Investor Meetings August 2015 Strictly Private and Confidential - PowerPoint PPT Presentation

Investor Meetings August 2015 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 be taken away, reproduced, redistributed or passed on, in whole or in part or directly or indirectly, to any other person (whether within or 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 offering. 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, operations 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 of 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 obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. 1

Business Overview and Investment Highlights

Leading player in the development of new power generation in Argentina 61% THERMAL ENERGY 2014 33% RENEWABLE ENERGY CONSOLIDATED EBITDA 77.4MW Rawson Wind Farm, 280 MW installed capacity in in operation since Jan 2012 US$ 91 MILLION 9 Thermal Plants 43 Vestas AGs of 1.8MW each Efficient peakers strategically located in high 44% average net load factor consumption areas since COD¹ Dual fuel technology Wind capacity expansion plan of over 400 MW (240 MW 97% availability factor in ready-to-build) 2014 More than 90% of revenues derived from long-term PPAs denominated in US$, providing for stable and predictable cash flows ¹ Commercial operation date 3

Solid track record of performance and growth 2013 • US$90mm acquisition of generation assets Shareholder structure 2012 for 4 thermal plants • Shareholders change (previously under corporate name to Others lease agreements) “GENNEIA S.A.” 5% Andreas Keller S.¹ Fides¹ Dec. 2011 Feb. 2012 12% 120 43% • New capital • Mr.Brito and Mr.Carballo acquire part of Fintech's contribution of Brito and 2007 US$15mm (to cancel shares Carballo • Entrance of Private convertible bond) families Equity funds Aug. 2011 20% • US$40mm capital • AEI sells its stake to Fintech 100 contribution Fintech¹ • Issuance of subordinated 2006 20% bond of US$50mm • Construction of Gasoducto Patagónico 2009 • Capital contribution of 80 US$35mm from AEI • Convertible bond 2004 issuance of US$15mm • Engaged in the Energy trading business 2012 • Rawson wind 60 farm becomes 2001 operative • A.Ivannissevich acquires Emgasud 2014 • All thermal contracts 2012-2013 40 extended through 2008 • Divestiture of • AEI becomes “ Resolución 220” 1991 2009 natural gas • Empresa de Gas del Sudeste – with CAMMESA shareholder • Awarded the right to develop distribution and Emgasud SA was created, (US$25mm capital and operate 2 wind farms in transportation engaged in the propane gas contribution) 2007 - 2011 Rawson and 5 wind farms in businesses distribution business • Development of thermal power Puerto Madryn (80 MW & 220 20 generation assets with a MW) combined IC of 280 MW 0 1991 2001 2007 2008 2009 2010 2011 2012 2013 2014 EBITDA evolution (US$mm) Thermal energy and others Note: IC refers to installed capacity. ¹ Adjusted taking into account call options and Renewable energy participations assigned by Fintech to Andreas Keller S. and Fides 4

Diversified asset base within a consolidated business and financial model Breakdown by business unit – LTM as of 6/30/2015 Power generation assets Revenue (US$MM) Consolidated EBITDA (US$MM) ThP PARANA (42 MW) - 2009 Other Renewable Other Renewable 4% energy 5% energy ThP CONCEPCIÓN 23% 34% (42 MW) - 2009 ThP BRAGADO (50 MW) - 2011 ThP MATHEU Thermal (42 MW) - 2008 Thermal energy energy 61% ThP OLAVARRIA I 73% (42 MW) - 2009 ThP PINAMAR (20 MW) - 2008 Revenues: US$159.6mm EBITDA: US$84.9mm WF RAWSON ThP LAS ARMAS I & II Note: Other includes energy trading business (77.4 MW) – 2012 (10 MW + 25 MW) – 2009/2011 ThP MAYO Y COSTA (7 MW) – 2008/2009 Installed capacity (MW) Energy sales (GWh) Isolated Renewable Renewable Thermal energy energy energy energy 2% Note: Year indicates commercial operation date (COD) 22% 26% 74% Summary metrics Thermal Thermal Energy Isolated Energy Wind Energy energy Installed Capacity 273 MW 7 MW 77.4 MW 76% Installed capacity: 357 MW Energy sales: 1129 GWh Total Investments US$315mm US$7mm US$154mm 5

Successful growth track record on the back of stable and predictable cash flows Net revenues evolution (US$MM) EBITDA growth (US$MM) Renewable Energy Conventional Energy Others Renewable Energy Conventional Energy Others 158 166 91 162 5% 5% 86 6% 6% 4% 134 72 121 4% 59 5% 56 19% 11% 6% 61% 72% 62% 74% 71% 65 60% 96% 21 31% 94% 81% 89% 24% 33% 35% 32% 69% 23% 24% 22% 76% 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 Long-term Power Purchase Agreements (PPA) – Main Terms Thermal Power Plants Renewable Energy Plants 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 The first to occur of (i) 15 years as from the COD (which may be extended for power plant (current contracts expire between 2018 and 2021) an additional 18-month term at the option of ENARSA) and (ii) the dispatch of First 3 years with ENARSA and 7-year extension with CAMMESA 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 Price for electricity effectively delivered: Rawson I (48.6 MW): Variable charge for electricity effectively delivered between US$ 7.45 and US$ 128.70/MW-hour; Rawson II (28.8 MW): US$ 124.20/MW-hour US$ 14.90 per MW-hour (compensation for variable operating and maintenance costs) Pass-through of actual fuel costs 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 6

Uniquely positioned to benefit from a rebalancing energy matrix Electric power generation – TWh Overview Thermal-based sources (primarily natural gas) remain the Nuclear + Ren 136 135 + Imports cornerstone of the electricity mix 132 120 The declining production of natural gas creates the need to import Hydro 84 LNG and liquid fuels (fuel oil and gas oil), which has led to a large increase in power generation costs 54 Thermal New electricity regulations provide incentives for new investments in the sector (long-term US$-denominated PPAs) 1990 2000 2010 2012 2013 2014 Source: CNEA – Síntesis MEM – dic 2014 Imports and exports of natural gas (Bn m 3 ) Fuel consumption at the WEM 14 LNG Imports Bolivian Imports Coal 12 Exports Gas Oil 10 Fuel Oil 8 6 4 2 Natural Gas 0 Source: National Bureau for Nuclear Energy (CNEA) Source: Argentine Institute of Oil and Gas (IAPG) and Argentine Institute of Energy (IAE General Mosconi) 7