#1aes Argentina Corporate Presentation Bank of America Securities 2022 Emerging Markets Debt and Equity Conference June 1, 2022 aes#21Q-2022 Corporate Presentation AES Argentina Generación At a Glance = Diversified Portfolio 3,001 MW 1,578 MW Thermal assets 1,207MW Hydro assets 200MW Wind Assets 16 MW 4 Battery Storage POWER GENERATION 7% Installed Capacity Market Share Wind Assets 200 MW Fully Contracted 80 MW under RenovAr PPA 120 MW with industrial customers under MATER PPAS Diversifying client base $142mn EBITDA LTM-1Q22 FONINVEMEM Receivables $170mn Outstanding in FONINVEMEM receivables as of 1Q-2022 Power Plants Equity stakes in two FONINVEMEM plants (7% Belgrano, 6% San Martin and future 30% equity stake in Guillermo Brown) $48mn FONINVEMEM collections LTM-1Q22 CAPITAL STRUCTURE Leverage $351mn Financial debt as of 1Q-2022 1.4x Net Debt to EBITDA + FONINVEMEM collections as of 1Q-2022 CCC+/CCC/A+ Credit Rating (S&P/Fitch/FIXSCR) Manageable debt profile, with a deleveraging trajectory 2 aes#3aes Argentina Company Overview aes#4AES ARGENTINA DEVELOPMENT EXCELLENCE AAG has 29+ years of successful operations and growth through both greenfield and M&A El Tunal & Cabra Corral concession Alicurá Plant concession 2001 The AES Corp acquires San Nicolás plant Sarmiento Plant acquired 1996 2000 1995 1993 AES Paraná Plant begins operations Ullum concession Installed capacity evolution (in gross MW) 2010 2020 2019 2016 San Martín and Belgrano power plants begin operations Guillermo Brown begins operations +4,637 MW (CAGR = 7.9%) Vientos Bonaerenses begins operations Vientos Neuquinos begins operations Own Plants FONINVEMEM Plants 2,311 2,311 1,733 4 2,785 2,785 2,785 3,001 1,915 675 787 H 1993 1995 865 1996 H H H H 2000 2001 2010 2016 2020 aes Note: Gross MW not adjusted by percentage ownership.#5AES ARGENTINA DIVERSIFIED PORTFOLIO IN TERMS OF GEOGRAPHY AND TECHNOLOGY 1 Alicurá 1,050 MW 4 Cabra Corral 102 MW 5 El Tunal 10 MW Ullum 45 MW 6 Geographic footprint 1,207 MW Hydro Assets 2 AES Paraná 870 MW 3 San Nicolás 675 MW + 16 MW BESS 7 Sarmiento 33 MW 1,578 MW Thermal Assets 16 MW BESS 8 Vientos Bonaerenses 100 MW Vientos Neuquinos 100 MW 200 MW Wind Assets 7 6 5 4 8 Capacity by technology and location Coal 16% Wind 7% Storage 1% O Gas/Diesel 36% ☑ Hydro 40% Neuquen 36% Salta 4% O San Juan 3% Buenos Aires 57% Most diversified GenCo in Argentina: Only generator in SADI with the capacity to burn a variety of fuels, including gasoil, fuel oil, biodiesel, natural gas and coal Strategic Plant locations: in terms of access to fuel supply and connection points to the distribution grid First GenCo to implement Batery Energy Storage in Argentina: used for Frecuency regulation at San Nicolás LQ 5 aes#6AES ARGENTINA GENERATION ASSETS OVERVIEW 2 5 6 7 8 Plant Alicurá Paraná San Nicolás Cabra Corral El Tunal Ullum Sarmiento Vientos Bonaerenses Location Comahue, Neuquén San Nicolás, Buenos Aires San Nicolás, Buenos Aires Coronel Moldes, Salta Metán, Salta Between Ullum and Zonda, San Juan City of San Juan, San Juan Tres Picos, Buenos Aires Vientos Neuquinos Piedra del Águila, Neuquén Capacity 1,050 MW 870 MW Fuel Hydro Gas Diesel / 675 MW + 16 MW BESS Coal/Fuel Oil / Gas 102 MW 10 MW 45 MW 33 MW 100 MW 100 MW Hydro Hydro Hydro Gas Diesel / Biodiesel Wind Wind Biodiesel / Energy Storage Water/ Fuel Supply Limay River CAMMESA CAMMESA / Self- procurement