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Investor Presentaiton

AES 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

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