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Company Presentation January 2016 Strictly Private and Confidential - - PowerPoint PPT Presentation

Company Presentation January 2016 Strictly Private and Confidential Disclaimer These materials have been prepared by Genneia S.A. (the Company) and are being furnished to you solely for your information on a confidential basis and may not


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SLIDE 1

Company Presentation

January 2016

Strictly Private and Confidential

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SLIDE 2

Disclaimer

1

These materials have been prepared by Genneia S.A. (the “Company”) and are being furnished to you solely for your information on a confidential basis and may not be taken away, reproduced, redistributed or passed on, in whole or in part or directly or indirectly, to any other person (whether within

  • r outside your organization/firm) or published, in whole or in part, for any purpose. By attending this presentation, you are agreeing to be bound by the

foregoing restrictions and to maintain absolute confidentiality regarding the information disclosed in these materials. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. Unauthorized copying, reproduction, redistribution or publishing of these materials into the United States to any other third parties (including journalists) could result in a substantial delay to, or otherwise prejudice, the success of the proposed

  • ffering.

The information contained in these materials has not been independently verified. No representation or warranty express or implied is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or opinions contained herein. It is not the intention to provide, and you may not rely on these materials as providing, a complete or comprehensive analysis of the Company’s financial position,

  • perations or prospects. The information contained in these materials should be considered in the context of the circumstances prevailing at the time and

has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. None of the Company, nor any

  • f its respective affiliates, advisors or representatives shall have any liability whatsoever (in negligence or otherwise) for any loss or damage howsoever

arising from any use of these materials or their contents or otherwise arising in connection with these materials. Certain statements contained in these materials constitute forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, many of which are beyond our control, which may cause the actual results, performance or achievements of the Company to be materially different from those expressed by, or implied by the forward-looking statements in these materials. There can be no assurance that the results and events contemplated by the forward-looking statements contained in these materials will in fact occur. These forward-looking statements are based on numerous assumptions regarding our present and future business strategies and the environment in which we operate and are not a guarantee of future performance. Such forward-looking statements speak only as of the date on which they are made. The Company undertakes no

  • bligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
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SLIDE 3

Business Overview and Investment Highlights

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SLIDE 4

Leading player in the development of new power generation in Argentina

3

33% RENEWABLE ENERGY

77.4MW Rawson Wind Farm, in operation since Jan 2012 43 Vestas AGs of 1.8MW each 44% average net load factor since COD¹ Wind capacity expansion plan

  • f over 500 MW (240 MW

ready-to-build)

61% THERMAL ENERGY

280 MW installed capacity in 9 Thermal Plants Efficient peakers strategically located in high consumption areas Dual fuel technology 97% availability factor in 2014

¹ Commercial operation date

2014 CONSOLIDATED EBITDA US$ 91 MILLION More than 90% of revenues derived from long-term PPAs denominated in US$, providing for stable and predictable cash flows

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SLIDE 5

20 40 60 80 100 120

2014

Solid track record of performance and growth

4

1991

  • Empresa de Gas del Sudeste –

Emgasud SA was created, engaged in the propane gas distribution business 2001

  • A.Ivannissevich

acquires Emgasud 2004

  • Engaged in the Energy

trading business 2009

  • Capital contribution of

US$35mm from AEI

  • Convertible bond

issuance of US$15mm 2007 - 2011

  • Development of thermal power

generation assets with a combined IC of 280 MW

  • Dec. 2011
  • Mr.Brito and Mr.Carballo

acquire part of Fintech's shares

Note: IC refers to installed capacity. ¹ Adjusted taking into account call options and participations assigned by Fintech to Andreas Keller S. and Fides

2006

  • Construction of

Gasoducto Patagónico 2012

  • Shareholders change

corporate name to “GENNEIA S.A.”

