Company Presentation

January 2016

Strictly Private and Confidential

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

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.

Business Overview and Investment Highlights

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 of 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

0

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 operative

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

of 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

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)

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

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)

0

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

…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

0

20

40

60

80

100

120

US$/MWh

Other

Extra cost (liquid fuels charge)

Extra cost (WEM contracts +other)Spot Price

… 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

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

of 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

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

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 55

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

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

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

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

Appendix

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 of 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)

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”), owned 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

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)

BE

FO

RE

N

OW

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

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%

0

5

10

15

20

25

30

35

0

200

400

600

800

1000

1200

Jan

-12

Ap

r-1

2

Jul-

12

Oct

-12

Jan

-13

Ap

r-1

3

Jul-

13

Oct

-13

Jan

-14

Ap

r-1

4

Jul-

14

Oct

-14

Jan

-15

Ap

r-1

5

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

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

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