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

Special Condensed Interim Consolidated Financial Statements for the nine-month period ended September 30, 2018, presented in comparative format

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

Special Condensed Interim Consolidated Financial Statements

For the period commenced January 1, 2018 and ended September 30, 2018, presented in comparative format

Contents

Special Condensed Interim Consolidated Financial Statements as of September 30, 2018 Special Condensed Interim Consolidated Statement of Income Special Condensed Interim Consolidated Statement of Other Comprehensive Income Special Condensed Interim Consolidated Balance Sheet Special Condensed Interim Consolidated Statement of Changes in Equity Special Condensed Interim Consolidated Cash Flow Statement

Notes to the Special Condensed Interim Consolidated Financial Statements

Summary Information

Review Report on the Special Condensed Interim Consolidated Financial Statements

CLISA – COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED STATEMENT OF INCOME For the nine-month period ended September 30, 2018, presented in comparative format

For the three-month For the nine-month

period ended period ended 09/30/2018 09/30/2017 09/30/2018 09/30/2017 Notes CONSOLIDATED RESULTS In Pesos In Pesos In Pesos In Pesos

Sales 3.6 8,314,878,320 7,028,485,777 20,684,545,487 17,826,141,998 Cost of sales 4 (6,100,951,642) (5,007,377,376) (14,703,903,751) (12,150,920,884) Gross profit 2,213,926,678 2,021,108,401 5,980,641,736 5,675,221,114

Administrative expenses 5 (997,851,862) (950,275,304) (2,499,558,641) (2,363,069,432) Selling expenses and other operating expenses 6 (715,142,048) (691,913,068) (1,593,571,582) (1,638,535,993) Other operating income and expenses, net 26,663,842 (18,527,770) 30,564,039 13,261,381 Operating Income 527,596,610 360,392,259 1,918,075,552 1,686,877,070

Financial income 7 166,829,483 (112,697,670) 621,944,215 75,355,392 Financial expenses 7 (2,896,881,553) 329,788,841 (8,146,161,199) (1,298,234,872) Net gain in associates 8 634,457 (9,312,966) 47,152,902 15,395,617 Goodwill impairment - (1,154,339) - (3,857,901) Loss before income tax (2,201,821,003) 567,016,125 (5,558,988,530) 475,535,306 Income tax 373,944,145 (261,197,820) 160,311,854 (487,379,524) NET LOSS FOR THE PERIOD (1,827,876,858) 305,818,305 (5,398,676,676) (11,844,218)

Net loss for the period attributable to: - Owners of the parent (1,893,951,986) 340,113,243 (5,600,525,163) (68,505,278) - Non-controlling interests 66,075,128 (34,294,938) 201,848,487 56,661,060 (1,827,876,858) 305,818,305 (5,398,676,676) (11,844,218)

Losses per share attributable to the owners of the parent during the period 9 (19.59) 3.52 (57.93) (0.71) (stated in Ps. per share)

The accompanying notes are an integral part of these Special Condensed Interim Consolidated Financial Statements. These Special Condensed Interim Consolidated Financial Statements should be read with the audited Consolidated Financial Statements for the year ended December 31, 2017.

CLISA – COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED STATEMENT OF OTHER COMPREHENSIVE INCOME For the nine-month period ended September 30, 2018, presented in comparative format

For the three-month For the nine-month period ended period ended 09/30/2018 09/30/2017 09/30/2018 09/30/2017 OTHER CONSOLIDATED COMPREHENSIVE INCOME In Pesos In Pesos In Pesos In Pesos

Net loss for the period (1,827,876,858) 305,818,305 (5,398,676,676) (11,844,218) Other comprehensive income: Items that may be reclassified subsequently to profit and loss Effect of currency translation differences 627,021,754 (165,990,971) 1,668,917,123 (61,376,383) Cash flow hedge 140,365,913 - 187,278,236 - Items that cannot be reclassified subsequently to profit and loss Gains on revaluation of property plant and equipment 424,174,814 38,208,696 3,198,787,029 224,066,768 Other comprehensive income for the period 1,191,562,481 (127,782,275) 5,054,982,388 162,690,385 Total comprehensive gain / (loss) for the period (636,314,377) 178,036,030 (343,694,288) 150,846,167

Comprehensive gain / (loss) attributable to: - Owners of the parent (768,949,239) 197,978,916 (774,776,760) 80,828,577 - Non-controlling interests 132,634,862 (19,942,886) 431,082,472 70,017,590 (636,314,377) 178,036,030 (343,694,288) 150,846,167

CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED BALANCE SHEET As of September 30, 2018 and as of December 31, 2017

09/30/2018 12/31/2017 ASSETS Notes In Pesos In Pesos NON-CURRENT ASSETS Property, plant and equipment 10 13,478,577,116 8,003,493,100 Intangible Assets 12 1,856,828,880 1,913,857,021 Goodwill 11 429,107,221 268,910,302 Investments in associates 13 257,412,973 223,804,308 Deferred tax assets 78,004,913 174,431,783 Other receivables 753,195,417 827,193,831 Trade receivables 198,250,144 121,303,748 Total non-current Assets 17,051,376,664 11,532,994,093

CURRENT ASSETS Other receivables 3,559,392,715 3,443,297,763 Inventories 1,144,265,450 1,074,625,545 Trade receivables 9,172,873,892 8,344,487,723 Other investments 14 80,692,177 178,805,482 Cash and cash equivalents 15 1,768,480,416 1,859,777,235 Total current Assets 15,725,704,650 14,900,993,748 Total Assets 32,777,081,314 26,433,987,841

EQUITY Attributable to the owners of the parent 755,195,281 1,529,972,041 Non-controlling interests 945,891,084 691,750,022 Total Equity 1,701,086,365 2,221,722,063

LIABILITIES NON-CURRENT LIABILITIES Bank and financial debts 16 13,427,274,379 7,643,220,827 Provisions for contingencies 18 548,417,783 556,544,233 Deferred tax liability 2,142,711,674 958,059,627 Other liabilities 1,887,370,469 2,415,975,302 Trade payables 230,943,243 169,398,659 Total non-current Liabilities 18,236,717,548 11,743,198,648

CURRENT LIABILITIES Bank and financial debts 16 3,090,581,800 3,190,389,911 Provisions for contingencies 18 79,756,716 73,790,983 Other liabilities 5,651,899,918 5,503,441,017 Trade payables 4,017,038,967 3,701,445,219 Total current Liabilities 12,839,277,401 12,469,067,130 Total Liabilities 31,075,994,949 24,212,265,778 Total Equity and Liabilities 32,777,081,314 26,433,987,841

CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED STATEMENT OF CHANGES IN EQUITY For the nine-month period ended September 30, 2018, presented in comparative format

Attributable to owners of the parent

Non-controlling Effect of Retained Total of equity Share Capital Legal currency Cash flow Balances of earnings / interests Item Total capital Adjustment reserve translation hedge revaluation (Accumulated differences losses) Balances as of January 1, 2017 96,677,524 2,032,433,530 5,186,121 805,709,505 - 273,616,808 (2,011,849,939) 1,201,773,549 809,382,640 2,011,156,189

Net (loss) / gain for the period (68,505,278) (68,505,278) 56,661,060 (11,844,218) Other comprehensive income (72,524,556) - 221,858,411 - 149,333,855 13,356,530 162,690,385 Total Comprehensive (loss) / income - - - (72,524,556) - 221,858,411 (68,505,278) 80,828,577 70,017,590 150,846,167

Transactions with shareholders

- Distribution of dividends (4,357,727) (4,357,727)

- Contributions and withdrawals in joint ventures (157,079,327) (157,079,327) - Changes in ownership interests in subsidiaries 3,374,305 - 1,120,756 34,847,362 39,342,423 (93,219,439) (53,877,016) Total Transactions with shareholders - - - 3,374,305 - 1,120,756 34,847,362 39,342,423 (254,656,493) (215,314,070) Balances as of September 30, 2017 96,677,524 2,032,433,530 5,186,121 736,559,254 - 496,595,975 (2,045,507,855) 1,321,944,549 624,743,737 1,946,688,286

Balances as of January 1, 2018 96,677,524 2,032,433,530 5,186,121 806,902,749 - 740,954,972 (2,152,182,855) 1,529,972,041 691,750,022 2,221,722,063

Net (loss) / gain for the period (5,600,525,163) (5,600,525,163) 201,848,487 (5,398,676,676) Other comprehensive income 1,563,808,381 187,278,236 3,074,661,786 4,825,748,403 229,233,985 5,054,982,388 Total Comprehensive (loss) / income - - - 1,563,808,381 187,278,236 3,074,661,786 (5,600,525,163) (774,776,760) 431,082,472 (343,694,288) Reversal of revaluation (1,495,336) 1,495,336 - - - Transactions with shareholders

- Distribution of dividends (37,432,227) (37,432,227) - Contributions and withdrawals in joint ventures (139,509,183) (139,509,183) Total transactions with shareholders ------(176,941,410) (176,941,410) Balances as of September 30, 2018 96,677,524 2,032,433,530 5,186,121 2,370,711,130 187,278,236 3,814,121,422 (7,751,212,682) 755,195,281 945,891,084 1,701,086,365

6 CLISA – COMPAÑÍA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SPECIAL CONDENSED INTERIM CONSOLIDATED CASH FLOW STATEMENT For the nine-month period ended September 30, 2018, presented in comparative format

09/30/2018 09/30/2017 Notes Pesos Pesos Cash from operating activities Net loss for the period (5,398,676,676) (11,844,218) Adjustments for:

Depreciation and amortization 1,466,561,248 787,877,817 Income tax (160,311,854) 487,379,524 Gain from sales of property, plant and equipment (1,266,049) (12,062,498) Net gain in associates (47,152,902) (15,395,617) Net carrying value of property, plant and equipment written off 127,240 15,080 Net carrying value of intangibles assets written off - 1,295,259 Other operating and financial income and expenses, net 6,621,195,929 119,457,198 Interest earned and expense, net 639,704,406 796,990,959

Changes in operating assets and liabilities: Increase in inventories (238,916,037) (300,654,673) Increase in allowances and provisions for contingencies 12,015,051 234,320,337 Decrease in investments 2,278,453 249,852 Increase in operating receivables (3,248,770,073) (2,954,844,213) Increase in operating liabilities 2,574,533,585 2,227,876,665

Net cash flow provided by operations 2,221,322,321 1,360,661,472

Payments and collection of interests, net (1,595,620,099) (1,207,209,525) Payments of income tax (278,187,405) (186,442,936)

Net cash flow provided by (used in) operating activities 347,514,817 (32,990,989)

Cash from investing activities Acquisitions of property, plant and equipment (760,566,826) (1,074,475,270) Increase in intangible assets (146,161,932) (228,000,143) Acquisitions of non-controlling interests - (57,351,882) Changes in other investments, net 73,243,216 (8,136,734) Proceeds on disposal of property, plant and equipment 19,773,965 29,890,237 Dividends collected 1,853,873 15,286,362

Net cash flow used in investing activities (811,857,704) (1,322,787,430)

Cash from financing activities Changes in other receivables and other liabilities (277,950,770) (77,573,583) Non-controlling interests contributions - 55,315 Dividends paid (13,913,588) (4,448,968) Increase in Corporate Bonds - 2,377,201,750 Decrease in Corporate Bonds (235,412,487) (19,302,920) Increase in other bank and financial debts 3,351,905,277 1,670,117,723 Decrease in other bank and financial debts (2,136,447,385) (2,657,978,311) Net cash flow provided by financing activities 688,181,047 1,288,071,006

Changes in cash before the effect of currency translation differences 223,838,160 (67,707,413)

Effect of currency translation differences in cash and cash equivalents 204,895,638 4,061,043 Effect of inflation in cash and cash equivalents (520,030,617) (289,165,119)

Decrease in cash, net (91,296,819) (352,811,489)

Cash and cash equivalents as of the beginning of the period 15 1,859,777,235 1,885,025,820

Cash and cash equivalents as of the end of the period 1,768,480,416 1,532,214,331 15

7 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

Contents of the notes to the Special Condensed Interim Consolidated Financial Statements

