Central Puerto S A : Investor's Presentation

C O M PAN Y P R E S E N TAT I O N

April 1, 2019

Disclaimer

Additional information about Central Puerto can be found in the Investor Support section on the website at www.centralpuerto.com. This presentation does not contain all the Company's financial information. As a result, investors should read this presentation in conjunction with Central Puerto's consolidated financial statements and other financial information available on the Company's website.

This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of Central Puerto, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission or an exemption from such registration.

Financial statements as of and for the period ended on December 31, 2019include the effects of the inflation adjustment, applying IAS 29. Accordingly, the financial statements have been stated in terms of the measuring unit current at the end of the reporting period, including the corresponding financial figures for previous periods informed for comparative purposes.

Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.

This presentation contains certain metrics, including information per share, operating information, and others, which do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

Cautionary Statements Relevant to Forward-Looking Information

This presentation contains certain forward-looking information and forward-looking statements as defined in applicable securities laws (collectively referred to in this presentation as "forward-looking statements") that constitute forward-looking statements. All statements other than statements of historical fact are forward-looking statements. The words "anticipate," "believe," "could," "expect," "should," "plan," "intend," "will," "estimate" and "potential," and similar expressions, as they relate to the Company, are intended to identify forward-looking statements.

Statements regarding possible or assumed future results of operations, business strategies, financing plans, competitive position, industry environment, potential growth opportunities, the effects of future regulation and the effects of competition, expected power generation and capital expenditures plan, are examples of forward-looking statements. Forward-looking statements are necessarily based upon a number of factors and assumptions that, while considered reasonable by management, are inherently subject to significant business, economic and competitive uncertainties and contingencies, which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements.

The Company assumes no obligation to update forward-looking statements except as required under securities laws. Further information concerning risks and uncertainties associated with these forward-looking statements and the Company's business can be found in the Company's public disclosures filed on EDGAR (www.sec.gov).

Adjusted EBITDA

In this presentation, Adjusted EBITDA, a non-IFRS financial measure, is defined as net income for the year, plus finance expenses, minus finance income, minus share of the profit of associates, plus income tax expense, plus depreciations and amortizations, minus net results of non-continuing operations. The Adjusted EBITDA may not be useful in predicting the results of operations of the Company in the future.

Adjusted EBITDA is believed to provide useful supplemental information to investors about the Company and its results. Adjusted EBITDA is among the measures used by the Company's management team to evaluate the financial and operating performance and make day-to-day financial and operating decisions. In addition, Adjusted EBITDA is frequently used by securities analysts, investors and other parties to evaluate companies in the industry. Adjusted EBITDA is believed to be helpful to investors because it provides additional information about trends in the core operating performance prior to considering the impact of capital structure, depreciation, amortization and taxation on the results.

Adjusted EBITDA should not be considered in isolation or as a substitute for other measures of financial performance reported in accordance with IFRS. Adjusted EBITDA has limitations as an analytical tool, including:

• Adjusted EBITDA does not reflect changes in, including cash requirements for, our working capital needs or contractual commitments;
• Adjusted EBITDA does not reflect our finance expenses, or the cash requirements to service interest or principal payments on our indebtedness, or interest income or other finance income;
• Adjusted EBITDA does not reflect our income tax expense or the cash requirements to pay our income taxes;
• although depreciation and amortization arenon-cash charges, the assets being depreciated or amortized often will need to be replaced in the future, and Adjusted EBITDA does not reflect any cash requirements for these replacements;
• although share of the profit of associates is anon-cash charge, Adjusted EBITDA does not consider the potential collection of dividends; and
• other companies may calculate Adjusted EBITDA differently, limiting its usefulness as a comparative measure.

The Company compensates for the inherent limitations associated with using Adjusted EBITDA through disclosure of these limitations, presentation of the Company's consolidated financial statements in accordance with IFRS and reconciliation of Adjusted EBITDA to the most directly comparable IFRS measure, net income. For a reconciliation of the net income to Adjusted EBITDA, see the tables included in this release. For more information see "Adjusted EBITDA

Reconciliation" below.

