#1AES Panama Investor Presentation May 2021 aes 1#2AES Corporation: A Global Leading Power Company Founded in 1981, the AES Corporation is a global power company present in 14 countries across 4 continents Key Facts → US$35.2B in assets →> Total installed power generation capacity of 30,211 MW Distribution networks with capacity to serve over 2.5M customers Organized globally under strategic business units ("SBUS") Over 2,570 MW of assets under construction Investment Grade Rating Company 2020 Adjusted Pre-Tax Contribution (1) by SBU 12% 34% 19% 2020 Adj. PTC US$1,9 mm 35% 2 Ba1/BBB-/BBB- ■US S. America MCAC ■ Eurasia • Moody's/S&P/Fitch AES Global Presence Platform expansion adding new capacity: To position AES for the future Installed Capacity Fuel Type 30,211 MW Geography 33% 37% O 27% ■Renewables Coal Oil, Petcoke, Diesel ■ Gas 9% 11% 41% 39% ■U.S. S. America MCAC ■ Eurasia Source:). (1) Adjusted PTC: represents pre-tax income from continuing operations attributable to AES excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses, (c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due AES Corporation SEC Filings and Factsheet (Nov. 2020) to the early retirement of debt. It includes net equity in earnings of affiliates, on an after-tax basis. (2) Renewables includes: hydro, wind, solar, energy storage, biomass and landfill gas. aes#3Mexico Central America & Caribbean (SBU) AES Competitive Advantage →> AES' MCA&C business unit has operations in Dominican Republic, El Salvador, Mexico, Panama and Puerto Rico →> Combining deep local insights, global presence, perspective and a relentless commitment to operational excellence, AES helps communities and countries grow through reliable and responsible electric power. Through knowledge transfer, MCA&C works, learns, improves and contributes to the AES Corp in every country Key Statistics AES Market Shares Country DR Share (%) (1) 20% El Salvador 71% Panama 41% Puerto Rico 11% Mexico (Self-Supply) 12% →> $884M in EBITDA for 2020 -> 18 Generation Units / 4 Distribution Companies -> 2 LNG Storage & Regassification Terminals Mexico, Central America & The Caribbean (MCA&C) SBU Overview Mesa La Paz Termoelectrica del Golfo (TEG) Termoelectrica del Peñoles (TEP) Installed Capacity Fuel Type 4,171 MW Mérida III DPP (Los Mina) Itabo Andres Geography 13% 33% 3 Generation ○ Distribution (3) Bosforo CLESA CAESS AES Nejapa DEUSEM EEO Bayasol Puerto Rico AES Ilumina Changuinola Penonome Colon Bayano Esti 'Los Valles La Estrella 30% 38% 19% 13% ■Renewables Coal Oil, Petcoke, Diesel ■ Gas 24% ■ Mexico ■Dom. Rep. 27% ■El Salvador ■ Panama Puerto Rico aes Source: AES DR (1) For DR, Panama, Puerto Rico and Mexico, market share represents total energy generated in GWh; for El Salvador it represents total energy distributed in GWh. (2) Adjusted PTC: represents pre-tax income from continuing operations attributable to AES excluding gains or losses of the consolidated entity due to (a) unrealized gains or losses related to derivative transactions, (b) unrealized foreign currency gains or losses, (c) gains or losses due to dispositions and acquisitions of business interests, (d) losses due to impairments, and (e) costs due to the early retirement of debt. (3) As of Dec. 2020, AES owns four distribution businesses in El Salvador serving -1.4 million customers. (4) Renewables includes: hydro, wind, solar, energy storage, biomass and landfill gas#4AES in Panama Snapshot Company Overview -> Largest energy supplier in Panama: 41% market share in Q1 2021 in terms of energy generation Only LNG Terminal in the country and Central America Financial Highlights USD mm 2018 Revenues 2019 EBITDA 2020 2018 2019 2020 AES Panama $363.4 $338.2 $291.6 $137.3 $99.8 $119.1 →> Comprised of 4 legal entities, with 1,141 MW of Installed