Thermal energy and others

1991 2001 2009 2013 2011 2012 2010 2008 2007

2012

  • Rawson wind

farm becomes

  • perative
  • Feb. 2012
  • New capital

contribution of US$15mm (to cancel convertible bond)

  • Aug. 2011
  • AEI sells its stake to Fintech
  • Issuance of subordinated

bond of US$50mm 2008

  • AEI becomes

shareholder (US$25mm capital contribution) 2007

  • Entrance of Private

Equity funds

  • US$40mm capital

contribution 2009

  • Awarded the right to develop

and operate 2 wind farms in Rawson and 5 wind farms in Puerto Madryn (80 MW & 220 MW)

Shareholder structure

Renewable energy EBITDA evolution (US$mm)

2012-2013

  • Divestiture of

natural gas distribution and transportation businesses 2013

  • US$90mm acquisition
  • f generation assets

for 4 thermal plants (previously under lease agreements) 2014

  • All thermal contracts

extended through “Resolución 220” with CAMMESA Fintech Energy LLC 25% Argentum Investments I LLC 44% Brito and Carballo families 25% Prado Largo S.A. 6%

LTM 2015

2015

  • Entrance of Argentum

Investments I LLC acquiring Ivanissevich´s stock

  • $50mm capitalization

and repayment of subordinated private note

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SLIDE 6

Diversified asset base within a consolidated business and financial model

5

ThP CONCEPCIÓN (42 MW) - 2009 ThP MATHEU (42 MW) - 2008 ThP PINAMAR (20 MW) - 2008 ThP PARANA (42 MW) - 2009 ThP BRAGADO (50 MW) - 2011 ThP OLAVARRIA I (42 MW) - 2009 ThP MAYO Y COSTA (7 MW) – 2008/2009 ThP LAS ARMAS I & II (10 MW + 25 MW) – 2009/2011 WF RAWSON (77.4 MW) – 2012

Power generation assets Breakdown by business unit – LTM as of 9/30/2015

Revenue (US$MM)

Revenues: US$161.9mm Thermal energy 74% Renewable energy 23% Other 3% Thermal energy 61% Renewable energy 35% Other 4%

Consolidated EBITDA (US$MM)

EBITDA: US$82.8mm

Note: Other includes energy trading business

Installed capacity (MW) Energy sales (GWh)

Installed capacity: 357 MW Thermal energy 76% Renewable energy 22% Isolated energy 2% Thermal energy 74% Renewable energy 26% Energy sales: 1300 GWh Thermal Energy Isolated Energy Wind Energy Installed Capacity 273 MW 7 MW 77.4 MW Total Investments US$315mm US$7mm US$154mm

Summary metrics

Note: Year indicates commercial operation date (COD)

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SLIDE 7

Successful growth track record on the back of stable and predictable cash flows

6

Net revenues evolution (US$MM) EBITDA growth (US$MM) Long-term Power Purchase Agreements (PPA) – Main Terms

Thermal Power Plants Renewable Energy Plants

Off-taker CAMMESA ¹

  • ENARSA. GENNEIA receives payments from CAMMESA under these PPAs since

ENARSA has assigned to the Company its rights to receive payments under the WEM² Agreements that support each of our PPAs with ENARSA Tenor 10 years from the date of commencement of commercial operations of each power plant (current contracts expire between 2018 and 2021) First 3 years with ENARSA and 7-year extension with CAMMESA The first to occur of (i) 15 years as from the COD (which may be extended for an additional 18-month term at the option of ENARSA) and (ii) the dispatch of the maximum quantity of energy committed to be purchased by ENARSA (3,825 GWh on aggregate for both contracts) Currency Denominated in US$; payable in Argentine Pesos (BCRA 3500) Denominated in US$; payable in Argentine Pesos (BCRA 3500) Price Fixed availability charge of US$ 21,275 per MW-month Variable charge for electricity effectively delivered between US$ 7.45 and US$ 14.90 per MW-hour (compensation for variable operating and maintenance costs) Pass-through of actual fuel costs Price for electricity effectively delivered: Rawson I (48.6 MW): US$ 128.70/MW-hour; Rawson II (28.8 MW): US$ 124.20/MW-hour

Thermal Power Plants Renewable Energy Plants

22% 23% 24% 69% 81% 96% 74% 72% 71% 31% 19% 4% 4% 5% 5% 65 121 134 162 166 158 2009 2010 2011 2012 2013 2014 Renewable Energy Conventional Energy Others 35% 32% 33% 76% 89% 94% 60% 62% 61% 24% 11% 6% 5% 6% 6% 21 56 59 72 86 91 2009 2010 2011 2012 2013 2014 Renewable Energy Conventional Energy Others

¹ Does not consider the 2 isolated power plants (Río Mayo and Gob. Costa) under PPAs with the Government of Chubut. ² WEM refers to the Argentine wholesale electricity market administered by CAMMESA