Juramento River Juramento River San Juan CAMMESA River 6 aes#7AES ARGENTINA WIND CAPACITY 200 MW FULLY CONTRACTED Under Robust PPA Frameworks PPA Breakdown 80MW RenovAr 120MW MATTER 100MW Vientos Neuquinos In operation since 2020 100MW Vientos Bonaerenses In operation since 2019 Capacity Factor Vientos Bonaerenses: 53% Vientos Neuquinos: 46% AES 7 aes#8AES ARGENTINA RENEWABLES COMMERCIAL STRATEGY 120 MW - MATER PPAs WITH C&I CUSTOMERS Tapping new market of bilateral Private Contracts AcerBrag Pfizer TR TRANSCLOR DIVERSIFYING CUSTOMER BASE Reducing sole offt-aker risk of CAMMESA US$-Linked Contracts ~11 Years average PPA tenor FSC FUNDICIÓN SAN CAYETANO S.A. AmpAcet CERÁMICA QUILMES Palmar ⑬Grupo Estisol ATANOR RRIOSMA ASERENISIMA la verdad láctea MASTELLONE HNOS. S.A. manuli ARLEI OVOBRAND INTEGRATED EGG PROCESSING Lapastoriza LADRILLOS CERAMICOS 1 packaging ☑SAESA m Rainap Buena energía Later-Cer 00 8 aes#9AES ARGENTINA FINANCIALS DIVERSIFIED CASH FLOW GENERATION EBITDA | EBITDA MARGIN (mn$) CAPEX (mn$) 179 173 137 142 123 53.4% 116 Growth Manteinance 37.7% 102 35.1% 165 49.1% 44.1% 58 16 86 23 36 5 22 8 16 2 14 18 2018 2019 2020 2021 LTM 1Q22 2018 2019 2020 2021 LTM 1Q22 EBITDA + FONI COLLECTIONS (mn$) 191 75 196 190 169 186 73 49 48 53 179 123 137 142 116 2018 NET DEBT (mn$) | ADJ EBITDA* / NET DEBT $327 $337 $282 $273 9 $129 2.0x 1.7x 1.5x 1.4x 0.5x 2019 2020 2021 LTM 1Q22 2018 2019 2020 2021 1Q 2022 FONI Collections EBITDA aes Figures as of March 31, 2022. * Adjusted EBITDA = EBITDA + FONI collections#10AES ARGENTINA CAPITAL STRUCTURE MANAGEABLE DEBT PROFILE AVERAGE LIFE NET DEBT/ Adj EBITDA* FIXED RATE 1.6 1.4x 87% Years Fixed Rate Amortization Schedule (US$mn) 45 $320mn Debt in US$ @7.4% Average Interest Rate 32 $351mn $31mn Debt in AR$ @ 42 % Average Interest Rate 275 10 10 2022 2023 2024 * Figures as of March 31, 2022. Debt includes Bond repurchases by AES Argentina Adjusted EBITDA = EBITDA + FONI collections aes#11Investment Highlights PETZ aes#12AES Argentina Generación Investment Highlights Under Levered Asset with Seasoned Management and Resilient Cash Flow Generation aes Leading player with proven track record in Argentina Significant US$-Denominated Cash Flows Argentina Manageable debt profile with deleveraging trajectory 12 aes#13AES Argentina Generación Investor Relations Team Investor Relations Team John Wills Constanza Lopez Contact Us www.aesargentina.com.ar [email protected] aes Argentina Social Media in ✪ → 13 aes#14Appendix 1 External Environment aes#15AES ARGENTINA EXTERNAL ENVIRONMENT POLITICAL & ECONOMIC CONTEXT= COUNTRY'S SCENARIO POLITICAL CONTEXT ་ The GoA has limited maneuver for the future years given several macro challenges, such as fiscal deficit, Central Bank available net reserves, currency restrictions, high inflation, among others under a complex social situation and with the threat of a 4th COVID-19 wave. The Nov 21 elections and the IMF agreement broke the ruling coalition, which is going through a deep internal crisis that paralyzes the administration in many aspects. The fragile political situation and its consequent social impact raise the probability of a change in the ideological and political/economic model with presidential elections at the end of 2023. KEY MACRO - INDICATORS (*) AES Proprietary & Confidential/Not for Distribution 2021: ་ ་ ་ Inflation FYF: 50.8% ARS $ Depreciation FYF: 