#1aes Argentina 1Q-2023 Corporate Presentation May 2023 aes#21Q-2023 Corporate Presentation AES Argentina Generación At a Glance 3,001 MW DIVERSIFIED GENERATION PORTFOLIO Legacy Portfolio 1,578 MW Thermal assets 1,207 MW Hydro assets 16 MW Battery Storage Wind Assets 200 MW Fully Contracted 80 MW under RenovAr PPA 120 MW with industrial customers under MATER PPAs Diversifying client base FONINVEMEM Receivables $128mn Outstanding in FONINVEMEM receivables as of 1Q-2023 Power Plants Equity stakes in 2 FONINVEMEM era plants (7% Belgrano, 6% San Martin and future equity stake of up to 30% in Guillermo Brown) CAPITAL STRUCTURE Financials (1Q-2023 LTM) $330mn Financial debt $40mn Cash $114mn EBITDA Leverage 1.8x $47mn FONINVEMEM collections Net Debt to EBITDA + FONINVEMEM collections as of 1Q-2023 Manageable debt profile, with a deleveraging trajectory 2 aes#3aes Argentina Company Overview aes#4AES ARGENTINA DEVELOPMENT EXCELLENCE AAG has 30 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 Vientos Neuquinos begins Bonaerenses operations begins operations AES Plants FONINVEMEM Plants 2,311 2,311 1,733 4 2,785 2,785 2,785 3,001 1,915 675 1993 787 865 H H H H H 1995 1996 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 7 6 2 AES Paraná 870 MW 3 7 San Nicolás 675 MW + 16 MW BESS Sarmiento 33 MW 1,578 MW Thermal Assets 16 MW BESS 8 Vientos Bonaerenses 100 MW 9 Vientos Neuquinos 100 MW 200 MW Wind Assets 5 4 8 Coal 16% Capacity by technology and location = Storage Wind 7% 1% Neuquen 36% Salta 4% O Gas/Diesel 36% Hydro 40% 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 Battery Energy Storage in Argentina: used for Frequency regulation at San Nicolás ся 5 aes#6AES ARGENTINA GENERATION ASSETS OVERVIEW 2 5 6 7 8 Plant Alicurá Paraná San Nicolás Cabra Corral El Tunal Ullum Sarmiento 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 Vientos Bonaerenses Tres Picos, Buenos Aires Vientos Neuquinos Piedra del Águila, Neuquén Capacity 1,050 MW 870 MW Fuel Hydro Water / Fuel Supply Limay River Gas Diesel / Biodiesel / Energy Storage CAMMESA 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 CAMMESA / Self- procurement Juramento River Juramento River San Juan CAMMESA River CO 6 aes#7AES Argentina Wind Capacity 200 MW in operation FULLY CONTRACTED Under Robust PPA Frameworks US$ - Linked PPA Breakdown 80MW RenovAr 120MW MATER Capacity Factor Vientos Bonaerenses: 50% Vientos Neuquinos: 44% ~10 Years average PPA tenor 100 MW Vientos Neuquinos In operation since 2020 100MW Vientos Bonaerenses In operation since 2019 }} AES 7 aes#8AES Argentina Wind Capacity Growth project Vientos Bonaerenses Expansion 50MW expansion of existing 100MW complex NTP: 2023 COD: 2024 To be contracted under MATER PPAS Z 8 aes#9AES Argentina Financials Diversified Cash Flow Generation Adjusted EBITDA (mns) NET DEBT (mns) | ADJ EBITDA* / NET DEBT 254 196 75 186 169 153 161 327 337 282 290 238 73 49 53 47 47 129 2.0x 179 1.7x 1.8x 123 137 116 106 114 1.5x 1.6x 0.5x 2018 2019 2020 2021 2022 LTM 1Q23 2018 2019 2020 2021 2022 LTM 1Q23 FONINVEMEN Collections EBITDA 9 Adjusted EBITDA | US$ vs AR$ (mn$) CAPEX (mn$) 254 172 196 186 169 153 161 102 Growth Manteinance 104 165 254 95 70 83 58 196 86 16 19 36 74 82 83 78 22 8 16 2 3 21 1 14 16 20 2018 2019 2020 2021 2022 LTM 1Q23 2018 2019 2020 2021 2022 LTM 1Q23 US$ Linked AR$ aes Figures as of March 31, 2023 * Adjusted EBITDA = EBITDA + FONINVEMEN collections#10AES Argentina Capital Structure Manageable Debt Profile AVERAGE LIFE NET DEBT/ Adj EBITDA FIXED RATE 1 1.8x Year Amortization Schedule 55 2023 83% Fixed Rate Figures as of March 31, 2023. Debt includes Bond repurchases by AES Argentina * Adjusted EBITDA = EBITDA + FONINVEMEN collections 275 $287mn Debt in US$ @7.7% Average Interest Rate $330mn 10 2024 aes#11Investment Highlights PETZ aes#12AES Argentina Generación Investment Highlights Under Levered Asset with Seasoned Management and Resilient Cash Flow Generation aes Leading player with proven track record in Argentina Significant