Convenience Translations

The translations into US dollars in the table under this presentation have been made for convenience purposes only, and, given the significant exchange rate fluctuation during 2016, 2017, 2018 and 2019, you should not place undue reliance on the amounts expressed in US dollars. The US dollar translations should not be construed as a representation that the peso amounts have been or may be converted into US dollars at the rate indicated in the table below or at any other rate. For more information see "Foreign Exchange Rate Evolution" below.

1

COMPANY DESCRIPTION

FINANCIALS

APPENDIX

Adjusted EBITDA Reconciliation

Foreign Exchange rate

Central Puerto's value components at a glance

Power

Generation

• 4,315 MWof installed capacity
• • 11% market share (14.8 TWh generated in LTM4Q2019)
• 631 MWunder construction/development with PPAs
• • 470 MW in thermal projects, and 123 MW in renewable projects
• 969 MWin gas turbines for potential new projects

After expansion projects are completed the capacity will be:

76%legacy units

24%new energy

FONI

Receivables

Future Stake in

FONI Plants

Natural Gas

Distribution

and

Transportation

• Receivables under FONI program (expected cash flow for 2020: US$ 86 millions)
• stake in 3 combined cycle plants under FONI consortium (total installed capacity2,554 MW)
• stake in natural gas distribution and transportation companies:

◼40.59%in DGCE (Ecogas)	15%market share
◼	21.58%in DGCU (Ecogas)

• 20.00%in TGM

3

Corporate structure and main financial figures

Central Puerto has a well diversified shareholders base

63%		23%	8%	4% 2%
			Federal
Local shareholders	ADR holders
Goverment
			Neuquén Province

Power generation of Central Puerto and its consolidated subsidiaries (LTM ended on December 31, 2019)1

	Sales2	Adj. EBITDA2	Net Debt
Power generation	US$600 mm	US$297 mm	US$493 mm	2019 Adj. EBITDA was affected by a
non-cash impairment charge,
	Ps.35,961 mm		Ps.29,522 mm
	Ps.17,764 mm	before income tax, of US$ 74 mm
				(Ps. 4,404 mm)
Main natural gas distribution affiliates (LTM ended on December 31, 2019)1
	Sales	Adj. EBITDA
DGCE (Ecogas)	US$265 mm	US$46 mm
	Ps.15,849 mm	Ps.2,730 mm
DGCU (Ecogas)	US$222 mm	US$52 mm
	Ps.13,318 mm	Ps.3,108 mm

Source: Company information

1. Figures in Ps. were converted into US dollars for the convenience of the reader using the FX rate as of December 31, 2019. See "Disclaimer - Adjusted EBITDA; Convenience translation". 2. Central Puerto's

Adjusted EBITDA does not include interest and FX difference on FONI trade receivables.Figures do not include results from Brigadier López plant for the months of April and May 2019.

4

Well diversified portfolio of generation assets

Power

generation

Current geographic footprint

11

		10	14 13
3	9	4	5	12
8
					1
		7	6

2

~62%

power

demand1

Power capacity

(MW)4

1. Puerto complex
2. Piedra del Águila
3. Luján de Cuyo
4. Brigadier López
5. San Lorenzo
6. La Castellana I & II
7. Genoveva I & II
8. Achiras I
9. Manque

1. Los Olivos
2. El Puesto
3. Manuel Belgrano
4. San Martin
5. Vuelta de Obligado
   Total

Assets in		Assets under		FONINVEMEM
operation		construction		Plants
1,714		-		-
1,440		-		-
595		-		-
281		140		-
-		391		-
116		-		-
42		88		-
48		-		-
57	-	-
23	-	-
-		12		-
-		-		873
-		-		865
-		-		816
4,315		631		2,554

Assets currently in operation		Assets under construction

Central Puerto equity interest in companies operating FONI plants

Source: Company information and CAMMESA

1Demand for last-twelve-months as of December 31, 2019 based on CAMMESA's monthly report. Includes Gran Buenos Aires, Buenos Aires and Litoral regions; 2Considers 100% of the capacity of each asset

5

Central Puerto at a glance (cont'd)

Attractive growth pipeline

Generation assets and projects under development breakdown by technology (MW)

Awarded and under		Brigadier López
construction / development (2)		expansion

		100	4,806	140	4,946
4,315				386
391		386
286
		1069		1069
1069			353		73
353
		1071		1492
1071
95			486		486
1441			1441		1441