1. Special Financial Statements 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 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. Financial leases 18. Allowances and provisions for contingencies 19. Balances and transactions with related parties 20. Additional information about Special Condensed Interim Consolidated Cash Flow Statement 21. Encumbered and restricted assets 22. Financial risk management 23. Changes in accounting standards 24. Commitments, contingencies and restrictions on the distribution of profits 25. Reconciliation between financial statements expressed in nominal terms and financial statements adjusted for inflation

8 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

1. Special Financial Statements

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, toll road concessions, waste management, transportation and water supply services. 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"). The CNV established the applicability of Technical Resolution No. 26, as amended, of the Argentine Federation of Professional Councils in Economic Sciences, which adopts the International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), for entities included in the public offering regime, either for their capital stock 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. Since certain macroeconomic indicators have fluctuated significantly, the IASB concluded that Argentine economy meets the requirements set out by the International Accounting Standard (“IAS”) 29 “Financial Reporting in Hyperinflationary Economies” to be considered a hyperinflationary economy since July 1, 2018 and, therefore, financial statements must be restated according to the guidelines provided by this standard. 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 the end of the reporting period, regardless of whether the financial statements are based on an historical cost approach or current cost approach. For that purpose, in general terms, non-monetary items must be restated by applying the change in a relevant price index since the date of acquisition or the date of revaluation, as appropriate. Notwithstanding the foregoing, since CNV regulations do not allow for the restatement of financial statements, CLISA has not been able to apply IAS 29 to the Condensed Interim Consolidated Financial Statements as of September 30, 2018 that were issued on November 12, 2018. For that reason, CLISA has prepared these Special Condensed Interim Consolidated Financial Statements as of September 30, 2018 that fully comply with IFRS – including the restatement for inflation in accordance with IAS 29 - as required under the indenture governing Clisa´s U.S.$ 300 million 9.5% Senior Notes due 2023 and to be delivered to The Bank of New York Mellon, as trustee. In Note 25, there is a reconciliation between the Condensed Interim Consolidated Financial Statements, expressed in nominal terms, and the Special Condensed Interim Consolidated Financial Statements, restated in accordance with IAS 29. 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 amendment to its Bylaws was approved by the Ordinary and Extraordinary Meeting of Shareholders No. 35 held on March 31, 2016, and registered before IGJ under No. 4,085 of Book 83 of Corporations on March 1, 2017. Such amendment was due to the merger commitment pursuant to which (i) the subsidiary Benito Roggio Ambiental S.A. was dissolved without liquidation and incorporated into CLISA; and (ii) Cliba Ingeniería Ambiental S.A., without being dissolved, spun-off part of its assets and liabilities, then incorporated by merger into CLISA. As a consequence of this reorganization, CLISA issued 88,828 shares, with a face value of Ps. 1 each. 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:

09/30/2018 12/31/2017 12/31/2016 Share capital at the beginning of the year 96,677,524 96,677,524 96,588,696 Increase in share capital - - 88,828 Share capital at the end of the period / year 96,677,524 96,677,524 96,677,524

2. Accounting policies and basis of preparation

2.1 Basis of preparation These Special Condensed Interim Consolidated Financial Statements of the Company for the nine-month period ended September 30, 2018 have been prepared in accordance with International Accounting Standard 34 "Interim Financial Reporting" (IAS 34). The Special 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, 2017 (as described in Note 2 to the audited Consolidated Financial Statements for the year ended December 31, 2017), and are based on IFRS which are expected to come into effect by December 31, 2018 (as described in Note 23 (a). to these Special Condensed Interim Consolidated Financial Statements). 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 Special Condensed Interim Consolidated Financial Statements were approved by the Company's Board of Directors on November 29, 2018.

9 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

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

Ownership Percentage as of Companies Ref. 09/30/2018 12/31/2017 Line of business - Benito Roggio e Hijos S.A. (1) 99.61% 99.61% Construction - 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 - Haug S.A. (16) 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. (15) 100.00% 100.00% Representation services - Benito Roggio Peru S.A.C (14) 99.96% 99.96% Engineering, construction and assembly services - Haug S.A./ ABS S.A. - Consorcio Andino (14) 100.00% 100.00% Construction - Benito Roggio e Hijos S.A. – Paraguay (2) 80.00% 80.00% Construction - 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% 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 - Cliba Ingeniería Urbana S.A. (10) 100.00% 100.00% Waste management - Envairo S.A. (formerly Cliba Rosario 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 09/30/2018 12/31/2017 - 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 interest held by Haug S.A. (15) Direct interest held by Hame Representaciones S.A.C. (16) Direct interest held by Benito Roggio e Hijos S.A. y Sehos S.A.

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

10 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

Ownership Percentage as of Companies Ref. 09/30/2018 12/31/2017 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 Joint ventures Ownership Percentage as of

Joint Ventures Ref. 09/30/2018 12/31/2017 Line of business Joint ventures in which the Company has control (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 - Empalme Maldonado – (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 / ESUCO S.A. (Control and electrical engineering for the Río Turbio coal mine) (1) 50.00% 50.00% Electric 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% - 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 BRH / TECSAN Ing. Amb. S.A. 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 Joint ventures in which the Company has joint control (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 / ESUCO S.A (Underground vehicles passage - Av. Beiró and Urquiza Railroad (1) 50.00% 50.00% Construction Track) BRH /SUPERCEMENTO S.A.C.I. / J.C.C.C. S.A. UTE (Vega Creek Second Emissary) (1) 33.33% 33.33% Construction BRH / José 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.C.C.C. S.A. UTE (Water Treatment Plant in Tigre, (1) 33.34% 33.34% Construction Province of Buenos Aires) BRH / AGV SERVICIOS MINEROS S.R.L. / JUMI S.R.L. UT – Lindero Project, (1) 32.00% - Construction Province of Salta BRH / MINERA SAN PEDRO S.R.L. – Consortium for Cooperation – Aggregate (1) 60.00% - Construction materials supply Joint ventures in which the Company has significant influence (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.

2.2.4 Non-controlling interests

11 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

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 / GREEN S.A. / CASELLA S.A. UTE, BRH / VIALMANI S.A. UTE and BRH / MIJOVI 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, 2017. Furthermore, Note 23 describes the accounting standards, amendments and interpretations that came into force for the year beginning on January 1, 2018.

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 Consolidated Financial Statements for the year ended December 31, 2017. 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.

3. Operating segment information The Company operates through four principal business segments: Waste Management, Construction and Toll Road Concessions, 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

12 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

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, 2018. The Company considers that this contract will be renewed for short and consecutive periods 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. The provision of services, billing and collection continues on a regular basis. 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. Although works commenced in June 2017 and the original term was 12 months, CEAMSE extended works 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 four landfills Argentina: Norte III, Neuquén, Mar del Plata and Mendoza. 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 500,000 tons of waste coming from the City of Buenos Aires and 27 districts from the Greater Buenos Aires area are disposed monthly. Norte III D module has capacity to receive approximately 24 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 (15,000 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. 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 requested Tecsan to continue the provision of services and to develop the necessary infrastructure to increase waste disposal capacity. The contract extension will expire in 14 months, as from August 2018, or when the enlarged landfill is completed. Approximately 39,000 tons are currently disposed per month. City of Mendoza: 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 and operations started in January 2016, with a current waste disposal rate of approximately 3,300 tons/month. In addition: i) on September 30, 2016 Tecsan was awarded the International Public Bidding No. 04/15 for the development of the “Urban Solid Waste Management Project in General Pueyrredón, Province of Buenos Aires – Dumpsite Clean-up in Mar del Plata”. Works were expected to be completed in an 8-month period and were finished at the date of issuance of these financial statements; 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 is expected to be completed approximately in 19 months, currently being the degree of completion of 65% 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 Our industrial services include the collection, transport, treatment and disposal of industrial and hazardous waste; the design, development and management industrial waste sorting and reduction programs and the operation of plants for industrial waste. The subsidiary Taym S.A. (Taym) continues intensely working on the development of (i) services of prevention of pollution by asbestos and asbestos removal, (ii) non-hazardous industrial waste collection and treatment 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 (iii) cleaning services in Uruguay.

13 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

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. At the date of issuance of these financial statements, the necessary works to resume operations continue in progress. Further, since September 2017, the Company has been providing, through its subsidiary Envairo S.A., comprehensive by-product management services at an industrial plant in the Province of Buenos Aires. 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. 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; renewable for an additional 15-year period at UTE Norte III discretion. Approximately 384,000 tons of urban solid waste were treated during the last twelve months. 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. 3.2. Construction and toll road concession 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 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.  Water Treatment Plant in Tigre, Province 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  Construction of Motorway in National Road No 36 - End of variant Perilago – Berrotarán (Variant of Los Cóndores and Berrotarán) tranche.  Construction of a Four-Lane Avenue and median divider island in Provincial Road No. 1 - San Salvador de Jujuy-Palpalá tranche– Province of Jujuy.  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.

14 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

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. On October 13, 2017, Haug increased to 100% its equity interest in the above-mentioned company, through a capital contribution, together with a waiver of a first refusal right by the other shareholder. This transaction led to a decrease in equity of S/ 8,940,167, equivalent to Ps. 51,208,950. 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 includes a 3-year maintenance period, and its completion is planned for 2018. The road has four lanes, turnarounds every 5km, 2 new bridges, road verge and better lighting. The company also performs 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 completion of works is expected for the end of the year. For this reason the company is working with the Committee for the Execution on a new schedule for works to extend the contract term until December 2018. At the date of these financial statements, works are being carried out at a good pace. 3.2.6. Benito Roggio e Hijos S.A. de Paraguay BRH held a 20% interest in a corporation in Paraguay called Benito Roggio e Hijos S.A. (“Benito Roggio Paraguay”), through which we have developed construction projects in that country since 1974. On March 6, 2018, BRH concluded an agreement with Roggio S.A. for the acquisition of an additional 60% ownership interest in Benito Roggio Paraguay, effective as of December 28, 2017, according with the terms and conditions agreed by both parties. The purchase price was Ps. 240,000,000. As a consequence of this acquisition, BRH became the controlling shareholder of BRH Paraguay, with an 80% stake. For this reason, BRH Paraguay´s assets and liabilities have been consolidated on a line by line basis in these Consolidated Financial Statements. 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. CV1 proposed certain modifications to the works, which are currently at a standstill, and is waiting for DNV´s feedback. This corridor comprised different tranches of National Roads No 3, No 205, No 226 and No 252, between Cañuelas, Bolivar, Mar del Plata and Bahia Blanca, in the Province of Buenos Aires. Additionally, effective May 1, 2013, the CV1 concession contract incorporated National Corridor No. 29, consisting of a tranche of National Road No. 22 between Km 1,212.40 and Km 1,217.80 and the section of National Road

15 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

No. 151 between Cipolletti turnaround and Cipolletti beltway in the Provinces of Neuquén and Río Negro. The corridor had a total length of 1,290 km. On February 6, 2012, through Resolution No. 207/2012, the DNV resolved, among other issues, i) to carry out a comprehensive review of the concession contracts of the national road corridors approved by National Executive Branch Decree No. 543/2010; ii) to suspend government subsidies to the corridors until the comprehensive review of the concession contracts was completed; and iii) to pay a monthly fixed amount while subsidies were suspended, which would be considered as provisional payments until the comprehensive review was carried out. On December 27, 2012 the DNV approved through Resolution No. 3064/2012 an agreement for the revision of the concession contract, by which the parties agreed to restructure the works plan and the way of control, measurement and payment of preservation works, maintenance, user services and support services, setting them up as a single work (“Operation, Maintenance and Support Services Work”, or OMSA). DNV Resolution 2018-723 also modified the way of measurement and budgeting of OMSAs. 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, and, later, a denied appeal with the Argentine Supreme Court. 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, which original term expired in 2012. 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 administrative and legal actions still pending between the parties to settle the unresolved contractual issues. 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. 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.

