Central Puerto Sa · BCBA:CEPU
Central Puerto Sa — Investor Presentation (April 2018)
26 slides from Central Puerto Sa's investor presentation, Apr 12, 2018
Slide 1: Company Presentation April 2018
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: Central Puerto at a Glance
CENTRAL PUERTO AT A GLANCE
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)! Poe Hydro Combined Cycle Steam Turbines #0 Generat Renewables 6169 ‘Adgtionally owns stakes in 3 companies operating combined cycles totaling 2,554 MW2 Financ
Slide 6: Portfolio of generation assets
Central Puerto at a glance (cont'd) Portfolio of generation assets Current geographic footprint SSS =o 1,714 1,440 - : 509 93 : region accounts for ~62% of c - 873 Argentina’s demand for - “ 865 electricity! —_ = 5 816 The plants in this region will total 4800 MW (69%) of e 16 3 our portfolio =" Ass
Slide 7: Why Central Puerto
WHY CENTRAL PUERTO
Slide 8: 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 9: 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 10: Attractive growth profile
Attractive growth profile Argentina’s energy generation is under capacity constraints while consumption continues to grow Power demand in Argentina has been growing for the past 20 years 4 Increasing demand with inefficient generation | 20 years of power demand growth | Demand growth picks up with a
Slide 11: 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) 423MW of contracted capacity |) auctions or contracts with private players (combined cycles) @ Capacity increase through new Government authorized the sale of its inter
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 U
Slide 13: Well positioned ahead of future auctions
Attractive growth profile (cont'd) Central Puerto is well positioned ahead of future auctions Government targets significant capacity additions Turbines and land for future projects To further enhance its position ahead of future auctions, Central Puerto has already acquired gas turbines and land Ta
Slide 14: Largest private holder and operator of FONINVEMEM plants
Attractive growth profile (cont'd) OY | convetina eneay As the largest private holder and operator of the FONINVEMEM plants Central Puerto is well positioned for potential strategic opportunity Cash Flow form FONINVEMEM receivables® Receivables as of March 31, 2018 = FONINVEMEM receivables associate
Slide 15: Improved regulatory environment that fosters investments
Attractive growth profile (cont'd) O_terev err ...and leverage opportunities in an improved regulatory environment that fosters investments 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
Slide 16: Development of awarded renewable energy projects
Attractive growth profile (cont'd) Development of awarded renewable energy projects Central Puerto’s awarded wind farm projects’ RenovAr Program Term Market (MATER) 1) LaCastellana 2 Achiras 3) LaGenoveva! 4) La Castellana Il 5) Achiras It 20 years starting on COD i) Equity and project finance 1 1 1
Slide 17: 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 18: Key changes in the Energia Base framework
Key changes in the Energia Base framework Monomic price without fuel 17.94 Average Monomic Price Received for the Energy Sold 10.51 under Energia Base Framework (USS/MWh) 2015 2016 2017 ARS': 437.00 213.78 334.53 Sore: Company nforraon * Contd Fon ARS stan end of ped FX 1304, 15.89 ac 185 4 2015, 20
Slide 19: Price convergence
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 20: 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 21: 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 (US$mm)'2 Adjusted EBITDA form continuing operations (US$mm)'2 @—- sa wm) (ws) 2 = (+32.4% )—- 209 a : Expected payments from FONI rec ables* (U
Slide 22: Potential cash from non-core assets
jai potential d non-core assets sh from non-core assets Significant cash events Central Puerto may receive potential cash flow from non-core assets Dhidend of Pa ™ One of the largest natural gas distributor in Argentina, with almost 11.75% volume share in the country with a network of 31,125km cover
Slide 23: Stock and ADR performance since IPO
Stock and ADR performance since IPO CEPU ADRs’ performance show in a volatile context shows the market’s confidence CEPU remained above the initial price and with good liquidity levels 15.00% 10.00% = Since the IPO, CEPU gained +3.4%, and remained almost always above the deal price of US$ 16.5 ; ADR
Slide 24: Appendix
APPENDIX Adjusted EBITDA Reconciliation
Slide 25: Adjusted EBITDA Reconciliation
Stock and ADR performance since IPO CEPU ADR performance show the confidence in the pricing Adjusted EBITDA Reconciliation ce 2017 | Net Income of the year Ps. 3,494 Finance Expenses 698 = Total EBITDA for the year was Finance Income -932 Ps. 3,439 million, or Share of the profit of associates -715
Slide 26: Central Puerto
e 4 NS D Central Puerto —