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SLIDE 8

Uniquely positioned to benefit from a rebalancing energy matrix

Thermal-based sources (primarily natural gas) remain the cornerstone of the electricity mix The declining production of natural gas created the need to import LNG and liquid fuels (fuel oil and gas oil), which has led to a large increase in power generation costs Current regulations provide incentives for new investments in the sector (long-term US$-denominated PPAs) and new policies to come are expected to generate further impulse on the back of Macri administration´s global revision of the structure and regulatory framework of the overall power sector

Overview Electric power generation–TWh

1990 2000 2010 2012 2013 2014

Thermal Hydro Nuclear + Ren + Imports

54 84 120 132 135

Fuel consumption at the WEM

7

Source: National Bureau for Nuclear Energy (CNEA) Source: Argentine Institute of Oil and Gas (IAPG) and Argentine Institute of Energy (IAE General Mosconi)

2 4 6 8 10 12 14 LNG Imports Bolivian Imports Exports

Source: CNEA – Síntesis MEM – dic 2014

Imports and exports of natural gas (Bn m3)

136 Natural Gas Gas Oil Fuel Oil Coal

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SLIDE 9

…away from a strong dependency on fossil fuels

Average Electricity Cost (w/NG @ $2.68/MMBtu)

8

Source: National Bureau of Nuclear Energy (CNEA), IAE and Genneia´s estimates

Coal 3% Fuel Oil 16% Gas Oil 9% Bolivian NG 32% LNG 31% Local NG 9% Natural Gas 72%

Fossil fuels composition - 2014

63% of all thermal-based power generated in 2014 running on imported natural gas (allocating all imports to power generation) Average incremental electricity cost around US$34/MWh, based on differential between import costs(US$11/MMBtu from Bolivia and US$15/MMBtu for LNG) and local NG cost @ US$2,68/MMBtu Extreme LNG price cutback to $10/MMBtu would reduce average incremental cost to around US$26/MWh

20 40 60 80 100 120

US$/MWh Other Extra cost (liquid fuels charge) Extra cost (WEM contracts +

  • ther)

Spot Price

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SLIDE 10

… with focus on renewable energy sources in one of the regions with the most favorable wind resources worldwide

9 22% 28% 44%¹ 52%¹

Rawson WF Madryn I (Estimate)

The average load factor of GENNEIA’s wind farms is significantly better than that observed in other countries. This is a result of winds with high speed, uniformity, constant direction and low turbulence, which together maximize equipment performance and, consequently, power generation

Sources: 3Tier, Eurostat and Department of Energy. ¹ Based on Company estimates

Global winds

Average load factors

GENNEIA is well positioned to capture the upside in the renewable energy sector thanks to its early-entrant investments, existing infrastructure and state-of-the-art technology

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SLIDE 11

Attractive growth opportunities on the back of a consolidated medium-term wind project pipeline

10

Wind Project Pipeline

Current wind energy pipeline of 500 MW – 240 MW ready-to-build

 20 MW potential expansion of Rawson Wind Farm  220 MW Madryn Project with over 5 years in wind statistics,

providing for an estimated load factor of 50% @P50 (6,240 hectares

  • f land owned)

New Renewable Energy Law passed by Congress should create, once enforced, further incentives for the development of the sector (incremental demand, ability to sign private PPAs and tax incentives) Continuously looking for new sites with the objective of adding 2 project sites per year with at least 40-50 MW of wind power capacity each Potential sites depend on energy generation capacity, transmission lines availability and overall construction logistics Total investment to be partially funded through the CARFON² fund (US$14.8mm accrued as of 09/30/2015)

² Custodial account jointly managed by Genneia and CAMMESA, funded through monthly deductions from our ongoing PPAs with CAMMESA

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SLIDE 12

Immediate growth opportunities through the construction of the first phase of the Madryn Project

11

Recently renegotiated PPAs with Enarsa provide for 20 months to COD for the first 50 MW phase

The Madryn Project (“PEM”) is located in the Province of Chubut (near the City of Puerto Madryn) and is composed of five wind farms (4x 50MW + 1x 20 MW), based on the signed PPAs with Enarsa The PPAs have the same features as those currently under operation at the Rawson Wind Farm, with an average selling price of US$110/MWh Development started in 2008 with the installation of six met masts, with the continued supervision from internationally recognized consultant GL Garrad Hassan The project has been registered under the clean development mechanism of the U.N. and has an estimated CO2 reduction of 588.000 tonnes per year (once in full operation) PEM I of 50MW will be the first of the Madryn Wind Farms to be constructed:

 Estimated US$100MM investment – technology still to be defined (finalizing

bidding process, counting with participation from leading international technology firms)

 Land where project is to be built already owned by Genneia (Madryn Sur)  Construction planned to be starting in 1Q 2016 with an estimated COD in 3Q 2017  Certified long-term net load factor of 49% (P50), equivalent to annual energy

production of 216 GWh

 Pro-forma annual EBITDA generation capacity of over US$20MM

TERRENO SUR ESTACIÓN DE TRANSFORMACIÓN INTERNA 33/132kV ESTACIÓN DE TRANSFORMACIÓN 132/500kV (SADI) PUERTO TERRENO NORTE ESTACIÓN DE TRANSFORMACIÓN INTERNA 33/132kV LINEA AT 132kV LINEA AT 132kV

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SLIDE 13

GENNEIA has consolidated its cash flow generation capacity …

12

Consolidated EBITDA (US$MM) and EBITDA margin

42 57 61 70 64 31% 35% 37% 45% 39% 2011 2012 2013 2014 LTM 2015 Gross profit Gross margin

Gross profit (US$MM) and gross margin Revenues (US$MM) Operating cash flow vs. CAPEX (US$MM)

Note: Operating cash flow calculated as consolidated EBITDA minus net interest expense and cash tax expense.

134 162 166 158 162 2011 2012 2013 2014 LTM 2015 39 44 49 58 52 66 51 98 18 11 2011 2012 2013 2014 LTM 2015 Operating Cash Flow CAPEX 59 72 86 91 83 44% 44% 52% 58% 51% 2011 2012 2013 2014 LTM 2015 EBITDA EBITDA margin

* Last 12 months as of 3/31/2015

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SLIDE 14

59% 56% 67% 63% 60% 2011 2012 2013 2014 LTM 2015 2.6x

… and has established prudent financial policies

13

Financial objectives and policies

Maturity profile extension to better align it with the Company’s long-term operations Financial debt primarily in US$ based on dollar- denominated long-term PPAs Target long-term senior leverage of 3.0x to 3.5x No dividend payments planned for the foreseeable future – full reinvestment in the business Availability of working capital lines

Leverage ratios¹ Senior Debt / Total capitalization (%) Total debt and net debt evolution (US$MM)

4,4x 3,3x 3,6x 3,0x 2,9x 3,5x 2,6x 3,0x 2,4x 2,3x 3,4x 2,6x 2,7x 2,2x 2,1x 2011 2012 2013 2014 LTM 2015 Total Debt/EBITDA Senior debt/EBITDA Net Senior Debt/EBITDA 2.9x 2.2x 2.2x

Interest coverage ratio ¹ Ratios calculated using US dollar converted figures; Total Debt, Senior Debt and Net Senior Debt based on

end-of-period FX; EBITDA based on average FX

2.6x

* Last 12 months as of 9/30/2015

  • 210
  • 190
  • 259
  • 219
  • 197

50 50 50 50 50 260 200 240 188 309 236 269 200 247 178 Senior debt Subordinated debt Net senior debt 2012 2013 2011 2014 Sep 2015

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SLIDE 15

While leverage has come down significantly, the maturity profile requires further efforts to extend average life

14 10 27 8 4 14 58 49 25 2015 2016 2017 2018 2019 Debt in local currency (ARS)¹ Debt in USD (including USD Linked) Subordinated USD Debt

Debt maturity profile – as of 09/30/2015 (US$MM)

Currency breakdown

USD Linked 60% USD Sub 20% Local currency 16% USD 4% Total debt: US$247mm 66 50 76 33

As of 09/30/2015: Total debt: US$247mm Total senior debt: US$197mm Avg life: 2.7 yrs2

  • US$50mm capitalization in

dec-2015 permitting full repayment of sub debt

  • FY15 closed with US$211mm

total debt

¹ Debt in local currency converted into USD. 2 Average life calculation excludes Subordinated USD debt Note: Subordinated debt (Class V notes) are fully subordinated to Class II & III notes. Payment failure does not provide for holders’ rights to accelerate nor declare default. Upon maturity, if not fully repaid, the Class V notes are convertible, at holders’ option, into Class A preferred stock of GENNEIA

