway in Buenos Aires; the extension of B and D Subway Lines in Buenos Aires City, with the addition of new stations; the Córdoba-Villa María and the Oliva- Ballesteros tranches of the Cordoba-Rosario highway and Sections I and II of National Road No. 76, in the Province of La Rioja, among others. Currently, BRH is performing construction works nationwide. The following are the most important construction works in progress:

14 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

 Track renewal - Subway Line E - City of Buenos Aires  Renovation of pumping station and wastewater treatment plant – Province of Santiago del Estero  Master plan for the supply of drinkable water to Posadas and Garupá - Misiones  Rehabilitation of Los Molinos water channel – Córdoba  Closure of Córdoba city beltway – El Tropezón-Spilimbergo tranche- Province of Córdoba.  Reconditioning of National Roads No. 3 and No. 226 - Province of Buenos Aires.  Replacement of mechanical signals by colour light signals - San Martin, Belgrano Sur and Urquiza Railways - Province of Buenos Aires.  Contract for road repair and maintenance No 303, comprising National Roads No. 38 and No. 74 in the Province of La Rioja.  Duplication of Roadway in Provincial Roads No. 11 and No. 56 – Province of Buenos Aires.  Vega Creek Second Emissary– City of Buenos Aires  Implementation of Automatic Railroad Crossing Systems – Gral. Mitre and Sarmiento Railways (diesel traction) – Province of Buenos Aires.  Construction of a weir on the Salado River and a water channel to connect with Canal de Dios – Province of Santiago del Estero.  Elevation of rail line in the Retiro - Tigre branch of Gral. Mitre Railway.  Closure of Córdoba city beltway – National Road No. 20 - El Tropezón tranche- Province of Córdoba.  Earthmoving and construction of a heap leach pad – Lindero Project – Province of Salta.  Lithium Carbonate Plant - Salar de Olaroz – Province of Jujuy  Construction of Gran Tulum water channel – Province of San Juan.  Salado river expansion - Province of Buenos Aires  Installation of fiber optic link / Eramine Mine – Province of Salta.

Further, through its branch in Brazil, BRH is currently performing:

 Civil Works in Passenger Stations in Line 15 of São Paulo´s Metro.  Roadworks in the Northern Region of Brazil, in the State of Pará, consisting of the construction of a 112 km- paved road which is part of Federal Road BR163, in the Campo Verde –Rurópolis tranche. 3.2.2. Haug S.A. Haug S.A. (“Haug”), a Peruvian company leading in the metal mechanical sector with over 68 years of experience, provides engineering and construction services and carries out activities related to the assembly of storage and processing tanks, equipment for the mining industry (thickeners. clarifiers. hoppers. cells), industrial plants, metallic structures, pipelines, etc. Haug has also carried out activities in Chile, Argentina and Dominican Republic. Currently, Haug mainly provides services through its head office in Peru and Consorcio Andino Haug-ASB S.A. that develops a project for major maintenance, inspection, cleaning and certification of tanks in Chile. 3.2.3. Benito Roggio Panamá S.A. BRH holds a 100% ownership interest in Benito Roggio Panamá S.A., a company incorporated under the laws of Panama, which was awarded the Design and Construction project for road improvement along the Divisa-Chitré Highway, in the province of Herrera, Republic of Panama. This project included a 3-year maintenance period, and its completion took place in 2018. The road has four lanes, turnarounds every 5km, 2 new bridges, road verge and better lighting. The company also performed works in Panama for road improvement in the province of Herrera, in the sections comprised between the following localities: (i) Cabuya - Los Higos; Cabuya – Potuguilla; Rincón Hondo – Esquiguita; Cruce Limón – Borrola; Pesé – Las Cabras and Cascajillo – La Arenita – Las Cabras, and (ii) Los Pozos – Las Minas and the bridge over Quebrada El Barrero. 3.2.4. Sehos S.A. BRH holds a 95% equity interest in Sehos S.A., which provides preventive, corrective and operating maintenance services to hospitals and public buildings, and general architectural services, in particular, railway infrastructure services such as the refurbishment and renovation of railway stations, rail level crossing renewals, elevation of train platforms, delimitation of operating areas, among others. 3.2.5. Transportel Patagónica S.A. BRH holds a 45% equity interest in Transportel Patagónica S.A., whose purpose is to engage, on its own or third parties' account or in association with third parties, in any form or manner, in the construction, operation and maintenance of electric power lines, transformer stations and associated communication systems. On July 7, 2015, Transportel Patagónica S.A. and the Committee for the Administration of the Trust Fund for the Federal Electric Power Distribution (CAF) entered into a contract for the construction, operation and maintenance (COM) of the enlargement of the 500/132 kW La Rioja Sur Transformer Station and Complementary Works”, under National Public Bid 11/2014. The works include the modification, by opening, of the 132 kW Recreo – La Rioja I and II power lines, the enlargement of the 500/132 kW La Rioja Sur Transformer Station, the enlargement of the San Martín 132 kW Marshalling Yard and the modification, by opening, of the 132 kW Recreo – La Rioja double-circuit transmission line in the surroundings of the marshalling yard. This work will be executed in two stages: a) Construction and b) Operation and Maintenance, which will be in charge of Transener S.A., which operates the national high-voltage transmission network. On September 7, 2015, according to the bidding terms and conditions, Transportel Patagónica S.A., as trustor and beneficiary, entered into a trust agreement for administration purposes with Banco de Inversion y Comercio Exterior S.A. (BICE), as trustee, whereby transferred to the latter the trust ownership of the respective rights for the collection of fee advances (including VAT) under the COM contract, as guarantee of the correct application of the funds to the project within the framework of the COM Contract. The trustee shall keep funds available in the trust account and shall make only such investments as expressly indicated by the trustor. Through the resolution issued by CAF on April 7, 2017 a new schedule for works was approved, extending the contract term until June 16, 2018. With this extension, the payments of advanced fees were also rescheduled. Due to delays in the delivery of certain supplies and critical equipment, the company is working with the Committee for the Execution on a new schedule for works to extend the contract term until November 2019. At the date of these financial statements, works are close to finalize.

15 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

3.2.6. Benito Roggio e Hijos S.A. de Paraguay BRH holds a 80% interest in a corporation in Paraguay called Benito Roggio e Hijos S.A. (“Benito Roggio Paraguay”), through which the Company have developed construction projects in that country since 1974.

In addition, due to their connection with the construction business, this segment, formerly named “Construction and toll road concessions”, includes different road concessions in which the Company participated, which are briefly described below: 3.2.7. CV1 - Concesionaria Vial S.A. BRH holds a 51% ownership interest in CV1 - Concesionaria Vial S.A. (“CV1”) which was engaged in the construction, improvement, reparation, preservation, extension, remodeling, maintenance, administration and management of National Corridor No. 1 through a toll road concession, for an initial term of 6 years since April 22, 2010, when takeover of the corridor took place. After successive extensions on July 31, 2018, CV1 and the National Road Authority (Dirección Nacional de Vialidad, “DNV”) signed the Act of Acceptance of the National Corridor No. 1. Consequently, the new concessionaires took control of the corridor. However, according to the works plan set forth by DNV, CV1 will continue with the works it was performing. At the date of these financial statements, both parts agreed to introduce changes to certain works, which would restart in 2020, according to our estimations. Furthermore, on September 22, 2016 CV1 was granted the appeal filed against the resolution that had forbidden CV1 to dispose of real and personal property, arbitrarily adopted as a consequence of a legal action against shareholders of the other business group that holds shares in CV1. However, on February 17, 2017, the Court of Appeals in Federal Criminal and Correctional Matters issued a ruling confirming the first instance decision. Then, on March 7, 2017, CV1 filed a cassation appeal as it understood that its federal constitutional rights had been violated, which was granted on March 31, 2017, ordering that the proceedings be forwarded to the Federal Criminal Court of Cassation. However, the cassation appeal was rejected by said court. In view of this situation, CV1 filed an extraordinary appeal, which was rejected as well. For this reason, CV1 filed a denied appeal with the Argentine Supreme Court, which was, in turn, rejected on February 26, 2019. It is worth mentioning that CV1’s operations have not been affected by those measures. 3.2.8. Autovía del Mar S.A. BRH holds a 26.67% of interest in Autovía del Mar S.A., which was engaged in a toll road concession for the construction, improvement, repair, preservation, extension, remodeling, maintenance, administration and operation, for a 30-year term since July 1, 2011, of the Integrated Road System of the Atlantic, a network of roads providing access to many cities and seaside resorts on the Atlantic coast of the Province of Buenos Aires. On November 8, 2016, Autovía del Mar S.A. entered into an agreement with the Ministry of Infrastructure for the Province of Buenos Aires, approved by the Province of Buenos Aires Executive Branch on November 25, 2016 through Decree 1495/16, which provided, among other things, that: (i) the Province of Buenos Aires assumed part of the rights and duties set forth in the concession contract, particularly those related to the management, operation and maintenance of the Atlantic Integrated Road System, including toll collection; (ii) capital expenditures undertaken by Autovía del Mar S.A. would be compensated in six instalments totaling Ps. 200 million, the first of which was paid on March 31, 2017; (iii) Autovía del Mar S.A. would continue to execute certain road works for about Ps. 4,832 million, expressed in March 2016 prices, paid for directly by the Province of Buenos Aires; and (iv) the parties agreed to terminate any pending claims. As of December 1, 2016, Autopistas de Buenos Aires S.A., a state-owned company controlled by the Province of Buenos Aires, assumed the management, operation and maintenance of the Atlantic Integrated Road System. 3.2.9. Covisur S.A. Covisur S.A. (Covisur), a company in which BRH holds a 25% equity interest, was in charge of the toll road concession for the maintenance, improvement and operation of Provincial Road No. 2, in the Province of Buenos Aires. On December 4, 2015 the Ministry of Infrastructure of the Province of Buenos Aires, Covisur and Autovía del Mar S.A. agreed to terminate, by mutual consent, the concession contract for the remaining tranche of Provincial Road No. 2, which also became part of the concession in charge of Autovía del Mar S.A. as from December 10, 2015. At the date of issuance of these financial statements, Covisur is in position to meet its obligations, to collect its receivables and to resolve any administrative or legal issue that may arise. 3.2.10. Toll Road Concession Agreement On October 31, 2003 Covicentro S.A., Covinorte S.A., Concanor S.A. and Red Vial Centro S.A., companies in which BRH holds a 53.77%, 38.47%, 38.46% y 57.00% equity interest, respectively, returned the assets related to their toll road concessions to the National Government, ending, on that date, the generation of income and any maintenance and exploitation duties under the concession. However, the concession grantor and those companies have not yet expressly agreed to the full termination of the concession contract, and there are still legal actions pending between the parties in connection with the final settlement of the concession contracts. The shareholders of the concessionaires severally guarantee any difference that may arise as a result of the termination process. Based on the opinion of their legal counsel, the concessionaires believe that no further debts will be incurred in addition to those recognized by them. In view of the current status of the negotiations, the Company management has decided to value at zero the interests held in Covinorte S.A., Red Vial Centro S.A., Concanor S.A. and Covicentro S.A. 3.2.11. Puentes del Litoral S.A. Puentes del Litoral S.A. (“PDL”), a company in which BRH holds a 20% equity interest, was awarded by the Argentine Federal Government a concession for the construction, conservation and maintenance of a road nearly 60 km long connecting the cities of Rosario in the Province of Santa Fe, and Victoria in the Province of Entre Ríos. The concession period was twenty five years, until September 13, 2023. Upon release of Public Emergency Law No 25,561 in 2002, the economic and financial conditions of the concession were substantially altered due to the conversion of tolls into pesos, the removal of any indexation mechanism and the increase in operating and maintenance costs, among others, and a contractual renegotiation process started, which has been extended through successive laws. On May 22, 2007, PDL commenced a reorganization procedure (concurso preventivo de acreedores). An agreement with creditors was approved on December 30, 2009 but it could only be partially fulfilled, due to PDL´s weak financial condition.

16 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

In May 2014, PDL commenced legal proceedings against the Argentine Federal Government in order to declare the concession contract’s termination under the exclusive fault of the grantor, and also requested damages deriving from the Argentine Government’s refusal to restore the initial economic and financial equation of the concession. In addition, the meeting of shareholders of PDL held on June 30, 2014 resolved to dissolve and liquidate the company in line with Section 94, Subsection 5 of the General Corporations Law 19,550, since, according to PDL´s financial statements as of December 31, 2013, accumulated losses exceeded the amount of share capital plus reserves. On August 29, 2014 the DNV notified PDL of the termination of the concession contract through Resolution AG No. 1994/14 and PDL surrendered the concession on September 1, 2014. PDL then challenged the DNV´s resolution and filed a supplemental complaint in the legal proceeding that is being conducted for termination of contract. At the date of issuance of these financial statements, the PDL liquidation process is still in progress and the legal action initiated by PDL against the Argentine Federal Government is currently in the evidence stage. Since June 30, 2006, the investment in PDL is valued at zero. 3.2.12. Polledo S.A.I.C.y F. The Company holds a 46.18% interest in Polledo S.A.I.C. y F. which carries out its business activities through the investments it holds in other companies, primarily in Coviares S.A. (“Coviares”), in which it holds a minority interest. Coviares was in charge of a concession for the construction, preservation and operation of the La Plata - Buenos Aires Highway, the Riverside Highway in the City of Buenos Aires and the new bridge over the Riachuelo River, in accordance with the Agreement for the Restatement of the Concession Contract signed with the then Secretary of Public Works and Communications of the Argentine Ministry of Economy and Public Works and Services on December 29, 1993, which was approved by the Ministry Resolution No. 538/94 and a decree issued by the National Executive Branch . The concession term was 22 years, since July 1, 1995. As from the enactment of the Public Emergency Law No. 25,561 in 2002, the economic and financial conditions of the concession were substantially altered due to the conversion of dollar-denominated tolls into pesos and the removal of any indexation mechanism, among others, and a contractual renegotiation process started, which has been extended through successive laws. Law No. 27,200 extended the term until December 31, 2017. In spite of negotiations, the parties have only entered into one amended agreement on October 9, 2009, that provided for fare increases and a new investment schedule, among others, and which was only partially fulfilled. On February 5, 2013, the Province of Buenos Aires assumed the role of grantor of the concession contract, upon release of the Province of Buenos Aires Law No. 14,443 that approved the Transfer Agreement through which the Argentine Federal Government ceded the rights and duties under the concession contract to the Province of Buenos Aires. Since then, Coviares made several presentations to procure compliance by the Province with its contractual duties, as well as to renegotiate contractual terms and conditions affected by the Emergency Law. Coviares did not receive any answer to its requirements and on July 12, 2013, through Provincial Decree No. 419/2013, the Province of Buenos Aires unilaterally terminated the Coviares concession contract. Consequently, Coviares made a presentation rejecting the termination, denied the alleged breach of contract that gave rise to the rescission, and requested that Provincial Decree No. 419/2013 was declared null and void and illegitimate, on the grounds that the Province of Buenos Aires had no power to resolve the rescission, that there were no good reasons, that the facts invoked were false and that there had been a violation of the essential and substantial procedures established by applicable laws, as well as a violation of the purpose of the Transfer Agreement. Coviares denied on good grounds the alleged breach of contract invoked in the whereas clauses of Decree 419/2013, as well as the allegations of abandonment of the operation, maintenance, preservation, execution of works and failure to provide users with the essential services. Coviares also reserved its rights and causes of action against the Province of Buenos Aires and the Argentine Federal Government in connection with the termination of the concession contract. In December 2013, Coviares filed an action against the Province of Buenos Aires and the Argentine Federal Government before the Argentine Supreme Court of Justice, claiming the invalidity of the administrative act by which the contract was terminated as well as a compensation for damages. The damages claimed have been assigned as collateral to the trust acting as administrative agent under the Coviares’ syndicated loan, so that the trustee must join the claim as a mandatory third party. Since August 2015 the case is established at the Contentious Administrative Federal Court No. 7. On June 13, 2014, Coviares began its reorganization procedure (concurso preventivo de acreedores), under File No. 61006/2014 before the National Commercial Court No. 22, Secretariat No. 43. The credit-filing period for creditors ended on October 3, 2014. The DNV and the Province of Buenos Aires, among other creditors, submitted credits which included penalties and reserved their rights based on the fact that final liquidation of the concession had not occurred. Coviares rejected the credits submitted by those two entities on similar grounds as those of the legal claim for termination of concession and the inapplicability of fines. On April 7, 2015, through the opinion of the judicial trustee in the reorganization proceeding, the credits were endorsed in accordance with Section 36 of the Bankruptcy Law. On another note, Decree No. 13/2015 amended the Ministries Act, establishing that the issues relating to concessions and licenses for public utility services and the determination of the applicable prices and rates shall be within the different ministries’ sphere of competence. In this context, the DNV, now in the scope of the Ministry of Transport, began negotiations with Coviares to analyze the possibility of coming to an extrajudicial resolution. Coviares signed a letter of understanding with the DNV, in which it did not concede any facts and expressly reserved its rights to legal action and defenses. The letter established an evaluation commission, which has already been formed and met for the first time in July 2016. As a result of these negotiations, the judge in charge of the reorganization procedures ordered an extension of the exclusivity period until June 30, 2018 and suspended all procedural deadlines in the judicial actions begun by Coviares against the Argentine Federal Government and the Province of Buenos Aires until the committee releases its final report. The extension of the period was appealed by the Argentine tax authority (Administración Federal de Ingresos Públicos, “AFIP”) and the National Court of Appeals ordered the lower court to continue with the applicable procedural acts. Coviares filed an extraordinary appeal with the Argentina´s Supreme Court, which was rejected on August 2, 2018. Polledo S.A.I.C. y F., as minority shareholder, has valued its equity interest in Coviares at zero since December 31, 2011, and is currently analyzing the possible economic, financial and legal implications of the contract rescission declared by Provincial Decree No. 419/2013.