US$-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 Diego Lathrop Contact Us www.aesargentina.com.ar [email protected] aes Argentina Social Media in ✪ ✪ 13 aes#14Appendix 1 External Environment aes#15AES Argentina External Environment Energy Sector Update Almost 70% of the system is Energia Base POWER MARKET CAMMESA is delaying the payments GAS MARKET (Vaca Muerta) TARIFFS GENCOSS tariff continue to be critical for the availability of the power sector The lack of expansion of the transmission lines is a bottleneck to develop the system. Total NQN Production: +0.2% 1Q-2023 (83.3 Mcmd) vs 1Q-2022 (83.1 Mcmd) (*) 1Q-2022 25% 54% 21% 1Q-2023 20% ■ Non conventional Shale NG 18% 62% ■ Non Conventional Tight NG ■ Conventional NG Market segmentation strategy to decrease subsidies to Power and NG sectors. Y-2023 estimated deficit 11 BUSD (**) (*) Public data Secretary of Energy (**) EyE consultant 15#16AES Argentina External Environment Discos' Subsidies ▸ At the end of 1Q 2023 subsidies for DISCOS demand accounted for 55% of the average production cost per MWh. AVERAGE SYSTEM OPERATIONAL COST (US$/MWH) 79 79 83 81 75 75 84 82 100% 107 103 90% 80% 81 70% 60% wwwww 19 18 17 16 1Q-13 2Q-13 3Q-13 4Q-13 62 63 13 12 12 11 11 11 10 9 1Q-14 2Q-14 3Q-14 4Q-14 1Q-15 2Q-15 3Q-15 18 24 22 22 4Q-15 1Q-16 2Q-16 3Q-16 29 29 38 4Q-16 1Q-17 2Q-17 94 34 40 3Q-17 4Q-17 50 Avg. Operational Cost (US$ per MWh) 44 41 40 51 50 45 38 37 33 30 28 1Q-18 2Q-18 3Q-18 4Q-18 1Q-19 2Q-19 3Q-19 26 27 27 27 50% 40% 36 38 38 37 30% 29 4Q-19 1Q-20 2Q-20 3Q-20 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 1Q-22 -Avg. Disco Price (US$ per MWh) 2Q-22 3Q-22 4Q-22 1Q-23 20% 10% 0% 1Q-13 66% 2Q-13 78% 3Q-13 81% 4Q-13 73% 1Q-14 78% 2Q-14 86% 3Q-14 85% 4Q-14 82% 1Q-15 83% 2Q-15 87% 3Q-15 87% 4Q-15 86% 1Q-16 70% 2Q-16 71% 3Q-16 73% 4Q-16 66% 1Q-17 2Q-17 3Q-17 4Q-17 Implied Subsidy 1Q-18 36% 2Q-18 47% 3Q-18 50% 4Q-18 45% 1Q-19 25% 2Q-19 30% 3Q-19 42% 4Q-19 1Q-20 2Q-20 3Q-20 4Q-20 1Q-21 2Q-21 3Q-21 4Q-21 1Q-22 2Q-22 3Q-22 4Q-22 45% 1Q-23 55% aes (*) Source CAMMESA 16#17AES Argentina External Environment 2022 Regulatory Update Resolución 238/2022 ➤ In April 2022 the Secretary of Energy updated the tariff (in ARS$) of the Energia Base legacy assets. ▸ Retroactive tariff adjustment from Feb to May: +30% vs Res 440/2021. ▸ Tariff adjustment from Jun onwards: +43% vs Res 440/2021 (+10% vs May Tariff). Resolución 826/2022 In December 2022 the Secretary of Energy updated the tariff (in ARS$) of the Energia Base legacy assets ▸ Retroactive Tariff adjustment from September to October +20% vs Res 238/2022 ▸ Additional Retroactive Tariff adjustment for November +20% vs October ▸ Tariff adjustment from December to January +10% vs November Tariff adjustment from February to July 2023 +25% vs January ▸ Tariff adjustment in August 2023 +28% vs July ▸ Elimination of DIGO capacity payment calculations 17 aes#18AES Argentina External Environment 2023 Regulatory Update Resolución 59/2023 In February 2023 the Secretary of Energy issued Res 59/203 allowing Combined cycle power plants on the energia base to sign 5-year PPAs with CAMMESA with a partially dollarize rate Capacity price: USD 2,000 + AR$ 65% R826 in winter and summer Capacity price: USD 2,000 + AR$ 85% R826 in spring and fall Operated energy + energy in peak hours in AR$ R826 Energy at 3.5 USD/MWh with natural gas and 6.1 USD/MWh with gasoil 18 aes#19Appendix 2 Energy Sector Overview 11 aes Argentina#20Energy Sector Overview System Capacity and Generation Overview 2022 8% 3% 4% 26% 14% 4% 10% 14% ■ Hydro Turbina Vapor Eolica 43 GW Installed Capacity Today 5% 139 TWh/y 59% 22% Generation 2022 31% ■ Ciclos Comb ■ Gas ■ Nuclear Diesel ■ Solar ■ Otros 20 20 ■ Thermoelectric Hydro Renewable Nuclear Others aes#21Energy Sector Overview Electric Sector Overview 2022 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 28% 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 21 aes#22Energy Sector Overview Electric Sector Overview 22 22 ▸ Contracts signed with CAMMESA (at higher prices than R238/22) which represent 39% of the total cost, provides only 31% of the energy generated, while legacy assets under R238/22 represent 46% of the total generation and 10% of total cost. MONOMIC COSTS BY CONTRACT [$/MWH] AND GENERATION [TWH] TOTAL SYSTEM COST BY ITEM [%] AVERAGE SYSTEM COST 2023-2027: $12.0 BN/Y 180 160 120 100 80 Renovar 60 Thermal - R287 40 Legacy Assets R238 20 Hydro Binat. 