Investor Presentaiton

Energy 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

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