3.3. Transportation The Transportation segment comprises passenger railway transportation services, both ground and underground, and related business.

17 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

3.3.1. Benito Roggio Transporte S.A. Benito Roggio Transporte S.A. (“BRT”) mainly provides advisory services to different local and regional railway operators and performs railway infrastructure works. Furthermore, BRT carries out the following activities through the companies in which it holds equity interests. 3.3.2. Metrovías S.A. BRT holds a 90.66% equity interest in Metrovías S.A. (“Metrovías”), which provides ground and underground railway transportation services in the Metropolitan Area of the City of Buenos Aires. Metrovías was granted the operation and maintenance of the Buenos Aires subway system and the Premetro, through an operation and maintenance agreement entered into with the Government of the City of Buenos Aires, effective until December 31, 2019. Additionally, Metrovías is the operator of the concession, granted by the Argentine Federal Government, for the exclusive management and development of the General Urquiza suburban railway (“Urquiza Railway”). Although the concession term originally expired on December 31, 2017, it was extended until March 31, 2020 or until the winner of the international bidding process for the construction, operation and maintenance of the Urquiza and Belgrano Norte Railways takes possession of the service, whichever occurs first. The bidding process was called through Decree No 423/2019 issued by the National Executive Branch on June 18, 2019. Background On November 25, 1993, Metrovías entered into a concession contract with the Argentine Federal Government to manage the so called Group of Services 3, comprising the Buenos Aires Subway system and its complementary above-ground Premetro network and the Urquiza Railway, on an exclusive basis until December 31, 2017, with the option for the grantor to renew the concession for successive additional 10- year terms. The concession contract was approved and enacted through Decree No. 2608/93 dated December 22, 1993. This concession for the operation of public utilities” also included the commercial exploitation of shops, retail spaces and advertising at stations, rail cars and real estate comprised by such concession. The concession contract was later amended by means of an addendum approved by Decree No. 393/99 dated April 21, 1999, and its amended text was approved by the then Ministry of Economy and Public Works and Services and informed to Metrovías through Resolution No. 153/99, dated April 30, 1999, issued by the Secretariat of Transport. The addendum, that created a more ambitious investment schedule and a new fare schedule, was executed only in part due to the shortage of budget resources of the Argentine Federal Government and the delay in the approval of the planned fare increases. In addition, the renegotiation of the concession contract triggered by the Public Emergency Law 25,561 did not occur, despite the presentations made by Metrovías. Furthermore, within the framework of that emergency, Decree No. 2075/02 on Railway Emergency, issued on October 16, 2002, eventually declared a state of emergency in the railway and subway systems in the Metropolitan Area of the City of Buenos Aires. Subsequently, the Argentine Federal Government took a number of emergency actions aimed at regulating the relations arising from the concession contract to ensure a continued service on a provisional basis until a comprehensive contractual renegotiation was held. Emergency measures included, among others, the suspension of the original investment plan and the payment of subsidies to Metrovías in compensation for the suspended fare increases as set forth in the concession contract. At the end of 2011, the Argentine Federal Government publicly declared its intention to transfer control of the Buenos Aires subway system and the Premetro to the Government of the City of Buenos Aires. Accordingly, on January 3, 2012, the Argentine Federal Government entered into an agreement with the Government of the City of Buenos Aires, pursuant to which, effective January 2012, the latter accepted to take control only over the Buenos Aires subway system and the Premetro and become the sole legal authority to set tariffs for those services, and the Argentine Federal Government committed to pay an annual sum in twelve monthly instalments as its only contribution to afford the payment of subsidies. The differences between the Argentine Federal Government and the GCBA regarding the interpretation of the terms and conditions of the agreement prevented performance thereof within the terms set therein, for reasons beyond Metrovías´ control. Throughout 2012, Metrovías filed many requests and made several claims to the signatories to such agreement, alleging that its vested rights had been affected by this situation, which worsened the already deteriorated economic and financial equation even further. Operation and Maintenance Agreement On December 19, 2012, pursuant to Law No. 4,472, the Buenos Aires City Legislature resolved that: (i) the Government of the City of Buenos Aires would take control of the public passenger transportation service involving the subway and ground railway system operating exclusively in its jurisdiction, as well as of any new lines or expansions of existing lines as may be built in the future after January 1, 2013; (ii) such service involved a utility; (iii) such utility service was at the time in a state of emergency; (iv) the necessary legal instruments would be provided to operate such utility service; (v) Metrovías and/or its parent would be convened to enter into an agreement to be awarded a contract, on a direct basis, for the provisional operation of the service for an initial maximum term of two (2) years, extendable for one additional year based on the duration of the emergency declared; and (vi) the Government of the City of Buenos Aires would create a fund to finance maintenance and investments. During the first quarter of 2013 and until the execution of an operation and maintenance agreement, Metrovías continued rendering services taking as parameters the terms of the concession contract entered into with the Argentine Federal Government, as provided for by Law No. 4,472. On April 5, 2013, Metrovías and SBASE executed an operation and maintenance agreement (the “AOM”, for its Spanish acronym) whereby, within the terms of Law No 4,472, SBASE awarded to Metrovías, on an exclusive basis, the operation and maintenance of the Subway and Premetro Public Service within the City of Buenos Aires, including Lines A, B, C, D, E, and H, and the Premetro, as well as those eventually added to the network during the term of the agreement; excluding the operation of any collateral services and the performance of works and investments. The initial term of the AOM was two years from the date of execution, and it could be extended by SBASE provided, however, that the aggregate duration of the AOM did not exceed the effective term of emergency declared by Law No. 4,472, which was initially set for two years, extendable for one additional year. Law No. 4,790 later provided that the emergency period would last four years as of December 2012, keeping the Executive Branch the power to extend such period for another additional year, which was subsequently confirmed and supplemented through Decree No. 127/16 of February 1, 2016. In view of the amendment introduced by Law 4,790 to the emergency period and the Decree 127/16 above mentioned, an addendum to the AOM was executed on February 26, 2016, whose main amendments in terms of management were: (i) the extension of the AOM until December 31, 2017, (ii) the readjustment of the baseline cost structure at January 2016 prices by using price indexes that faithfully reflect price variations occurred in the preceding periods, and (iii) the consideration of seasonality for the calculation of the monthly subsidy.

18 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Afterwards, the Legislature of the City of Buenos Aires, in the ordinary session of November 2, 2017, passed Law N° 5,885, enacted by Decree N° 469/17, extending the emergency period established in section 6 of Law 4,472 until December 31, 2018 and authorizing SBASE to extend the term of the AOM until the successful bidder for the competitive bidding process called for the concession of the service started operations or until December 31, 2018, whichever occurred first. Consequently, on December 28, 2017 Metrovías and SBASE entered into a new addendum to the AOM, whose main amendments in terms of management were: (i) the extension of the AOM until December 31, 2018; (ii) the commitment to perform the following four construction works, which costs would be borne by SBASE and Metrovías would have to submit the pertinent expense reports: (a) Engineering and assembly of the open code signal system for the Lacarra Workshop with (12) itineraries; (b) Transfer of the Subway Line H Central Monitoring System (CMS) to Bernardo de Irigoyen CMS; (c) Assembly of overhead power line in the tunnel zone behind the Virreyes parking lot; and (d) Adaptation of stores in Lacroze station to install subway Line B simulators –, and (iii) certain considerations related to the transition period in case Metrovías was not the new awardee under the bidding process currently in progress. The Invitation for Tenders for the National and International Public Bid No. 212/18 was published in the Official Gazette on February 20, 2018, at the request of SBASE, regarding the concession for the operation and maintenance of the Subway and Premetro Network in the City of Buenos Aires, for a term of 12 (twelve) years, renewable for a further 3 (three) years. Finally, the Legislature of the City of Buenos Aires, in the ordinary session of December 6, 2018, passed Law N° 6,102, enacted by Decree N° 444/18, that modified Law N° 5,885 extending the term of the AOM until the successful bidder for the competitive bidding process called for the concession of the service starts operations or until December 31, 2019, whichever occurs first. Consequently, on December 28, 2018 Metrovías and SBASE entered into the third addendum to the AOM, through which: (i) the AOM was extended until the successful bidder for the competitive bidding process called for the concession of the service starts operations or until December 31, 2019, whichever occurred first and Metrovias committed (ii) to cooperate during the transition period in case another company was awarded the bidding process currently in progress; (iii) to put into service the new rolling stock expected to become available during 2019 and (iv) to make the necessary resources available for the opening of Correo Central, Catalinas and Retiro stations in Line E. In respect of the operator remuneration, according to the AOM, Metrovías receives: (i) the fare paid by the user (Ps. 7.50 until August 2, 2018, Ps. 12.50 from August 3, 2018 to November 19, 2018; Ps. 13.50 from November 20, 2018 to December 14, 2018; Ps. 14.50 from December 15, 2018 to January 14, 2019; Ps. 15.50 from January 15, 2019 to February 14, 2019, Ps. 16.50 from February 15, 2019 to April 8, 2019 and Ps. 19.00 since April 9, 2019 , in every case for contactless cards with discounts as from the 21st day trip and having been discontinued the option to pay in cash), (ii) fees for the charge of travel cards; and (iii) government subsidies in compensation for operating costs that revenues from fares cannot meet. Upon the Ministry of Transport Resolution 77-E/2018 , effective February 1, 2018 the Subway fare is included in the Integrated Ticket System applicable in the Buenos Aires metropolitan area, which offers different discounts for passengers using different means of transport over a given time period. Subsidies are adjusted whenever either party claims an increase or decrease above 7% in operating costs measured based on a baseline cost structure including price indexes representative of such costs, according to the AOM. Any request for cost adjustment submitted by Metrovías must be approved of rejected by SBASE within a 30-business day term. Subsidies must also be adjusted, upon approval by SBASE, if new tasks and activities are required in order to meet the operation and maintenance commitments or in case of changes in the conditions of the baseline cost structure. Subsidies received by Metrovías in compensation for cost increases are not recorded as sales but are deducted from cost of sales, administrative expenses and selling expenses and other operating expenses, under the “Adjustment due to higher costs” caption. Notwithstanding the terms agreed upon, Metrovías expressed in the AOM its reservation of rights in relation to the fact that the execution of the AOM did not purport a waiver or acknowledgment in favor of the Argentine Federal Government regarding the rights acquired by the company through the original concession contract and its related addendum. Law No. 4,472 expressly excluded the operation of any other collateral services by Metrovías in the Buenos Aires subway system and the Premetro, except for the fees for the recharge of trip cards and/or other devices, which remained as part of the operator’s compensation. Despite having claimed the reservation of its rights over such items in various notes and filings before the SBASE, Metrovías discontinued revenue recognition for these services since the fiscal year ended December 31, 2013. Urquiza Railway Concession Without prejudice of the situation regarding the SBA and Premetro, Metrovías continues operating the Urquiza Railway under the concession agreement executed in 1993. As the contract allowed for a 10-year extension, Metrovías reiterated the petition for extension which had already submitted to the Renegotiation Commission created under National Executive Branch Decree No. 367/16, within the framework of the renegotiation of the concession contract that was being conducted since January 2002. Although the renegotiation of the concession contract was not concluded, on December 18, 2017 the Ministry of Transport passed Resolution 1325-E/2017 whereby: (i) The petition for contract extension submitted by Metrovías was rejected; (ii) the Transport Secretariat and the Transport Planning Secretariat were instructed to establish, jointly with the state-owned Railway Operator (Operadora Ferroviaria Sociedad del Estado, SOFSE), the Railway Infrastructure Administration and the National Commission for Transport Regulation, the terms and conditions for a call for bids for Service Group No. 3 (Urquiza Railway), which must be awarded within a maximum term of 18 (eighteen) months as from the date of that resolution; (iii) operation shall be automatically assigned to SOFSE if there is no awardee upon expiration of the term set in the preceding point; and (iv) Metrovías will continue providing the service for the term stipulated in point (ii). On February 28, 2018, Metrovías challenged said resolution by filing with the Transport Ministry a Motion for Reconsideration and an administrative appeal in the alternative to be heard and disposed of. On June 18, 2019, the Ministry of Transport passed Resolution 360/2019 whereby the concession term stipulated in the abovementioned Resolution 1325-E/2017 was extended until March 31, 2020 or until the winner of the international bidding process for the construction, operation and maintenance of the Urquiza and Belgrano Norte Railways takes possession of the service, whichever occurs first. The bidding process was called through Decree No 423/2019 issued by the National Executive Branch on June 18, 2019. In addition, within the framework of Resolution No. 748/12 adopted by the then Ministry of the Interior and Transport (MIyT), the Joint Technical Committee on Follow-up and Redetermination of Costs of the Railway Passenger Transport Concessionaires for the Buenos Aires Metropolitan Area and the Unit for the Renegotiation and Analysis of Public Utility Contracts (UNIREN) completed the analysis of the cost structure required for the management of the Urquiza Railway (the “Operation Account”), which came into effect upon release of the MIyT Resolution 1604/14 dated December 16, 2014. Such resolution approved: (i) a new Operation Account effective July 1, 2014; (ii) a monthly subsidy of Ps. 25.9 million, in March 2014 prices, which did not include the salary increases granted for 2014; (iii) the gradual hiring of personnel and the new operating account to be considered when all the new employees have been hired; (iv) a “Levelling Plan” including “Works & Maintenance Tasks” with an allocation of Ps. 350.1 million and “Necessary Investment Works” with an allocation of Ps. 20.3 million, the completion of which should not exceed 18 months; and (v) the methodology for assessing the concessionaire's own