16 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

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, both the PDL liquidation process and the legal action initiated by PDL against the Argentine Federal Government are still in progress. 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, as minority shareholder, values 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. 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:

17 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

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, 2018. 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 for an additional 18 month – period, as of the date of issuance of Resolution 1325-E/2017, dated December 18, 2017. 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. Finally, 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. Finally, 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 to be called for the concession of the service starts operations or until December 31, 2018, whichever comes 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 four construction works – (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;

18 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

(c) Assembly of overhead power line assembly in the tunnel zone behind the Virreyes parking lot; and (d) Adaptation of stores in Lacroze station to install subway Line B simulators – which costs will be borne by SBASE and Metrovías will have to submit the pertinent expense reports, and (iii) certain considerations related to the transition period in case Metrovías was not the new awardee under the bidding process to be carried out. 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. 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 and Ps. 12.50 since August 3, 2018, 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. 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 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.99.0 million, effective as of July 2018. However, Metrovías filed several notes with the Argentine Federal Government requesting for certain pending restatements to the Operation Account, totaling Ps. 165.4 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) the non-remunerative amounts agreed with trade unions on March 6, 2018, (v) salary increases, net of advances, as agreed with trade unions on May 11, 2018, (vi) salary increases as agreed with trade unions on October 8, 2018 and (vii) 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

19 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format 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. 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, 2018, while the concession contract to manage the Urquiza Railway will expire no later than 18 months after the date of issuance of Resolution 1325-E/2017, dated December 18, 2017. 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 Transport Management Secretariat (“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 $ 2.9 million, which had been also previously disallowed by the National Commission for Transport Regulation (“CNRT”), (2) rejected expenses in the amount of $ 100.3 million, which had been sent by the CNRT for assessment, and (3) rejected expenses for $ 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, which was granted on October 31, 2018 by the Rail Transport Secretariat 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 $ 5.2 million, which had been also previously disallowed by the CNRT, (2) rejected expenses in the amount of $ 73.3 million, which had been sent by the CNRT for assessment, and (3) rejected expenses for $ 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, not having received a response at the date of issuance of these financial statements. In both cases, 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 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

20 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format 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. During the year ended December 31, 2017, BRH purchased to Banco de Galicia y Buenos Aires S.A. (“Banco Galicia”) an additional 10.83% stake in ACSA in two stages. Through an offer dated April 12, 2017, Banco Galicia accepted to sell all of its shareholding in ACSA, which comprised 3,250,000 shares, representing 10.83% of the share capital of the company, of which 2,350,000 shares were freely transferable and 900,000 shares were subject to prior authorization by the concession grantor. The price of the transaction was set at Ps. 48,000,000, with an initial payment of Ps. 38,335,000 and a remaining balance of Ps. 9,665,000, which was paid on October 20, 2017, once the Province of Cordoba authorized the transfer, trough Provincial Decree N° 1498.

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.

3.6. Segments Information as of September 30, 2018 and 2017 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, 2018

Construction Transportation Waste Others and Item and toll road Water supply Total management eliminations concessions (In thousands of Pesos) Net sales to third parties 8,990,758.3 2,317,533.4 7,923,018.7 1,410,644.3 42,590.9 20,684,545.5 Inter-segment sales 17,801.2 32,359.9 - - (50,161.1) - Net sales 9,008,559.5 2,349,893.3 7,923,018.7 1,410,644.3 (7,570.2) 20,684,545.5 Operating income 776,360.6 221,825.6 925,889.3 80,472.0 (86,471.9) 1,918,075.6 Total assets 16,015,603.2 2,830,728.0 11,404,568.9 3,273,326.3 (747,145.1) 32,777,081.3 Total liabilities 8,084,827.9 2,358,407.0 6,532,665.6 1,780,484.2 12,319,610.2 31,075,995.0 Additions of property, plant and equipment 346,531.6 26,005.1 663,945.9 8,868.6 7,258.9 1,052,610.0 Depreciation of property, plant and equipment (342,134.8) (58,640.6) (861,011.8) (8,569.8) (8,215.7) (1,278,572.6) Additions of intangible assets 10,603.6 956.7 - 121,578.8 914.9 134,054.0 Amortization of intangible assets (4,878.7) (6,306.7) (16,831.0) (158,116.4) (1,855.8) (187,988.7) Investments in associates 243,786.9 9,609.4 - - 4,016.6 257,413.0

21 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

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 and toll road concessions Net sales 2,170,465.8 4,963,811.5 1,874,282.2 9,008,559.5 Total assets 3,264,186.6 6,400,104.0 6,351,312.5 16,015,603.2 Investments in associates 187,221.4 38,117.2 18,448.3 243,786.9 Additions of property, plant and equipment 3,348.6 205,491.0 137,692.0 346,531.6 Additions of intangible assets - 10,321.1 282.4 10,603.6 Transportation Net sales 2,349,524.4 - 368.9 2,349,893.3 Total assets 2,455,385.7 363,852.7 11,489.6 2,830,728.0 Investments in associates 174.0 - 9,435.4 9,609.4 Additions of property, plant and equipment 26,005.1 - - 26,005.1 Additions of intangible assets 956.7 - - 956.7 Waste management Net sales 6,696,270.0 820,123.6 406,625.1 7,923,018.7 Total assets 10,410,823.4 428,949.6 564,795.9 11,404,568.9 Additions of property, plant and equipment 622,186.1 33,671.4 8,088.4 663,945.9 Water supply Net sales - 1,410,644.3 - 1,410,644.3 Total assets - 3,273,326.3 - 3,273,326.3 Additions of property, plant and equipment - 8,868.6 - 8,868.6 Additions of intangible assets - 121,578.8 - 121,578.8

Segments Information as of September 30, 2017

Construction Transportation Waste Others and Item and toll road Water supply Total management eliminations concessions (In thousands of Pesos) Net sales to third parties 6,425,966.8 2,746,267.3 7,232,677.3 1,385,604.3 35,626.3 17,826,142.0 Inter-segment sales 14,145.1 14,633.8 45.0 - (28,823.9) - Net sales 6,440,111.9 2,760,901.1 7,232,722.3 1,385,604.3 6,802.4 17,826,142.0 Operating income 376,747.3 149,959.2 1,155,546.5 62,349.7 (57,725.8) 1,686,876.9 Total assets 10,110,596.2 3,165,922.9 9,351,298.0 2,958,547.7 (565,962.4) 25,020,402.4 Total liabilities 5,601,248.3 2,879,265.4 5,652,311.7 1,876,951.9 7,063,936.7 23,073,714.0 Additions of property, plant and equipment 163,144.0 49,175.1 859,319.7 6,740.9 338.1 1,078,717.8 Depreciation of property, plant and equipment (181,245.1) (67,096.6) (380,924.0) (7,928.1) (6,814.9) (644,008.7) Additions of intangible assets 589.5 4,558.0 - 174,073.6 - 179,221.1 Amortization of intangible assets (5,112.9) (20,995.9) (251.4) (116,517.4) (991.5) (143,869.1) Investments in associates 299,331.0 28,316.0 - - 6,301.4 333,948.4

22 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

Geographical breakdown of business segments as of September 30, 2017

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

Construction and toll road concessions Net sales 1,374,438.3 3,756,864.2 1,308,809.4 6,440,111.9 Total assets 1,701,628.2 5,352,634.8 3,056,333.2 10,110,596.2 Investments in associates 172,297.3 25,251.6 101,782.1 299,331.0 Additions of property, plant and equipment 1,543.4 136,917.3 24,683.4 163,144.1 Additions of intangible assets - - 589.5 589.5 Transportation Net sales 2,758,522.1 - 2,379.0 2,760,901.1 Total assets 3,010,740.3 124,666.6 30,516.0 3,165,922.9 Investments in associates 271.1 - 28,044.9 28,316.0 Additions of property, plant and equipment 49,011.8 - 163.3 49,175.1 Additions of intangible assets 4,558.0 - - 4,558.0 Waste management Net sales 6,073,866.7 843,672.9 315,182.6 7,232,722.2 Total assets 8,478,251.5 508,470.6 364,575.9 9,351,298.0 Additions of property, plant and equipment 823,269.5 28,506.1 7,544.1 859,319.7 Water supply Net sales - 1,385,604.3 - 1,385,604.3 Total assets - 2,958,547.7 - 2,958,547.7 Additions of property, plant and equipment - 6,740.9 - 6,740.9 Additions of intangible assets - 174,073.6 - 174,073.6

4. Cost of sales

09/30/2018 09/30/2017 In Pesos In Pesos

Freight 271,396,232 154,196,205 Subcontracts 2,635,899,964 2,577,252,975 Salaries, wages and social security contributions 7,462,073,744 7,040,535,590 Fees for professional services 157,798,300 101,497,884 Hardware and software services 17,415,157 15,731,695 Taxes, rates and contributions 48,272,062 58,965,320 Depreciation and amortization 1,216,885,175 549,249,221 Maintenance expenses 810,428,451 645,109,669 Rail car expenses 188,665,883 183,933,738 Travel expenses 269,511,866 100,673,094 Insurance 247,549,721 243,935,757 Water and electricity services 440,997,534 398,736,935 Telephone, internet and communications 16,570,583 11,117,599 Rental 959,412,211 677,087,825 Stationery and printed material 5,126,398 3,929,392 Adjustment due to higher costs (3,011,341,483) (2,965,798,648) Materials and spare parts 2,697,820,682 2,094,569,211 Security and surveillance 59,382,480 61,786,143 Litigation, insurance claims and penalties 76,904,389 72,227,812 Sundry 133,134,402 126,183,467 Total 14,703,903,751 12,150,920,884

23 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

5. Administrative expenses 09/30/2018 09/30/2017 In Pesos In Pesos

Subcontracts 176,295,560 171,501,024 Salaries, wages and social security contributions 1,660,915,141 1,618,802,935 Fees for professional services 332,618,799 243,991,497 Bid and proposal costs 5,230,175 2,620,236 Hardware and software services 14,200,667 16,781,648 Taxes, rates and contributions 364,618,298 319,825,998 Depreciation and amortization 144,711,203 124,394,359 Maintenance expenses 27,705,330 32,306,665 Travel expenses 56,371,644 50,601,761 Insurance 33,869,415 27,906,544 Water and electricity services 4,115,849 3,433,743 Telephone, internet and communications 30,543,975 39,194,066 Rental 29,790,596 28,448,841 Press and media 62,947,203 70,573,038 Stationery and printed material 31,221,394 28,445,884 Adjustment due to higher costs (539,826,472) (483,026,425) Materials and spare parts 4,201,285 4,419,860 Security and surveillance 5,677,996 4,226,440 Litigation, insurance claims and penalties 2,145,832 2,407,950 Sundry 52,204,751 56,213,368 Total 2,499,558,641 2,363,069,432

6. Selling and other operating expenses 09/30/2018 09/30/2017 In Pesos In Pesos Subcontracts 87,743,118 162,637,173 Salaries, wages and social security contributions 1,505,767,240 1,617,964,085 Fees for professional services 34,871,710 30,537,980 Taxes, rates and contributions 318,519,683 313,615,924 Depreciation and amortization 104,964,870 114,234,237 Maintenance expenses 92,036,135 70,704,496 Commissions and fee 36,917,020 44,343,862 Travel expenses 13,278,450 13,329,897 Insurance 48,821,837 59,360,295 Telephone, internet and communications 29,470,081 34,626,277 Rental 112,825,771 30,044,266 Press and media 13,836,120 17,158,613 Stationery and printed material 724,467 1,139,883 Adjustment due to higher costs (1,060,621,658) (1,075,782,217) Materials and spare parts 16,613,000 12,615,080 Security and surveillance 4,746,622 4,309,604 Litigation, insurance claims and penalties 223,863,000 178,481,349 Sundry 9,194,116 9,215,189 Total 1,593,571,582 1,638,535,993

7. Financial income and expenses 09/30/2018 09/30/2017 Financial income In Pesos In Pesos

Interest generated by assets 70,932,110 29,760,058 Foreign currency exchange differences generated by assets 490,508,965 45,589,587 Other financial results 60,503,140 5,747 Total 621,944,215 75,355,392

24 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

09/30/2018 09/30/2017 Financial expenses In Pesos In Pesos

Interest generated by liabilities (710,636,516) (826,751,017) Foreign currency exchange differences generated by liabilities (6,099,879,741) 330,481,690 Financial commissions (10,824,363) (18,800,979) Other financial expenses (347,664,137) (353,752,091) Loss due to the effect of inflation on net monetary position (977,156,442) (429,412,475) Total (8,146,161,199) (1,298,234,872)

8. Net gain in associates 09/30/2018 09/30/2017 In Pesos In Pesos

Covisur S.A. 5,959,482 1,733,410 Polledo S.A.I.C.y F. 1,216,258 (1,971,913) Autovía del Mar S.A. (8,899,508) 166,565 CV1 - Concesionaria Vial S.A. 38,737,473 3,886,207 Transportel Patagónica S.A. 8,702,535 7,928,558 Benito Roggio e Hijos S.A. - Paraguay - (2,055,834) Sundry 1,436,662 5,708,624 Total 47,152,902 15,395,617

9. Earnings per share Earnings per share is calculated by dividing the result for the period attributable to Clisa´s shareholders by the average number of outstanding ordinary shares during the period.