68

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SLIDE 16

In summary, well defined strategic objectives translating into clear key drivers

15

A story of transformation, growth and consolidation that places us in a solid position to face the present and the future

Unsustainable energy matrix Need for new power supply and diversification from traditional sources Great potential in wind energy Unbeatable mix of industry and financial experience Advantageous partnership of local knowledge and solid international financial backing

Financial Consolidation

Strategic Vision

Revenue and EBITDA stabilization after years of rapid growth Progressive deleveraging as a result of a prudent financial policy Operating assets featuring long-term dollar-denominated contracts State of the art technology Seasoned management with proven experience in their respective areas

Financial Consolidation Proven Execution Business Leadership

Strategic Vision Proven Execution Business Leadership

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SLIDE 17

Appendix

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SLIDE 18

Solid shareholders’ platform and experienced management team

17

Management team

CEO Walter M. Lanosa Joined the Company in 2012 More than 20 years of experience in the industry Held several senior positions at the Total Group CFO Alejandro D. Lew Projects and Construction Director Arnoldo A. Girotti Legal Director Diego Abelleyra Human Resources Director Maria Cecilia Russo Commercial Director Federico Sbarbi Osuna Institutional Relations Manager Alfredo Bernardi Joined the Company in 2012 Held various positions in the financial industry, including J.P. Morgan and HSBC and the Ministry

  • f Economy of the Republic of Argentina

Joined the Company in 2009 More than 50 years of experience in the industry Joined the Company in 2010 Previous experience includes senior positions at Marval, O'Farrell & Mairal, and other law firms Joined the Company in 2003 Former Genneia’s Commercial and Planning Manager in charge of the Nat. Gas Transport Joined the Company in 2013 Previous experience in Pricewaterhouse and Sullair, among others Joined the Company in 2012 Served as Senior External Auditor at Pistrelli, Henry Martin y Asoc. S.R.L., members of EY Global

Unparalleled combination of shareholders with deep expertise in the Argentine energy spectrum and in the local and international financial markets

5% 12%

  • Part of the PointState Capital global investment

funds with over us$10 billion in assets under management

  • Investment vehicle structured as a “private equity

fund” focused on assets in Argentina

  • Long-term investment strategy on the back of an

extended funding lock-up period

  • Wholly-owned subsidiary of Fintech Advisory, a NY-

based investment fund managed by David Martinez

  • Focus on Emerging Markets (sovereigns and

corporates) with a long-term total return investment strategy (debt/equity positions alike)

  • Active investors having, among others, the largest

individual participation in Argentina-based Banco Macro (NYSE: BMA) with US$ 10bn in assets, 428 branches and 1109 ATMs

  • Jorge H. Brito and Jorge P. Brito currently hold

positions at Banco Macro as Chairman of the Board and CFO, respectively

ARGENTUM INVESTMENTS I LLC FINTECH ENERGY LLC BRITO AND CARBALLO FAMILIES

Main shareholders

Internal Auditing Pamela Vago Joined the Company in 2014 Previous experience in La Nacion and Petrobras Operations and Maintenance Director Patricio Neffa Joined the Company in 2013 Senior engineer with over 15 years of experience in leading development programs in the automotive industry (France, Russia, Brazil and Argentina)

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SLIDE 19

Electricity Market Framework

18 After experiencing serious energy shortages in 2007, the authorities enforced new regulation to actively support the deployment of new capacity from diverse technologies, providing generation companies with long-term PPA contracts as counterparties to the wholesale electricity demand (WEM)

  • Res. #220/2007

(10 years)

  • Res. #1836/2007

(3 years)

All regulation issued by National Energy Secretariat

  • Res. #712/2009

(15 years)

  • Res. #108/2011

(15 years)

THERMAL RENEWABLE

Law #26,190 of December, 2006 promoted the diversification of the national energy matrix, endorsing the use of renewable energy and contributing to mitigate climate change. The Law establishes an 8% share objective to be reached by the year 2016 of renewable energy in the national electricity generation matrix

+

The authorities also enforced the deployment of the Distributed Energy Program (ED I & II). ENARSA*, acting as generator (according to Resolution #1836/07), was able to subscribe PPA contracts with CAMMESA for new generation capacity to be installed by several contractors of ENARSA under ED I & II