19 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format rate, subsidy and/or compensation for operating costs, which allows to adjust the Operation Account whenever there is an increase of over 6% in any of the cost items other than personnel, the assessment of which will occur upon changes arising from collective wage bargaining and/or from the hiring of new employees. As of the date of issuance of the current financial statements, the monthly subsidy amounts to Ps.159.6 million, effective as of August 2019, according to Resolution 164/19 issued by the Transport Management Secretariat (“SGT”) on November 1, 2019. On September 18, 2019, the SGT, through Resolution 135/19 approved: (1) the automatic adjustment in the items, other than personnel, that make up the Operation Account, according to the procedures set out by Resolution 1604/14, as amended by Resolution 404, that determined a monthly subsidy of Ps.140.6 million, effective as of April 2019, except for June 2019; (2) the automatic adjustment in the items, other than personnel, that make up the Operation Account, according to the procedures set out by Resolution 1604/14, as amended by Resolution 404, that determined a monthly subsidy of Ps.202.4 million for June 2019, including the additional annual bonus (aguinaldo) corresponding to the first half of 2019; and (3) a Ps. 5.7 million deduction, due to the tariff increases approved by Resolution 16/2019 in the first quarter of 2019. However, Metrovías filed several notes with the Argentine Federal Government requesting for certain pending restatements to the Operation Account, totaling Ps. 287.7 million at the date of issuance of these financial statements, due to (i) certain salary increases between January 2015 and December 2017, (ii) certain one-time expenses, such as an extraordinary bonus for cooperation given by train drivers, training, year-end solidary bonus and early retirement compensations for drivers, as agreed with trade unions during 2016, (iii) the duly authorized hiring of 30 new employees, (iv) salary increases agreed with trade unions on October 2, 2019 and (v) certain adjustments in the items, other than personnel, that make up the Operation Account. Subsidies received by Metrovías in compensation for cost increases are not recorded as sales but are deducted from cost of sales, administrative expenses and selling expenses and other operating expenses, under the “Adjustment due to higher costs” caption. Regarding the “Levelling Plan” set forth in Resolution No. 1604/14, the planned works and tasks could not be performed as foreseen since no mechanism for adjustment of values, nor had budget items to finance works nor specific procedures to file technical documentation and the work progress certificates been established. Consequently, on February 15, 2017, the Resolution No. 60/2017 of the Ministry of Transport resolved: (i) to allocate Ps. 579.6 million (expressed in July 2016 prices) to the Levelling Plan, (ii) to determine an adjustment mechanism, (iii) to approve an administrative cycle and procedure for the approval of works and maintenance tasks, (iv) to approve a certification procedure and (v) to establish a 12-month term for execution, extendable for another 12 months upon the Ministry approval. At the date of issuance of these financial statements, Metrovías had performed all the works included in Resolution 1604/14 for the improvement of images at stations and level crossings as well as the repair of 24 railway cars. In addition, the new construction works for the amount set by Resolution 60/17 are under negotiation. In connection with these works, the debt of the Argentine Federal Government amounts to Ps. 5.3 million at the date of these financial statements. Other recognitions and / or claims Without prejudice to the above indicated, Metrovías made several presentations both to the Argentine Federal Government and the Government of the City of Buenos Aires, including those arising from the compensation of higher operating costs incurred between 2008 and 2012 and for the payment of commissions on sales of tickets, which at the date of issuance of these financial statements had not been resolved yet. Therefore, all payments received are considered as preliminary and in advanced payments as envisaged by Law 25,561 and Buenos Aires Law 4,472. Metrovías also filed other claims with the Argentine Federal Government and/or the Government of the City of Buenos Aires for the lack of recognition and/or nonpayment of outstanding obligations, over which Metrovías has rights under the provisions of both the concession contract and the AOM, in view of the reservation of rights made in the latter. As mentioned above, the contractual term of the AOM entered into with the Government of the City of Buenos Aires will expire on December 31, 2019, while the concession contract to manage the Urquiza Railway will expire on March 31, 2020 or until the winner of the international bidding process for the construction, operation and maintenance of the Urquiza and Belgrano Norte Railways takes possession of the service, whichever occurs first. Although these factors generate uncertainty as to its ability to continue operating as a going concern, Metrovías has prepared its financial statements using accounting standards that are applicable to a going concern, which do not include the possible effects of the future adjustments or reclassifications, if any, that could be required if the situation described above was not resolved in favor of the continuity of operations of Metrovías. 3.3.3. Agreements on operation of urban passenger railway services BRT holds a 95% interest in Corredores Ferroviarios S.A. (“COFESA”), which was engaged in the operation of the urban railway transport service for passengers of the Mitre and San Martín lines from February 2014 until March 2015. COFESA is making the administrative and legal procedures to settle the outstanding liabilities, formalize the transfer of the assets used in the operation, and the rights and obligations pending enforcement and/or settlement regarding the contracts being performed, as well as the works in progress, pending lawsuits and remuneration for management services pending collection. All this will be addressed during the process for computation and settlement of receivables and debts that will form part of the final rendering of accounts, in accordance with the provisions of the pertinent Agreements timely signed. Through Metrovías, the Company holds a 50% interest in Unidad de Gestión Operativa Ferroviaria de Emergencia S.A. in Liquidation (UGOFE), as well as in Unidad de Gestión Operativa Mitre Sarmiento S.A. in Liquidation (UGOMS). UGOFE operated for account and by order of the Argentine Government the passenger railway services of the San Martín Line from January 2005 to February 2014, and of the General Roca and Belgrano Sur Lines from July 2007 to February 2014. UGOMS operated the passenger railway services of the Sarmiento Line from July 2012 to October 2013, and of the General Mitre Line from July 2012 to February 2014. UGOFE and UGOMS should agree upon with Sociedad Operadora Ferroviaria Sociedad del Estado (SOFSE) the process for the settlement of outstanding liabilities, the formalization of the transfer of assets allocated to the transaction, and the rights and obligations pending exercise and/or settlement as regards the contracts being carried out, as well as regards works, pending lawsuits and compensation for management pending collection, all of which should be handled in the process for liquidation and settlement of receivables and debts that will be part of the final statements of accounts. For such purpose, UGOFE and UGOMS will formalize with SOFSE and the new operators the agreements necessary to determine the procedure to be followed in each case for an organized transfer, and thus comply with the acts resulting from the transition. On October 8, 2018 the SGT, in connection with the report submitted by UGOFE giving account of expenses incurred in San Martin Line between October 2009 and September 2010, issued Resolution 165/18 by which it: (1) rejected expenses in the amount of Ps. 2.9 million, which had been also previously disallowed by the National Commission for Transport Regulation (“CNRT”), (2) rejected expenses in the

20 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format amount of Ps. 100.3 million, which had been sent by the CNRT for assessment, and (3) rejected expenses for Ps. 192.4 million, despite being approved by the CNRT, until definitive pronouncement in cases N° 8464/12 “Jaime Ricardo and Others / Caption: Crime of Public Prosecution” and N° 751/2017 “UGOFE / Caption: Infraction of Law N° 24,769”. UGOFE, in order to be able to substantiate an eventual appeal for reconsideration, requested the file on October 12, 2018, which was granted on October 31, 2018 by the Rail Transport Secretariat. On December 4, 2018, UGOFE filed a motion for reconsideration and an appeal with a higher administrative authority in the alternative, requesting the suspension of the case and offering evidence. On October 18, 2018 the SGT, in connection with the report submitted by UGOFE giving account of expenses incurred in San Martin Line between October 2010 and September 2011, issued Resolution 175/18 by which it: (1) rejected expenses in the amount of Ps. 5.2 million, which had been also previously disallowed by the CNRT, (2) rejected expenses in the amount of Ps. 73.3 million, which had been sent by the CNRT for assessment, and (3) rejected expenses for Ps. 209.3 million, despite being approved by the CNRT, until definitive pronouncement in cases N° 8464/12 “Jaime Ricardo and Others / Caption: Crime of Public Prosecution” and N° 751/2017 “UGOFE / Caption: Infraction of Law N° 24,769”. UGOFE, in order to be able to substantiate an eventual appeal for reconsideration, requested the file on October 29, 2018, which was granted on November 1, 2018. In due time and manner, on December 17, 2018, UGOFE filed a motion for reconsideration and an appeal with a higher administrative authority in the alternative requesting the suspension of the case and offering evidence. On March 1, 2019 the SGT, in connection with the report submitted by UGOFE giving account of expenses incurred in San Martin Line between October 2011 and September 2012, issued Resolution 35/19 by which it: (1) rejected expenses in the amount of Ps. 6.2 million, which had been also previously disallowed by the CNRT, (2) rejected expenses in the amount of Ps. 19.0 million, which had been sent by the CNRT for assessment by the SGT, and (3) rejected expenses for Ps. 289.2 million, despite being approved by the CNRT, until definitive pronouncement in cases N° 8464/12 “Jaime Ricardo and Others / Caption: Crime of Public Prosecution” and N° 751/2017 “UGOFE / Caption: Infraction of Law N° 24,769”. UGOFE, in order to be able to substantiate an eventual appeal for reconsideration, requested the file on March 11, 2019, which was granted on April 10, 2019 by the Rail Transport Sub -Secretariat. UGOFE liquidators as well as its legal counsels understand that the refusal is baseless. For that reason, UGOFE intends to raise the reconsideration appeal with hierarchy in subsidy, providing all the elements and documentation that supports the execution and the purpose of the rejected expenses. 3.3.4. Other activities related with Transportation On June 27, 2018, BRT, forming a joint venture (unión transitoria or UT, for its Spanish acronym) with Siemens Mobility S.A., was awarded the bidding called by SBASE for the improvement of the railway electrification system in Subway Lines C and D. Ownership interests in the joint venture are 63.78% and 36.22%, respectively. In accordance with the requirements set forth in the bidding documents, the term of the UT will expire two years after the final reception of works or when the duties and responsibilities assumed under the contract end, whichever occurs later. BRT holds a 95% ownership interest in Benito Roggio Ferroindustrial S.A., (“BRf”) which operates a railway maintenance and repair workshop located in Juárez Celman (Province of Córdoba) since February 2008, in a plant that was designed and fully constructed by the Company. BRf provides solutions for the rail industry by performing reconditioning and repair works on cargo railcars, passenger railcars (electric or towed), locomotives, bogies, and other pieces of rolling stock. In addition, BRT and BRf have created a joint venture for the general repair of 78 Nagoya passenger railcars rendering service in Line C of the Buenos Aires subway, after being awarded Lot No 2 in Public Bid No. 148/13 – B, C, D, E, H and Premetro Lines - General Repair of Rolling Stock”, called by SBASE. As to its activities in Brazil, BRT provides technical assistance in operating, technical, commercial and financial matters in different consortiums in which it holds a minority interest:  Concessionária do VLT Carioca S.A., a consortium that was awarded from the Rio de Janeiro Prefecture the concession for the implementation, operation and maintenance of a light train (VLT or Veículo Leve sobre Trilhos) in the port and central regions of that city.  Concessionaria do Monotrilho da Linha 18 - Bronze S.A., the consortium that has been awarded the public concession for constructing, equipping, and operating, for a 25- year term, the new São Paulo Metro Line 18, in Brazil, with monorail technology.

3.4. Water supply BRH holds a 71.98% ownership interest in Aguas Cordobesas S.A. (“ACSA”), which is in charge of the supply, conservation, transportation, distribution and sale of potable water for household, commercial and industrial consumption in the city of Córdoba, Argentine. The term of the concession, granted by the Province of Cordoba, is thirty years as from May 7, 1997. Management and technical operations are in charge of an operator, whom ACSA is required to maintain during the concession term, unless otherwise authorized in writing by the concession grantor. BRH is the operator of the concession since December 22, 2006, The concession area falls within the municipal boundaries of the city of Córdoba. The concessionaire can carry out activities and works outside this area only for the purposes of securing the supply and transportation of potable water for the rendering of the service. In addition, the concessionaire must provide bulk water to certain cities outside the concession area in the same conditions as the Provincial Bureau of Water and Sanitation did.

3.5. Other activities The Company also performs other commercial activities and provides services which, jointly with Clisa´s own activities, are grouped under "Others and eliminations". Through BRT and Metronec S.A., the Company holds a 100% interest in Prominente S.A., which provides IT services to corporations in different industries.

21 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

3.6. Segments Information as of September 30, 2019 and 2018 The segments are disclosed according to the internal information provided to the Board of Directors of Clisa, which is the main authority in operation making decisions. The operating segments have been determined based on information reviewed by the Board of Directors in order to allocate resources and evaluate its performance. Described below are the main indicators of each of the segments mentioned above: Segments Information as of September 30, 2019

Transportation Waste Others and Item Construction Water supply Total management eliminations (In thousands of Pesos) Net sales to third parties 14,306,861.1 4,712,254.1 12,162,678.7 2,126,390.2 61,802.5 33,369,986.6 Inter-segment sales 16,602.6 22,483.5 - - (39,086.1) - Net sales recognized over a period of time 14,323,463.7 4,734,737.6 12,162,678.7 2,126,390.2 22,716.4 33,369,986.6 Operating income 1,228,733.6 580,523.0 1,482,022.7 1,316.0 (200,267.4) 3,092,327.9 Total assets 22,536,948.8 4,779,724.3 17,421,125.3 5,145,831.2 (1,876,285.7) 48,007,343.8 Total liabilities 11,493,390.3 3,713,358.6 10,547,282.4 2,954,501.1 17,327,457.5 46,035,989.9 Additions of property, plant and equipment 599,087.5 3,758.5 1,163,489.7 4,735.4 13,462.8 1,784,533.8 Depreciation of property, plant and equipment (944,715.8) (20,259.8) (1,560,493.8) (16,543.4) (16,618.1) (2,558,630.9) Additions of intangible assets 263.6 - - 253,628.8 - 253,892.4 Amortization of intangible assets (5,290.6) (585.8) - (243,607.7) (2,161.5) (251,645.6) Investments in associates 290,058.5 13,569.3 - - 4,263.0 307,890.7 Geographical breakdown of business segments as of September 30, 2019

City of Buenos Aires and Greater Buenos Rest of the country Abroad Total Aires (In thousands of Pesos)

Construction Net sales 2,969,931.4 5,636,091.8 5,717,440.5 14,323,463.7 Total assets 3,499,771.9 10,397,835.1 8,639,341.8 22,536,948.8 Investments in associates 194,583.4 47,480.1 47,995.0 290,058.5 Additions of property, plant and equipment 544.7 326,700.4 271,842.4 599,087.5 Additions of intangible assets - - 263.6 263.6 Transportation Net sales 4,734,737.6 - - 4,734,737.6 Total assets 4,057,930.1 642,091.1 79,703.0 4,779,724.3 Investments in associates 150.0 - 13,419.3 13,569.3 Additions of property, plant and equipment 3,758.5 - - 3,758.5 Waste management Net sales 10,151,307.6 1,268,546.3 742,824.8 12,162,678.7 Total assets 15,516,404.2 1,232,242.5 672,478.6 17,421,125.3 Additions of property, plant and equipment 1,123,606.1 22,859.2 17,024.3 1,163,489.7 Water supply Net sales - 2,126,390.2 - 2,126,390.2 Total assets - 5,145,831.2 - 5,145,831.2 Additions of property, plant and equipment - 4,735.4 - 4,735.4 Additions of intangible assets - 253,628.8 - 253,628.8

Segments Information as of September 30, 2018

Transportation Waste Others and Item Construction Water supply Total management eliminations (In thousands of Pesos) Net sales to third parties 14,272,927.7 3,558,387.2 12,235,898.7 2,165,931.2 66,377.2 32,299,522.0 Inter-segment sales 27,332.2 49,686.1 - - (77,018.3) - Net sales recognized over a period of time 14,300,260.0 3,608,073.2 12,235,898.7 2,165,931.2 (10,641.1) 32,299,522.0 Operating income 1,218,764.1 223,697.1 1,438,835.4 151,351.8 (133,977.1) 2,898,671.3 Total assets 24,495,962.4 4,259,461.7 17,325,709.8 5,026,141.9 (1,146,643.7) 49,960,632.1 Total liabilities 12,389,791.3 3,619,184.3 10,056,854.5 3,108,158.7 18,899,213.6 48,073,202.4 Additions of property, plant and equipment 490,521.3 39,424.3 937,602.9 13,292.5 11,712.1 1,492,553.1 Depreciation of property, plant and equipment (531,759.4) (92,674.6) (1,277,457.1) (13,138.4) (12,758.7) (1,927,788.2)

22 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Additions of intangible assets 16,280.9 1,389.4 - 186,453.4 1,391.9 205,515.6 Amortization of intangible assets (7,490.9) (9,678.9) (34,271.7) (242,806.0) (2,846.3) (297,093.8) Investments in associates 374,315.2 14,750.2 - - 6,167.4 395,232.8

Geographical breakdown of business segments as of September 30, 2018

City of Buenos Aires and Greater Buenos Rest of the country Abroad Total Aires (In thousands of Pesos)

Construction Net sales 3,350,225.7 7,648,716.0 3,301,318.3 14,300,260.0 Total assets 5,629,103.4 9,112,109.9 9,754,749.1 24,495,962.4 Investments in associates 286,622.1 59,367.2 28,325.9 374,315.2 Additions of property, plant and equipment 5,141.7 273,964.6 211,415.0 490,521.3 Additions of intangible assets - 15,847.3 433.6 16,280.9 Transportation Net sales 3,608,073.2 - - 3,608,073.2 Total assets 3,759,844.1 430,584.4 69,033.2 4,259,461.7 Investments in associates 3,301.9 - 11,448.3 14,750.2 Additions of property, plant and equipment 39,424.3 - - 39,424.3 Additions of intangible assets 1,389.4 - - 1,389.4 Waste management Net sales 10,104,580.1 1,416,490.7 714,827.9 12,235,898.7 Total assets 16,115,021.3 396,392.5 814,296.0 17,325,709.8 Additions of property, plant and equipment 867,782.4 55,559.8 14,260.7 937,602.9 Water supply Net sales - 2,165,931.2 - 2,165,931.2 Total assets - 5,026,141.9 - 5,026,141.9 Additions of property, plant and equipment - 13,292.5 - 13,292.5 Additions of intangible assets - 186,453.4 - 186,453.4