09/30/2018 09/30/2017 In Pesos In Pesos

Net loss for the period (5,600,525,163) (68,505,278) Weighted average common shares outstanding 96,677,524 96,677,524 Basic and diluted loss per share (Ps. per share) (57.93) (0.71)

10. Property, plant and equipment, net

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

Heavy machinery and equipment 2,715,950,956 164,080,456 (26,099,449) 71,910,868 329,827,555 1,175,985,016 (136,755) 4,431,518,647 Vehicles 1,060,020,724 54,215,668 (12,727,830) (45,153,839) 8,386,824 - - 1,064,741,547 Furniture and fixtures and 516,539,848 54,883,677 (1,712,864) 3,596,903 64,672,609 - - 637,980,173 computer hardware Equipment 34,110,509 ------34,110,509 Real estate 991,862,181 2,963,698 - 2,693,790 237,129,494 492,570,986 2,991,000 1,730,211,149 Building improvements 830,422,710 391,130,719 - 900,362,411 - (327,806,996) - 1,794,108,844 Minor equipment 1,692,801,999 98,882,899 (7,949,475) (93,893,341) 184,463,545 201,252 - 1,874,506,879 Permanently installed equipment 1,371,658,389 147,985,315 (739,351) (1,031,805,125) (14,140,422) - - 472,958,806 Heavy vehicles - 59,033,989 (2,365,929) 288,799,758 62,977,919 230,846,634 (232,213) 639,060,158 Water treatment plants 8,370,000 ------8,370,000 Transformers - 2,546,686 - 8,421,579 - 20,203,093 (395,303) 30,776,055 Rail car improvements 225,283,408 ------225,283,408 Land 1,856,489,521 - - - 548,170,968 1,395,946,924 - 3,800,607,413 Construction in progress 99,570,877 35,565,753 - (70,600,843) (445,632) - - 64,090,155 Others 14,248,759 2,974,477 (132,910) (3,231,533) - - - 13,858,793 Advances for purchases 35,696,983 38,346,702 (11,193,018) (31,100,628) 11,193,017 - - 42,943,056 Total as of 09/30/2018 11,453,026,864 1,052,610,039 (62,920,826) - 1,432,235,877 2,987,946,909 2,226,729 16,865,125,592 Total as of 09/30/2017 9,593,397,337 1,078,717,727 (111,185,394) 509,512 (71,176,628) 38,580,813 (80,992,143) 10,447,851,224

25 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

Accumulated depreciation Net carrying Net carrying Balances as of Currency Adjustments Balances as of Items Amount for value as of value as of the beginning Deductions Transfers translation for the end of the the period 09/30/2018 09/30/2017 of the period differences revaluation period

Heavy machinery and equipment - 14,903,947 (468,254,758) (5,335,642) (319,909) 459,006,362 - 4,431,518,647 2,376,392,118 Vehicles (692,784,880) 10,318,055 (133,833,151) 131,465,900 (15,735,782) - (700,569,858) 364,171,689 367,121,652 Furniture and fixtures and (373,885,693) 352,817 (70,926,619) 281,723 (42,000,276) - (486,178,048) 151,802,125 138,442,485 computer hardware Equipment (34,110,509) - - - - - (34,110,509) - - Real estate - - (29,097,926) - (808,513) 29,906,439 - 1,730,211,149 991,295,869 Building improvements (183,030,727) - (337,081,036) (417,082,759) - 754,163,795 (183,030,727) 1,611,078,117 614,772,328 Minor equipment (1,110,670,754) 3,941,155 (115,698,354) 19,981,012 (99,482,200) - (1,301,929,141) 572,577,738 456,062,763 Permanently installed equipment (812,052,484) 30,924 (52,185,143) 416,949,396 17,074,311 - (430,182,996) 42,775,810 582,921,188 Heavy vehicles - 195,345 (59,444,743) (141,041,907) 13,002,781 187,288,524 - 639,060,158 2,720,900 Water treatment plants (5,859,000) - (627,000) - - - (6,486,000) 1,884,000 - Transformers - - (4,464,995) (5,217,723) - 9,682,718 - 30,776,055 - Rail car improvements (225,283,408) - - - - - (225,283,408) - 1,528,278,313 Land ------3,800,607,413 88,782,945 Construction in progress (37,375) 37,375 (6,958,855) - - - (6,958,855) 57,131,300 4,496,786 Others (11,818,934) - - - - - (11,818,934) 2,039,859 97,693,152 Advances for purchases ------42,943,056 - Total as of 09/30/2018 (3,449,533,764) 29,779,618 (1,278,572,580) - (128,269,588) 1,440,047,838 (3,386,548,476) 13,478,577,116 Total as of 09/30/2017 (2,950,092,578) 52,209,568 (644,008,706) - 10,482,157 332,538,834 (3,198,870,725) 7,248,980,499

Assets recorded under "Heavy machinery and equipment", "Land" and "Buildings" are valued through the revaluation model described in the IAS 16. Revaluations are performed with sufficient frequency if there are indications that the carrying value significantly differs from the value that could be determined using the fair value at the end of the reporting year-end. The higher recorded amount is shown in equity as a “Balance of revaluation” and is transferred to retained earnings when the asset is written-off. In addition, in the present period, the assets classified as “Heavy vehicles”, “Transformers” and “Building improvements” were recorded at the fair value arising from the revaluation of such assets, resulting in a Ps. 874,377,768 increase. The change in the policy has been applied prospectively from these Special Condensed interim financial statements. Further, at the end of each year, the balance of revaluation is transferred to retained earnings as the assets are amortized to reflect the reversal of the revaluation throughout the useful life of the asset. 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. 4,427,994,747, which is disclosed in the statement of changes in equity, net of the effect of the deferred income tax. 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 and improvements, possibility of access, the benefit of potential improvements made, among other factors - were used.

11. Goodwill 09/30/2018 09/30/2017 In Pesos In Pesos

Opening balances, net 268,910,302 283,504,167 Effect of currency translation differences 160,196,919 (14,721,411) Impairment - (3,857,901) Closing balances, net 429,107,221 264,924,855

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.

26 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

12. Intangible assets other than Goodwill

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

Biogas capture and treatment 72,214,467 - - - - 72,214,467 Development expenses ------Concession rights 3,986,996,618 121,500,061 (41,000) - - 4,108,455,679 Assistance contract 110,206,607 - - - - 110,206,607 Software 109,710,892 12,066,922 - 5,106 17,297,048 139,079,968 Other intangible assets 8,743,272 486,970 - (5,106) 614,842 9,839,978

Total as of 09/30/2018 4,287,871,856 134,053,953 (41,000) - 17,911,890 4,439,796,699 Total as of 09/30/2017 4,011,941,735 179,221,050 (157,239) - (6,273,865) 4,184,731,681

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 09/30/2018 09/30/2017 of the period differences of the period

Biogas capture and treatment (50,028,592) - (16,639,406) - (66,667,998) 5,546,469 31,180,548 Development expenses ------2,734,532 Concession rights (2,120,468,508) 41,000 (161,466,828) - (2,281,894,336) 1,826,561,343 1,794,306,132 Assistance contract (110,206,607) - - - (110,206,607) - - Software (88,674,123) - (9,688,865) (20,390,474) (118,753,462) 20,326,506 14,321,335 Other intangible assets (4,637,005) - (193,569) (614,842) (5,445,416) 4,394,562 4,124,829

Total as of 09/30/2018 (2,374,014,835) 41,000 (187,988,668) (21,005,316) (2,582,967,819) 1,856,828,880 Total as of 09/30/2017 (2,195,713,586) 144,759 (143,869,111) 1,373,633 (2,338,064,305) 1,846,667,376

13. Investments in associates

Ownership 09/30/2018 12/31/2017 Associates percentage (1) In Pesos In Pesos

CV1 - Concesionaria Vial S.A. 51.00% 144,533,436 98,086,617 Transportel Patagónica S.A. 45.00% 38,323,792 31,407,215 Tranelpa S.A. de Inversión 42.12% 529,690 701,347 Autovía del Mar S.A. 26.67% 24,160,149 36,936,061 Concessionaria Do VLT Carioca S.A. 0.25% 6,015,430 5,044,411 Concesionaria do Monotrilho da Linha 18 – Bronze S.A. 1.00% 3,420,000 28,679,389 Covisur S.A. 25.00% 18,314,877 16,357,667 Sundry - 22,115,599 6,591,601 Total 257,412,973 223,804,308

(1) It is the ownership percentage held by CLISA or the pertinent subsidiary of CLISA. In order to apply the equity method, the Company used the financial statements of its associates as of September 30, 2018, except for CV1 - Concesionaria Vial S.A., for which financial statements as of July 31, 2018 were used. The pertinent adjustments were made on the financial statements to show the effects of the transactions and significant events that took place between the dates referred to in the financial statements of this associate until September 30, 2018.

(a) As of September 30, 2018

Issuer information 09/30/2018 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) - 09/30/2018 287,914 70,635,338 1,483,425 129,254,509 - 2,633,775 CV1 - Concesionaria Vial S.A. 144,533,436 07/31/2018 905,716,231 13,044,133 598,513,327 36,848,143 508,794,481 75,955,830 Transportel Patagónica S.A. 38,323,792 09/30/2018 171,126,282 1,650,343 87,221,244 - 339,712,590 19,264,854 Tranelpa S.A. de Inversión 529,690 09/30/2018 9,199 1,244,770 38,157 - - (3,947) Autovía del Mar S.A. 24,160,149 09/30/2018 1,254,115,627 146,387,069 1,024,968,277 278,005,585 871,686,761 (33,728,237) Covisur S.A. 18,314,877 09/30/2018 111,277,432 9,647,141 33,960,548 13,704,517 11,404,215 23,837,929 Concessionaria Do VLT Carioca S.A. 6,015,430 Concessionaria do Monotrilho da Linha 18 – Bronze S.A. 3,420,000 Sundry 22,115,599 Total 257,412,973

27 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

(b) As of December 31, 2017

Issuer information 12/31/2017 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) - 12/31/2017 203,069 63,193,975 1,597,312 118,517,066 - (7,576,524) CV1 - Concesionaria Vial S.A. 98,086,617 10/31/2017 1,254,721,787 22,592,346 1,038,761,935 46,225,497 1,386,370,954 13,642,420 Transportel Patagónica S.A. 31,407,215 12/31/2017 281,416,788 8,735,806 192,171,759 4,752,369 345,360,046 35,181,800 Tranelpa S.A. de Inversión 701,347 12/31/2017 12,718 1,648,392 50,523 - - - Autovía del Mar S.A. 36,936,061 12/31/2017 1,315,710,348 499,461,548 762,071,930 904,946,047 738,149,231 1,995,545 Covisur S.A. 16,357,667 12/31/2017 112,519,101 15,940,826 26,929,756 14,936,873 4,698,661 (543,037) Concessionaria Do VLT Carioca S.A. 5,044,411 Concessionaria do Monotrilho da Linha 18 – Bronze S.A. 28,679,389 Sundry 6,591,601 Total 223,804,308

(1) Investment disclosed in “Other liabilities”

The following chart presents the evolution of investments in associates as of September 30, 2018 and 2017:

09/30/2018 09/30/2017 In Pesos In Pesos Opening balance 223,804,308 291,486,886 Net gain in associates 45,936,644 17,367,530 Others (12,327,979) 25,094,009

Closing balance 257,412,973 333,948,425

14. Other investments 09/30/2018 12/31/2017 In Pesos In Pesos

Current Government bonds 1,236,735 69,545,338 Other financial investments 79,455,442 109,260,144 Total 80,692,177 178,805,482