Renewables

Steam turbines

Gas turbines

CC

Co Generation

Hydro

(=) Current Capacity (+) Thermal projects

(+) Renewable

(=) Expected

(+) Brigadier López

(=) Current and

projects

capacity 4Q2020

expansion project

awarded capacity

Generation assets by regulatory framework (MW)

2020 EBITDA contribution by regulatory framework (MW)

Spot - Energía

33%

Spot - Energía

84%

76%

Base (1)

69%

Base (1)

14%

24%

Contracts

31%

67%

Contracts

March 2020

December 2020

2019

Estimated 2020 (2)

Source: Company information. 1. Spot - Energía Base referes to the Regulatory framework stablished by Res 19/17 (from March 2017 to February 2019), Res. 1/19 (from March 2019

to January 20202), and Res. 31/2020 (since February 2020).(2)Important Note: EBITDA estimations do not consider the effects of mandatory social isolation due to the Covid- 19 epidemic crisis (Decree DNU 297/2020 and amendments). The projects under construction/development have been suspended due to such measures.

6

One of the largest private sector power generator in Argentina with a diversified asset base

Power

generation

Private sector power generation market shares (GWh)

SADI's total power generation by private sector companies and market share, January 2019 - December 2019

17.5%	18.4%	12.5%	15.3%	36.3%
				30,757
14,849	15,592	10,636	12,988
				Other

Balanced portfolio with different technologies in place…

… coupled with fuel sources diversification

	2%	7%	Technology type
			Hydro
25%		33%		Combined Cycle

Gas Turbines

Steam Turbines

8%	25%	Co Generation
		Wind

4,315 MW

Installed Capacity1

Thermal generation by fuel type, Jan 2019 - Dec 2019

2% 3%

95%

10,187 GWh

Natural Gas

Gas Oil

Fuel Oil

Only 7% of Central

Puerto's total capacity relies exclusively on natural gas supply1,2

Source: Company information. 1Excludes FONI Plants; 2Lujan de Cuyo's Siemens Combined Cycle unit (306 MW installed capacity) is CEPU's only unit relying exclusively on natural gas.

7

High quality assets with strong and stable operational performance

Power

generation

Assets with high availability…

Average availability of thermal units	Market average1		Central Puerto
				91%	89%	93%
76%	80%	79%	77%			80%
	79%	79%
74%
73%	72%	72%

2013	2014	2015	2016	2017	2018	2019
	… access to fuel and water storage…
	Fuel Oil		◼32,000 tons of storage capacity
			◼Equivalent to 6.3 days of consumption
	Gas Oil		◼20,000 tons of storage capacity
			◼Equivalent to 5.7 days of consumption
	Water		◼12 bn m3of water, of which 50% are usable
	(HPDA)			◼Equivalent to 45 days of consumption

Critical assets due to their large storage capacity

…a strong generation track record…

	Power generated (TWh)						Historical low hydrological levels affected
														Piedra del Aguila's generation in 2016 and
			Thermal			Hydro			Wind	.			2017
16,9		16,8		17,7	15,5	16,5	14,5	14,8
					0,0
														0,2	0,7
4,6		4,1		4,7	2,4	3,7
															4,2	3,9
12,3		12,7		12,9	13,2	12,7	10,1	10,2
2013		2014		2015	2016	2017	2018	2019
… and high efficiency
	Heat rate (Kcal/KWh)2							Mkt average: 2,569

Mkt average: 1,616

2,456 2,8372,6052,426

1,604

1,567

1,617

1,692

1,659

Combined Cycle		Steam Turbines
Central Puerto		AES		ENEL		Pampa Energia		YPF

Source: Company information, CAMMESA

1Average market availability for thermal units; 2Considers units operating only with natural gas, as of December 31, 2019. Market weighted average based on information published by CAMMESA for November 2019-April 2020

8

Attractive growth profile

On October 5, the new Luján de Cuyo cogeneration added 95 MW

Power

generation

1Expansion of Lujan de Cuyo

Total power

capacity

Awarded power

capacity

Heat rate

Steam production

capacity

Technology

COD

Electricity contract

term

Awarded energy

price

[capacity + variable]