4. Cost of sales

09/30/2019 09/30/2018 In Pesos In Pesos

Freight 217,372,384 424,427,071 Subcontracts 3,694,524,178 4,075,382,732 Salaries, wages and social security contributions 11,905,167,072 11,643,526,872 Fees for professional services 247,580,271 250,797,904 Hardware and software services 35,130,916 26,739,581 Taxes, rates and contributions 266,569,254 73,416,693 Depreciation and amortization 2,358,115,230 1,847,828,101 Maintenance expenses 1,441,755,061 1,199,217,435 Rail car expenses 207,441,951 358,760,909 Travel expenses 436,973,156 445,274,333 Insurance 415,754,540 390,593,359 Water and electricity services 785,649,817 677,221,460 Telephone, internet and communications 28,591,104 25,715,504 Rental 1,704,130,840 1,481,049,626 Stationery and printed material 8,387,603 8,025,407 Adjustment due to higher costs (4,252,221,419) (4,623,674,111) Materials and spare parts 4,176,422,976 4,324,831,197 Security and surveillance 70,084,534 91,814,347 Litigation, insurance claims and penalties 87,651,831 118,126,351 Sundry 278,828,620 248,324,228 Total 24,113,909,919 23,087,398,999

23 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

5. Administrative expenses 09/30/2019 09/30/2018 In Pesos In Pesos

Subcontracts 309,016,180 271,096,878 Salaries, wages and social security contributions 2,512,900,844 2,582,917,265 Fees for professional services 627,150,751 518,554,417 Bid and proposal costs 930,858 7,977,792 Hardware and software services 35,649,706 21,708,831 Taxes, rates and contributions 490,984,243 567,761,022 Depreciation and amortization 219,212,992 213,021,587 Maintenance expenses 37,899,345 42,711,736 Travel expenses 71,120,968 84,469,260 Insurance 48,061,669 53,314,303 Water and electricity services 8,599,803 6,319,557 Telephone, internet and communications 39,979,774 47,397,964 Rental 45,247,606 45,006,528 Press and media 95,556,206 96,957,121 Stationery and printed material 44,203,050 48,331,469 Adjustment due to higher costs (777,624,024) (828,860,392) Materials and spare parts 3,494,426 6,565,567 Security and surveillance 7,528,300 8,866,016 Litigation, insurance claims and penalties 3,536,555 3,631,156 Sundry 131,022,665 87,886,838 Total 3,954,471,917 3,885,634,915

6. Selling and other operating expenses 09/30/2019 09/30/2018 In Pesos In Pesos Subcontracts 197,902,254 171,311,342 Salaries, wages and social security contributions 2,198,825,106 2,317,623,872 Fees for professional services 12,684,306 15,844,515 Taxes, rates and contributions 442,909,881 496,147,616 Depreciation and amortization 232,948,313 164,032,404 Maintenance expenses 99,136,813 141,338,681 Commissions and fee 73,200,632 56,683,133 Travel expenses 23,890,591 21,427,507 Insurance 72,002,709 74,962,028 Telephone, internet and communications 50,727,612 45,245,568 Rental 39,477,324 173,544,141 Press and media 15,717,952 21,242,183 Stationery and printed material 1,035,077 1,112,361 Adjustment due to higher costs (1,491,219,003) (1,628,499,767) Materials and spare parts 23,300,000 25,507,933 Security and surveillance 2,702,351 7,288,057 Litigation, insurance claims and penalties 269,379,000 343,723,740 Sundry 4,823,033 14,946,072 Total 2,269,443,951 2,463,481,386

7. Financial income and expenses 09/30/2019 09/30/2018 Financial income In Pesos In Pesos

Interest generated by assets 296,710,417 18,653,192 Foreign currency exchange differences generated by assets 71,668,731 697,917,424 Other financial results 48,528,467 100,533,639 Total 416,907,615 817,104,255

24 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

09/30/2019 09/30/2018 Financial expenses In Pesos In Pesos

Interest generated by liabilities (1,797,872,046) (1,108,986,671) Foreign currency exchange differences generated by liabilities (2,078,322,307) (9,158,340,854) Financial commissions (8,904,508) (15,298,641) Loss due to the effect of inflation on net monetary position (791,033,513) (552,009,349) Other financial expenses (614,470,999) (530,488,812) Total (5,290,603,373) (11,365,124,327)

8. Net (loss) / gain in associates 09/30/2019 09/30/2018 In Pesos In Pesos

Covisur S.A. 3,585,393 9,150,308 Polledo S.A.I.C.y F. 791,737 1,623,177 Autovía del Mar S.A. 11,117,881 (13,664,483) CV1 - Concesionaria Vial S.A. (158,039,587) 59,478,293 Transportel Patagónica S.A. (4,924,534) 13,362,047 Joint ventures 8,238,976 12,456,841 Sundry (1,192,526) (7,832,062) Total (140,422,660) 74,574,121

9. Earnings per share Earnings per share is calculated by dividing the result for the period attributable to the owners of the parent by the average number of ordinary shares outstanding during the period.

09/30/2019 09/30/2018 In Pesos In Pesos

Net loss for the period attributable to the owners of the parent (2,996,402,620) (8,781,621,450) Weighted average common shares outstanding 96,677,524 96,677,524 Basic and diluted loss per share (Ps. per share) (30,99) (90,83)

10. Property, plant and equipment, net|

Original Values Balances as of the Currency Balances as of the Items Adjustments for beginning Additions Deductions Transfers translation Impairment end revaluation of the period differences of the period

Heavy machinery and equipment 5,567,277,020 220,635,741 (41,569,930) 6,327,211 64,020,382 (57,163,009) (1,012,648) 5,758,514,767 Vehicles 1,085,616,532 35,169,547 (19,995,327) (27,587,777) 36,396,997 - - 1,109,599,972 Furniture and fixtures and computer 959,289,849 107,447,926 (3,829,743) 26,530 24,969,679 - - 1,087,904,241 hardware Equipment 52,373,960 ------52,373,960 Real estate 2,413,859,216 10,986,450 - - 66,113,429 717,888,874 - 3,208,847,969 Building improvements 2,448,967,808 946,262,551 (30,000,211) 3,019,139 - (561,910,800) (35,659,757) 2,770,678,730 Minor equipment 2,700,972,267 105,132,325 (48,160,269) 1,389,171 55,178,035 - - 2,814,511,529 Permanently installed equipment 630,194,958 13,114,125 (20,052) - - - - 643,289,031 Heavy vehicles 829,124,737 15,235,993 (5,046,726) 27,587,777 (16,076,732) (74,717,414) (4,588,263) 771,519,372 Water treatment plants 12,852,663 ------12,852,663 Transformers 40,353,000 936,689 - - - (5,919,900) (1,042,449) 34,327,340 Rail car improvements 345,904,662 ------345,904,662 Land 5,052,897,749 - - - 178,544,415 880,871,047 - 6,112,313,211 Construction in progress 48,297,614 7,559,718 (21,932,364) (4,434,840) (547,751) - - 28,942,377 Leases (*) - 322,052,771 - - 962,747 - - 323,015,518 Others 25,638,870 - - (6,327,211) - - - 19,311,659 Total as of 09/30/2019 22,213,620,905 1,784,533,836 (170,554,622) - 409,561,201 899,048,798 (42,303,117) 25,093,907,001 Total as of 09/30/2018 18,494,825,008 1,492,553,131 (106,774,655) - 2,314,661,966 2,977,702,258 95,372,677 25,268,340,385

(*) Represents the right-of-use assets obtained through leases, as per IFRS 16.

25 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Accumulated depreciation

Balances as of the Currency Adjustments Balances as of Net carrying value Net carrying value Items Amount for the beginning Deductions Transfers translation for the end of the as of 09/30/2019 as of 09/30/2018 period of the period differences revaluation period

Heavy machinery and equipment - 21,604,016 (1,058,426,979) - 27,417 1,036,795,546 - 5,758,514,767 6,802,992,910

Vehicles (847,210,310) 13,538,171 (68,485,352) 5,789,224 (15,700,995) - (912,069,262) 197,530,710 266,415,740 Furniture and fixtures and computer (758,199,235) 3,011,513 (62,095,840) - (13,307,596) - (830,591,158) 257,313,083 232,585,292 hardware Equipment (52,373,960) - - - - - (52,373,960) - -

Real estate (4,816,850) - (57,608,256) - 2,942,024 59,483,082 - 3,208,847,969 2,533,869,159

Building improvements (287,782,900) - (885,389,324) - - 1,173,172,224 - 2,770,678,730 2,455,614,188

Minor equipment (1,972,692,523) 43,028,723 (151,896,751) - (35,129,020) - (2,116,689,571) 697,821,958 842,228,429

Permanently installed equipment (567,150,146) - (11,561,097) - - - (578,711,243) 64,577,788 75,283,187

Heavy vehicles - 145,148 (138,229,779) (5,789,224) 5,411,271 138,462,584 - 771,519,372 983,618,701

Water treatment plants (10,282,122) - (964,000) - - - (11,246,122) 1,606,541 2,892,369

Transformers - - (10,464,763) - - 10,464,763 - 34,327,340 47,254,174

Rail car improvements (345,904,662) - - - - - (345,904,662) - -

Land ------6,112,313,211 5,958,570,156

Construction in progress ------28,942,377 132,024,931

Leases (*) - (113,508,774) - (169,940) - (113,678,714) 209,336,804 -

Others (18,147,028) - - - - - (18,147,028) 1,164,631 3,081,260

Total as of 09/30/2019 (4,864,559,736) 81,327,571 (2,558,630,915) - (55,926,839) 2,418,378,199 (4,979,411,720) 20,114,495,281

Total as of 09/30/2018 (6,135,094,639) 67,207,011 (1,927,788,248) - (336,985,003) 3,400,750,990 (4,931,909,889) 20,336,430,496

(*) Represents the right-of-use assets obtained through leases, as per IFRS 16.

Assets recorded under "Heavy machinery and equipment", “Heavy vehicles”, “Transformers, "Buildings", “Land” and “Building improvements” are valued through the revaluation model described in the IAS 16. At the end of the current period, the Company's management revised the valuation of the assets described above, to determine variations between fair values and carrying values, in compliance with current regulations for those using fair value as primary measurement criteria. For this purpose, the Company obtained and approved valuations prepared by independent external experts. Fair values thus obtained implied an increase in the book value of revalued assets of Ps. 3,317,426,997, which is disclosed in the statement of changes in equity, net of the effect of the deferred income tax. The carrying values that would have been reported as of September 30, 2019 had the revaluation model not been applied are as follows:

In Pesos Machinery and heavy equipment 1,482,875,871 Real estate 257,982,787 Land 5,746,672 Heavy vehicles 955,020,625 Transformers 944,589,491 Building improvements 1,063,800,820 Total 4,710,016,266

Total assets revalued comprise a single category under IFRS 13, for the purposes of determining their fair values. For this type of assets, there are no relevant observable data (Level 3), so their valuation was based on the economic value of the assets for the Company according to their use, due to the non-existence of an active, dynamic and representative market of assets in their present condition. In the case of Heavy machinery and equipment, Heavy vehicles and Transformers, the valuation is made through independent appraisers which assess the fair value of the assets through the identification of the market value of new units of similar characteristics and considering the use and remaining useful life of the assets in question, as well as the improvements made to them. In regards to Real Estate, Land and Building improvements, reports from independent appraisers - which applied valuation techniques based on the location, existent constructions, preservation conditions and remaining useful life of the buildings, possibility of access, the benefit of potential improvements made, among other factors - were used.

11. Goodwill 09/30/2019 09/30/2018 In Pesos In Pesos

Opening balances, net 523,707,773 412,890,264 Effect of currency translation differences 54,761,029 248,879,141 Impairment - (2,909,570) Closing balances, net 578,468,802 658,859,835

26 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

To assess the recoverability of acquired goodwill, goodwill has been allocated to each acquired investment, since each of these companies is deemed to be a cash generating unit. The recoverable amount of each cash generating unit is determined based on the calculations of the value in use. These calculations use discounted cash flow projections based on financial budgets approved by management.

12. Intangible assets other than Goodwill

Original values Balances as of Currency Balances as of Items the beginning Additions Deductions translation the end of the period differences of the period

Biogas capture and treatment 146,812,443 (146,812,443) - - Concession rights 6,366,560,261 253,579,745 (39,000) - 6,620,101,006 Assistance contract 169,213,434 - - - 169,213,434 Software 192,859,780 312,665 - 7,592,795 200,765,240 Other intangible assets 14,547,697 - (6,665,295) 207,718 8,090,120 Total as of 09/30/2019 6,889,993,615 253,892,410 (153,516,738) 7,800,513 6,998,169,800 Total as of 09/30/2018 6,612,510,673 205,515,633 (82,913) 34,641,940 6,852,585,333

Accumulated amortization Net carrying Net carrying Balances as of Currency Balances as of Items Amount for the value as of value as of the beginning Deductions translation the end period 09/30/2019 09/30/2018 of the period differences of the period

Biogas capture and treatment (146,812,443) 146,812,443 - - - - 11,276,005 Concession rights (3,565,232,670) 39,000 (243,622,821) - (3,808,816,491) 2,811,284,515 2,804,301,646 Assistance contract (169,213,434) - - - (169,213,434) - - Software (168,879,843) - (8,022,799) (7,245,711) (184,148,353) 16,616,887 30,960,606 Other intangible assets (7,882,403) - - (207,717) (8,090,120) - 6,667,709 Total as of 09/30/2019 (4,058,020,793) 146,851,443 (251,645,620) (7,453,428) (4,170,268,398) 2,827,901,402 Total as of 09/30/2018 (3,670,057,769) 82,913 (297,093,844) (32,310,667) (3,999,379,367) 2,853,205,966

13. Investments in associates

Ownership 09/30/2019 12/31/2018 Associates percentage (1) In Pesos In Pesos

CV1 - Concesionaria Vial S.A. 51.00% 74,912,305 232,951,892 Transportel Patagónica S.A. 45.00% 47,374,880 57,441,231 Tranelpa S.A. de Inversión 42.12% 628,073 734,545 Autovía del Mar S.A. 26.67% 92,810,185 81,007,770 Concessionaria Do VLT Carioca S.A. 0.25% 8,555,278 8,513,028 Concesionaria do Monotrilho da Linha 18 – Bronze S.A. 1.00% 4,864,000 4,839,979 Covisur S.A. 25.00% 27,149,712 23,564,318 Sundry - 51,596,304 25,513,972 Total 307,890,737 434,566,735

(1) It is the ownership percentage held by CLISA or the pertinent subsidiary of CLISA. In order to apply the equity method, the Clisa used the financial statements of its associates as of September 30, 2019, except for CV1 - Concesionaria Vial S.A., for which financial statements as of July 31, 2019 were used since its fiscal year-end date differs from that of Clisa. The pertinent adjustments were made on the financial statements to show the effects of the transactions and events, if significant, that took place between the dates referred to in the financial statements of this associate until September 30, 2019.