15. Cash and cash equivalents 09/30/2018 12/31/2017 In Pesos In Pesos

Cash and banks 404,847,025 365,540,857 Investments equivalents to cash 1,019,631,661 1,194,764,028 Specific allocation funds 344,001,730 299,472,350 Total 1,768,480,416 1,859,777,235

16. Bank and financial debts 09/30/2018 12/31/2017

In Pesos In Pesos Non-Current Loans 816,457,597 133,925,989 Financial leases (Note 17) 77,917,842 108,845,903 Corporate bonds 12,454,708,107 7,399,815,124 Other bank and financial debts 256,148 633,811 Subtotal 13,349,339,694 7,643,220,827 Self-liquidating debts 77,934,685 - Total 13,427,274,379 7,643,220,827

Current Loans 1,114,149,999 944,551,004 Financial leases (Note 17) 61,460,442 55,610,886 Overdraft 206,313,403 37,759,801 Corporate bonds 294,225,011 623,843,274 Other bank and financial debts 87,086,160 28,600,414 Subtotal 1,763,235,015 1,690,365,379 Self-liquidating debts 1,327,346,785 1,500,024,532 Total 3,090,581,800 3,190,389,911

28 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

09/30/2018 12/31/2017 Bank and financial debts per kind of interest rate In Pesos In Pesos

No rate applicable 35,906,791 20,211,282 Fixed rate 15,199,556,179 10,111,189,294 Variable rate 1,282,393,209 702,210,162 Total 16,517,856,179 10,833,610,738

09/30/2018 12/31/2017 Bank and financial debts per currency In Pesos In Pesos

In Pesos 2,683,662,318 2,418,536,220 In U.S.$ 13,124,753,984 7,932,370,900 In Nuevos Soles 40,347,455 132,648,521 In Chilean Pesos 36,230,610 13,019,387 In Euros 219,729,754 87,485,020 In Guaraníes 413,132,058 249,486,414 In Reals - 64,276 Total 16,517,856,179 10,833,610,738

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.$300,000,000 (the “Series 4 Notes”). The Series 4 Notes are payable in one instalment due on October 15, 2019 and accrue interest at a nominal annual rate of 11.5%, payable semi-annually. The Series 4 Notes outstanding balance is U.S.$ 17,601,148 and are guaranteed by BRH and Cliba Ingeniería Ambiental S.A. 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. 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 may affect the interest payment on the Notes due on January 20, 2019. This derivative financial instrument was recorded in Other comprehensive income, since it is considered to be a cash flow hedge.

29 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

17. Financial leases Described below are financial lease contracts outstanding at September 30, 2018 and December 31, 2017 and the present value of minimum lease payments grouped by lessor.

As of September 30, 2018 Present value of minimum Lessor Object of the contract Amount of leases payments In Pesos Banco de Crédito del Perú Machinery and equipment 3 18,839,112 Banco de Crédito del Perú Vehicles 2 612,676 Banco de Crédito del Perú Minor equipment 1 5,503,189 Banco Financiero del Perú Vehicles 1 482,194 Banco Interamericano de Finanzas Machinery and equipment 1 743,605 Banco Internacional del Perú Machinery and equipment 3 1,640,954 BBVA Continental Vehicles 1 13,635,458 Santander Chile Vehicles 1 5,039,567 Santander Chile Machinery and equipment 3 5,358,556 Santander Chile Minor equipment 1 4,436,848 Caterpillar Financial Services Machinery and equipment 13 51,059,939 Mercedes Benz Compañía Financiera Arg. S.A. Vehicles 3 602,990 HP Financial Leasing Computer hardware 1 11,777,200 HP Financial Services Argentina S.R.L. Computer hardware 2 19,645,996 Total 139,378,284

(a) As of December 31, 2017 Present value of minimum Lessor Object of the contract Amount of leases payments In Pesos Banco de Crédito del Perú Machinery and equipment 3 14,419,093 Banco de Crédito del Perú Vehicles 2 686,689 Banco de Crédito del Perú Minor equipment 1 4,327,708 Banco Financiero del Perú Vehicles 1 533,453 Banco Interamericano de Finanzas Machinery and equipment 1 770,818 Interbank Machinery and equipment 4 2,555,876 BBVA Continental Vehicles 1 12,614,326 Santander Chile Vehicles 1 4,596,794 Santander Chile Machinery and equipment 3 4,598,356 Santander Chile Minor equipment 1 3,824,247 Caterpillar Financial Services Machinery and equipment 13 86,935,230 Mercedes Benz Compañía Financiera Arg. S.A. Vehicles 3 1,942,684 HP Financial Leasing Computer hardware 1 8,553,205 HP Financial Services Argentina S.R.L. Machinery and equipment 6 18,098,310 Total 164,456,789

09/30/2018 12/31/2017 In Pesos In Pesos Nominal value – Minimum payments of leases Up to a year 81,652,382 88,717,378 From one to five years 96,335,818 143,208,545 Total 177,988,200 231,925,923 Financial charges to accrue (38,609,916) (67,469,134) Total debt for financial leases 139,378,284 164,456,789

Present value of financial leases is the following: 09/30/2018 12/31/2017 In Pesos In Pesos Present value – Minimum payments of financial leases Up to a year 61,460,442 55,610,886 From one to five years 77,917,842 108,845,903 139,378,284 164,456,789 Total

30 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

18. Allowances and provisions for contingencies (a) 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 297,599,608 87,536,638 (32,451,002) - (80,299,712) 4,918,960 277,304,492 Allowance for other receivables 109,943,456 1,059,959 - - (27,056,239) 57,782,276 141,729,452 Allowance for inventory obsolescence 135,052,768 119,539,927 - - 29,862,346 - 284,455,041 Allowance for investment losses 707,470 - - - (173,156) - 534,314 Provisions for contingencies 630,335,216 338,674,552 (165,214,198) (1,879,345) (143,266,181) (30,475,545) 628,174,499

(b) For the period ended September 30, 2017

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 315,333,858 72,371,907 (36,042,083) - (49,572,766) 436,283 302,527,199 Allowance for other receivables 116,089,041 6,065,798 - (2,151,703) (17,816,828) 7,638,711 109,825,019 Allowance for inventory obsolescence 128,937,067 24,835,162 - - 3,771,102 - 157,543,331 Allowance for investment losses 882,891 - - - (131,954) - 750,937 Provisions for contingencies 580,357,711 279,495,299 (146,513,616) (2,795,658) (91,947,052) - 618,596,684

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

Balances with related parties as of September 30, 2018 are as follow:

Non- Non- Current Current Current Current Current Current Companies Other Trade Other Trade Other Other receivables receivables liabilities payables receivables liabilities Parent Company Roggio S.A. - - 1,507,314 - - -

Associates Autovía del Mar S.A. - - 195,763,691 - 23,052,795 21,009 Concanor S.A. - 515,534 - - - - Concesionaria Monotrilho Linha 18 - - - - 1,105,648 - Consorcio Boleto Inteligente de Paraguay - 1,172,104 116,411 - - - 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. - 1,500,000 470,475 - 16,586,745 - CV 1 - Concesionaria Vial S.A. - - 189,316,400 1,788,730 848,620 - Ferrometro S.A. - - 20,842,744 - - - Polledo Do Brasil Concessões e Investimentos - 29,172,633 - - 196,525 - Ltda. Polledo S.A.I.C. y F. 27,105,446 - - - - - Puentes del Litoral S.A. 628,146 1,613,273 - - - - SOE S.A. - - 171,678 - - 21,629 SOFE S.A. - 576,442 - - - - Transportel Minera 2 S.A. - - - - - 205,512 Transportel Patagónica S.A. - - 679,962 355,098 - -

Other related parties CET S.A. - - 174,144 - - - Roggio A.C.E. - 274,541,964 - - - - B.R.H. S.A. - 31,301,993 - - - - BSA Empreendimentos Imobiliários Ltda - 3,768,203 - - - - Benito Roggio Foundation 68,000 - - - - - Benito Roggio Paraguay – Joint ventures - 193,819,805 - - 27,015,216 Sundry 329,323 882,860 671,276 650,525 561,907 4,938 TOTAL 28,624,339 346,474,784 619,403,208 2,794,353 42,352,240 27,268,304

31 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

Balances with related parties as of December 31, 2017 are as follow:

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

Parent Company Roggio S.A. - - 651,848 ------Associates ------Autovía del Mar S.A. - - 137,182,259 - 82,066,112 27,817 Concanor S.A. - 682,604 - - - - Concesionaria VLT Carioca - - 408,746 - - - Concesionaria Monotrilho Linha 18 - - - 25,811,450 1,384,460 - Consorcio Boleto Inteligente de Paraguay - 1,515,385 154,136 11,399 - - Coviares S.A. - - 21,012,099 - - - Covicentro S.A. - 546,083 - - - - Covimet S.A. 653,329 732,701 - - - - Covinorte S.A. - 614,344 - - - - Covisur S.A. - 1,986,107 639,276 - 20,939,023 - CV 1 - Concesionaria Vial S.A. - - 262,647,824 2,368,406 6,419,920 - Ferrometro S.A. - - 27,597,284 - - - Polledo Do Brasil Concessões e Investimentos - 24,418,264 - - 164,802 - Ltda. Polledo S.A.I.C. y F. 32,509,159 - - - - - Puentes del Litoral S.A. 831,710 2,136,089 - - - - SOE S.A. - - 184,454 - - 28,638 SOFE S.A. - 470,692 - - - - Transportel Minera 2 S.A. - - - - - 272,113 Transportel Patagonica S.A. - - 363,990 470,175 1,778,834 -

Other related parties CET S.A. - - 188,227 - - - Roggio A.C.E. - 317,913,603 - - - - B.R.H. S.A. - 27,943,227 - - - - Benito Roggio Paraguay – Joint ventures - - 152,465,878 - - 29,556,311 Sundry 355,810 1,215,412 888,817 861,342 480,614 28,816 TOTAL 34,350,008 380,174,511 604,384,838 29,522,772 113,233,765 29,913,695

(b) Transactions with related parties:

09/30/2018 09/30/2017 In Pesos In Pesos

Services rendered Parent Company Roggio S.A. 5,289,519 1,861,421

Associates Autovía del Mar S.A. 598,719,478 165,084,615 Covisur S.A. 126,799 133,750 CV1 - Concesionaria Vial S.A. 306,878,877 407,675,322 Transportel Patagónica S.A. 12,423,156 1,501,745 BRH - Supercemento - Cartellone UTE - 6,858,581 Concessionaria Monotrilho Linha 18 - 800,809 Concessionaria Do VLT Carioca S.A. 5,155,805 2,453,237 Other related parties Benito Roggio Paraguay – Joint ventures 196,029,026 - Sundry 1,349,536 1,485,870 Total 1,125,972,196 587,855,350

Services contracted Other related parties

Benito Roggio Paraguay – Joint ventures (1,513,460) - Sundry (25,824) (22,897) Total (1,539,284) (22,897)

32 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

20. Additional information about the Special Condensed Interim Consolidated Cash Flow Statement Below are disclosed the significant investing and financing transactions not affecting cash or cash equivalents: 09/30/2018 09/30/2017

In Pesos In Pesos

Acquisition of intangible assets financed with debt - 4,192,286 Acquisition of property, plant and equipment financed with debt 292,043,213 4,267,699 Distribution of dividends, compensated with receivables 275,433 - Dividends from associate companies, not yet collected - 4,343,912

21. Encumbered and restricted assets The table below provides a detail of the encumbered and restricted assets as of September 30, 2018:

Detail Value of asset Type of debt Amount of debt Type of guarantee 601,795,346 307,150 Machinery and equipment Commercial Pledge 51,481,828 36,522,266 Machinery and equipment Bank Leasing 16,076,508 20,000 Machinery and equipment Bank Pledge 254,512,851 51,059,937 Machinery and equipment Financial Leasing 1,574,441,893 94,527,344 Real estate Bank Mortgage 1,707,687,302 - Real estate - Writs of attachment 40,023,053 19,769,895 Vehicles Bank Leasing 1,184,322 546,176 Vehicles Bank Pledge 147,874,954 9,051,669 Vehicles Commercial Pledge 3,850,004 602,990 Vehicles Financial Leasing 8,629,267 31,423,196 Computer hardware Financial Leasing 30,000 30,000 Guarantee deposits Bank Writs of attachment 406,120,344 265,479,263 Certificates receivable Bank Pledge 148,351,986 99,200,726 Trade receivables Bank Pledge 1,776,023,244 1,898,316,601 Assignment as security Trade receivables Bank of collection rights 4,739,117 Banks - - Writs of attachment Total 6,742,822,019

Other current investments includes fixed- term deposits for Ps. 79,455,442 as of September 30, 2018 and Ps. 82,518,310 as of December 31, 2017, 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.

