Central Puerto Sa · BCBA:CEPU
Central Puerto Sa — Investor Presentation (June 2018)
27 slides from Central Puerto Sa's investor presentation, Jun 5, 2018
Slide 1: Company Presentation
COMPANY PRESENTATION
Slide 2: Disclaimer
Disclaimer ‘Additonal information about Sentral Puerto can be found in the Investor Support soction on the webs! ‘Tis presentation doesnot constiute an offer to seo the klictaton of any offer to buy any secur Snevnties Exchange Commmasno of an exemption From such regeiraton Rounding amounts and perc
Slide 3: Overview
OVERVIEW GROWTH STRATEGY FINANCIALS APPENDIX
Slide 4: Largest private sector power generator in Argentina
Largest private sector power generator in Argentina, with a total installed capacity of 3,663MW' Geographically and technologically diversified operating assets Largest private player? in 3 companies operating combined cycles totaling 2,554 MW under a consortium with other generators ("FONINVEMEM"”
Slide 5: Central Puerto at a glance (cont'd)
Central Puerto at a glance (cont'd) Operating and financial highlights Generation assets and potential projects breakdown by technology (MW)! Additional stakes in 3 companies operating combined cycles totaling 2,554 MW? — 4,457 és =i ses +794 MW 1,441 (=) Current Capacity (+) Cogeneration projects (
Slide 6: Largest private sector power generator with a diversified portfolio of high quality assets
Largest private sector power generator in Argentina with a diversified portfolio of high quality assets Largest private sector power generator in Argentina with a diversified asset base Private sector power generation market shares (GWh) ‘SADI's total power generation by private sector companies and
Slide 7: Central Puerto at a glance (cont'd)
Central Puerto at a glance (cont'd) Portfolio of generation assets Current geographic footprint Assets under MC TMMMEE cooroion constuction’ Male Sacra @ Puerto - Q@ Piedra del Aguila - @@ Lujan de cuyo - @ San Lorenzo - 330 - @La Castellana | & II - 115 - @ Genoveva! & Il E 129 2 @ Achiras 1 & 11 :
Slide 8: High quality assets with strong and stable operational performance
Largest private sector power generator in Argentina with a diversified portfolio of high quality assets (cont'd) High quality assets with strong and stable operational performance Assets with high availability... ...a Strong generation track record... Average availability of thermal units Ocentrat P
Slide 9: Growth Strategy
OVERVIEW GROWTH STRATEGY FINANCIALS APPENDIX
Slide 10: Central Puerto's growth strategy based on 3 clear pillars
Attractive growth profile (cont'd) Central Puerto’s growth strategy based on 3 clear pillars New awarded thermal projects to add J) 423 MW of contracted capacity |) auctions or contracts with private / players (combined cycles) @ Capacity increase through new Government authorized the sale of its in
Slide 11: Attractive growth profile
Attractive growth profile Generation assets and potential projects by technology (MW) Awarded 5) Best I Renewables Under construction Potential Projects [Development Co Generation peeteeediieeierree Steam mc i Hydro 423 371 4,457 3,663 a | aa (=) Current | (+) Co-generation (+) Wind projects (=) Adj
Slide 12: 423MW of contracted capacity
— dd 423MW of contracted capacity Expansion of Lujan de Cuyo Terminal 6 San Lorenzo sere en cnt _— ae s (US$45mm already disbursed)? (US$42mm already disbursed)’ — a a = vn ‘Awarded energ) Gir seal some bee Tnoeth —. * capacity + vari Osun Sussintn (voy = v vn Existing facilities can accommodate the
Slide 13: Ready to participate in the sale of the government's plants
@)attractive growth profile (cont'd) A) Central Puerto is ready to participate in the sale of the government’s plants Central Puerto is ready to participate in the sale of the government plants 280 MW + 140 MW under construction COMMERCIAL OPERATIONS ) y 2012 Ensenada De Barragan 576 MW + CAPACITY 2
Slide 14: Well positioned ahead of future expansion opportunities