(a) As of September 30, 2019

Issuer information 09/30/2019 Non- Net income Current Current Non-Current Associates In Pesos Date Current Sales (loss) for the Assets Liabilities Liabilities Assets period

Polledo S.A.I.C. y F. (1) - 09/30/2019 157,876 95,816,144 2,182,798 175,863,879 - 1,714,490 CV1 - Concesionaria Vial S.A. 74,912,305 07/31/2019 348,549,546 110,072 128,935,756 72,836,989 1,274,529 (20,394,459) Transportel Patagónica S.A. 47,374,880 09/30/2019 136,832,470 3,407,193 34,962,153 - 167,718,912 (11,310,303) Tranelpa S.A. de Inversión 628,073 09/30/2019 6,141 1,523,167 38,157 - - 27,190 Autovía del Mar S.A. 92,810,185 09/30/2019 1,685,871,142 29,033,991 1,329,616,290 37,250,648 1,055,993,753 (7,126,820) Covisur S.A. 27,149,712 09/30/2019 133,844,346 13,473,631 26,242,884 12,476,247 25,273,512 10,956,052 Concessionaria Do VLT Carioca S.A. 8,555,278 Concessionaria do Monotrilho da Linha 18 – Bronze S.A. 4,864,000 Sundry 51,596,304 Total 307,890,737

27 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

(b) As of December 31, 2018

Issuer information 12/31/2018 Non- Net income Current Current Non-Current Associates In Pesos Date Current Sales (loss) for the Assets Liabilities Liabilities Assets year

Polledo S.A.I.C. y F. (1) - 12/31/2018 273,561 103,625,029 2,680,608 184,807,289 - 7,598,729 CV1 - Concesionaria Vial S.A. 232,951,892 10/31/2018 1,329,865,571 31,639,134 819,196,457 85,539,833 941,280,600 139,752,072 Transportel Patagónica S.A. 57,441,231 12/31/2018 256,701,106 1,627,779 126,827,341 3,349,171 740,613,183 26,368,262 Tranelpa S.A. de Inversión 734,545 12/31/2018 25,514 1,772,767 54,347 - - (393,180) Autovía del Mar S.A. 81,007,770 12/31/2018 1,969,068,135 173,619,331 1,758,344,843 71,186,574 2,876,440,612 3,766,362 Covisur S.A. 23,564,318 12/31/2018 146,574,781 13,460,826 47,002,655 18,775,677 28,115,712 3,475,142 Concessionaria Do VLT Carioca S.A. 8,513,028 Concessionaria do Monotrilho da Linha 18 – Bronze S.A. 4,839,979 Sundry 25,513,972 Total 434,566,735

(1) Investment disclosed in “Other liabilities”

The following chart presents the evolution of investments in associates as of September 30, 2019 and 2018:

09/30/2019 09/30/2018 In Pesos In Pesos Opening balance 434,566,735 343,633,624 Net (loss) / gain in associates (141,214,397) 72,950,944 Others 14,538,399 (21,351,845)

Closing balance 307,890,737 395,232,723

14. Other investments 09/30/2019 12/31/2018 In Pesos In Pesos

Current Government bonds 37,118,829 1,619,317 Other financial investments 89,098,362 99,444,539 Total 126,217,191 101,063,856

15. Cash and cash equivalents 09/30/2019 12/31/2018 In Pesos In Pesos

Cash and banks 823,589,184 841,965,341 Investments equivalents to cash 1,687,142,280 2,202,666,887 Specific allocation funds 434,640,575 579,191,195 Total 2,945,372,039 3,623,823,423

16. Bank and financial debts 09/30/2019 12/31/2018

In Pesos In Pesos Non-Current Loans 738,902,419 1,084,023,808 Financial leases (Note 17) 34,463,081 67,303,598 Corporate bonds 16,519,013,685 14,759,919,754 Other bank and financial debts 44,812,753 - Other leases (Note 17) 541,920 1,365,671 Subtotal 17,337,733,858 15,912,612,831 Self-liquidating debts 505,442,631 200,943,378 Total 17,843,176,489 16,113,556,209

Current Loans 1,441,252,833 1,454,263,688 Financial leases (Note 17) 50,679,389 65,437,741 Overdraft 398,829,126 223,611,585 Corporate bonds 1,427,566,187 1,667,863,459 Other leases (Note 17) 191,074,267 - Other bank and financial debts 4,906,457 62,517,846 Subtotal 3,514,308,259 3,473,694,319

28 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Self-liquidating debts 2,856,526,218 1,939,536,727 Total 6,370,834,477 5,413,231,046

09/30/2019 12/31/2018 Bank and financial debts per kind of interest rate In Pesos In Pesos

No rate applicable 69,443,477 49,231,822 Fixed rate 22,687,543,184 19,728,904,180 Variable rate 1,457,024,305 1,748,651,253 Total 24,214,010,966 21,526,787,255

09/30/2019 12/31/2018 Bank and financial debts per currency In Pesos In Pesos

In Pesos 4,432,255,290 3,675,730,149 In U.S.$ 18,554,517,091 16,793,043,352 In Nuevos Soles 11,651,426 32,529,966 In Chilean Pesos 202,314,241 153,917,329 In Euros 203,531,458 278,020,218 In Guaraníes 809,741,460 593,546,241 Total 24,214,010,966 21,526,787,255

09/30/2019 09/30/2018 Reconciliation of bank and financial debt In Pesos In Pesos

Changes in debt according to the Consolidated Cash Flow Statement 2,052,888,798 1,633,089,296 Changes in debt due to interest accrued, net of interest paid (1,523,162,678) (1,541,120,337) Increase in debt due to changes in foreign exchange rate 1,834,413,544 8,201,142,136 Increase in debt due to purchases of property, plant and equipment by means of other leases 226,988,619 - Currency translation differences 96,095,428 434,593,363

Total 2,687,223,711 8,727,704,458

Series 4 Notes On October 15, 2014, Clisa issued Series No. 4 Notes under the Global Issue Programme (the “Programme”) authorized by the CNV of up to U.S. $300,000,000 (the “Series 4 Notes”). The Series 4 Notes were payable in one instalment due on October 15, 2019 and accrued interest at a nominal annual rate of 11.5%, payable semi-annually. The Series 4 Notes outstanding balance was U.S.$ 17,601,148 and were guaranteed by BRH and Cliba Ingeniería Ambiental S.A. On October 7, 2019, Benito Roggio Construcciones y Concesiones S.A.C. (“BRCC”), a subsidiary organized under the laws of the Republic of Peru, executed a private placement transaction that involves the issuance of up to US$ 27,000,000 aggregate principal amount of senior secured notes due October 2022, that accrue interest at a nominal annual rate of 9.5% payable quarterly (the “BRCC Notes”). The proceeds therof will be used to finance capital expenditures in the Company´s waste management division and to repay certain financial obligations, including CLISA’s Series 4 Notes. At the date of these financial statements the Notes outstanding balance was US$ 12.900.000. On October 15, 2019, Clisa repaid the outstanding balance of its Series 4 Notes.

Issuance of new Notes for up to U.S.$ 300,000,000 On July 6, 2016, the CNV authorized the public offering of non-convertible notes in an aggregate principal amount of up to U.S. $ 300,000,000, pursuant to Resolution No. 18,109. On July 20, 2016, Clisa issued U.S.$ 200,000,000 9.5% Senior Notes due 2023 (the “Notes”). The Notes were offered to any person in Argentina and to qualified institutional buyers pursuant to Rule 144A under the U.S. Securities Act of 1933, as amended, and persons outside the United States of America in reliance on Regulation S of the U.S. Securities Act of 1933, as amended. Issue price was 98.753%. The Notes accrue interest at a nominal annual rate of 9.5% payable semi-annually, are payable in one instalment due on July 20, 2023 and are guaranteed by BRH and Cliba Ingeniería Urbana S.A. Clisa used a majority of the net proceeds of this offering for debt refinancing, including, but not limited to, the purchase of Series 4 Notes. The remaining net proceeds were applied to bank and financial debt refinancing, to working capital requirements in Argentina and to make capital contributions into Clisa’s subsidiaries or associates. On February 10, 2017, Clisa issued U.S.$ 100,000,000 9.5% Senior Notes due 2023 (the “Additional Notes”), representing an additional issuance of the Clisa’s outstanding Notes. The issue price was 98.580%. The Additional Notes have identical terms and conditions as the Notes, other than the issue date and issue price, and will be consolidated and form a single class and be fungible with the Notes. The net proceeds of this issuance were applied to bank and financial debt refinancing, to working capital requirements in Argentina and to make capital contributions into Clisa’s subsidiaries.

29 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

On June 7, 2018, Clisa entered into a hedging contract with Banco Santander Río in order to protect against fluctuations in foreign exchange rates that affected the interest payment on the Notes due on January 20, 2019. This derivative financial instrument was initially recorded in Other comprehensive income, since it was considered to be a cash flow hedge. The amounts so reported have been reclassified to Other financial results in the statement of income, in the periods in which the hedged item affects income.

17. Leases The present value of payments to be made in connection with lease agreements containing the right of use of certain assets for the period of time during which such assets will be available for use has been recorded under the heading “Other Leases”. The rest of the leases have been classified as “Financial Leases”. Financial leases Described below are financial lease contracts outstanding at September 30, 2019 and December 31, 2018 and the present value of minimum lease payments grouped by lessor.

a) As of September 30, 2019 Present value of Number of minimum Lessor Leased Asset leases payments In Pesos BBVA Continental Vehicles 1 4,830,958 Santander Chile Vehicles 1 2,466,695 Santander Chile Machinery and equipment 3 3,442,925 Santander Chile Minor equipment 1 2,815,928 Caterpillar Financial Services Machinery and equipment 13 31,596,515 HP Financial Leasing Computer hardware 1 11,412,545 HP Financial Services Argentina S.R.L. Computer hardware 3 28,576,904 Total 85,142,470

b) As of December 31, 2018 Present value of Number of minimum Lessor Leased Asset leases payments In Pesos Banco de Crédito del Perú Vehicles 1 429,361 Banco Interamericano de Finanzas Machinery and equipment 1 693,303 Interbank Machinery and equipment 2 1,195,896 BBVA Continental Vehicles 1 13,773,792 Santander Chile Vehicles 1 5,139,683 Santander Chile Machinery and equipment 3 5,652,725 Santander Chile Minor equipment 1 4,671,162 Caterpillar Financial Services Machinery and equipment 13 63,607,219 Mercedes Benz Compañía Financiera Arg. S.A. Vehicles 3 366,150 HP Financial Leasing Computer hardware 1 14,091,416 HP Financial Services Argentina S.R.L. Computer hardware 2 23,120,632 Total 132,741,339

09/30/2019 12/31/2018 In Pesos In Pesos Nominal value – Minimum payments of leases Up to a year 60,269,548 88,873,041 From one to five years 42,225,556 82,382,161 Total 102,495,104 171,255,202 Financial charges to accrue (17,352,634) (38,513,863) Total debt for financial leases 85,142,470 132,741,339

Present value of financial leases is the following: 09/30/2019 12/31/2018 In Pesos In Pesos Present value – Minimum payments of financial leases Up to a year 50,679,389 65,437,741 From one to five years 34,463,081 67,303,598 Total 85,142,470 132,741,339

30 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Other leases Other leases amounted to Ps. 191,074,267 as of September 30, 2019 and are related to rights of use of assets, disclosed in Note 10, under “Leases”. Since the Company applied IFRS 16 with retrospective effect as of January 1, 2019, as allowed by the temporary provisions of this standard, “Other leases” have not been recorded as of September 30, 2018.

18. Allowances and provisions for contingencies (a) For the period ended September 30, 2019

Balances as of Loss due to Currency Balances as Description the beginning Increases Applications Decreases the effect of translation of the end of the period inflation differences of the period

Allowance for doubtful accounts 400,636,972 183,474,419 (47,877,148) 6,728,795 (115,592,560) 5,545,762 432,916,240 Allowance for other receivables 184,575,943 595,716 (1,346,874) - (10,564,246) (1,167,217) 172,093,322 Allowance for inventory obsolescence 349,768,680 78,964,298 - - (603,967) - 428,129,011 Allowance for investment losses 735,724 - - - (201,408) - 534,316 Provisions for contingencies 866,342,008 437,482,442 (169,824,192) (5,905,950) (269,845,700) - 858,248,608

(b) For the period ended September 30, 2018

Balances as of Loss due to Currency Balances as Description the beginning Increases Applications Decreases the effect of translation of the end of the period inflation differences of the period

Allowance for doubtful accounts 456,940,409 117,591,125 (49,825,919) (236,444) (121,094,944) 7,552,668 410,926,895 Allowance for other receivables 168,809,386 1,627,482 - - (41,543,042) 88,720,066 217,613,892 Allowance for inventory obsolescence 211,027,809 183,544,003 - - (40,341,390) - 354,230,422 Allowance for investment losses 1,086,264 - - - (265,867) - 820,397 Provisions for contingencies 967,827,299 532,109,927 (261,142,436) (3,702,274) (270,580,791) - 964,511,725

19. Balances and transactions with related parties (a) Balances with related parties

Balances with related parties as of September 30, 2019 are as follow:

Non- Non- Current Current Current Current Current Current Companies Other Trade Other Trade Other Other receivables receivables liabilities payables receivables liabilities Associates Autovía del Mar S.A. - - 290,865,420 - 1,611,802 21,009 Concanor S.A. - 515,534 - - - - Concesionaria Monotrilho Linha 18 - - - - 911,456 - Consorcio Boleto Inteligente de Paraguay - 1,172,104 - - - - Coviares S.A. - - 15,869,308 - - - Covicentro S.A. - 412,427 - - - - Covimet S.A. 493,424 553,370 - - - - Covinorte S.A. - 463,981 - - - - Covisur S.A. - - 470,475 - 17,619,745 - CV 1 - Concesionaria Vial S.A. - - 5,050,809 1,788,730 848,620 - Ferrometro S.A. - - 20,842,744 - - - Polledo Do Brasil Concessões e Investimentos Ltda. - 11,058,999 - - - - Polledo S.A.I.C. y F. 72,107,897 - - - - - Puentes del Litoral S.A. 628,146 1,613,273 - - - - SOE S.A. - - 204,399 - - 21,629 SOFE S.A. - 763,027 - - - - Transportel Minera 2 S.A. - - - - - 205,512 Transportel Patagónica S.A. - 126,170 1,065,189 355,098 - - - Other related parties CET S.A. - - 226,389 - - - Roggio A.C.E. - 315,159,326 - - - - Benito Roggio Paraguay – Joint ventures - 300,909,022 - - 88,800,506 Sundry 1,828,996 883,535 586,417 42,360 269,808 4,763 TOTAL 75,058,463 332,721,746 636,090,172 2,186,188 21,261,431 89,053,419

31 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Balances with related parties as of December 31, 2018 are as follow:

Non-Current Current Current Non-Current Current Current Companies Other Other Trade Other Other Trade receivables receivables receivables liabilities liabilities payables

Associates Autovía del Mar S.A. - - 276,611,801 - 13,350,622 28,928 Concanor S.A. - 709,865 - - - - Concesionaria Monotrilho Linha 18 - - - - 1,483,553 - Consorcio Boleto Inteligente de Paraguay - 1,613,929 - - - - Coviares S.A. - - 21,851,244 - - - Covicentro S.A. - 567,891 - - - - Covimet S.A. 679,420 761,963 - - - - Covinorte S.A. - 638,879 - - - - Covisur S.A. - 2,065,425 647,821 - 23,197,639 - CV 1 - Concesionaria Vial S.A. - - 131,058,681 2,462,992 1,168,507 - Ferrometro S.A. - - 28,699,417 - - - Polledo Do Brasil Concessões e Investimentos - 41,277,352 - - 278,122 - Ltda. Polledo S.A.I.C. y F. 37,946,103 - - - - - Puentes del Litoral S.A. 864,926 2,221,396 - - - - SOE S.A. - - 172,748 - - 29,782 SOFE S.A. - 861,902 - - - - Transportel Minera 2 S.A. - - - - - 282,980 Transportel Patagonica S.A. - - 1,998,549 488,952 - -

Other related parties CET S.A. - - 239,788 - - - Roggio A.C.E. - 354,609,787 - - - - B.R.H. S.A. - 53,440,343 - - - - BSA Empreendimentos Ltda - 5,842,228 - - - - Benito Roggio Paraguay – Joint ventures - - 171,641,918 - - 47,674,579 Sundry 1,761,112 1,858,390 807,468 58,328 371,511 6,557 TOTAL 41,251,561 466,469,350 633,729,435 3,010,272 39,849,954 48,022,826

(b) Transactions with related parties:

09/30/2019 09/30/2018 In Pesos In Pesos

Services rendered Parent Company Roggio S.A. - 8,121,634 Associates Autovía del Mar S.A. 692,242,813 919,285,893 Covisur S.A. - 194,690 CV1 - Concesionaria Vial S.A. 48,927,071 471,187,983 Transportel Patagónica S.A. 1,910,320 19,074,763 Concessionaria Do VLT Carioca S.A. - 7,916,326 Other related parties Benito Roggio Paraguay – Joint ventures 141,866,314 426,814,721 Sundry 1,694,298 2,072,104 Total 886,640,816 1,854,668,114

Services contracted Other related parties

Benito Roggio Paraguay – Joint ventures (38,540,984) (4,940,645) Sundry - (39,651) Total (38,540,984) (4,980,296)

20. Additional information about the Condensed Interim Consolidated Cash Flow Statement Below are disclosed the significant investing and financing transactions not affecting cash or cash equivalents: 09/30/2019 09/30/2018

In Pesos In Pesos

Acquisition of property, plant and equipment financed with debt 1,099,865,666 509,834,976 Distribution of dividends, compensated with receivables 126,170 - Acquisition of intangible assets financed with debt 15,110,658 15,847,267

32 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

21. Commitments, contingencies and restrictions on the distribution of profits (a) Commitments Below is a detail of the guarantees provided as of September 30, 2019:

Amount of debt Detail Guarantor guaranteed Surety bond in favor of Banco de la Provincia de Buenos Aires in guarantee of compliance with the obligations under a syndicated 65,698,594 BRH and Clisa loan granted to Coviares (1)

Surety bond for financial loan of Covimet S.A. (2) 73,715,200 BRH

139,413,794

(1) Amount of debt as of December 31, 2012 since the company has no updated information. This surety bond is enforceable only in case of termination of the concession contract due to a breach of contract by Coviares. As described in Note 3.2.12, Coviares rejected the termination of contract decided by the concession grantor and considers that there were no grounds for such a decision. Roggio S.A., the parent company of Clisa, entered into an agreement with Banco de la Provincia de Buenos Aires aimed at preventing the enforcement of this guarantee by such entity, which does not mean any recognition in connection with the judicial situation of Coviares.