Steam contracts' off-taker and term

95.32 MW

93 MW (for the winter)

1,530 Kcal/KWh

125 tons per hour

Cogeneration (electricity + steam)

October 5, 2019

15 years

17,100 US$/MW per month

+

8 US$/MWh1

YPF (15 years contract)

2020 estimated EBITDA

US$ 25 millions

Central Puerto's projects offered the lowest prices in the bidding process

Source: Company information; 1Excluding fuel cost;

9

Attractive growth profile

Terminal 6 project will add 330 MW to Central Puerto's installed capacity

Power

generation

1Terminal 6 San Lorenzo

Expected total power capacity

Awarded power

capacity

Expected heat rate

Steam production

capacity

Technology

Estimated Total

Capex (excl. VAT)

Expected COD

Electricity contract

term

Awarded energy

price

[capacity + variable]

Steam contracts'

off-taker and term

391 MW

330 MW (for the winter)

1,490 Kcal/KWh

350 tons per hour

Cogeneration (electricity + steam)

US$ 284 millions

See Note 1 below

15 years

17,000 US$/MW per month

+

8 US$/MWh (natural gas)110 US$/MWh (diesel oil)1

Terminal 6 Industrial S.A.

(15 years contract)

Uses 1 of the 4 turbines already purchased by

Central Puerto

Central Puerto's projects offered the lowest prices in the bidding process

Source: Company information; 1Excluding fuel cost; 2T6 Industrial S.A. (owned by General Deheza and Bunge). Note 1. The original COD was scheduled for

September 2020. As of the date of this report the construction of the plant has been suspended do to the mandatory social isolation measures related to the Covid-19 epidemic crisis (Decree DNU 297/2020 and amendments).

10

Attractive growth profile

Brigadier López Plant purchase

Power

generation

The contract for the transfer of the plant was signed on June 14, 2019, effective as of April 1, 2019

Plant Price

Debt with IEASA as of

June 14, 2019

Gas

Turbine Power

Price

280 MWEnergy Price

US$ 155 millions in cash

US$ 165 millions

			US$ 10 millionin trade receivables form CAMMESA
				Maturity: August 2022
	US$ 155
		Monthly equal principal installments
	millions
			6M Libor + 5 % or 6.25%, the highest
	PPA with CAMMESA (until August 30, 2022)			General remuneration for thermal units1

US$ 29,089per MW per month

US$ 10,50 per MWh

Additional 10 years PPA contract for the steam turbine (140 MW) starting form combined cycle commissioning date:

Power Price US$ 24,789.60 per MW per month; Energy Price US$ 10,50 per MWh

Source: IEASA, Central Puerto.

1. As of today, these units would receive their remuneration under the prices set by Res. SE 31/20, which may change upon the termination of the PPA contracts with CAMMESA. You can find a summary of these remuneration in the Appendix of this presentation. Effective prices for capacity payment depend on the availability of each unit, and the achievement of the Guaranteed Bid Capacity (DIGO in Spanish) that each generator may send to CAMMESA twice a year, and the LTM utilization factor of each unit

11

Attractive growth profile

Development of awarded renewable energy projects

Power

generation

Central Puerto's renewable projects1

Capacity and

technology

Estimated Capex

COD / Expected COD

Equipment

Committed

Funding

Type

Starting

Awarded

Price

Adjustments

PPA Signing Date

Term

RenovAr ProgramTerm Market (MATER)

4

5

6

7

8

1

La

2

3

La

La

La

Achiras I

Manque

Los Olivos

El Puesto

Castellana I

Genoveva I

Castellana II

Genoveva II

100.8 MW

48 MW

88.2 MW

15.2 MW

57 MW

22.8 MW

41.8 MW

12 MW

wind farm

wind farm

wind farm

wind farm

wind farm

wind farm

wind farm

solar farm

In

In

US$ 110

In

In

In

In

US$ 11

operation

operation

mm

operation

operation

operation

operation

mm

August

September

See

July

Dec-19

February

September

See

2018

2018

Note 2

2019

/Jan-20

2020

2019

Note 2

32x units

15x units

21x units

4 units

15 units

6 units

11 units

~43,000

of 3.15MW

of 3.2MW

of 4.2MW

modules

Equity and project finance	Equity and		Equity		Equity		Equity and
project finance				project finance