+

*ENARSA is a state owned company and is engaged in the exploitation of petroleum and natural gas, and the production, industrialization, transport and trade of these and of electricity

The National Energy Secretariat (SEN) is responsible for policy setting and regulation, while the National Electricity Regulator (ENRE) is the independent entity responsible for applying the regulatory framework CAMMESA, is the local entity responsible for the administration of the Wholesale Electricity Market (“WEM”),

  • wned 20% by the Argentine government and 20% by each of the associations representing the WEM agents,

including generation, transmission and distribution players as well as large consumers Electricity is generated by dozens of private (75% of total) and state-owned companies in a relatively liberalized marketplace, while the transporters and distributors of electricity are heavily regulated as natural monopolies

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SLIDE 20

Electricity Market and GENNEIA

19

  • Res. #1836/2007 PPA

(3 years)

  • Res. #220/2007 PPA

(+7 years) ENARSA (ED Program) GENNEIA GENNEIA GENERATOR AGENT CONTRACTOR CAMMESA MARKET

  • Res. #1836/2007 PPA

(3 years) BEFORE NOW Latest Changes in Regulation and expectations for the future

  • Similar to the Distributed Energy Program for thermal power generation, in 2009 Authorities enforced the deployment of a Renewable Generation Program (GENREN).
  • ENARSA as generator (according to Resolution #712/09) was able to subscribe PPA contracts with CAMMESA for new renewable generation to be installed by contractors of ENARSA

under GENREN

  • Lately, in 2011, according to Resolution #108/11, the SEN authorized the execution of PPA contracts between the wholesale electricity market for new energy generation from

renewable sources proposed by private generation agents, co-generators and self- generators

  • Resolution #95/2013 changed pricing levels in the spot market from market price (marginal cost system) to cost-plus (regulated cost of production + additional payment)
  • Resolution #95/2013 restricted the subscription of PPAs between private parties  CAMMESA now concentrates the relation between generator and consumers
  • Due the fact that electricity system in Argentina is short of generation capacity, it is reasonable to expect that Government would not enforce policies against those market participants

which have recently installed new capacity

  • All PPA subscribed with WEM (Res. #1836, #220, #712, #108) are decoupled from intervened Argentina’s electricity market new regulation  Resolution #95/13
  • Challenges for any new Administration will be incorporating real generation costs into the tariff and new incentives to attract new generation projects. Both are beneficial for GENNEIA

2007 marked the starting point of GENNEIA in thermal electricity generation activities. Acting as contractor of ENARSA, GENNEIA installed 273 MW ISO of ultimate generation turbines at seven different sites across the provinces of Buenos Aires and Entre Ríos. PPA contracts were signed with ENARSA for three years During 2011, GENNEIA negotiated with the energy Authorities the extension of the contracts for additional seven years under Resolution #220/07 (acting directly as a wholesale electricity market generator). New PPA contracts were signed with CAMMESA

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SLIDE 21

State-of-the-art technology in both thermal and eolic generation assets

20

High quality and diversified asset base Thermal plants Wind farms 7 dual-fuel fired plants (natural gas and diesel) with total 273 MW installed capacity and 2 gas-only plants with 7 MW installed capacity

COD¹ Thermal Plants Province Technology Units Installed Power (MW) Load factor 2014 2009 Paraná Entre Ríos GT GE- TM2500 2 42 18% 2009

  • Conc. Del

Uruguay Entre Ríos GT GE- TM2500 2 42 17% 2008 Matheu

  • Bs. As.

GT GE- TM2500 2 42 17% 2009 Olavarría

  • Bs. As.

GT GE- TM2500 2 42 18% 2011 Bragado

  • Bs. As.

GT P&W-FT8 2 50 44% 2011 Las Armas II

  • Bs. As.

GT P&W-FT8 1 25 54% 2009 Las Armas I

  • Bs. As.

GT Solar-T60 2 10 30% 2008 Pinamar

  • Bs. As.