0 -20 As of September 2022 Thermal R21 - Other RE Foni & R220 Nuclear Legacy Assets R238 10% Foni & R220 8% Thermal - R287 6% Nuclear 4% Thermal R21 3% Hydro Binat. Power Serv. 2% 2% Fuel Renovar Tx 56% 6% 2% Other RE aes 22#23Energy Sector Overview Market Relevance AES Argentina 42% 43 GW 3% aes 7% Installed Capacity Today 14% 6% 10% 6% 7% 39% 3% aes 5% 139 TWh/y Generation 2022 10% 8% 12% 7% ■ Central Puerto Pampa Energia ENARSA ■ ENEL ■ EBISA ■ AES Argentina ■ YPF Luz ■ Others Termoandes and Guillermo Brown power plants are not considered in AES Argentina Generacion 15% 23 aes#24Appendix 3 FONINVEMEN aes#25AES Argentina Foninvemem Predictable Cash Flow $128mn Outstanding Principal Accruing Interest Figures as of September 30, 2022 US$ 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$128mm in CAMMESA receivables in FONINVEMEM III fund, while FONINVEMEM I and II 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$128mm Figures as of September 30, 2022 (1) Estimated percentage ownership upon full repayment of the respective FONINVEMEM receivables and transfer of trust assets to the O&M SPVS 26 aes#27AES Argentina Foninvemem Power Plants 1 MANUEL BELGRANO (TMB) 868 MW (Combined Cycle) •Located in Campana, Buenos Aires Province ●AAG will hold approximately a 7% equity interest • COD: 2010 2 JOSE DE SAN MARTIN (TJSM) 865 MW (Combined Cycle) Located in Timbues, Santa Fe Province •AAG will hold approximately a 6% equity interest •COD: 2010 3 GUILLERMO BROWN (TGB) 578 MW Gas (Open Cycle) Located in Bahia Blanca, Buenos Aires Province •AAG will hold up to a 30% equity interest O COD: October 2016 27 (1) Estimated percentage ownership upon full repayment of the respective FONINVEMEM receivables and transfer of trust assets to the O&M SPVS aes#28AES Argentina Foninvemem Program Overview FONINVEMEM is an Argentinian Sovereign owned fund made with contributions from the generation companies with purpose of funding the development and construction of new power plants Argentine Sovereign Contributor ($) FONINVEMEM SPV's O&M Agreement 10 year Trust PPA Legal Owner of Operator Performance Guarantee Pledge Shares Generators Beneficiary WEM National Treasury 120 installments Libor + Spread CAMMESA aes 28#29Appendix 4 About AES Corporation PETZ aes#3030 30 1Q-2023 Corporate Presentation AES Corporation Overview We are part of The AES Corporation, a global energy company accelerating the future of energy 4 MARKET-ORIENTED STRATEGIC BUSINESS UNITS RENEWABLES, UTILITIES, ENERGY INFRAESTRUCTURE & NEW ENERGY TECHNOLOGIES 32,326 MW in operation 5,453 Diversified Portfolio MW under construction GENERATION TENCHNOLOGY RENEWABLES 46% GAS 32% COAL 20% OIL/DIESEL/PET COKE 2% Figures as of December 31, 2022 • 6 Utility Companies 2.6 M AES Service Over Utilities Customers AES is Energized by Global Workforce of approximately 9,100 people PURPOSE Accelerating the future of energy, together COMPETITIVE ADVANTAGES Scale enables valuable supplier relationships Strong renewables platform & pipeline Strategic partnerships with global customers Innovating to drive adoption of smart solutions $38B Total Assets Owned & Managed $13B Total Revenues Listed in NYSE Founded in 1981 Named to Dow Jones Sustainability Index for North America for the Nine Year in a Row (2014-2022) Fortune 500 Global Energy Company#31AES Andes Overview AES Corporation Overview AES has a strong regional presence of 12,374 MW in the region, owning assets in Argentina, Brazil, Chile and Colombia 31 South America Overview Leading Energy Producer in Chile Third Largest Hydro Plant in Colombia Most diversified GenCo in Argentina A leader of 100% renewable energy generation in Brazil Colombia 1,129 MW 8% 37% Brazil 4,240 MW O Chile 3,361MW 26% 29% H Argentina 3,644 MW Figures as of December 31, 2022 aes#32Disclaimer This presentation is not an offer for sale of securities. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an offer to buy or sell any securities and should not be treated as giving investment advice nor as an estimation that the scenarios or assumptions will occur. No representation or warranty, either express or implied, is provided in relation to the accuracy, completeness or reliability of the information, assumptions or examples that may be contained herein. Any opinions expressed in this material are subject to change without notice and neither the Company nor any other person is under obligation to update or keep current the information contained herein. The information contained herein is meant only and example of a potential scenario that is based on assumptions that may or may not occur, and does not purport to be complete and is subject to qualifications and assumptions, and neither the Company nor any agent can give any representations as to the accuracy thereof. The Company and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material. This presentation may contain statements that are forward-looking subject to risk and uncertainties and factors, which are based on current expectations and projections about future events and trends that may affect the Company's business. Investors are cautioned that any such forward looking statements are not guarantees of future performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our control. Regarding the impact of COVID-19, the information used for preparing this presentation is solely based on what is publicly available as of December 31, 2022 and the company cannot make any representation with respect to the real impacts as they are unforeseeable. The successful execution and commencement of operation of the investment projects that we are developing or constructing depends on numerous external factors, including (i) delays in obtaining regulatory approvals, including environmental permits; (ii) court rulings against governmental approvals already granted, such as environmental permits; (iii) shortages or increases in the price of equipment reflected through change orders, materials or labor; (iv) the failure of contractors to complete or commission the facilities or auxiliary facilities by the agreed-upon date; (v) opposition by local and/or international political, environmental and ethnic groups; (vi) strikes; (vii) adverse changes in the political and regulatory environment in Argentina Chile or other countries from which our operations or projects obtain supplies, including changes in the FX regulations; (viii) adverse weather conditions (ix) poor geological conditions; and (x) natural disasters, sanitary conditions, accidents or other unforeseen or catastrophic or exceptional events. This presentation may not be reproduced in any manner whatsoever. Any reproduction of this document in whole or in part is unauthorized. Failure to comply with this directive may result in a violation of applicable laws in Chile Argentina or in other jurisdiction. The information contained herein should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this material. The Company is an issuer in Argentina of securities registered with the Comisión Nacional de Valores (the "CNVThe securities are traded on Bolsas y Mercados Argentinos S.A. ("BYMA") and Mercado Eléctrico Electróonico S.A. ("MAE”) which will be jointly referred to as the "Argentinean Stock Exchanges". Accordingly, we are currently required to file quarterly and annual reports in Spanish and issue-notify hechos relevantes (notices of essential or material events) to the CNV, and as well as provide copies of such reports and notices. All such reports are available www.cnv.gov.ar and www.aesandes.com. XXXX 32 aes#33aes Argentina 1Q-2023 Corporate Presentation May 2023 aes