Attractive growth profile (cont'd) Central Puerto is well positioned ahead of future expansion oportunities Government targets significant capacity additions Turbines and land for future projects sition ahead of future auctions, Central red gas turbines and land To further nce its Puerto has already
Slide 15: Largest private player in FONI consortium
Attractive growth profile (cont'd) A) Largest private player in FONI consortium operating combined cycles totaling 2,554 MW Assets under the FONINVEMEM program (isan Martin [2] Manuel Belgrano [3 | Vuelta de Obligado | Combined cycle Combined cycle Combined cycle 865 MW 873 MW 816 MW COD: 2010 COD:
Slide 16: Renewable energies also present excellent growth opportunities
Attractive growth profile (cont'd) Renewable energies also present excellent growth opportuinities ToC OCR ICTISE = To promote renewable energy, a Promotional Regime was enacted m Energy must be intended for the WEM ® Projects must be related to the rendering of public services 12% = Larger users (+
Slide 17: Development of awarded renewable energy projects
cB) Attractive growth profile (cont'd) Development of awarded renewable energy projects Central Puerto’s awarded wind farm projects’ Term Market (MATER) 4)LaCastellanall [5) Achirasi! [6)La Genoveva Il 20 years starting on COD @ I 1 1 I | oo mw asm ses Mw ! 15.75 Mw 798 Mw sm | 1 1 J ussi4smm Uuss74
Slide 18: Adjusting the regulatory framework to attract private investment
active Rene profile (cont'd) (Cc) (ie adjusting the regulatory framework to attract private 2018/2019 = Goal is to improve sector sustainability Potential changes under discussion: = Fixed capacity price increase under Energia Base = Price convergence of Energia Base to new framework energy auction
Slide 19: Key changes in the Energia Base framework
Key changes in the Energia Base framework Average Monomic Price Received for the Energy Sold under Energia Base Framework (USS/MWh) Sout Company eforraton * Conve Fon ARS stn end of ped FX 1304 15.89 1885 and 2015 fr 2015. 20162017 and LM 10.2018. espa ezease Ps of 18022” Vaioe oregno de derbi (deto
Slide 20: Price convergence of Energia Base
tar Average Res. 21/2016 ~o 20,951" ~ © average Res. 20772017 20,508 Price Convergence lm Energia Base - Thermal? Significant price gap, even when conservatively ‘compared with the lower ‘ond of recent auctions prices FebiApr-17 MaylOet-17 ‘After Nov-17 Government increased remuneration for Energia
Slide 21: Additional operating margin if fuel purchasing shifts back to generators
Attractive growth profile (cont'd) oOo) Central Puerto expects to benefit from an additional operating margin if the responsibility of buying fuel is shifted back to generators Central Puerto's scale and leadership position provides for potential to capture margins on fuel purchases Fuel Purchases!
Slide 22: Financials
OVERVIEW GROWTH STRATEGY FINANCIALS APPENDIX
Slide 23: Strong cash flow generation and financial position
Strong cash flow generation and financial position US$ based revenues supported by additional FONINVEMEM cash flows Net revenues from continuing operations Adj. EBITDA form cont. operations excluding COVSA effect (US$mm)!2 (US$mm)'2 In Ps.mm: 3,563 $67.2 5,957 +11.7% > 6653 Wn Posen: 2,342 746.8" 3.
Slide 24: Additional sources of funding and non-core assets
Additional sources of funding and non-core assets Favorable financial position and potential cash from non-core assets Cash Position as of March 31, 2018 (US$ mm) CENTRAL PUERTO SUBSIDIARIES CONSOLIDATED 166 166 Project Finance 181 Long-Term Debt ss 34 | | chs i | | Financial Debt = 0 147 7132 147 =
Slide 25: Appendix
OVERVIEW GROWTH STRATEGY FINANCIALS APPENDIX Adjusted EBITDA Reconciliation
Slide 26: Adjusted EBITDA Reconciliation
Appendix Adjusted EBITDA Reconciliation Adjusted EBITDA Reconciliation | wis 2017 | 2018. = Total Adjusted EBITDA for the 2017 was Ps. Net income of the year 1,769 3,494 10,471 aias0 nition, Finance Expenses 620 698 823 approximately US$ 209 Finance Income 421 932 “732 million Share of the profit of
Slide 27: Central Puerto
e 4 NS D Central Puerto —