AES Panama Investor Presentation

Diversified 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

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