22. 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.

23. Changes in accounting standards a) Standards, amendments and interpretations that came into force as from the year commenced January 1, 2018: IFRS 15 – “Revenue from contracts with customers” is a standard on revenue recognition agreed between IASB and FASB (Financial Accounting Standards Board), which permits improvements in the financial reports on revenue, facilitating comparability at an international level. This standard was issued in May 2014. The application of this amendment did not have a significant impact on these Special Condensed interim Consolidated Financial Statements. Amendments to IFRS 9 - “Financial Instruments” (issued in July 2014): The full version of this standard was issued in July 2014, which includes Section 6 regarding hedge accounting. IFRS 9 eases the requirements for the effectiveness of the hedging instruments as it has replaced the hedge effectiveness testing rules. It requires the existence of an economic link between the hedged item and the hedging instrument and the coverage ratio is the same as that used by management to risk management. It continues the requirement of existence of formal documentation of the hedging relationship at the beginning of it but it is different to which was made under IAS 39. Also, this standard model incorporates expected credit losses replacing the impairment model value of financial assets used in IAS 39. The application of this amendment did not have a significant impact on these Special Condensed Interim Consolidated Financial Statements. Amendments to IAS 40 “Investment Property”: These amendments clarify that transfers to, or from, investment property should only be made when there is a change in use. This change must be supported with evidence. The application of this amendment did not have a significant impact on these Special Condensed Interim Consolidated Financial Statements. IFRIC 22 “Foreign currency transactions and consideration in advance”: This standard addresses foreign currency transactions or parts of transactions where there is a consideration that is denominated or priced in a foreign currency. The interpretation provides a guideline when there is a single payment/receipt, as well as for situations in which there are multiple payments/receipts. It is aimed at reducing

33 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format diversity in practice. The application of this amendment did not have a significant impact on these Special Condensed Interim Consolidated Financial Statements. b) Standards, amendments and interpretations that came into force as from July 1, 2018 IAS 29 “Financial Reporting in Hyperinflationary Economies”: This standard 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 the balance sheet date regardless of whether the financial statements are based on an historical cost approach or current cost approach. For that purpose, in general terms, non-monetary items must be restated by applying the change in a relevant price index since the date of acquisition or the date of revaluation, as appropriate. Comparative information disclosed in financial statements must also be restated. In short, IAS 29 establishes that monetary items are not restated because they are already expressed in terms of the monetary unit current at the end of the reporting period. Assets and liabilities subject to adjustments in accordance with specific agreements, shall be restated based on these agreements. Non-monetary items that are carried at amounts current at the end of the reporting period, such as net realizable value or others, shall not be restated. All other non-monetary assets and liabilities are restated by applying a general price index. The gain or loss on the net monetary position is included in profit or loss and must be disclosed separately. c) Standards, amendments and interpretations which have not yet come into force for fiscal years beginning on or after January 1, 2018 and have not been early adopted. Amendments to IFRS 9 - “Financial Instruments“, Prepayment Features with Negative Compensation: the amendment confirms that in case of a modification or exchange of a financial liability measured at amortized cost that does not result in the derecognition of the financial liability, a profit or loss must be immediately recognized at the date of the modification or exchange. This amendment was published in October 2017 and will be applicable for annual periods beginning on or after January 1, 2019. IFRS 16 "Leases": it eliminates, in the case of leases, the distinction between “financial lease” agreements disclosed in the balance sheet and the “operating leases” for which no recognition of future lease installments is required. Instead, a single model is developed similar to that of the current financial lease. This standard is applicable for annual periods commencing on January 1, 2019. The Company is assessing the possible impacts of this standard, which are not expected to be significant on a preliminary basis. IFRIC 23 “Uncertainty over income tax treatments”: This standard clarifies how recognition and measurement requirements under IAS 12 “Income Tax” are to be applied when there is uncertainty over income tax treatments. This standard was issued in June 2017 and is effective for annual reporting periods beginning on or after January 1, 2019. Amendments to IAS 19 “Employee benefits”: these amendments require an entity to use updated assumptions to determine current service cost and net interest for the reminder of the period after a plan amendment, curtailment or settlement; and to recognise in profit or loss as part of past service cost, or a gain or loss on settlement, any reduction in a surplus. These amendments were published in February 2018 and are effective for annual reporting periods beginning on or after 1 January 2019. There are no other IFRS or IFRIC interpretations not yet in effect which are expected to have a material impact on the Company.

24. Commitments, contingencies and restrictions on the distribution of profits (a) Commitments Below is a detail of the guarantees provided as of September 30, 2018:

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) 52,800,000 BRH

118,498,594

(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. 647,154 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. 15,272 underwritten by Boston Compañía Argentina de Seguros S.A. for an amount of 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, 2018, 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.

34 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

(b) 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. (c) Contingencies Described below are the administrative, judicial and out-of-court proceedings in the ordinary course of business to which subsidiaries and/or associates of Clisa are parties. Bearing in mind the opinion of the legal counsel and professional advisors and the allowances and provisions for contingencies recorded at the end of the reporting year-end, the Company believes that these cases, of the cumulative effect of all of them taken as a whole, will not produce a significant adverse effect on the financial position of the Company, or on the future results of its operations. I) Metrovías S.A.: a) Fine for infringements of safety and health regulations The Government of the City of Buenos Aires imposed Metrovías a fine of Ps. 3,155,000 for alleged infringement of safety and health regulations. This resolution has not become final, as it was appealed as and when prescribed by law, and in view of the fact that this is an administrative act that imposes a penalty, payment of the fine may not be demanded until the appeal is ruled on. On September 3, 2014, the lower court judge partially sustained the appeal filed by Metrovías and reduced the fine to Ps. 2,500,000. Said ruling had been appealed by the company. On September 5, 2016, Panel I of the Tax Litigation Court for the City of Buenos Aires rejected the appeal filed by Metrovías, thus confirming the first instance court ruling. In view of this situation, Metrovías filed an ordinary appeal for review by the Supreme Court of the City of Buenos Aires which was rejected and, later, an extraordinary appeal, which was rejected as well. In view of this, Metrovías S.A. filed a denied appeal with Argentina's Supreme Court. This motion was rejected. Consequently, Metrovías is waiting for an updated computation of the amount of the fine and, considering that, recorded a provision. b) Turnover tax - Province of Buenos Aires (I) In 2004, the DGRPBA notified differences in favor of that Board arising from an underpayment of the turnover tax for fiscal periods 1996 and 1997, invoking the taxability of the subsidies granted by the National Government and of the operations carried out on behalf of third parties and for their account. After various presentations and appeals, and in view of the changes in current legislation, on July 20, 2006, when answering the notice of the Appeal and after the amendment to that legislation, the Tax Authority admitted that Metrovías had sufficient grounds for the treatment accorded to the subsidies granted by the National State. In May 2007, Metrovías was notified of the Province of Buenos Aires Tax Court resolution dated April 30, 2007, whereby the appeal lodged was partially sustained, admitting the position of Metrovías regarding the subsidies, the extension of the joint liability for the fines for the periods predating July 2006 and for the surcharges. Finally, in view of the certain possibility that the Courts demand prior payment of the tax to analyze the claim, Metrovías adhered to an Instalment Payment Plan established by the Collection Agency for the Province of Buenos Aires for Ps. 0.34 million, which Metrovías recognized as a loss. This liability had been paid off as of the date of issuance of these financial statements. c) Turnover tax - Province of Buenos Aires (II) On July 24, 2006, Metrovías was notified of a summary assessment proceeding filed by the Revenue Bureau of the Province of Buenos Aires, which claims differences in its favor for having underpaid turnover tax in the fiscal periods 2002 and 2003 invoking the taxability of the subsidies granted and claiming the depositing of tax differences for Ps. 222,281 and Ps. 465,238 respectively. On August 9, 2006, Metrovías submitted a rebuttal rejecting the tax authority’s claim. On December 27, 2006, the Tax Authorities informed Metrovías of the assessment of its tax obligation, accepting its position in relation to the subsidies but rejecting the remaining aspects. On February 20, 2007, Metrovías appealed this resolution at the Province of Buenos Aires Tax Court. On August 28, 2013 the Tax Tribunal notified Metrovías the tax court resolution whereby the appeal lodged was partially sustained. On February 13, 2014, Metrovías interposed a lawsuit for the detracted party. (d) Metrovías was notified of an unfavorable ruling of the Argentine Tax Court in the amount of Ps. 20.3 million, due to a different criterion for the allocation to income tax of the accrual of deferred income, in a dispute with the Tax Authority since 2006 for which, in the opinion of the company’s advisors, there were grounds in favor of the company’s position; in support of its position, the company had adhered to a payment plan. (e) On June 16, 2017, Metrovías was notified of AFIP Resolution No. 62/2017, whereby the tax authority contested the income tax returns for the tax years ended December 31, 2009, December 31, 2010 and December 31, 2011, claiming the inclusion of presumptive interest on the transactions conducted on behalf of Ferrometro S.A. The tax assessment performed by AFIP involved a difference of Ps. 0.59 million in the tax amount payable, interests for Ps. 1.3 million and a fine of Ps. 0.41 million. Metrovías appealed such resolution before the Argentine Tax Court on July 11, 2017 and notified AFIP of said appeal on July 13, 2017. According to its tax advisors’ allegations, the arguments invoked and the evidence submitted by Metrovías, a favorable outcome in this dispute is expected. II) Covisur: a) Value added tax I) On November 27, 1995, Covisur lodged an action for recovery with the AFIP for Ps. 1,273,045 for VAT on indemnities collected according to the Restatement Agreement dated December 15, 1992. This claim includes fiscal periods from February 1993 to October 1995, for which amended tax returns were filed. Covisur had originally calculated the tax on the total amount collected,