(2) The beneficiary of the guarantee declared the termination of the agreement which set up such guarantee, retroactive to December 2012. The Company understands that it is not enforceable. On June 23, 2016 Covimet S.A. initiated its reorganization procedure. On November 8, 2017 Covimet S.A. was declared bankrupt, once the exclusivity period expired. As part of the construction business, BRH grants performance bonds to guarantee satisfactory completion of own works and of those carried out jointly with third parties. In guarantee of compliance with its obligations under the concession contract, Metrovías granted a performance bond under policy No. 718,837 issued by Fianzas y Créditos S.A. amounting to Ps. 30,000,000. The guarantee will be returned within one hundred and eighty days from the date on which Metrovías ceases to provide services. In addition, as guarantee of compliance with the obligations under the AOM described in Note 3.3.2., Metrovías provided a performance bond, trough policy No. 17,851 underwritten by Boston Compañía Argentina de Seguros S.A. for Ps. 50,000,000. The guarantee will be returned, if applicable, within one hundred and eighty days from the date on which the operator ceases to provide services. The Company has taken on commitments with financial institutions to obtain lines of credit for its foreign subsidiaries. As of September 30, 2019, Clisa and its subsidiaries were in compliance with the covenants under the terms and conditions of the Notes and under the agreements governing other bank and financial debts. In order to guarantee its obligations under the BRCC Notes disclosed in Note 16, the Company assigned in trust: (i) all shares of the capital stock of BRCC and Haug, (ii) a property owned by Haug in Perú and (iii) all rights to receive any excess proceeds coming from the foreclosure of certain assets. In addition, the BRCC Notes are irrevocably and unconditionally guaranteed by Clisa, BRH and Haug and are secured by a first priority pledge of Tecsan´s capital stock. (b) Contingencies At the date of issuance of these Condensed Interim Consolidated Financial Statements, there have not been significant developments in the legal proceedings described in Note 28 (b) to the Consolidated Financial Statements for the year ended December 31, 2018, except for the case described in Note 28 (b) V). In this regard, BRH requested to cover the additional attachment of its assets with the same property that covered the former seizure. This request was accepted by the court and was duly registered. Further, on August 30, the First Panel of the Court of Appeals reduced the amount of this new attachment from Ps. 511 million to Ps. 85 million, which is duly registered as well. (c) Restrictions to the distribution of profits Pursuant to section 70 of the General Companies Law 19,550, companies must allocate 5% of the net income of each year to a statutory reserve until reaching 20% of their adjusted capital.

22. Encumbered and restricted assets The table below provides a detail of the encumbered and restricted assets as of September 30, 2019:

Detail Value of asset Type of debt Amount of debt Type of guarantee

Machinery and equipment 39,067,249 Commercial 36,288,264 Pledge Machinery and equipment 9,416,932 Bank 6,258,852 Leasing Machinery and equipment 31,841,000 Bank 203,551,457 Pledge Machinery and equipment 261,335,937 Financial 31,596,516 Leasing Real estate 2,294,417,092 Bank 111,287,987 Mortgage Real estate 2,765,119,982 - - Writs of attachment Vehicles 47,222,230 Bank 7,297,653 Leasing Vehicles 3,133,906 Bank 1,146,462 Pledge Vehicles 2,513,291 Commercial 2,733,354 Pledge Computer hardware 6,401,496 Financial 39,989,449 Leasing Guarantee deposits 30,000 Bank 30,000 Writs of attachment

33 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2019, presented in comparative format

Certificates receivable 934,418,771 Bank 809,697,770 Pledge Trade receivables 209,337,677 Bank 138,791,000 Pledge Assignment as security Trade receivables 3,564,227,082 Bank 1,206,647,296 of collection rights Other leases 190,385,970 - 216,340,776 Right of use Banks 11,683,298 - Writs of attachment Total 10,370,551,913

Other current investments includes fixed- term deposits for Ps. 81,098,362 as of September 30, 2019 and Ps. 99,444,539 as of December 31, 2018, which are restricted as they will be allocated to the payment of obligations derived from conclusive judgments against the Argentine Federal Government and/or UGOFE S.A. and/or UGOMS S.A. and/or COFESA.

23. Financial risk management The Company’s activities are exposed to variety of financial risks: market risk (including foreign exchange risk, fair value risk due to interest rate and price risk), credit risk and liquidity risk.

24. Changes in accounting standards a) Standards, amendments and interpretations that came into force as from the year commenced January 1, 2019: IFRS 16 "Leases": In January 2016, the IASB issued IFRS 16 “Leases”, which introduces changes in lease accounting, since it eliminates the distinction between financial and operating leases. This modification entails changes for most lease agreements both in assets recognition, given the right to use the leased element, and in liabilities, due to the payment of the lease. There is an exemption for short term leases and low value asset leases. This standard is applicable for years commencing on January 1, 2019 According to IFRS 16, upon lease commencement a lessee recognizes a right-of-use asset and a lease liability, measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease, if that can be determined, or, otherwise, the Company´s incremental borrowing rate. Lease payments comprise all fixed payments, variable lease payments linked to an index or rate, amounts expected to be payable under residual value guarantees, the exercise price of the purchase option that the lessee is reasonably certain to exercise and the penalties for early termination, if according to the term of the lease contract it is reasonably certain that early termination will occur. The right-of-use asset is measured at the initial amount of the lease liability plus payments prior to commencement, any initial direct costs incurred by the lessee and restoration obligations or similar. After lease commencement, the right-of-use asset is measured at cost less accumulated depreciation and accumulated impairment, if applicable. Depreciation is calculated following a straight-line method over the term of the lease contract or the useful life of the asset, whichever is shorter. The lease liability subsequently increases due to interest accrual and must be remeasured to reflect changes in lease payments, the lease term or the discount rate. The right-of-use asset is adjusted as a result of these remeasurements. The Company applied IFRS 16 with retrospective effect as of January 1, 2019, but have not restated comparative information, as permitted by the temporary provisions of this standard. Reclassifications and adjustments resulting from the application of IFRS 16 have been recognized at the date of commencement of these financial statements. The application of this standard did not have a significant impact on these consolidated financial statements. IFRIC 23 “Uncertainty over income tax treatment”: This standard clarifies how recognition and measurement requirements under IAS 12 “Income Tax” are to be applied when there is uncertainty over income tax treatment. The application of the amendment incorporated by this standard did not have a significant impact on these consolidated financial statements. Amendments to IAS 19 “Employee benefits”: this amendment requires an entity to use updated assumptions to determine current service cost and net interest for the remaining of the period after a plan amendment, curtailment or settlement; and to recognize in profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus. The application of the amendments incorporated by this standard did not have a significant impact on these consolidated financial statements. b) Standards, amendments and interpretations which have not yet come into force for fiscal years beginning on or after January 1, 2019 and have not been early adopted. There are no IFRS or IFRIC interpretations not yet in effect which are expected to have a material impact on the Condensed Interim Consolidated Financial Statements of Clisa.

34 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2019

SUMMARY INFORMATION In compliance with the requirements of the CNV, Clisa´s Board of Directors approved this Summary Information for the nine-month period ended September 30, 2019. These financial statements have been prepared in accordance with IFRS. For further information see Note 2 to these Condensed Interim Consolidated Financial Statements.

I – COMMENTS ON THE COMPANY’S ACTIVITIES

Clisa was created in October 1996 when the management of Roggio S.A., its controlling shareholder, decided to consolidate all its operations involving the development of infrastructure and services into a legal structure that enabled it to manage its business more efficiently and take advantage of the economies of scale in administration and finance. During the nine-month period ended September 30, 2019 Clisa continued its activities, through its interests in subsidiaries, in the following operating activities: waste management, construction, transportation and water supply services.

Activities in the Waste Management segment: Waste management activities generated Ps. 12,162.7million in sales for the nine-month period ended September 30, 2019. Through Cliba Ingeniería Urbana S.A. and Cliba Ingeniería Ambiental S.A., Clisa operates in four broad waste management areas: (i) urban waste management; (ii) landfill operations; (iii) industrial services; and (iv) waste valorization. The main services Cliba provides in the urban waste management business include the collection of urban waste, manual and mechanical street sweeping, street cleaning and maintenance of public spaces (parks, squares and outdoor locations). The Company currently renders urban waste management services in the city of Buenos Aires (Zone 2); in the county of San Isidro, Province of Buenos Aires, in the city of Neuquen, in the homonymous province and in the city of Santa Fe. Termination of service provision contracts generally occurs upon expiration of the term agreed with the customer, or as envisaged in the bidding terms and conditions for each service. Cliba Ingeniería Urbana S.A. provides services in the so-called Zone 2 (Recoleta, Palermo, Belgrano, Colegiales and Nuñez neighborhoods) of the city of Buenos Aires, within the framework of the Public Bid No. 997/2013 for the provision of urban waste (wet stream) management services. The contract term is 10 years, as of October 1, 2014 with an option to renew it for a further 12 month- period upon decision of the Governement of the City of Buenos Aires. The contract for the provision of services in San Isidro was extended until December 31, 2019. The company considers that this contract will be renewed until a new bid is called for. The contract for the provision of urban waste management services in the city of Neuquén was signed on November 16, 2015, within the framework of Public Bid No. 06/2015 for “Provision of Urban Cleaning Services”, for an 8-year term, with an extension option for an additional year. The contract for services in Zone 1 of the City of Santa Fe, where the Company has been working since 1996, was extended until there is a call for bids. On October 29, 2019, the Company notified the City of Santa Fe of its decision to terminate the contract due to significant overdue payments owed by the City of Santa Fe. In this scenario, the contract provides for continued service for a period of 120 business days. At the date of these financial statements, the Company continues providing services regularly and is working to resolve this situation. In addition to the urban management services usually provided by the Company, on May 15, 2017, Coordinación Ecológica Área Metropolitana Sociedad del Estado (Ecological Coordination of the Metropolitan Area, CEAMSE) and Metro Ambiental S.A. entered into a 12-month contract for the provision of cleaning services and the eradication of dumpsites, as well as the promotion of comprehensive urban solid waste management in the Matanza-Riachuelo basin, as per National Public Bid No. 05/16. Works commenced in June 2017 and extended until January 2019. Landfill operations covers a wide range of services, including civil works and construction of infrastructure for final disposal of household waste, treatment of leachate, the transportation of waste and the composting of organic waste. Currently, the Company operates three landfills in Argentina: Norte III, Neuquén and Mar del Plata. Norte III: UTE Norte III operates the state-owned CEAMSE landfills located in the Norte III environmental complex under a one-service contract. The “Norte III D” module is currently in operation, while modules Norte III (2001), Norte IIIA (2005), Norte IIIB (2010), Norte IIIC (2014), Norte III B+C (2016) and Norte III “Unification of Modules A+B” (2017) have already been completed. Currently, approximately 460,000 tons of waste coming from the City of Buenos Aires and 27 districts from the Greater Buenos Aires area are disposed monthly. As of September 30, 2019 Norte III D module still has capacity to receive approximately 14 million cubic meters of waste. In October 2014, a new leachate treatment plant became operative, with a treatment capacity of 2,000 m3 per day, which has been developed with membrane biological reactor (MBR) technology, thus providing a cutting-edge technology solution for the treatment of leachate generated in the Norte III landfill. In addition, a 1,000 cubic meters/day capacity increase in other leachate treatment plant, from current 1,350 to 2,350 cubic meters/day, is currently in progress. City of Neuquén: on July 17, 2014 a new contract was signed with the Municipality of Neuquén for the design, construction and operation of an environmental complex for urban solid waste disposal (16,700 tons per month on average in the last twelve months), biogas capture and construction of a waste separation plant. The contract has an 8-year term, with an option to extend it for a further year. As of the date of these financial statements, the Company made the strategic decision of assigning the contract to another operator, as a result of an operational and functional reorganization. This assignment was authorized by Decree No. 0851/2019 issued by the City Council of the City of Neuquén in charge of the Municipal Executive Body and published in the Municipal Official Gazette on October 18, 2019 and we believe it will come into effect in the last quarter of 2019. Municipality of General Pueyrredón: Tecsan designed, built and is currently operating a landfill in the Municipality of General Pueyrredón. After successive temporary contract extensions to avoid the interruption of services, on October 1, 2018 CEAMSE took control of the landfill and requested Tecsan to continue the provision of services in the existent module and to develop and operate the necessary infrastructure to increase waste disposal capacity. The contract extension is estimated to expire in mid-2020 or when the enlarged landfill is completed, whichever occurs first. Currently, approximately 36,300 tons of waste are disposed monthly.

35 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2019

In addition, i) on December 27, 2013 Tecsan signed a contract with the National Secretariat of Environment and Sustainable Development and the Government of the Province of Mendoza for the design, construction and operation of a landfill, their associated systems, and two transfer stations in the eastern region of the Province of Mendoza. The construction stage finished in May 2015 while operations started in January 2016 and finished in January 2019 ; ii) on December 20, 2016 Tecsan entered into an agreement with the National Ministry of Environment and Sustainable Development for the “Construction of a Landfill in the Chanchillos Environmental Complex and Compost Facility, San Pedro Transfer Station and Clean-up of the Palpalá and El Pongo Open Dumpsites - Province of Jujuy – GIRSU-LPI-O- 1/2015” which currently has a degree of completion of 80% approximately; and iii) Tecsan was awarded the International Public Bidding No. 09/2016 for the development of an environmental complex and landfill in Villa Carlos Paz, in the Province of Cordoba, that had been completed at the date of issuance of these financial statements. Through its subsidiary Envairo S.A., the Company provides non-hazardous industrial waste collection and transportation services for large quantity generators in the City of Buenos Aires and the Province of Buenos Aires, with a specialized fleet for that activity, and through Taym S.A. it continues working on cleaning services in Uruguay. In regards to the treatment and disposal plant for hazardous and special waste located near the City of Córdoba, it flooded as a result of the extraordinary weather conditions that took place in late March 2017, a fact that affected its operation. Currently, the necessary works to resume operations continue in progress. Our waste valorization activities started with a greenhouse gases emission reduction project in 2007. Later, in the framework of the National and International Public Bid ENARSA N° EE 001/2010, the Company was awarded a contract for energy supply by using biogas extracted from the Norte III C landfill. The project is carried out by our subsidiary Central Buen Ayre S.A., which has built and is currently operating an electric power station running on biogas, with a nominal capacity of 11.8 MW. Approximately 90,000 MW were generated and supplied to the electrical grid in the last twelve months. The contract will be in force until 2026. UTE Norte III operates, under a contract signed with CEAMSE, a plant for the mechanical and biological treatment of urban solid waste for a 15-year period since October 2012. Approximately 381,300 tons of urban solid waste were treated during the last twelve months. Currently, approximately 31,700 tons of waste are treated monthly. This operation is estimated to continue for approximately 23 years, the maximum term permitted by contract. Furthermore, the Company, through Ecoayres S.A., was granted the exclusive rights derived from the exploitation of biogas in the Norte III B module and its extension. On December 4, 2015, the Government of the City of Buenos Aires pre-awarded Tecsan the National and International Public Bid No. 49- SIGAF/2015 for the design, construction, operation and maintenance of a plant for the mechanical and biological treatment of urban solid waste in the city of Buenos Aires. This project will be executed by a joint venture between Tecsan, which holds a 75% interest, and Sorain Cechini Tecno España S.L., which holds a 25% stake.The contract term will be 10 years with the possibility of extending it for an additional 10-year period. The Government of the City of Buenos Aires has not yet informed neither the contract award date nor the date of commencement. Activities in the Construction segment: Our Construction segment recorded Ps. 14,323.5 million in sales for the nine-month period ended September 30, 2019. Currently, BRH is performing construction works nationwide. The following are the most important construction works under way:

 Coastal Protection Works for Yacyretá in the cities of Posadas, Garupá and Candelaria, Province of Misiones.  Buenos Aires Subway Line E –Bolívar-Retiro tranche- City of Buenos Aires.  Rosario city beltway, Province of Santa Fe.  Repaving of National Roads Nos. 9 and 60, Province of Córdoba.  Branch C – Belgrano Railway - Province of Santa Fe.  Duplication of roadway in National Road No. 9, Asunción del Paraguay – Yala Bridge tranche -Province of Jujuy.  Contract for road repair and maintenance No 308, comprising National Road No. 150, Parque Natural Provincial Ischigualasto and National Road No. 79 in the Provinces of La Rioja and San Juan.  Paving of National Road No. 76, Quebrada Santo Domingo - Pircas Negras tranche, Province of La Rioja.  Closure of Cordoba city beltway- Western section - Province of Cordoba.  Track renewal - Subway Line E - City of Buenos Aires  Renovation of pumping station and wastewater treatment plant – Province of Santiago del Estero  Master plan for the supply of drinkable water to Posadas and Garupá - Misiones  Rehabilitation of Los Molinos water channel – Córdoba  Closure of Córdoba city beltway – El Tropezon-Spilimbergo tranche- Province of Córdoba.  Reconditioning of National Roads No. 3 and No. 226 - Province of Buenos Aires.  Replacement of mechanical signals by colour light signals - San Martin, Belgrano Sur and Urquiza Railways - Province of Buenos Aires.  Contract for road repair and maintenance No 303, comprising National Roads No. 38 and No. 74 in the Province of La Rioja.  Duplication of Roadway in Provincial Roads No. 11 and No. 56 – Province of Buenos Aires.  Vega Creek Second Emissary– City of Buenos Aires.  Implementation of Automatic Railroad Crossing Systems – Gral. Mitre and Sarmiento Railways (diesel traction) – Province of Buenos Aires.  Construction of a weir on the Salado River and a water channel to connect with Canal de Dios – Province of Santiago del Estero.  Elevation of rail line in the Retiro - Tigre branch of Gral. Mitre Railway.  Closure of Córdoba city beltway – National Road No. 20 - El Tropezón tranche- Province of Córdoba.  Earthmoving and construction of a heap leach pad – Lindero Project – Province of Salta.  Lithium Carbonate Plant - Salar de Olaroz – Province of Jujuy  Construction of Gran Tulum water channel – Province of San Juan.  Salado river expansion - Province of Buenos Aires.  Installation of fiber optic link / Eramine Mine – Province of Salta.