61.50	59.38	40.90		Main clients under MATER:
US$/MWh		US$/MWh		US$/MWh
Annual adjustment factor + incentive factor
January		May 2017		July 2018
2017
						of the energy generation already sold under long term
20 years starting on COD		100%contracts with clients

1Equity stake in wind farms La Castellana I, Achiras I, La Genoveva I (under construction), La Castellana II, Manque, Los Olivos, La Genoveva II, owned through CP La Castellana S.A.U., CP Achiras S.A.U., Vientos La Genoveva S.A.U., CPR Energy Solutions S.A.U.; CP Manque S.A.U., CP Los Olivos S.A.U. and Vientos La Genoveva II S.A.U, respectively; Note 2: The original COD was May 2020 for La Genoveva I and August 2020 for El Puesto. As of the date of this report, the construction of the

La Genoveva I and El Puesto farms have been suspended do to the consequences of the Covid-19 epidemic crisis.

12

Largest private player in FONI consortium operating combined cycles totaling 2,554 MW

Assets under the FONINVEMEM program

FONI

Receivables and

stake in Plants

Plant

overview

1	San Martín	2	Manuel Belgrano	3	Vuelta de Obligado
	Combined cycle		Combined cycle		Combined cycle
	865 MW		873 MW		816 MW
	COD: 2010		COD: 2010		COD: March18
	Transfer: 2020		Transfer: 2020		Transfer: 2028

• Central Puerto is the1st minorityin each operating company
• Property rights transfer from the operating companies to private shareholders and incorporation of the Argentine Government as a shareholder currently in process

Well positioned for potential strategic opportunity

• US$ 460 millionto be collected (LIBOR+5%)
• Central Puertocontrols the operatingcompany
• Property rights in 2028
• Argentine Government to be incorporated as a shareholder

13

Central Puerto also participates in the natural gas distribution business, which also provides cash flow to its operation through dividends

Stake in natural Gas Distribution companies

Natural Gas

Distribution and

Transportation

Key performance indicators

	Stake*			•	15% market share
Stake in	40.59%		DGCE
Natural Gas				•	33,867 km of piplines
Distribution				•	1.35 million customers
Companies
	21.58%		DGCU	•	13.3 million cubic meters
					per day

Key Financial Indicators (LTM December 31, 2019)

	Sales	Adj. EBITDA 1
	US$265 mm	US$46 mm
DGCE
	Ps.15,849 mm	Ps.2,730 mm
	US$206 mm	US$45 mm
DGCU
	Ps.2,601 mm
	Ps.11,868 mm

1. See "Disclaimer - Adjusted EBITDA; Convenience translation".

*As of December 31, 2019, Central Puerto owned a 42.31% interest in Inversora de Gas del Centro S.A. (IGCE), the controlling company of Distribuidora de Gas Cuyana S.A. (DGCU), and, as a result, has a 21.58% stake in that company. As of September 30, 2019 Central Puerto holds a 42.31% interest in IGCE, the controlling company of Distribuidora de Gas del Centro (DGCE), and a direct 17.20% interest in DGCE. Therefore, CEPU holds, both directly and indirectly, a 40.59% in DGCE.

14

COMPANY DESCRIPTION

FINANCIALS

APPENDIX

Adjusted EBITDA Reconciliation

Foreign Exchange rate

Strong cash flow generation and financial position

US$ based revenues supported by additional FONINVEMEM cash flows

Revenues

Adj. EBITDA

Net Income

(US$mm)1

excluding CVOSA effect, and FX differences

(US$mm)1

and interest on FONI receivables (US$mm)1

In Ps.mm:

35,961

16,411

6,021

The2019 Adj.

EBITDA and Net

600

Income were

affected by a non-

cash impairment

charge, before

297

income tax, of Ps.

4,404 million,

145

aprox. equivalent

toUS$ 74 million

2019

2019

2019

FONI and CVO receivables (US$mm)1

• FONI receivables to be collected fromCVOSA total approximately US$ 460 million (including VAT),as of December 31, 2019, and accrue interest at a 30 days LIBOR + 5% rate,to be collected in 102monthly principal installments until May 2028.
• FONI receivables to be collected fromTJSM and TMBtotal approximately US$ 4 million (including VAT),as of December 31, 2019, and accrue interest at a 360 days LIBO + 1% rate,to be collected in 3monthly principal installments.