35 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

whereas it should have considered that the tax was included in such total. On November 30, 2000, AFIP rejected the action for recovery filed. II) On December 19, 2001, AFIP notified Covisur of a debt assessment of Ps. 6,128,714 corresponding to VAT and accrued interest on indemnities collected as provided for in the Restatement Agreement dated December 15, 1992, corresponding to fiscal periods between December 1995 and November 1999, as AFIP considered that the total amount of those indemnities represented the net taxable amount. Covisur filed an appeal before the National Tax Court claiming non-taxability of the indemnities collected or – if applicable – the consideration of the tax as forming part of the total amount, since the operations were performed with a tax-exempt person. The Tax Court ruled in favor of Covisur and ordered AFIP to prepare a computation. Following several extensions, AFIP filed a computation, which was challenged by the company as it did not include any type of interest. On November 3, 2017 the Tax Court issued a resolution determining the amount of principal and interest for refund to Covisur, which was appealed by AFIP. The appeal was granted by the Tax Court on December 15, 2017. b) Income tax On December 27, 2002, AFIP requested Covisur the payment of Ps. 3,585,754 for Income Tax and interest on indemnities collected under the Restatement Agreement dated December 15, 1992, for the 1997, 1998 and 1999 fiscal years, as AFIP considered that the total amount of those indemnities represented the taxable amount. Conversely, Covisur considers that the indemnities collected are not subject to the tax, alleging that they involve a gross price from which VAT should be deducted rather than added, as AFIP sustains. In addition, Covisur argues that those amounts include a presumed cost of 100%, as AFIP had previously informed in response to a consultation made by the company. In this respect, on February 20, 2003 Covisur filed an appeal before the National Tax Court, after which a ruling seemingly favorable to Covisur was issued. For that reason, Covisur eventually filed a motion for clarification, which was resolved elliptically, although the outcome continues to seem favorable. An appeal has also been filed for the other issues, which is being heard together with the actions on value added tax, consolidated with this appeal, and included in the last paragraph of section a.1) of the chapter “Value Added Tax”.Covisur: III) Aguas Cordobesas S.A.: In February 2008, AFIP started a tax investigation regarding the failure to apply certain income tax withholdings from interest payments to the European Investment Bank (EIB). Being a payment to a promotion entity overseas, the Argentine- sourced income is exempt. In the belief that these exemption operate by force of law, without need for additional provision, ACSA and its advisors consider that there are sufficient grounds for arguing that no income tax withholding is applicable to payments overseas, since these are deemed exempt. However, in December 2008 ACSA was notified of a resolution of a notice given in the administrative proceedings related to Income Tax withholdings from interest payments to the EIB, and the charges for noncompliance with income tax obligations as required by law and its implementing decree, inasmuch as, according to AFIP’s arguments, the financial transaction originating the charges was not tax-exempt, and the interest rate agreed in the financial transaction does not fulfill the condition for the financial transaction to qualify as an incentive loan. The tax amount not withheld is Ps. 2,491,000, net of interest, and corresponds to the withholdings from payments made between December 2003 and December 2007. In view of this fiscal claim, ACSA has answered the notice and the summary proceedings initiated, making factual and legal allegations that confirm the reasonable criterion it followed. During November 2010, ACSA was notified of AFIP Resolution No. 112/2010, which dismissed the evidence offered by that company in its administrative defense against the notification, and No. 118/2010, which determined that the amount owed was Ps. 6,824,000, comprising non-withheld tax, compensatory interest and fines. The fiscal authority’s reasons for rejecting the evidence submitted by ACSA have not modified the latter’s position or its confidence in the arguments supporting its criterion, which is why during December 2010 an appeal was filed before the National Fiscal Court. Finally, on June 28, 2017, the Argentine Tax Court ruled in favor of ACSA, declaring the nullity of AFIP debt assessment resolution. In September 2017 the Argentine Tax Court granted the appeal filed by AFIP against the ruling in favor of ACSA. On November 9, 2017, ACSA submitted a writing answering the appellate brief filed by the AFIP. On February 23, 2018, the file was submitted to Court V of the Federal Court of Appeals on Administrative Litigation, under the file No. 2514/2018. A judgment favorable to ACSA interests was rendered on April 14, 2018, and on June 11 ACSA received notice informing it that the case would be remanded to the trial court and that the judgment in its favor would become firm. IV) Haug S.A. The income tax return for the fiscal year 2008 of Haug S.A. has been examined by the tax administration in Peru, and that company received an observation for non-accrued workforce income for approximately Nuevos Soles 5,080,435, which is currently under challenge. This company’s management and its legal advisors consider that the final outcome of this challenge will not have significant effects on Haug´s financial statements. V) Benito Roggio e Hijos S.A. On May 8, 2018, the National Criminal and Correctional Federal Court No. 7 issued a decision in Case No. 1614/2016 in process before the Secretary No. 13 of said court, through which it has been resolved, amongst other issues, the prosecution of the President of BRH and the seizure of his assets and those of BRH in the amount of Ps. 574 million. On May 11, 2018, the aforementioned resolution was appealed. No resolution regarding this case has been issued at the date of these financial statements. In regards to the seizure of BRH´s assets, said court accepted to limit it only to the BRH headquarters building, in the city of Cordoba, as requested by BRH.

36 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. NOTES TO THE SPECIAL CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS For the nine-month period ended September 30, 2018, presented in comparative format

The Management understands that the actions of the Company and those of its representatives in the contract under investigation have been carried out in full compliance with applicable laws and regulations, and considers that the foregoing will be confirmed in the course of the judicial proceedings. VI) File N° 9608/2018 – JCCF N° 11 On August 15, 2018 Mr. Aldo Benito Roggio appeared before the court in connection with the investigations in process before the Criminal and Correctional Federal Court (File N° 9608/2018 – JCCF N° 11) and was accepted by said court to join the legal regime regulated by Law N° 27,304. Afterwards, Mr. Roggio resigned as Director and Chairman of the Board of Clisa and Mr. Alberto Esteban Verra was appointed new Chairman of the Board. Clisa´s Board of Directors has developed a plan, currently in progress, to assess the impact that the abovementioned facts could have on the Company´s economic and financial condition, as well as to determine the steps to be taken to ensure the fulfilment of the best corporate governance practices.

25. Reconciliation between financial statements expressed in nominal terms and financial statements adjusted for inflation Below there is a reconciliation between the Condensed Interim Consolidated Financial Statements, expressed in nominal terms, and the Special Condensed Interim Consolidated Financial Statements, restated in accordance with IAS 29, as of September 30, 2018: (a) Balance sheet:

09/30/2018 12/31/2017 09/30/2017 12/31/2016

Equity expressed in nominal terms (as per Condensed Interim 212,724,911 673,776,905 599,970,071 543,716,264 Consolidated Financial Statements)

Adjustments 1,488,361,454 1,004,170,265 785,155,777 673,408,451

Equity expressed in terms of the measuring unit current at the end of the reporting period (as per Special Condensed Interim 1,701,086,365 1,677,947,170 1,385,125,848 1,217,124,715 Consolidated Financial Statements)

(b) Statement of Comprehensive Income:

09/30/2018 09/30/2017

Total comprehensive (loss) / gain for the period, expressed in nominal (329,340,893) 114,480,963 terms (as per Condensed Interim Consolidated Financial Statements)

Adjustments (14,353,395) 36,365,204

Total comprehensive (loss) / gain for the period, expressed in terms of the measuring unit current at the end of the reporting period (as per (343,694,288) 150,846,167 Special Condensed Interim Consolidated Financial Statements)

37 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2018

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, 2018. These financial statements have been prepared in accordance with IFRS. For further information see Note 2 to these Special 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, 2018 Clisa continued its activities, through its interests in subsidiaries, in the following operating activities: waste management, construction and toll road concessions, transportation and water supply services.

Activities in the Waste Management segment: Waste management activities generated Ps. 7,923.0 million in sales for the nine-month period ended September 30, 2018. 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, 2018. The company considers that this contract will be renewed for short and consecutive periods 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 was extended until there is a call for bids. The provision of services, billing and collection continues on a regular basis. 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. At the date of issuance of these financial statements, the contract term has been extended until December 31, 2018. 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 four landfills in Argentina: Norte III, Neuquén, Mar del Plata and Mendoza. 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 500,000 tons of waste coming from the City of Buenos Aires and 27 districts from the Greater Buenos Aires area are disposed monthly. Norte III D module has capacity to receive approximately 24 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 (15,000 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. 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 requested Tecsan to continue the provision of services and to develop the necessary infrastructure to increase waste disposal capacity. The contract extension will expire in 14 months, as from August 2018, or when the enlarged landfill is completed. Approximately 39,000 tons are currently disposed per month. City of Mendoza: 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 and operations started in January 2016, with a current waste disposal rate of approximately 3,300 tons/month. In addition, i) on September 30, 2016 Tecsan was awarded the International Public Bidding No. 04/15 for the development of the “Urban Solid Waste Management Project in General Pueyrredón, Province of Buenos Aires – Dumpsite Clean-up in Mar del Plata”. This project

38 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2018 was expected to be completed in a 8-month period, and was finished at the date of issuance of these financial statements; 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 is expected to be completed approximately in 19 months, currently being the degree of completion of 65% 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. Industrial services include the collection, transport, treatment and disposal of industrial and hazardous waste; the design, development and management industrial waste sorting and reduction programs and the operation of plants for industrial waste. The subsidiary Taym S.A. (Taym) continues intensely working on the development of (i) services of prevention of pollution by asbestos and asbestos removal, (ii) non-hazardous industrial waste collection and treatment 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 (iii) 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. At the date of issuance of these financial statements, the necessary works to resume operations continue in progress.Further, since September 2017, the Company has been providing, through its subsidiary Envairo S.A., comprehensive byproduct treatment services at an industrial plant in the Province of Buenos Aires. 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. 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; renewable for an additional 15-year period at UTE Norte III discretion. Approximately 384,000 tons of urban solid waste were treated during the last twelve months. 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. Activities in the Construction and Toll Road Concessions segment: Our Construction and Toll Road Concessions segment recorded Ps. 9,008.6 million in sales for the nine-month period ended September 30, 2018. 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.  Water Treatment Plant in Tigre, Province 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  Construction of Motorway in National Road No 36 - End of variant Perilago – Berrotaràn (Variant of Los Cóndores y Berrotaran) tranche.  Construction of a Four-Lane Avenue and median divider island in Provincial Road No. 1 - San Salvador de Jujuy-Palpalá tranche– Province of Jujuy.  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.

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

39 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2018

BRH and Sehos S.A. hold a 100% ownership interest in Haug, a company incorporated under the laws of the Republic of Peru. Haug and its branches, joint ventures and subsidiaries, provide 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. BRH owns 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 held a 20% interest in a corporation in Paraguay called Benito Roggio e Hijos S.A. (“Benito Roggio Paraguay”), through which we have developed construction projects in that country since 1974. On March 6, 2018, BRH concluded an agreement with Roggio S.A. for the acquisition of an additional 60% ownership interest in Benito Roggio Paraguay, effective as of December 28, 2017, according with the terms and conditions agreed by both parties. The purchase price was Ps. 240,000,000. As a consequence of this acquisition, BRH became the controlling shareholder of BRH Paraguay, with an 80% stake. 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 completion of works is expected for the end of the year. For this reason the company is working with the Committee for the Execution on a new schedule for works to extend the contract term until December 2018. At the date of these financial statements, works are being carried out at a good pace. Through BRH, Clisa also holds ownership interests in other companies in the toll road concession business 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 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. CV1 proposed certain modifications to the works, which are currently at a standstill, and is waiting for DNV´s feedback. 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. 2,349.9 million in sales for the nine-month period ended September 30, 2018, mainly as a result of the services provided by Metrovías both in the Subway of Buenos Aires and the Urquiza Railway. Metrovías operating income grew 94.03% during the nine-month period ended September 30, 2018 as compared to the same period in 2017, mainly as a result of an increase in passengers ( + 25 million, or 10.1%), due not only to external reasons, such as the closure of Constitucion St. in Line C during the first two months of 2017, the opening of the Facultad de Derecho station, the partial closures in the San Martin Rail Line that triggered a significant increase in passengers in the Urquiza Line or to the fact that subway fares have not been updated to the same extent that other means of transport fares, but also to improvements in fleet availability in response to the increasing demand, that allowed to maintain the quality of the services provided and passenger loyalty. The improvement in margins allowed to afford the marginal costs derived from the increase in passengers, as well as to manage with labor disputes that led to partial closures during last May and June and the effect on train schedules of certain extension and track renewal works in Line E. Such 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 to allowances in connection with the expected finalization of the AOM, in view of the invitation for tenders for the operation of the Subway for a twelve-year term. Furthermore, the tariff integration starting February 1, 2018 brought about a 13% decrease in revenues, offset by an increase in subsidies, which are deducted from cost of sales, administrative expenses and selling expenses and other operating expenses, under the “Adjustment due to higher costs” caption. On November 2, 2017, the Legislature of the City of Buenos Aires 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 to be called for the concession of the service starts operations or until