GT Solar-T60 4 20 68% 2008 Río Mayo Chubut MG Cummins- QSK60G4 3 3.5 34% 2009

  • Gob. Costa

Chubut MG Cummins- QSK60G4 3 3.5 41% Total 23 280 30%

¹ Commercial operation date

COD¹ Wind Farm Province Technology Units Installed Power (MW) Wind Avg (m/s) Load factor 2014 2012 Rawson I & II Chubut AG Vestas- V90 43 77.4 8.0 44% 5 10 15 20 25 30 35 200 400 600 800 1000 1200

Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15

GWh GWh 3-mth rolling avg (RHS)

Cumulative energy generated by the WF Rawson Rawson Wind Farm is the largest scale wind farm connected to the National Interconnection System (NIS) in Argentina

1082 GWh

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SLIDE 22

Operational Overview

21

Energy source Installed capacity (MW) Status Price for firm capacity (US$/MWh) Required availability factor (%) Availability factor 2014 Price for electricity delivered (US$/MWh) Net generation (GWh) 2014 Capacity contracted Expiration date Thermal Power Plants Gas/Diesel 280 97.0% 712 100% Matheu Natural Gas/Diesel 42 Effective 21,275 92% 98.8% 10.00 / 14.90 59 100% 11/18/2018 Paraná Natural Gas/Diesel 42 Effective 21,275 92% 97.9% 9.16 / 14.90 64 100% 6/23/2019 Concepción del Uruguay Natural Gas/Diesel 42 Effective 21,275 92% 99.5% 8.70 / 14.90 60 100% 10/20/2019 Olavarría Natural Gas/Diesel 42 Effective 21,275 92% 99.4% 9.07 / 14.90 62 100% 9/21/2019 Las Armas I Natural Gas/Diesel 10 Effective 21,275 92% 85.8% 10.00 / 10.65 26 100% 11/17/2019 Las Armas II Natural Gas/Diesel 25 Effective 21,275 92% 95.9% 7.45/10.23 115 100% 1/20/2021 Bragado Natural Gas/Diesel 50 Effective 21,275 92% 95.9% 7.45/10.15 188 100% 6/15/2021 Pinamar Natural Gas/Diesel 20 Effective 21,275 92% 93.2% 9.18 / 10.65 114 100% 2/15/2018 Gobernador Costa Natural Gas 3.5 Effective 22,000 N/A 86.4% 160 12 100% 12/31/2025 Río Mayo Natural Gas 3.5 Effective 22,000 N/A 93.9% 160 10 100% 12/31/2025 Rawson Wind Farm Wind 77.4 97.8% 294 100% Rawson I Wind 48.6 Effective N/A N/A 97.7% 128.7 182 100% 1/1/2027 Rawson II Wind 28.8 Effective N/A N/A 97.9% 124.2 112 100% 1/20/2027

Summary Operational Overview

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SLIDE 23

Consolidated Financials - Overview

22

Summary Income Statement Summary Balance Sheet

US$mm 2011 2012 2013 2014 LTM 09/30/2015 Continuing operations Net sales 134.4 162.4 165.9 157.9 161.9 Cost of sales (92.6) (105.5) (104.4) (87.4) (98.2) Gross profit 41.8 56.9 61.4 70.5 63.7 Selling expenses (1.3) (2.6) (1.6) (3.1) (3.8) Administrative expenses (13.1) (16.8) (14.2) (12.9) (13.7) Other income/expenses, net (1.6) (3.9) (0.4) (1.3) 0.6 Financial expense, net (24.6) (39.6) (57.7) (46.2) (39.0) Net (loss) income before tax 1.3 (6.0) (12.6) 7.1 7.8 Income tax (3.2) (4.3) (6.4) (6.9) (3.7) Net (loss) income from continuing operations (2.0) (10.3) (18.9) 0.2 4.1 Discontinued operations Loss from discontinued operations (0.4) (2.0) (1.0)

  • Net (loss) income for the period

(2.4) (12.3) (19.9) 0.2 4.1 US$mm 2011 2012 2013 2014 LTM 09/30/2015 Assets Total current assets 78.1 88.9 103.6 102.9 96.2 Total non-current assets 356.7 332.4 393.2 370.7 360.3 Total assets 434.8 421.3 496.8 473.6 456.5 Liabilities Total current liabilities 127.5 127.0 147.0 226.7 212.3 Total non-current liabilities 213.1 195.0 272.0 169.7 161.6 Total liabilities 340.6 322.0 419.0 396.4 373.9 Total shareholders' equity 94.2 99.3 77.8 77.2 82.6 Total liabilities and shareholders' equity 434.8 421.3 496.8 473.6 456.5