Further, through its branch in Brazil, BRH is currently performing:

36 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2019 assembly of storage and processing tanks, equipment for the mining industry (thickeners. clarifiers. hoppers. cells), industrial plants, metallic structures, pipelines, etc. BRH holds a 80% interest in a corporation in Benito Roggio Paraguay, through which we have developed construction projects in that country since 1974 and a 100% interest in Benito Roggio Panamá S.A., which develops roadworks in that country.

Through Sehos S.A., BRH provides preventive, corrective and operating maintenance services to hospitals and public buildings, and general architectural services, in particular, railway infrastructure services such as the refurbishment and renovation of railway stations, rail level crossing renewals, elevation of train platforms, delimitation of operating areas, among others. BRH holds a 45% equity interest in Transportel Patagónica S.A., whose purpose is to engage, on its own or third parties' account or in association with third parties, in any form or manner, in the construction, operation and maintenance of electric power lines, transformer stations and associated communication systems. On July 7, 2015, Transportel Patagónica S.A. and the Committee for the Administration of the Trust Fund for the Federal Electric Power Distribution (CAF) entered into a contract for the construction, operation and maintenance (COM) of the enlargement of the 500/132 kW La Rioja Sur Transformer Station and Complementary Works”, under National Public Bid 11/2014. The works include the modification, by opening, of the 132 kW Recreo – La Rioja I and II power lines, the enlargement of the 500/132 kW La Rioja Sur Transformer Station, the enlargement of the San Martín 132 kW Marshalling Yard and the modification, by opening, of the 132 kW Recreo – La Rioja double-circuit transmission line in the surroundings of the marshalling yard. This work will be executed in two stages: a) Construction and b) Operation and Maintenance, which will be in charge of Transener S.A., which operates the national high-voltage transmission network. On September 7, 2015, according to the bidding terms and conditions, Transportel Patagónica S.A., as trustor and beneficiary, entered into a trust agreement for administration purposes with Banco de Inversion y Comercio Exterior S.A. (BICE), as trustee, whereby transferred to the latter the trust ownership of the respective rights for the collection of fee advances (including VAT) under the COM contract, as guarantee of the correct application of the funds to the project within the framework of the COM Contract. The trustee shall keep funds available in the trust account and shall make only such investments as expressly indicated by the trustor. Through the resolution issued by CAF on April 7, 2017 a new schedule for works was approved, extending the contract term until June 16, 2018. With this extension, the payments of advanced fees were also rescheduled. Due to delays in the delivery of certain supplies and critical equipment, the company is working with the Committee for the Execution on a new schedule for works to extend the contract term until September 2019. At the date of these financial statements, works are close to finalize. Through BRH, Clisa also holds ownership interests in other companies in the toll road concession business BRH holds a 51% ownership interest in CV1 which was engaged in the construction, improvement, reparation, preservation, extension, remodeling, maintenance, administration and management of National Corridor No. 1 through a toll road concession, for an initial term of 6 years since April 22, 2010, when takeover of the corridor took place. After successive extensions on July 31, 2018, CV1 and the DNV signed the Act of Acceptance of the National Corridor No. 1. Consequently, the new concessionaires took control of the corridor. However, according to the works plan set forth by DNV, CV1 will continue with the works it was performing. At the date of these financial statements, both parts agreed to introduce changes to certain works, which would restart in 2020, according to our estimations Autovía del Mar S.A., a company in which BRH holds a 26.67% ownership interest, was engaged in a toll road concession for the construction, improvement, repair, preservation, extension, remodeling, maintenance, administration and operation, for a 30-year term since July 1, 2011, of the Integrated Road System of the Atlantic, a network of roads providing access to many cities and seaside resorts on the Atlantic coast of the Province of Buenos Aires. On November 8, 2016, Autovía del Mar S.A. entered into an agreement with the concession grantor, approved by the Province of Buenos Aires Executive Branch on November 25, 2016 through Decree 1495/16, which provided, among other things, that: (i) the Province of Buenos Aires assumed part of the rights and duties set forth in the concession contract, particularly those related to the management, operation and maintenance of the Atlantic Integrated Road System, including toll collection; (ii) capital expenditures undertaken by Autovía del Mar S.A. would be compensated in six semiannual instalments totaling Ps. 200 million, the first of which was paid on March 31, 2017; (iii) Autovía del Mar S.A. would continue to execute certain road works for about Ps. 4,832 million, expressed in March 2016 prices, paid for directly by the Province of Buenos Aires; and (iv) the parties agreed to terminate any pending claims. As of December 1, 2016, Autopistas de Buenos Aires S.A., a state-owned company controlled by the Province of Buenos Aires, assumed the management, operation and maintenance of the Atlantic Integrated Road System. Activities in the transportation segment: Our transportation activities generated Ps. 4,734.7 million in sales for the nine-month period ended September 30, 2019, mainly as a result of the services provided by Metrovías both in the Subway of Buenos Aires and the Urquiza Railway. Metrovías operating income increased 105.8% in the nine-month period ended September 30, 2019 as compared to the same period in 2018. Although the number of passengers decreased 4.3% during the first nine months of 2019, as compared to the same period in 2018, mainly attributable to the country´s economic context, operating income improved, as a result of a decrease in operating costs due to: (i) allowances and asset write-offs that were recorded in 2018, but mainly in the second half of the year, due to the proximity of the expiration of the AOM and the Urquiza Railway concession contract; and (ii) an improvement in resource optimization and a decrease in payroll expense since employees used vacation time which payment had already been accrued in previous years in order to cover possible contingencies considering the nearness of the termination of the AOM and the concession contract. The operating income allowed Metrovías to afford the financial expenses generated by the financing required in 2012 until the execution of the AOM with SBASE as well as the effect of certain pending restatements to the Operation Account or delays in compensation for cost increases in the Urquiza Railway which have impacted in this period. The Invitation for Tenders for the National and International Public Bid No. 212/18 was published in the Official Gazette on February 20, 2018, at the request of SBASE, regarding the concession for the operation and maintenance of the Subway and Premetro Network in the City of Buenos Aires, for a twelve-year term, renewable for a further three years. The Legislature of the City of Buenos Aires, in the ordinary session of December 6, 2018, passed Law N° 6,102, enacted by Decree N° 444/18, that modified Law N° 5,885 extending the term of the AOM until the successful bidder for the competitive bidding process called for the concession of the service starts operations or until December 31, 2019, whichever occurs first. Consequently, on December 28, 2018 Metrovías and SBASE entered into the third addendum to the AOM, through which: (i) the AOM was extended until the successful bidder for the competitive bidding process called for the concession of the service starts operations or until December 31, 2019, whichever occurred first and Metrovias committed (ii) to cooperate during the transition period in case another company was awarded the bidding process currently in progress; (iii) to put into service the new rolling stock expected to become available during 2019 and (iv) to make the necessary resources available for the opening of Correo Central, Catalinas and Retiro stations in Line E. In respect of the operator remuneration, according to the AOM, Metrovías receives: (i) the fare paid by the user ((Ps. 7.50 until August 2, 2018, Ps. 12.50 from August 3, 2018 to November 19, 2018; Ps. 13.50 from November 20, 2018 to December 14, 2018; Ps. 14.50 from

37 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2019

December 15, 2018 to January 14, 2019; Ps. 15.50 from January 15, 2019 to February 14, 2019, Ps. 16.50 from February 15, 2019 to April 8, 2019 and Ps. 19.00 since April 9, 2019, in every case for contactless cards with discounts as from the 21st day trip and having been discontinued the option to pay in cash), (ii) fees for the charge of travel cards; and (iii) government subsidies in compensation for operating costs that revenues from fares cannot meet. Upon the Ministry of Transport Resolution 77-E/2018 , effective February 1, 2018 the Subway fare is included in the Integrated Ticket System applicable in the Buenos Aires metropolitan area, which offers different discounts for passengers using different means of transport over a given time period. The baseline cost structure established in the AOM and, therefore, the monthly subsidy to be received by Metrovías have been modified since January 2018 as a result of:  Specific adjustments approved by SBASE due to the update of the personnel’s length of service as from April 2018 and 2019; non-remunerative amounts as agreed with trade unions on March 23, 2018, April 12, 2018, June 27, 2018, July 27, 2018, August 30, 2018, August 31, 2018, September 20, 2018, December 12, 2018, January 23, 2019, April 8, July 25, 2109 and October 18, 2019; environmental insurance coverage for the expenses arising from the asbestos management program for the Mitsubishi fleet; and to personnel hiring authorized by SBASE for (1) general operating needs, (2) driving of railcar movers, (3) pre- operational works in the new Facultad de Derecho station, (4) changes in fleet availability, (5) Parque-Patricios train garage, (6) pre-operational works in connection with the opening of the Retiro, Catalinas and Correo Central stations in Line E, (7) security staff at Lacarra railway workshop and (8) the opening of the so-called PACE Sarmiento.  The operation of the new Facultad de Derecho station in Line H, since June 2018.  Increases above 7%, on a preliminary basis, since April 2018, as a result of an increase (1) in salaries, as agreed in the bargaining agreements with Unión Tranviarios Automotor (“UTA”), and (2) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM.  Increases above 7%, on a preliminary basis, since September 2018, as a result of an increase (1) in salaries, as agreed in the bargaining agreements with UTA dated August 30, 2018, (2) in the energy tariff as from August 2018 and (3) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM.  Increases above 7%, on a preliminary basis, since October 2018, as a result of an increase (1) in salaries, as agreed in the bargaining agreements with UTA and the Asociación del Personal de Supervisión de Subterráneos de Buenos Aires (“APSESBA”) dated August 30, 2018 and September 20, 2018 and (2) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM.  Increases above 7%, on a preliminary basis, since January 2019, as a result of an increase (1) in salaries, as agreed in the bargaining agreements with UTA and APSESBA dated December 12, 2018 and April 8, 2019, (2) in the energy and water rates, (3) in insurance, as a consequence of policy renewal, and (4) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM.  Increases above 7%, on a preliminary basis, since March 2019, as a result of an increase (1) in salaries, as agreed in the bargaining agreements with UTA and APSESBA dated April 8 and July 25, 2019, (2) in the energy tariff as from February 2019, and (3) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM.  Increases above 7%, on a preliminary basis, since May 2019, as a result of an increase (1) in salaries, as agreed in the bargaining agreements with UTA and APSESBA dated July 25, 2019, (2) in the energy tariff as from April 2019, and (3) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM.  Increases above 7%, on a preliminary basis, since August 2019, as a result of an increase (1) in salaries, as agreed in the bargaining agreements with UTA and APSESBA dated July 25, 2019, and (2) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM.  Increases above 7%, on a preliminary basis, since October 2019, as a result of an increase (1) in salaries, as agreed in the bargaining agreements with UTA and APSESBA dated July 25 and October 18, 2019, and (2) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM.  The operation of the new Retiro, Catalinas and Correo Central stations in Line E, since June 2019.  Hiring of security staff for the Lacarra railway workshop.  Hiring of staff for the opening of the so-called Plan de Accesibilidad, Circulación y Evacuación (PACE) (Accessibility, Circulation and Evacuation Plan) Sarmiento. Metrovías continues operating the Urquiza Railway under the concession agreement executed in 1993. As the contract allowed for a 10- year extension, Metrovías reiterated the petition for extension it had already submitted to the Renegotiation Commission created under National Executive Branch Decree No. 367/16, within the framework of the renegotiation of the concession contract that was being conducted since January 2002. Although the renegotiation of the concession contract was not concluded, on December 18, 2017 the Ministry of Transport passed Resolution 1325-E/2017 whereby: (i) The petition for contract extension submitted by Metrovías was rejected; (ii) the Transport Secretariat and the Transport Planning Secretariat were instructed to establish, jointly with the state-owned Railway Operator (Operadora Ferroviaria Sociedad del Estado, SOFSE), the Railway Infrastructure Administration and the National Commission for Transport Regulation, the terms and conditions for a call for bids for Service Group No. 3 (Urquiza Railway), which must be awarded within a maximum term of 18 (eighteen) months as from the date of that resolution; (iii) operation shall be automatically assigned to SOFSE if there is no awardee upon expiration of the term set in the preceding point; and (iv) Metrovías will continue providing the service for the term stipulated in point (ii). On February 28, 2018, Metrovías challenged said resolution by filing with the Ministry of Transport a Motion for Reconsideration and an administrative appeal in the alternative to be heard and disposed of. On June 18, 2019, the Ministry of Transport passed Resolution 360/2019 whereby the concession term stipulated in the abovementioned Resolution 1325-E/2017 was extended until March 31, 2020 or until the winner of the international bidding process for the construction, operation and maintenance of the Urquiza and Belgrano Norte Railways takes possession of the service, whichever occurs first. The bidding process was called through Decree No 423/2019 issued by the National Executive Branch on June 18, 2019. Regarding the “Levelling Plan” set forth in Resolution No. 1604/14, the planned works and tasks could not be performed as foreseen since no mechanism for adjustment of values, nor had budget items to finance works nor specific procedures to file technical documentation and the work progress certificates been established. Consequently, on February 15, 2017, the Resolution No. 60/2017 of the Ministry of