22% Primary Fiscal Result FYF: - 3.2% of GDP 2022(*): ་ ་ ་ ་ Inflation 67% ARS $ Depreciation: 60%(**) Annual GDP: +2% Current Country Risk (EMBI+) at ~1,900 bps (*) Apr-2022 Macroview Consultant 15 aes (**) Macroview: FX dec-22: 165 ARS$/USD#16AES ARGENTINA EXTERNAL ENVIRONMENT ENERGY SECTOR UPDATE = GENCOS TARIFF NCRE VACA MUERTA Secretary of Energy updated the tariff (in ARS$) of the legacy assets (Res. 238/2022) which were under Res. 440/2021 with the following main considerations: Tariff adjustment from Feb to May: +30% vs Res 440/2021. Tariff adjustment from Jun onwards: +43% vs Res 440/2021 (+10% vs May Tariff). Elimination of capacity payment adjustment by last 12-month capacity factor. ▸ This Resolution impacts on 26.5 GW of installed capacity which provides -47% of annual generation and represents an increase in the cost of the whole sector of ~US$450mn. Total RENOVAR and MATER: 6.6 GW(*). ▸ Total Constructed as of Mar-22: 4.2 GW; Under construction: 0.5 GW Not constructed/pending of definition: 1.9 GW (due to financial issues.) 16 16 ▸ During the coming years, no new RENOVAR auctions are expected. Only quarterly MATER tenders (limited due to transmission constraints). Vaca Muerta development has shown a rebound in its gas production since the Plan GasAr was launched at the beginning of 2021, after the impact of the decrease of investments during 2019 & 2020. Total Production 1Q 2022 +18% vs 1Q 2021 (107 Mcmd); NQN 1Q 2022: +31% vs 1Q 2022 (83 Mcmd) (**) aes (*) RENOVAR: 5.2 GW (Includes Res 202 projects); MATER: 1.4 GW (3Q 2021); (**) Secretary od Energy (SESCO data). AES Proprietary & Confidential/Not for Distribution#17Appendix 2 Energy Sector Overview 11 aes Argentina#18Energy Sector Overview System Capacity and Generation Overview 2021 26% 12% 2% - 2% 43GW Installed Capacity Today 11% 2% 8% 1 142TWh/y 17% 58% Generation 2021 62% 18 ■ Coal ■ Gas & Oil ■ Hydro NCRE ■ Others ■ Coal ■ Gas & Oil ■Hydro NCRE ■ Others aes#19Energy Sector Overview Electric Sector Overview Generation AES, ENEL, Central Puerto, Pampa, YPF Luz, Genneia EBISA 50+ others System operation Transmission Distribution Retail Consumption System operator (ISO): CAMMESA 45% I Residential Transener EDENOR, EDESUR, EDELAP System regulator: ENRE Transnoa, Transnea, Transpa, Transba, Distrocuyo and other independent 27% Commercial Provincial companies and cooperatives 27% I I PPAs between generators and large consumers are only allowed under "Energy Plus" program Industrial and NCRE PPAs. Majority state-owned Majority private Mixed ownership 19 aes#20Energy Sector Overview Market Relevance AES Argentina 37% 7% 43GW 33% 11% 142TWh/y aes 9% aes 8% Installed Capacity Today 11% Generation 2021 10% 9% 10% 9% 10% 10% 5% 12% ■ Central Puerto ■EBISA ■ Pampa Energia ENARSA ■ AES Argentina ■ YPF Luz ■ ENEL ■ Others 12% 20 20 aes#21Energy Sector Overview Generation Cost vs Subsidies Evolution over time 21 21 84 89 85 84 79 79 75 67 59 55 57 62 63 60 84 82 79 83 81 78 77 77 75 75 71 71 67 68 70 67 65 63 62 64 59 60 53 51 50 50 44 45 38 40 41 40 38 37 33 34 29 27 29 25 26 26 26 28 24 22 22 18 19 18 17 16 13 12 12 11 11 11 10 9 1Q-13 1Q-14 1Q-15 1Q-16 →Avg. Operational Cost (US$ per MWh) Cristina Kirchner 1Q-17 Mauricio Macri 1Q-21 1Q-22 1Q-18 1Q-19 1Q-20 Avg. Disco Price (US$ per MWh) Alberto Fernandez 1Q-13 1Q-14 1Q-15 1Q-16 1Q-17 1Q-18 1Q-19 1Q-20 1Q-21 1Q-22 ■Implied