Capacity AES →> Credit Rating: Baa3 (stable)/BBB- (stable) (Moodys/Fitch) 112.4 27.5(1) 90.0 82.5 2.5(1) 69.5 Changuinola -> US$ 2,470M in combined assets as of Dec. 2020 Gas Natural Atlántico 86.7 288.3 232.2 12.6 68.7 64.5 →> With over 20 years of growing and investing in Panama Costa Norte 21.9 37.6 43.2 12.8 31.3 35.1 Simplified Corporate Structure aes Inversiones Bahia AES Colon Gas Natural Atlántico 49.9% 50.1% 100% AES Global Power Holdings 80% 100% Issuer AES Panama Generation Holdings SRL 49.1% 50.9% Costa Norte LNG Terminal SRL AES Changuinola SRL 20% AES Panama SRL (1) AES Changuinola was closed for operations during most part of 2019, due to the concrete re-lining of the Changuinola tunnel performed between January 2019 and January 2020 Panama Government aes#5Management Team AES Panama has a highly experienced management team, with an average of more than ten years, unmatched sector expertise and on-the-ground working knowledge. Arturo Gris Chief Operating Officer (1) Jaime Burguete Jeff MacKay CFO (1) VP Business Dev. (1) AES Treasury Team (1) Juan Ignacio Rubiolo MCA&C President (1) →>> Treasurer & Director of Finance: Oscar Batres -> IR & Structured Finance Sr. Manager: Ilsa Pichardo →> Debt Compliance Director: Leonel Fernandez → IR & Structured Finance Senior Analyst: Manuel Perez-Benitoa 5 Source: AES ES (1) Regional Team based in Panamá/Mexico Miguel Bolinaga Market Business Leader Mayka McCalla VP Human Resources (1) Freddy Obando VP Commercial & LNG (1) AES Panama Team ->> General Counsel: Angelica Bertoli -> Stakeholder Management: Edgar Ivankovich →> Hydro Complex Manager: Luis Galan →> LNG Complex Manager: Benjamin Villalobos →> M&O Director: Gustavo Giraldo LNG M&O: Oscar Santibañez aes#6AES Businesses in Panama . 2 . AES Panamá AES Changuinola AES Colón Changuinola COD: 2011 Installed capacity: 223 MW Ownership: 89.8% Plant type: Run-of-river with small reservoir 1 4 5 Pesé (2) ☐ Mayorca (2) Panama City 8 Asset type (% of installed capacity) Hydropower (62%) Thermal (33%) (1) LNG Terminal Wind Farm (5%) Future Solar Farms 8 Bayano COD: 1976 Installed capacity: 260 MW Ownership: 49.1% Plant type: Reservoir Dam: 450m long x 75m tall Chiriquí La Estrella COD: 1979 Installed capacity: 47 MW Ownership: 49.1% Plant type: Run-of-river 3 4 Chiriquí Los Valles COD: 1979 Installed capacity: 55 MW Ownership: 49.1% Plant type: Run-of-river Chiriquí - Estí COD: 2003 Installed capacity: 120 MW Ownership: 49.1% Plant type: Run-of-river with hour regulation 5 Penonomé I COD: 2013 Installed capacity: 55 MW Ownership: 49.1% Plant type: Wind farm 7 Colón Power Plant Colón LNG Terminal COD: August 2018 Installed capacity: 381 MW Ownership: 50.1% Plant type: Thermal (LNG) COD: August 2019 Tank capacity: 180,000 m3 Ownership: 50.1% Terminal: 180k m3 tank 6 (1) Estrella del Mar Barge was retired from the system in Aug. 2020 and currently in process of being sold (2) To start Operations in May 2021 aes#7Electric Market Update Installed Capacity, Mar 2021 LNG Biogas 9% 0% Diesel 8% Bunker Generation by Technology, Mar 2021 LNG 21% Diesel Biogas 0% Generation by Company, Mar 2021 Others 7% ACP 4% Hydro AES Pma 11% 11% AES Chan 8% 16% Solar 9% Coal 5% Wind 7% Total Installed Capacity: 4.1GW Hydro 46% 0% Bunker 4% Solar 6% Coal 1% Wind 9% INTERENER Hydro 59% GY 9% AES UEP 1% GENA 0% IDEAL GANA 21% 3% ENEL MPSA 20% Total Generation: 2.5TWh 1% AES in Panama Market Clear market dominance in energy generation (41%) and installed capacity (29%) Dominant position maintained through low generation costs compared to the higher generation cost for other thermal power plants in Panama →>> Diversified portfolio of energy generation assets that performs well under weak and strong hydrology seasons Diversification in geographic position of assets helps mitigate