US$75000000 Lupatech Finance Limited - Banco Best

ended March 31, 2007, which have been reviewed and audited by Mr. Juan Carlos Fernandez,
respectively, as stated in their report appearing herein.
The financial statements of Gasoil as of and for the six month periods ended June 30, 2006 (which are
included as comparative information with respect to the financial statements of Gasoil as of and for the six months
ended June 30, 2007) have not been audited or subject to a limited review by BDO or any other independent
accountant. Therefore, considering the fact that the financial statements as of and for the six months ended June 30,
2006 have not been audited or reviewed by any independent accountant and that the audit of the financial statements
for the year ended December 31, 2006 resulted in a qualified report as indicated in “Risk Factors”, the degree of
reliance on such financial information as of and for the six month periods ended June 30, 2006 should be restricted
in light of the limited nature of the review procedures applied. See “Risk Factors—Risks Relating to our
Company—The audited financial statements of Gasoil for the year ended December 31, 2006, which contained a
qualified opinion from BDO, have not been included in this offering circular” for more information on the Gasoil
financial statements.
Our consolidated financial statements included in this offering circular consolidate the financial position
and results of operations of Lupatech and the following subsidiaries:
For the years ended December 31, 2005, 2006 and 2007:
• Metalúrgica Nova Americana Ltda., or MNA; and
• Lupatech North America, LLC, or Lupatech North America.
For periods since the respective dates of acquisition of:
• Carbonox Fundição de Precisão Ltda., or Carbonox (of which we acquired a controlling interest in
April 2005 and subsequently acquired all outstanding shares on December 31, 2005 and the results of
which we began to consolidate as of May 1, 2005);
• Metalúrgica Ipê Ltda., or Mipel-SP (which we acquired in April 2006 and the results of which we
began to consolidate as of April 1, 2006);
• Itasa Industria y Tecnología en Aceros S.A., or Itasa (which we acquired in June 2006 and the results
of which we began to consolidate as of June 1, 2006);
• Válvulas Worcester de Argentina S.A., or Worcester, and its subsidiary Esferomatic S.A., or
Esferomatic (which we acquired in December 2006 and the results of which we began to consolidate as
of January 1, 2007);
• Cordoaria São Leopoldo Off Shore S.A., or CSL Offshore (which we acquired in April 2007 and the
results of which we began to consolidate as of April 1, 2007);
• Lupatech Petroima Equipamentos para Petróleo Ltda., or Petroima (which we acquired in April 2007
and the results of which we began to consolidate as of April 1, 2007);
• Gasoil Serviços Ltda., or Gasoil (which we acquired in July 2007 and the results of which we began to
consolidate as of July 1, 2007);
• Kaestner & Salermo Comércio e Serviços Ltda., or K&S, and its subsidiary Ocean Coating
Revestimentos Ltda, or Ocean (which we acquired in July 2007 and the results of which we began to
consolidate as of July 1, 2007);
• Jefferson Sudamericana S.A., or Jefferson (which we acquired in November 2007 and the results of
which we began to consolidate as of October 1, 2007);
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