38 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2019

Transport resolved: (i) to allocate Ps. 579.6 million (expressed in July 2016 prices) to the Levelling Plan, (ii) to determine an adjustment mechanism, (iii) to approve an administrative cycle and procedure for the approval of works and maintenance tasks, (iv) to approve a certification procedure and (v) to establish a 12-month term for execution, extendable for another 12 months upon the Ministry approval. At the date of issuance of these financial statements, Metrovías had performed all the works included in Resolution 1604/14 for the improvement of images at stations and level crossings and is in the process of repairing 24 railway cars. In addition, the new construction works for the amount set by Resolution 60/17 are under negotiation. In connection with these works, the debt of the Argentine Federal Government amounts to Ps. 5.3 million at the date of these financial statements. As of the date of issuance of the current financial statements, the monthly subsidy amounts to Ps.159.6 million, effective as of August 2019, according to Resolution 164/19 issued by the SGT on November 1, 2019. However, Metrovías filed several notes with the Argentine Federal Government requesting for certain pending restatements to the Operation Account, totaling Ps. 287.7 million at the date of issuance of these financial statements, due to (i) certain salary increases between January 2015 and December 2017, (ii) certain one- time expenses, such as an extraordinary bonus for cooperation given by train drivers, training, year-end solidary bonus and early retirement compensations for drivers, as agreed with trade unions during 2016, (iii) the duly authorized hiring of 30 new employees, (iv) salary increases agreed with trade unions on October 2, 2019 and (iv) certain adjustments in the items, other than personnel, that make up the Operation Account. As mentioned above, the contractual term of the AOM entered into with the Government of the City of Buenos Aires will expire on December 31, 2019, while the concession contract to manage the Urquiza Railway will expire on March 31, 2020 or until the winner of the international bidding process for the construction, operation and maintenance of the Urquiza and Belgrano Norte Railways takes possession of the service, whichever occurs first. Although these factors generate uncertainty as to its ability to continue operating as a going concern, Metrovías has prepared its financial statements using accounting standards that are applicable to a going concern, which do not include the possible effects of the future adjustments or reclassifications, if any, that could be required if the situation described above was not resolved in favor of the continuity of operations of Metrovías. On another note, on June 27, 2018 BRT, forming a joint venture (UT) with Siemens S.A., was awarded the bidding called by SBASE for the improvement of the railway electrification system in Subway Lines C and D. Ownership interests in the joint venture are 63.78% and 36.22%, respectively. In accordance with the requirements set forth in the bidding documents, the term of the UT will expire two years after the final reception of works or when the duties and responsibilities assumed under the contract end, whichever occurs later. Activities in the Water Supply segment: Through ACSA, a company controlled by BRH, Clisa is engaged in the water supply business. ACSA is in charge of capturing, treating, preserving, distributing and selling water for residential, commercial and industrial use in the City of Córdoba for a thirty-year term as of May 7, 1997. This segment generated sales Ps. 2,126.4 million in sales for the nine-month period ended September 30, 2019, serving a population of approximately 1.3 million people, which means a 99% service penetration. Service is provided through 2 water treatment plants, 22 pressure raising stations and an over 4,100 km-long network. The concession contract allows for a tariff revision mechanism in order to compensate for cost increases due to inflation. ACSA can request the Public Utilities Regulatory Agency (Ente Regulador de Servicios Públicos de la Provincia de Córdoba or “ERSeP”) a tariff increase in case of an increase in operating costs equal to or higher than 8%, or when six months have elapsed since the last review, whichever occurs first. Tariff increases can never be applied automatically, since they are annalysed by a tariff revision committee, then submitted for debate in public audience and finally approved by the ERSeP. On March 9, 2018, having elapsed more than six months since the previous review, ACSA, through Note ACSA/ERSeP N° 0237/2018, asked for the opening of the 20th tariff review process in order to compensate for cost increases occurred between July 2017 and January 2018. Public audience took place on June 15, 2018. Finally, on June 22, 2018, the ERSeP, through General Resolution ERSep No. 28/2018, recognized a variation in the costs of the water supply services provided by ACSA, which implies a 10.03% tariff increase effective as of July 1, 2018. On August 22, 2018 the Department of Water Resources of the Province of Córdoba resolved to reinstate the concession fee and the royalty payments for both raw water drawn from all water intakes and wells and for the transport of raw water through Los Molinos water channel, which application had been suspended since January 2006, when the concession contract was renegotiated. On August 28, 2018, through Note ACSA/ERSeP N° 0784/2018, ACSA asked for the opening of an extraordinary tariff review process in order to compensate the impact of the fee and royalty payments on ACSA´s cost structure by adjusting the tariffs, in accordance with the provisions of the concession contract. On October 2, 2018, through General Resolution ERSeP N° 69/2018, ACSA was notified of the approval of a 10.58% tariff increase effective as of January 1, 2019. On October 1, 2018, having elapsed more than six months since the previous review, ACSA, through Note ACSA/ERSeP N° 0877/2018, asked for the opening of the 21st tariff review process in order to compensate for cost increases occurred between January and July 2018. On December 18, 2018, the ERSeP, through General Resolution ERSep No. 86/2018, recognized a variation in the costs of the water supply services provided by ACSA, which implies a 16.11% tariff increase effective January 1, 2019. On December 27, 2018, ACSA, through Note ACSA/ERSeP N° 1137/2018, asked for for the opening of the 22nd tariff review process in order to compensate for cost increases occurred between August and October 2018. Public audience took place on April 5, 2019. Finally, on May 14, 2019, the ERSeP, through General Resolution ERSep No. 09/2019, approved a 12.05% tariff increase effective as of May 1, 2019. On April 22, 2019, ACSA, through Note AACC N° 303/2019, asked for for the opening of the 23rd tariff review process in order to compensate for cost increases occurred between October 2018 and January 2019. Public audience took place on July 5, 2019. Finally, on July 11, 2019, the ERSeP, through General Resolution ERSep No. 45/2019, approved a 11.31% tariff increase effective as of August 1, 2019, plus an extra 0.1677% for six months. On August 7, 2019, ACSA was notified, through Note ERSeP N° 2319/2019, of the opening of the 24th tariff review process in order to compensate for cost increases occurred between January and April 2019. Public audience took place on September 19, 2019. Finally, on September 27, 2019, the ERSeP, through General Resolution ERSep No. 62/2019, approved a 10.03% tariff increase effective as of October 1, 2019. On October 16, 2019, ACSA was notified, through Note ERSeP N° 3132/2019, of the opening of the 25th tariff review process in order to compensate for cost increases occurred between April and August 2019.

39 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2019

Analysis of Consolidated Results For the nine-month period ended September 30, 2019, Clisa´s consolidated sales amounted to Ps. 33,370.0 million, mainly derived from the Construction, Waste Management and Transportation segments, which represented 42.9%, 36.4% and 14.2% of the consolidated sales, respectively, Consolidated operating income for the nine-month period ended September 30, 2019 was Ps. 3,092.3 million, broken down as follows:

In million of Pesos Waste Management 1,482.0 Construction 1,228.7 Transportation 580.5 Water Supply 1.3 Others and eliminations (200.3) Total 3,092.3

Financial income and expense, net amounted to Ps. 4,873.7 million loss for the nine-month period ended September 30, 2019. Net loss in associates was Ps. 140.4 million in the nine-month period ended September 30, 2019, mainly due to the loss reported by CV1, partially offset by the gains reported by Autovía del Mar S.A. and the joint ventures in which BRH is part. Income tax for the nine-month period ended September 30, 2019 totaled a Ps. 702.5 million loss, mainly in Cliba Ingeniería Urbana S.A., BRH and Metrovías. As a result of the above, the net loss for the nine-month period ended September 30, 2019 was Ps. 2,624.3 million.

Other Financial Information Consolidated Adjusted EBITDA reached Ps. 7,492.1 million, stated in terms of the measuring unit current at the end of the reporting period, for the twelve-month period commenced on October 1, 2018 and ended on September 30, 2019. Adjusted EBITDA is not a financial measure recognized by IFRS and should not be interpreted as a measure of operational results or cash generated by the operations. Adjusted EBITDA is calculated as net income (loss) plus/less income tax, plus goodwill impairment, less/plus net gain (loss) in associates, plus financial expenses, less financial income, plus depreciations and amortizations. Adjusted EBITDA may also be measured as sales less cost of sales, less administrative expenses, less selling expenses and other operating expenses, plus/less other operating income and expenses, net, plus depreciation and amortization. Consolidated Interest expenses, net, for the twelve-month period commenced on October 1, 2018 and ended on September 30, 2019, stated in terms of the measuring unit current at the end of the reporting period, reached Ps. 2,117.6 million. Consolidated Interest expenses, net, for the twelve-month period commenced on October 1, 2018 and ended on September 30, 2019, excluding the effects of inflation, reached Ps. 3,083.9 million. Consolidated Interest expenses, net are calculated as interest expense generated by liabilities plus bank commissions less interest income. Consolidated Net Indebtedness totaled Ps. 18,341.3 million as of September 30, 2019. Consolidated Net Indebtedness comprises (i) the aggregate amount of bank and financial debt, deducting (ii) the aggregate amount of freely available cash and cash equivalents and (iii) the aggregate amount of recorded Indebtedness consisting of discounted factoring arrangements with respect to accounts receivable from Argentine governmental entities at all levels (national, provincial and municipal), payable within 180 days.

II - CONSOLIDATED BALANCE SHEET STRUCTURE

09/30/2019 09/30/2018

Non-Current Assets 25,579,228,887 25,883,351,816 Current Assets 22,428,114,959 24,077,280,393 Total Assets 48,007,343,846 49,960,632,209

Attributable to the owners of the parent 734,510,749 502,337,492 Non-controlling interests 1,236,843,199 1,385,092,194

Total Equity 1,971,353,948 1,887,429,686

Non-Current Liabilities 25,011,489,135 28,266,819,665 Current Liabilities 21,024,500,763 19,806,382,858 Total Liabilities 46,035,989,898 48,073,202,523

Total Equity and Liabilities 48,007,343,846 49,960,632,209

III - CONSOLIDATED STATEMENT OF INCOME STRUCTURE

09/30/2019 09/30/2018 9 MONTHS 9 MONTHS Operating Income 3,092,327,895 2,898,671,126 Financial income and expenses, net (4,873,695,758) (10,548,020,072) Net (loss) / gain in associates (140,422,660) 74,574,121

Goodwill impairment - (2,909,570) Loss before income tax (1,921,790,523) (7,577,684,395)

40 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2019

Income tax (702,540,702) (943,495,523) Net loss for the period (2,624,331,225) (8,521,179,918)

Other comprehensive income 2,863,301,580 7,437,953,856 Total comprehensive gain / (loss) 238,970,355 (1,083,226,062)

IV - CONSOLIDATED CASH FLOW STRUCTURE

09/30/2019 09/30/2018 9 MONTHS 9 MONTHS Net cash flow (used in) / provided by (873,920,624) 216,528,330 operating activities

Net cash flow used in investing activities (835,034,780) (1,039,507,620)

Net cash flow provided by financing 1,549,470,539 1,008,101,252 activities (Decrease) / Increase in cash, before the effect of currency translation differences (159,484,865) 185,121,962 and inflation

Effect of currency translation differences 53,028,501 90,178,028 Effect of inflation in cash and cash (571,995,020) (415,478,959) equivalents

V - STATISTICAL DATA – SALES

09/30/2019 09/30/2018 9 MONTHS 9 MONTHS Construction 12,162,678,704 12,235,898,690 Waste Management 14,323,463,743 14,300,259,989 Transportation 4,734,737,557 3,608,073,331 Water Supply 2,126,390,240 2,165,931,247 Others and eliminations 22,716,393 (10,641,114) Consolidated Sales 33,369,986,637 32,299,522,143

VI - RATIOS

09/30/2019 09/30/2018

Liquidity 1.07 1.22 Solvency 0.04 0.04 Capital immobilization 0.53 0.52

VII – PROSPECTS

Since it started operations, Clisa has been developing its infrastructure and services bussiness in order to actively take part in projects in the region, and particularly in Argentina. The Company is undoubted leader in the waste management industry and has grown strongly in landfill operations and waste treatment, where profitability margins are greater. Regarding waste valorization, the Company is present in all stages of the waste management cycle, having a privileged position to develop new activities, such as composting and anaerobic digestion of organic waste, energy generation from biogas, waste to energy, etc. The Company considers there are significant opportunities in Argentina and South America for the development of solutions for residential and industrial waste management, as well as in the logistic chain in waste valorization. BRH is well positioned in the construction industry, due to its management skills and experience in different segments of the construction industry, which not only give the company a competitive advantage in bidding processes in Argentina but also growth opportunities in other Latam countries. Argentina´s current needs for investments in infrastructure are significant enough to hold positive expectations. However, the budget constraints to finance infrastructure projects that the Argentine government is currently facing, creates uncertainty about the future of the construction industry. In addition, the Company has submitted its offer under the current bidding process regarding the concession for the operation and maintenance of the Subway and Premetro Network in the City of Buenos Aires for a 12-year term, and is currently awaiting the bid results. The submitted proposal is challenging and innovative and includes the technical assistance of DB Deutsche Bahn E&C, a leading player in digitalization and new technologies for transportation. Regarding the Urquiza Railway, the Company is currently working, also with the technical assistance of DB Deutsche Bahn E&C, on comprehensive solutions to improve efficiency in operation in order to be ready for the bidding process called through the National Executive Branch Decree No 423/2019 for the construction, operation and maintenance of the Urquiza Railway. Regarding the Water Supply segment, being one of the main players in this sector both in Argentina and in the region since the acquisition of ACSA, Clisa is positioned to explore new bussines opportunities in other jurisdictions.

(Free translation from the original in Spanish for publication in Argentina)

REVIEW REPORT ON THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

To the Shareholders, President and Directors of CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. Legal address: Leandro N. Alem 1050 – 9th Floor Autonomous City of Buenos Aires Tax Code No. 30-69223929-2

Introduction

We have reviewed the accompanying special condensed interim consolidated financial statements of CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. and its subsidiaries (hereinafter, “the Company”), including the condensed interim consolidated balance sheet at September 30, 2019, the condensed interim consolidated statement of income and condensed interim consolidated statement of other comprehensive income for the three and nine-month period ended on September 30, 2019, and the condensed interim consolidated statements of changes in equity and the condensed interim consolidated statement of cash flows for the nine-month period then ended, and the selected explanatory notes.

The balances and other information for the year 2018 and interim periods are an integral part of the above-mentioned financial statements and therefore they should be considered in relation with those financial statements.

Management Responsibility

The Board of Directors of the Company is responsible for the preparation and presentation of these special consolidated financial statements in accordance with International Financial Reporting Standards (IFRS), adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE) as professional accounting standards, as approved by the International Accounting Standards Board (IASB), and is therefore responsible for the preparation and presentation of the special condensed interim consolidated financial statements mentioned in the first paragraph, in accordance with International Accounting Standard 34 “Interim Financial Information” (IAS 34).

Scope of our review

Our review was limited to the application of the procedures established under International Standard on Review Engagements ISRE 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, adopted as a review standard in Argentina by Technical Pronouncement No. 33 of the FACPCE and approved by the International Auditing and Assurance Standards Board (IAASB). A review of interim financial information consists of making inquiries of persons responsible for preparing the information included in the special condensed interim consolidated financial statements and applying of analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with International Standards on Auditing. Consequently, it does not enable us to obtain assurance that we will become aware of all the significant matters that might be identified in an audit. Therefore, we do not express an audit opinion on the condensed interim consolidated balance sheet, condensed interim consolidated comprehensive income and condensed interim consolidated cash flow of the Company.

Conclusion

(Free translation from the original in Spanish for publication in Argentine)

On the basis of our review, nothing has come to our attention that make us think that the condensed interim consolidated financial statements mentioned in the first paragraph of this report have not been prepared, in all material respects, in accordance with International Accounting Standard 34.

Emphasis of matter paragraphs

- Concession contract and the Operation and Maintenance Agreement between Metrovías S.A. and the Government of City of Buenos Aires

Without modifying our conclusion, we would like to draw attention to Note 3.3.2. to the attached condensed interim consolidated financial statements, in which the conditions prevailing at period end are detailed in relation to the status of the concession contract between Metrovías S.A. and the National Government, regarding Ferrocarril Urquiza (Urquiza Railway), whose term may not exceed March 31, 2020 or until the new operator takes possession, whichever occurs first, according to Resolution No. 360/2019 dated June 18, 2019, and the Operation and Maintenance Agreement subscribed with the Government of the City of Buenos Aires in relation to the Subway and Premetro, in which the third addendum extends the duration of the contract until the awardee of the current bidding process takes effective possession of the service, this term may not exceed December 31, 2019.

Both the concession contract and the Operation and Maintenance Agreement constitute the regulatory framework within which Metrovías S.A. conducts its business and which governs its economic and financial equation.

Report on compliance with current regulations

In compliance with current regulations, as regards CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. we report that: a) The condensed interim consolidated financial statements of CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. have been transcribed into the "Inventory and Balance Sheet" book insofar as concerns our field of competence, are in compliance with the provisions of the General Companies Law and pertinent resolutions of the National Securities Commission; b) The condensed interim consolidated financial statements of CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A stem from accounting records taking in all its formal aspects according to legal standards; c) We have read the summary information, on which, insofar as concerns our field of competence, we have no other observations to make; d) as of September 30, 2019, the debt of CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. accrued in favor of the Argentine Integrated Social Security System amounted to Ps. 4,284,959.78, none of which was claimable at that date.

City of Buenos Aires, November 8, 2019

(Free translation from the original in Spanish for publication in Argentine)

PRICE WATERHOUSE & CO. S.R.L.

(Partner) C.P.C.E.C.A.B.A. Tº 1 Fº 17 Dr. Carlos Martín Barbafina Contador Público (UCA) C.P.C.E.C.A.B.A. T° 175 F° 65