Subsidy aes Argentina#22Energy Sector Overview Regulatory Update Energía Base modifications over time AR$ Peso Denominated Rates Capacity and energy Rates Reduced Peak Demand Premium Usage factor Removed Introduced FONINVEMEM Payments, MATER & RenovAr PPAs Unaffected Resolution 1/2019 Capacity and energy Rates according to technology, size and fuels in USD. Resolution 31/2020 was issued on February 27th, with a retroactive implementation date of February 1, 2020 ■ Rate Pesification at a Fx rate of 60 AR$/US$, with inflation adjustments on monthly basis starting in March 2020, but inflation adjustments were postponed amid covid pandemic. ■ Thermal Capacity Payments Reduced: ■ DIGO Rate reduced by 1,000 US$/MW-month Minimum Capacity Price reduced 45% ■ Hydro Capacity Payments reduced 45% New concept to recognize an additional price for the first 50 hours of maximum thermal demand during the summer & winter months and 25 hours in spring and fall. Updates prices Resolution 31/2020: 29% applied from February 2021 under Resolution 440/2021. 30% applied from February 2022 and an additional 10% from June 2022 under Resolution 238/2022. ■ Resolution 1037/2021 issued in November 2021: Adjustment by usage factor for capacity payments was eliminated and a temporary remuneration from exports to Brazil was created (Retroactive from September 2021 until February 2022) ■ Resolution 238/2022 eliminated the capacity payment adjustment by last 12 months capacity factor (usage factor). 22 aes#23Energy Sector Overview Regulatory Update Resolution 31/2020: Key Highlights (AR$/MWh) (AR$/MWh) Res 238/2022* Res 238/2022** Generated Energy (AR$/MWh) (US$/MWh) Res 440/2021 Res 31/2020 Res 1/2019 AR$ 210 (US$ 3.5) 3.5 Capacity (Price per MW/Month) Hydro AR$ 388 AR$ 352 AR$ 271 Res 238/2022** Res 238/2022* Res 440/2021 Large Hydro AR$ 182,625 AR$ 166,023 AR$ 127,710 Res 31/2020 Res 1/2019 AR$ 99,000 (US$ 1,650) AR$ 433 AR$ 403 AR$ 310 US$ 3,000 AR$ 240 (US$ 4) 4 AR$ 420 AR$ 181,000 Thermal AR$ 775 AR$ 705 AR$ 542 Hydro (US$ 7) 7 Small Hydro AR$ 334,813 AR$ 304,376 AR$ 234,135 (US$ 3,025) US$ 5,500 Renewable Hydro AR$ 547,876 AR$ 498,069 AR$ 297,000 AR$ 383,130 (US$ 4,950) AR$ 1,328 AR$ 1,208 AR$ 929 AR$ 720 (US$ 12) 12 US$ 6,300 Operated Energy Winter/ Summer AR$ 360,000 AR$ 664,092 AR$ 603,720 AR$ 464,400 (US$ 6,000) US$ 7,000 DIGO Rate (AR$/MWh) Res 238/2022** (AR$/MWh) Res 238/2022* (AR$/MWh) Res 440/2021 (US$/MWh) AR$ 270,000 Spring/Fall AR$ 498,069 AR$ 452,790 AR$ 348,300 (US$ 4,500) AR$ 100,650 US$ 5,500 Hydro AR$ 154 AR$ 140 AR$108 Res 31/2020 Res 1/2019 AR$ 84 (US$ 1.4) 1.4 Thermal Base Rate Large CCGT AR$ 185,670 Large Steam Turbine Small Steam Turbine Small GAS Turbine AR$ 168,791 AR$ 129,839 AR$ 264.807 AR$ 240,734 AR$ 185,180 AR$ 316,551 AR$ 287,773 AR$ 221,364 AR$ 280,025 AR$ 254,569 AR$ 195,822 (US$ 1,678) AR$ 143,550 (US$ 2,393) AR$ 171,600 (US$ 2,860) AR$ 151,800 (US$ 2,530) US$ 3,050 Thermal AR$ 154 AR$ 140 AR$ 108 AR$ 84 (US$ 1.4) 1.4 US$ 4,350 US$ 5,200 Peak System Thermal Requirement Capacity Rate (AR$/MW) Res 238/2022** Res 238/2022* Res 440/2021 Res 31/2020 US$ 4,600 Hydro Large Hydro Small Hydro 50,729 46.118 35,475 27,500 59,953 54,503 41,925 32,500 Utilization Factor No No Yes Yes Yes Renewable Hydro 64,565 58,695 45,150 35,000 Thermal All Fuels 69,176 62,888 48,375 37,500 Prices in US$/MWh for Res 31/2020 calculated with FX as of