September 2011

CISA Tubos S.A. is a company that designs, manufactures and markets stainless steel welded pipes and tubes. About us

March 2007  Caseros Inoxidables S.A. stockholders started CISA Tubos S.A. December 2008  Premises project completed within 1.5 year including (design, refurbishment and permission to operate as an industrial company) March 2009  1 st Tube manufactured May 2009  1 st Sale October 2009  2 nd Line of manufacturing April 2010  1 st Important sale to a sugar mill 24MT manufactured in 30 days April 2010  1 st International Sale March 2011  Annual International Sales Increase 768% History and Achievements

Why is convenient to invest in CISA Tubos ? Expected growth of Investment Same or More level of Total Investment Expected growth of productivity That will reflect in cost reduction, increasing the profit margin and profitability Limited exit barriers for investments The success factors our project is based on are: the know how, the human team, machines, the dynamics of manufacturing and productive diversity. Investment Opportunity

 Own manufacturing stainless steel products  Re sale stainless steel products Pipes Tubes Modular Handrails Acc. Gral. Acc. Pipes 21.3mm > d > 114.3mm Products

Customer Classification Process Industries Alimentary Industries Building and Architectural Nautical Sector Auto Parts Sector Marketing and Sales Strategy Distributors Network Direct Sales (including web and exports) Strategic Alliances with others Complementary Manufacturers Market

Regional Location Market Market Share Market Growth

Market in Constant Growth (8% annual trend) Argentine Market Conditions Regulation on welded tubes and pipes imports by Non-automatic Importing Licenses and Dumpings Non regulation on raw material imports by Automatic Importing Licenses. No Dumping, or Criteria Value 1) Few Manufacturers There are only 3 manufacturers in Argentine (Including CISA Tubos S.A.) National Production does not exceed the Total Demand Possibility of Exports to Latin American Countries The possibility of Increasing Sales Adding new services and products to customers Adding new target markets assets (For example: Auto Parts Sector) 1) Definition of Argentine Customs Investment Opportunity Context

Experienced Executive Board On the Argentinean Stainless Steel Market Professional CEO, General Manager and Plant Manager Excellent External Consultants Comex International Trade, Legal, Accounting, Sales, Chamber of Manufacturers, Mergers & Acquisitions, etc. Highly Trained Production Key People Competitive Cost Production In comparison with the Region Main Advantages

Amount required of external investment 1)  USD 1,875,000 Total amount of investment 2)  USD 5,825,000 IRP (Investment Recovery Period)  Year 3 Operative result / Sales (year 5)  19% Cash Flow Return on Investment (CFROI)  31% 1) External Investments destinations  Raw material and Improvements Production Plant 2) The total amount of investment includes Actually Stockholders Investment Conclusions