Payments from FONINVEMEM receivables provide additional liquidity to that generated by Central Puerto's funds from operations

Source: Company information

1Figures in Ps. were converted into US dollars for the convenience of the reader using the FX rate as of December 31, 2019. See "Disclaimer - Adjusted EBITDA; Convenience translation".Figures do not include results from Brigadier López plant for the periodApril-May2019.

16

Favorable financial position, which allows to develop new projects

Cash Position as of December 31, 2019 (US$ mm)1

CENTRAL PUERTO	SUBSIDIARIES		CONSOLIDATED
79		74		153
(377)	(298)	(269)	(195)
			(493)
		Proj. Finance Long-Term Debt	(646)

Cash and Eq.

Financial

Debt

Net Debt position

Net Debt/ (LTM 4Q2019 Adj.				Net Debt/ (LTM 4Q2019 Adj.
EBITDA plus FONI collections):		Weighted average maturity		EBITDA plus FONI collections):
0.7x		6.0 years		1.1x
Weighted average maturity				Weighted average maturity
1.8 years				3.5 years

Principal Amortization Debt Schedule (US$ mm)1

	In Ps.mm:
	9,192			220										Central Puerto (Stand alone)		Subsidiaries
	153		124	22
	74		20	198	50	28	28	29	28	23	23	23	23	22	8	7		4
	79		104		23	23	23	24	23	17	18	18		18	18	8	7		4
					37	5	5	5	5	5	5	5		5	4
	Cash	2020	2021	2022	2023	2024	2025	2026	2027	2028	2029	2030	2031	2032	2033	2034
	and eq.

Dec. 31,

2019

Source: Company information

1. Financial figures converted for the convenience of the reader from Ps. To US dollars at the exchange rate of December 31, 2019. See "Foreign Exchange Rate Evolution" and "Disclaimer - Convenience Translations".

17

COMPANY DESCRIPTION

FINANCIALS

APPENDIX

Summary of Res. 31/2019 - Energía Base Regulatory Framework Adjusted EBITDA Reconciliation

Foreign Exchange rate

FRPHMRT [p.u.]

Appendix

Summary of Res. 31/2019 - Energía Base Regulatory Framework

Items		Thermal		Hydro
	Up to Ps. 360,000 per MW per month during Summer and Winter
	(December, January, February, June, July and August)
	Up to Ps. 270,000 per MW per month during Spring and Autumn
	(March, April, May, September, October and November)
Power capacity
payments Res.	These prices, are multiplied by a percentage, which depends on the average Utilization Factor (UF)	•	Ps. 99,000 per MW per month
31/20201	of each unit during the previous last twelve months (mobile year):
	•	If UF >= 70%, the unit receives100% of the price
	•	If the is between 30 and 70%, the machine receives UF*+0.30of the price (lineal proportion)
	•	If UF<30%, unit receives60% of the price
Energy payments	Ps. 324 per MWh for generation with natural gas	Ps. 294 per MWh
Res. 31/20202	Ps. 504 per MWh for generation with fuel oil/gas oil
	The machines that generated energy during the 50 hours of higher power demand will receive a remuneration using the following formulas,
	respectively:
	Potgemhrt1 x PrecPHRT x FRPHRT1 + Potgemhrt2 x PrecPHRT x FURHRT2	Potopmhrt1 x PrecPOHRT x FRPHRT1 +
	Potopmhrt2 x PrecPOHRT x FURHRT2
Payment for	Where:	PrecPOHMRT: is Ps. 27,500 / MW for large hydro
generation in hours	PrecPHMRT: is Ps. 37,500 / MW
plant (> 300 MW)
of maximum power

demand	Potgemhrt1 and Potgemhrt2: are the average power generated in the hours of maximum	Potopmhrt1 and Potopmhrt1: are the average
requirement HMRT-1 and HMRT-2, respectively of the corresponding month.
	power operated in the hours of maximum
		requirement HMRT-1 and HMRT-2, respectively.
	FRPHRT1 and FRPHRT2: are the requirement factor for the first and second 25 hours, respectively, of highest thermal requirement of each month in
	each period according to table below:

			Summer and Winter	Autumn and Spring
		HMRT-1	1.2	0.2
		HMRT-2	0.6	0.0
Adjustment starting	All the prices mentioned above will have amonthly adjustment using a mix of60% of the Consumer Price Index (IPC) and40% of the
in March 2020	Wholesale Price Index (IPIM)accumulated between December 2019 and two months prior (T-2) to month of each transaction.