February 2020, equivalent to 60 AR$/USD *Tariffs from February 2022 **Tariffs from June 2022 Peak System Thermal Requirement Adjustment Factor Summer & Winter Months Fall & Spring Months First 25 hours 1.2x 0.2x Hydro & Thermal Second 25 hours 0.6x 0.0x Res 1/2019 23 23 aes#24Appendix 3 FONINVEMEN aes#25AES ARGENTINA FONINVEMEM PREDICTABLE CASH FLOW $170mn Outstanding Principal Accruing Interest Figures as of March 31, 2022 US$ Dollar Denominated Predictable Monthly Payments into 2026 FONINVEMEM Payments continue to be collected on time 25 aes#26AES ARGENTINA FONINVEMEM PROGRAM OVERVIEW Fund Summary FONINVEMEM I & FONINVEMEM II FONINVEMEM III AAG has an outstanding US$170mm in CAMMESA receivables in FONINVEMEM III fund, while FONINVEMEM I and Il funds were fully repaid. AAG will hold minority equity interest in three operational power plants upon repayment of the receivables ▸ As a result of energy market reforms and overdue account receivables, AAG contributed certain receivables from 2004-2013 to fund the construction of new power plants ▸ The program works as a compulsory financing mechanism for power additions, as it capitalizes CAMMESA's commercial debt with generators ▸ These receivables accrue interests and are collected in monthly instalments over 10 years once the related plants begin operations Three funds were created to build three plants ▸ The plants are operated by SPVS controlled by the GenCos that contributed receivables to the funds. ▸ AAG will receive a pro rata ownership in the plants once the receivables are repaid. PLANT Manuel Belgrano San Martín Guillermo Brown DESCRIPTION 868 MW Combined Cycle 865 MW Combined Cycle 578 MW Open Cycle COD January 2010 February 2010 October 2016 RECEIVABLES ACCRUED IN AES EQUITY INTEREST PAYMENT SCHEDULE 2004-2006 7% 2007 6% 120 monthly installments 2008-2013 30%(1) FINAL MATURITY January 2020 February 2020 April 2026 INTEREST RATE LIBOR + 1% LIBOR +2% OUTSTANDING LIBOR + 5% US$170mm Figures as of March 31, 2022 (1) Estimated percentage ownership upon full repayment of the respective FONINVEMEM receivables and transfer of trust assets to the O&M SPVS 26 aes#27AES ARGENTINA FONINVEMEM POWER PLANTS 1 MANUEL BELGRANO (TMB) 868 MW (Combined Cycle) •Located in Campana, Buenos Aires Province ●AAG will hold approximately a 7% equity interest • COD: 2010 2 JOSE DE SAN MARTIN (TJSM) 865 MW (Combined Cycle) Located in Timbues, Santa Fe Province •AAG will hold approximately a 6% equity interest •COD: 2010 3 GUILLERMO BROWN (TGB) 578 MW Gas (Open Cycle) Located in Bahia Blanca, Buenos Aires Province •AAG will hold up to a 30% equity interest O COD: October 2016 27 (1) Estimated percentage ownership upon full repayment of the respective FONINVEMEM receivables and transfer of trust assets to the O&M SPVS aes#28AES ARGENTINA FONINVEMEM PROGRAM OVERVIEW FONINVEMEM is an Argentinian Sovereign owned fund made with contributions from the generation companies with purpose of funding the development and construction of new power plants Argentine Sovereign Contributor ($) FONINVEMEM 10 year SPV's O&M Agreement Trust PPA Legal Owner of Performance Operator Guarantee Pledge Shares Beneficiary Generators WEM National Treasury 120 installments Libor + Spread CAMMESA aes 28 28#29aes Argentina Corporate Presentation Bank of America Securities 2022 Emerging Markets Debt and Equity Conference June 1, 2022 aes