40 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2018

December 31, 2018, whichever comes 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 four construction works – (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 assembly in the tunnel zone behind the Virreyes parking lot; and (d) Adaptation of stores in Lacroze station to install subway Line B simulators – which costs will be borne by SBASE and Metrovías will have to submit the pertinent expense reports, and (iii) certain considerations related to the transition period in case Metrovías is not the new awardee under the bidding process to be carried out. 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 3 (three) years. 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 and Ps. 12.50 since August 3, 2018, 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 as a result of: • Specific adjustments approved by SBASE due to the increase in energy tariff applied in December 2017 and August 2018, the update of the personnel’s length of service as from April 2016 and 2017; non-remunerative amounts or advances granted between January and June 2017, on account of the final conditions that were defined in the agreements signed with trade unions on December 14 and 22, 2016 as well as May 18 and 29, 2017, non-remunerative amounts as agreed with trade unions on July 20 and 21, 2017; non-remunerative amounts as agreed with trade unions on March 23,2018, April 12, 2018, June 27, 2018, July 27, 2018, August 30 and 31,2018 and September 20, 2018 on account of the final conditions that were defined in the agreements signed with trade unions; environmental insurance coverage; and to personnel hiring authorized by SBASE for (1) the operation of the new Constitución station, (2) the new access to Pueyrredón station and the connection between Lines D and H, (3) the operation of the Technical Office, (4) Operating Security and CCTV, (5) to comply with the new operating program for Subway Line H, (6) the implementation of TAS Machines, (7) to meet general operating needs, (8) for driving of railcar movers, (9) pre-operational works in the new Facultad de Derecho station, (10) changes in fleet availability and (11) Parque Patricios train garage. • The operation of the new Facultad de Derecho station, since June 2018. • Increases above 7% since July 2017, as a result of an increase (1) in salaries, as agreed in the bargaining agreements dated July 20 and 21, 2017, 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 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 31, 2018 and September 31 and (2) in the other items that make up the Operation Account as a consequence of applying the price indexes specified in the AOM. 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 Transport Ministry a Motion for Reconsideration and an administrative appeal in the alternative to be heard and disposed of. 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 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. As of the date of issuance of the current financial statements, the monthly subsidy amounts to Ps.99.0 million, effective as of July 2018. However, Metrovías filed several notes with the Argentine Federal Government requesting for certain pending restatements to the Operation Account, totaling Ps. 175.5 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) the non-remunerative amounts agreed with trade unions on March 6, 2018, (v) salary

41 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2018 increases, net of advances, as agreed with trade unions on May 11, 2018, (vi) salary increases as agreed with trade unions on October 8, 2018 and (vii) certain adjustments in the items, other than personnel, that make up the Operation Account. The contractual term of the AOM entered into with the Government of the City of Buenos Aires will expire on December 31, 2018, while the concession contract to manage the Urquiza Railway will expire no later than 18 months after the date of issuance of Resolution 1325- E/2017, dated December 18, 2017. 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. 1,410.6 million in sales for the nine-month period ended September 30, 2018, serving a population of approximately 1.57 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. On July 14, 2017, the Province of Cordoba Public Utilities Regulatory Agency (“ERSep”) approved, through General Resolution ERSep No. 22/2017, a new tariff increase, that will be of 13.78% for water consumption between July 1 and December 31, 2017, and 13.61% for water consumption as of January 1, 2018. On December 27, 2017, the ERSep, through General Resolution ERSep No. 52/2017, recognized a variation in the costs of the water supply services provided by ACSA for the period between January and July 2017, which implies a 11.17% tariff increase additional to the increase mentioned above effective as of January 1, 2018. 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, according to Section 9.2.3 of the concession contract. ACSA requested a 10.34% tariff increase, in order to compensate for cost increases occurred between July 2017 and January 2018. On June 4, 2018, through Resolution ERSeP Nº 1219/2018, ACSA was notified of a call for a public audience to address the requested tariff review. Such 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 28, 2018, through Note ACSA/ERSeP N° 0784/2018, ACSA asked for the opening of an extraordinary tariff review process, in accordance with the provisions of Sections 9.2.5 and 12.3 of the concession contract, and requested a 10.92% tariff increase in order to compensate for the decision of the Department of Water Resources to reinstate, through Resolution APRHI N° 043/2018, 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. On October 2, 2018, through General Resolution ERSeP N° 69/2018, ACSA was notified of (i) the rectification of Article 1 of the General Resolution ERSeP N° 67/2018 and its Annex I due to changes in the effective dates of the concession fee and royalty payments at the request of the Department of Water Resources, through Resolution APRHI N° 55/2018 and (ii) 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. ACSA requested a 17.78% tariff increase, in order to compensate for cost increases occurred between January and July 2018. On October 11, 2018, the ERSeP, through Resolution ERSeP Nº 2073/2018, decided to to initiate the requested tariff review process.

Analysis of Consolidated Results For the nine-month period ended September 30, 2018, Clisa´s consolidated sales amounted to Ps. 20,684.5 million, mainly derived from the Construction and Toll Road Concessions, Waste Management and Transportation segments, which represented 43.6%, 38.3% and 11.4% of the consolidated sales, respectively, Consolidated operating income for the nine-month period ended September 30, 2018 was Ps. 1,918.0 million, broken down as follows:

In million of Pesos Waste Management 925.9 Construction and Toll Road Concessions 776.3 Transportation 221.8 Water Supply 80.5 Others and eliminations (86.5) TOTAL 1,918.0 Financial income and expense, net amounted to Ps. 7,524.2 million loss for the nine-month period ended September 30, 2018. Net gain in associates was Ps. 47.2 million in the nine-month period ended September 30, 2018, mainly due to the gains reported by CV1 and Transportel Patagónica S.A., partially offset by the net loss reported by Autovía del Mar S.A. Income tax for the nine-month period ended September 30, 2018 totaled a Ps. 160.3 million gain, mainly in BRH, partially offset by losses in ACSA and Metrovias. As a result of the above, the net loss for the nine-month period ended September 30, 2018 was Ps. 5,398.7 million.

42 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2018

II - CONSOLIDATED BALANCE SHEET STRUCTURE

09/30/2018 09/30/2017

Non-Current Assets 17,051,376,664 10,945,288,453 Current Assets 15,725,704,650 14,075,113,942 Total Assets 32,777,081,314 25,020,402,395

Attributable to the owners of the parent 755,195,281 1,321,944,547 Non-controlling interests 945,891,084 624,743,736

Total Equity 1,701,086,365 1,946,688,283

Non-Current Liabilities 18,236,717,548 11,786,021,373 Current Liabilities 12,839,277,401 11,287,692,739 Total Liabilities 31,075,994,949 23,073,714,112

Total Equity and Liabilities 32,777,081,314 25,020,402,395

III - CONSOLIDATED STATEMENT OF INCOME STRUCTURE

09/30/2018 09/30/2017 9 MONTHS 9 MONTHS Operating Income 1,918,075,552 1,686,877,070 Financial income and expenses, net (7,524,216,984) (1,222,879,480) Net gain / (loss) in associates 47,152,902 15,395,617

Goodwill impairment - (3,857,901) (Loss) / gain before income tax (5,558,988,530) 475,535,306

Income tax 160,311,854 (487,379,524) Net (loss) / gain for the period (5,398,676,676) (11,844,218)

Other comprehensive income 5,054,982,388 162,690,385 Total comprehensive gain / (loss) (343,694,288) 150,846,167

IV - CONSOLIDATED CASH FLOW STRUCTURE

09/30/2018 09/30/2017 9 MONTHS 9 MONTHS Net cash flow provided by/(used in) 87,044,381 (32,990,989) operating activities

Net cash flow used in investing activities (551,387,268) (1,322,787,430)

Net cash flow provided by financing 688,181,047 1,288,071,006 activities Increase/(decrease) in cash, before the effect of currency translation differences 223,838,160 (67,707,413) and inflation

Effect of currency translation differences 204,895,638 4,061,043 Effect of inflation in cash and cash (520,030,617) (289,165,119) equivalents

V - STATISTICAL DATA – SALES

09/30/2018 09/30/2017 9 MONTHS 9 MONTHS Waste Management 7,923,018,683 7,232,722,299 Construction and Toll Road Concessions 9,008,559,454 6,440,111,868 Transportation 2,349,893,317 2,760,901,074 Water Supply 1,410,644,260 1,385,604,326 Others and eliminations (7,570,227) 6,802,431 Consolidated Sales 20,684,545,487 17,826,141,998

43 CLISA - COMPAÑIA LATINOAMERICANA DE INFRAESTRUCTURA & SERVICIOS S.A. SUMMARY INFORMATION for the nine-month period ended September 30, 2018

VI - RATIOS

09/30/2018 09/30/2017

Liquidity 1.22 1.25 Solvency 0.05 0.08 Capital immobilization 0.52 0.44

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. Management believes that, in spite of the significant investments already made in the region in general and in Argentina in particular, unsatisfied needs in this industry are important enough to hold optimistic expectations. 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. The Company considers there is significant growth potential in Argentina and South America for residential and non hazardous industrial waste management infrastructure. The Company continues focusing on the treatment and disposal of industrial waste, activities in which it has been growing steadily. Management foresees development potential in this area, reason why several bussines alternatives in Argentina and Brazil are currently under analysis. Finally, 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. 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. As part of a regional strategy, in the last few years BRH added to its operations various participations that enabled extending its activities to other countries in Latin America. BRH has been operating a branch in Brazil since 2009, and in 2010, Benito Roggio Panamá S.A. was established to perform construction jobs in that country. In addition, since July 2010, BRH holds an interest in Haug, a Peruvian company specialized in engineering, manufacture, construction and assembly of industrial plants, storage tanks and metallic structures. In the previous year, BRH acquired control of Benito Roggio Paraguay in order to integrate the construction services rendered in the neighboring country into its business activities. As to the transport segment, and according to the new management terms stipulated in the addendum to the AOM, the Company will make its best efforts to maximize the quality standards and efficiency with a view to increasing passenger loyalty, in order to be in a good position to enter into future renegotiations and/or bidding processes for the continuity of the operation. As to the other activities related with transportation, it is worth noting that Clisa holds a minority interest in both Concessionaria do VLT Carioca S.A., in charge of the installation, operation and maintenance of a light train in the port and central area of Rio de Janeiro, Brazil, and Concessionaria do Monotrilho da Linha 18 – Bronze S.A, which renders passenger transportation services in Line 18 of the São Paulo Metro with a monorail. 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 Argentine)

REVIEW REPORT ON THE SPECIAL 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 special condensed interim consolidated balance sheet at September 30, 2018, the special condensed interim consolidated statement of income and special condensed interim consolidated statement of other comprehensive income for the three-month and nine-month periods ended on September 30, 2018, and the special condensed interim consolidated statements of changes in equity and the special 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 2017 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 special condensed interim consolidated balance sheet, special condensed interim consolidated comprehensive income and special condensed interim consolidated cash flow of the Company.

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

Basis for our qualified conclusion As mentioned in note 24, on August 15, 2018, Mr. Aldo Benito Roggio appeared before the court in connection with the judicial investigation conducted by the Federal Court of First Instance for Criminal and Minor Offenses (File No. 9608/2018 - JCCF No. 11), and he adhered to the provisions of Law No. 27,304, which was confirmed by the court hearing the case. Subsequently, Mr. Aldo Benito Roggio has resigned as Chairman and Director of the Company. The Board of Directors of the Company has developed an action plan, which currently is in execution to assess the impact this circumstance could have on the economic and financial position of the Company and its subsidiaries. Therefore, we were unable to gather as of the date of issuance of this report sufficient information to determine the possible effects that this situation could have on the special financial statements. Qualified conclusion

On the basis of our review, with the exception of the possible effects of the situation detailed in paragraph “Basis for our qualified conclusion”, nothing has come to our attention that make us think that the special 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 qualified conclusion, we would like to draw attention to Note 3.3.2. to the special condensed interim consolidated financial statements, in which the conditions prevailing at period end in relation to the status of the concession contract between Metrovías S.A. and the National Government, on which the term will expire no later than June 2019, and the Operation and Maintenance Agreement subscribed with the Government of the City of Buenos Aires, on which the term will conclude on December 31, 2018. The Concession contract and the Operation and Maintenance Agreement constitute the regulatory framework within which Metrovías S.A. conducts its business and regulate its economic and financial equation.

-Special Financial statements

Without modifying our qualified conclusion, we would like to draw attention to Note 1. to the special condensed interim consolidated financial statements in which it is indicated the special purpose of these special financial statements to meet the commitments undertaken by the Company under the Indenture governing the Notes issued by the Company in the amount of USD 300,000,000, due 2023.

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;

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

b) We have read the summary information, on which, insofar as concerns our field of competence, we have no other observations to make other than the one mentioned in paragraph “Basis for our qualified conclusion”; c) as of September 30, 2018, the debt of CLISA - Compañía Latinoamericana de Infraestructura & Servicios S.A. accrued in favor of the Argentine Integrated Social Security System amounted to Ps. $ 4.737.106,54, none of which was claimable at that date.

City of Buenos Aires, November 29, 2018.

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