1Effective prices for capacity payment depend on the availability of each unit, and the achievement of the Guaranteed Bid Capacity (DIGO in Spanish) that each generator may send periodically to CAMMESA. 2Energy payments above mentioned includes the tariffs for energy generated and energy operated as defined by Res. SE 31/2020. A complete copy of Res. SE 31/2020, can be found on the webpage of the Official Gazette of the Republic Argentina: https://www.boletinoficial.gob.ar/.

19

Appendix

Adjusted EBITDA Reconciliation

Adjusted EBITDA Reconciliation

Million Ps.	9M2019 (A)	9M 2019 (B)	4Q2019 (C-B)	2019 (C)
	Unaudited, subject to	Unaudited	Unaudited	Audited
	limited review according to
	rule ISRE 2410
Currency as of	September 30, 2019	December 31, 2019	December 31, 2019	December 31, 2019
Net Income of the period	6,562	7,331	1,330	8,661
Loss on net monetary position	2,272	2,539	(107)	2,432
Finance Expenses	12,190	13,619	2,306	15,925
Finance Income	(1,974)	(2,206)	(1,395)	(3,601)
Share of the profit of associates	(818)	(914)	(199)	(1,113)
Income tax expense	4,557	5,091	655	5,745
Net income of discontinued operations	-	-	-	-
Depreciation and Amortization	1,527	1,706	1,684	3,391
Adjusted EBITDA1	24,316	27,166	4,274	31,440
- minusCVOSA Effect	-	-	-	-
- minusForeign Exchange Difference and interests related to FONI and	10,854	12,126	1,550	13,676
similar programs
Adjusted EBITDA minus CVOSA effect and Foreign exchange difference	13,462	15,040	2,724	17,764
and interests related to FONI and similar programs
Adjusted EBITDA minus CVOSA effect and Foreign exchange difference
and interests related to FONI and similar programs (convenience				297
translation into million US$**)
Net income of the period (convenience translation into million US$**)				145
End of period exchange rate (Ps. Per US dollars)				59.89

Source: Company information

• See"Disclaimer-Adjusted EBITDA" above for further information. 9M2019 Financial Figures have been restated to be expressed in the currency unit as of December 31, 2019. The inflation adjustment factor between December 31, 2019 and September 30, 2019 was 11.72%.
  **Financial figures in US dollars converted from Ps. to US$ at the exchange rate as of December 31, 2019. See Foreign Exchange Rate Difference.

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Appendix

Foreign Exchange Rate Evolution

Exchange rate quoted by Banco de la Nación Argentina for wire transfers ("divisas")

Year	Period	High		Low		Average	End
	1Q 2017		16.0800		15.3600	15.6795	15.3900
2017	2Q 2017		16.6300		15.1900	15.7575	16.6300
	3Q 2017		17.7900		16.8000	17.2870	17.3100
	4Q 2017		19.2000		17.2300	17.5529	18.6490
	1Q 2018		20.4100		18.4100	19.6779	20.1490
	2Q 2018		28.8500		20.1350	23.5843	28.8500
2018	3Q 2018		41.2500		27.2100	31.9583	41.2500
	4Q2018		40.5000		35.4000	37.1457	37.7000
	1Q2019		43.8700		36.9000	39.0054	43.3500
	2Q2019		45.9700		41.6200	44.0067	42.4630
2019	3Q2019		60.4000		41.6000	50.6532	57.5900
	4Q2019		60.0000		57.6400	59.3465	59.8900
2020	1Q2020 (1)		64.4690		59.8150	61.4240	64.4690

Source: Banco de la Nación Argentina. 1. Through March 30, 2020

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