hydrology risk and any potential transmission constraints →> Through AES Colón, owns and operates the only power plant with a combined cycle generator and the only LNG storage tank facility in the country The AES Colón Plant is usually among the first three thermal generation facilities to be dispatched after hydroelectric and renewable facilities aes#8Diversified and Reliable USD-linked Sources of Revenue Key Highlights →> AES Panama: Consolidated revenues broken with 79% derived from contracts and 15% from C&Is. →>> →> -> →>> AES Panama: Energy PPAs are USD-denominated, with energy prices fixed throughout the contract or adjusted to US CPI Diversified customer base via contracts with C&Is which improves risk profile. Currently engaged with 47 C&I customers Optimization of short-term position and maximization of margins via regional exchanges and short-term contracts with DisCos upon tender opportunities Short-term contracts are usually negotiated at higher prices than long-term contracts → Current contracted level for AES Colon is optimal. AES Panama plans to continue to contract the renewable asset base with C&Is and DisCos → 83% of the combined firm capacity under contract through 2030 Revenues by Client Type – Q1 2021 6.0% 13.0% 15.0% AES Panama 0.0% Colon 79.0% 87.0% Distco C&I Merchant AES Panama AES Colon Offtaker DistCos C & Is DistCos Term 2030 2029 Capacity (MW) 350 27 Annual Energy (GWh) 2,093 798 2028 350 1,946 Avg. Energy Price ($/MWh) 105 85 115 aes#92.5 Energy Demand Fueled by Diversified Matrix Resource Availability Correlation -Hydro -Solar Wind Highlights -> AES is building a complete generation platform: Gas + Hydro + Renewables Hydro power plants and Colón are base load and collectively provide a continuous supply of electricity throughout the year →> Hydrology risk mitigated by AES Colón, Penonomé land upcoming renewable assets -> LNG terminal improves thermal plant efficiency and provides upside potential 0 0 10 20 20 9 30 40 50 60 70 80 90 100 110 120 130 140 150 160 170 180 190 Growth with a Diversified Portfolio +160 MW in Pipeline 55 1,141 705 381 MW ■ Wind ■ Solar ■Storage ■ Hydro ■LNG 55 140 20 381 2021 2025 1,301 MW 705 aes#1010 Growth of Renewable Asset Base -> 4 Solar Projects being developed by AES Panama: • Pesé, Mayorca, Caoba y Cedro -> 10 MWn of installed capacity each ← Pesé y Mayorca operating since May 2021 →> Caoba →> →> y Cedro expected COD in Q4 2021 All solar project will be part of the AES Panama generation portfolio, supporting the various contracts with C&Is 55 MW of Solar in the pipeline for expansion, in early stages of development 5B Project developed at the AES Colon facility. This solar project of 2 MW of installed capacity is a prototype that already has preassembled structures that reduces construction time by half as well reducing the land usage by 2/3rds. More energy output for less hectarage aes#11AES Colon LNG Business: Cashflow Growth Potential → Only LNG Pier, On-Shore Storage, and Regasification Terminal in Central America → 180,000m3 of storage (80 TBtu) -> AES Colon (GNA) utilizes only 26% of capacity (21 TBtu). → 9% contracted to third parties (7 TBtu) → 65% capacity remains available -> →> -> Costa Norte sells its infrastructure and earns its revenues from an Infrastructure fee, increasing its revenues with the increase of LNG passing through the terminal and storage tank Commercialization of LNG is done through Colon LNG Marketing, an affiliate of AES Colon. All new LNG contracts will be negotiated through this entity. Recently inaugurated Truck Loading Bays allowing for small scale deployment of LNG End User Distribution Channel LNG Reception at Terminal TOTAL aes Storage & Regasification Before Distribution Small/Medium Vessels Trucks / ISO Pipelines Small/medium vessels Trucks / ISO Pipelines Export Market Mid and Small Scale Large Scale Power Mining Generation ::::: Industrial Bunkering Export LNG Hotels & Resorts NG Vehicles Power Generation City Gate aes#12Operating KPIs Net Generation (GWh) Availability Factor EFOF Heat Rate (1) (%) (%) (Btu/kWh) 91.0% 91.9% 96.2% 97.2% 85.8% 8,259 8,196 8,171 6,232 2,114 2,064 1,737 1,272 864 3.07% 3.25% 3.4% AES Panamá 1.43% 0.23 0.22% 0.21% 0.10% 0.9% 1.87% 0.5% 2017 2018 2019 2020 Apr. 2021 2017 2018 2019 2020 Apr. 2017 2021 2018 2019 2020 Apr. 2021 2017 2018 2019 2020 Apr. 2021 Hydro Barge Wind Solar Total Hydro Avg. Barge Wind 97.3% 97.5% 97.0% 94.8% 1,083 856 AES Changuinola 2017 2018 2019 AES Colon 487 860 318 11.3% 91 0.27% 2020 Apr. 2017 2018 2019 2020 Apr. 2021 2021 0.08% 0.00% 2017 2018 2019 2020 Apr. 2021 0.3% 0.2% 2,708 89.2% 92.8% 95.0% 90.2% 6.6% 1,334 667 4.6% 3.91% 1.5% 7,890 7,899 7,302 7,456 0.0% 2017 2018 2019 2020 Apr. 2017 2018 2019 2020 Apr. 2017 2018 2021 2021 2017 2018 2019 2020 Q1 2021 2019 2020 Apr. 2021 (1) AES Panama Heat Rate is associated to the barge that was retired from the system on August 2020#13Hydrology Changuinola (m3/s) 200 150 100 50 0 60 88420 0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Actual --- Fcst Chiriqui (m3/s) Budget Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Actual Fcst Budget 400 300 +37.4% 200 100 0 Bayano (m3/s) Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Actual --- Fcst Budget 62 60 Bayano (msnm) g གྷ ྨ 8 56 58 54 -34.0% 52 50 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2020 LTA 2019 2021 +83.7% -0,65 aes#1414 AES PanGen Combined Financials 2020 Financial summary (IFRS) US$ millions Income Statements Revenue 2020 507 Variable Margin 376 EBITDA 263 Net Income (before Minority Interest) 31 52% EBITDA Margin (%) Balance Sheet Cash Total Debt 120 1600 Cash flows Cash Flow from Operating Activities 128 CAPEX Cash distributions (36) (60) Debt to EBITDA Debt to EBITDA Dec. 2020 6.08x aes#15Financial Metrics EBITDA Cashflow from Operations CAPEX 40.8% 37.8% 37.8% 29.5% $137.3 $129.7 $119.1 $99.8 5.4% 3.0% 2.9% 7.0% $100.3 $100.4 $87.6 $77.5 $18.6 $20.3 AES Panamá $10.9 $9.7 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 Revenue Margin Capex/Revenues AES Changuinola 75.4% 73.4% 77.3% 152.4% $85.5 $74.8 $82.5 0.7% 7.8% 7.0% $74.5 $69.5 $41.9 9.8% $28.2 $8.8 $6.3 $2.7 $0.7 $2.5 2017 2018 2019 2020 2017 2018 2019 2020 2017 2018 2019 2020 -Capex/Revenues Revenue Margin 39.2% 126.9% $78.7 $25.0 $110.0 16.9% 4.1% $49.4 -$52.4 2020 2018 2019 2020 2018 $9.8 2019 2020 -Capex/Revenues aes 24.5% 28.3% $94.3 $82.7 AES Colon $21.3 2018 2019 Revenue Margin 15 Re-Lining of the water tunnel ocurred between January 2019 - January 2020 AES Colon Powerplant started supplying energy on September 1st, 2018. AES Colon LNG Terminal finished construction in Q3 2019. Higher CAPEX Associated to construction#1616 AES in Panama Capital Structure Debt Amortization (US$ in millions) → $1,380M Notes, due 2030 issued by AES Panama Generation Holdings as Issuer closed on Aug. 2020. Coupon at 4.375% • $50 Unfunded Liquidity Facility → $105M Term Loan, due 2023 + $50M Liquidity Facility. Interest Rate at L+3.50% → Proceeds used to refinance $1,267M of existing debt at Operating Company level. Intercompany Loans were issued between Issuer and OpCos → Investment Grade Rating issued by Moody's (Baa3) & Fitch (BBB-) Debt to EBITDA for December 2020 was: 6.08x → AES Changuinola maintains $90M of outstanding debt in Local Bonds due 2023. Amortizing $20M per year until maturity. 6.25% Coupon Rate Average Life: -9 years 25 35 30 27 12 47 20 22 25 25 25 1,192 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 ■Loan Bond Outstanding Debt per Entity AES Panama 35% AES Colon 49% AES Changuinola 16% aes#17Thank you 17 AES Panama aes