GENNEIA S.A. ANNOUNCES 3Q 2018 FINANCIAL AND OPERATIONAL RESULTS. Recent developments Genneia delivers on-time and on-budget

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1 GENNEIA S.A. ANNOUNCES 3Q 2018 FINANCIAL AND OPERATIONAL RESULTS Genneia S.A., the leading wind power generation company in Argentina, announces its 3Q 2018 financial and operational results. Figures in this report have been prepared in accordance with International Financial Reporting Standards ( IFRS ) as of 2018 and are stated in U.S. Dollars, unless otherwise indicated. Recent developments Genneia delivers on-time and on-budget Madryn I (71 MW) wind farm started operations in October 2018, 6 months ahead of committed commercial operations date (COD). Villalonga I (52 MW) and Villalonga II (3.5 MW) wind farms started operations in December 2018, 5 months ahead of committed commercial operations date (COD). Chubut Norte I (29 MW) wind farm started operations in December 2018, 4 months ahead of committed commercial operations date (COD). Ullum I, Ullum II and Ullum III (82 MW) solar plants started operations in December Recent developments Corporate Level On November 15, 2018, Genneia successfully issued a US$51.5 million senior unsecured local bond due 2020 at 12%. The proceeds from the transaction will be used to pre-finance 2019 capital investments at the corporate level. On October 9, 2018, Genneia s board approved by unanimous decision the issuance of nonconvertible private debt for up to US$ 50 million. Fully disbursed in December On September 26, 2018 and October 25, 2018, the Company received CARFON reimbursements for approximately US$ 24 million and US$ 8 million, respectively. Recent developments - Project finance disbursements On October 26, 2018, all conditions precedent to initial disbursements were satisfied by the Chubut Norte I & Villalonga I wind farms. As of that date, the debt disbursements have occurred as agreed in the financial documentation. On August 31, 2018, all conditions precedent to initial disbursement were satisfied by the Pomona Wind Farm. As of that date, the debt disbursements have occurred as agreed in the financial documentation. Genneia 2018 Financial and Operational Results Page 1 of 10

2 3Q 2018 Highlights Adjusted EBITDA 1 for the first nine months of 2018 increased to U.S.$ million, compared to U.S.$ 86.5 million for the corresponding period last year. We maintained a 99% availability factor in our thermal plants, due to the efforts made during the last years in capex and process improvements. Average load factor for our wind farms was 40% LTM. Key Financial Figures Nine months ended (U.S.$ mm, except percentages) Net Sales % Adj. EBITDA % Margin (%) % 78.5% Net Income (Loss) NM (U.S.$ mm, except percentages) Total Debt Fixed Assets Cash and Cash Equivalents Nine months ended Year ended December 31, % % % % Genneia 2018 Financial and Operational Results Page 2 of 10

3 Operating Highlights Installed Capacity - MW Q 2018 Thermal Wind Load Factor and Availability 88% 97% 97% 99% 98% 99% 44% 44% 43% 38% 47% 40% LTM 3Q 2018 Wind - Load Factor Thermal - Availability Factor Genneia 2018 Financial and Operational Results Page 3 of 10

4 Selected Operation Results The following table presents our selected results of operations for the nine-month period ended on 2018 and 2017: (U.S.$ mm, except percentages) Nine months ended Net sales % Cost of sales % Gross profit % Selling expenses % Administrative expenses % Other expenses, net % Loss on long term investment NM Financial expense, net % Net (loss) profit before income tax % Income tax % Net (loss) profit % Depreciation and amortization in cost of sales and G&A expenses % Adjusted EBITDA % Net Sales Net sales for the nine-month period ended 2018 amounted U.S.$ million, a U.S.$ 37.1 million or 33.7% year-over-year increase compared to U.S.$ million for the corresponding period ended on Nine months ended (U.S.$ mm, except percentages) Net Sales % Thermal plants (conventional sources) % Wind farms (renewable sources) % Gas trading and transport % Corporate and other % Sales from Conventional Sources: for the nine-month period ended 2018 our conventional net sales increased U.S.$ 17.2 million or 21.7% year-over-year, to U.S.$ 96.5 million from U.S.$ 79.3 million for the corresponding period last year. This increase is mainly related to (i) power Genneia 2018 Financial and Operational Results Page 4 of 10

5 plants Bragado II and Bragado III, which began commercial operation in February 2017 and May 2017, respectively, and (ii) the acquisition of GETSA thermal plant in August 2017, with an installed capacity of 245 MW. Sales from Renewable Sources: for the nine-month period ended 2018 our renewables net sales increased U.S.$ 19.3 million (71.0% year-over-year), to U.S.$ 46.5 million from U.S.$ 27.2 million for the corresponding period last year. Power generation increased GWh (87.7% yearover-year), to GWh for the nine-period ended 2018 from GWh for the corresponding period last year. In December 2017, Parque Eólico Rawson III (PER III) wind farm began commercial operation (25 MW installed capacity) and, in November 2017, we acquired Loma Blanca IV wind farm (51 MW installed capacity). Cost of Sales Cost of sales for the nine-month period ended 2018 were U.S.$ 63.5 million, a 14.1% year-over-year increase compared to U.S.$ 49.4 million for the corresponding period ended on Nine months ended (U.S.$ mm, except percentages) Cost of Sales % Thermal power generation cost % Transportation cost (pass-through) % Operating cost - thermal plants % Operating cost - wind farms % Gas trading and transport cost % Purchases for natural gas trading % Operating cost - natural gas trading % Cost of Sales - Thermal Power Plants: for the nine-month period ended 2018 costs from conventional sources increased U.S.$ 6.9 million or 17.2% year-over-year, to U.S.$ 47.1 million from U.S.$ 40.2 million for the corresponding period last year. This increase is explained due to (i) an increase in total salary expenses due to the startup of Bragado II and Bragado III and the acquisition GETSA; (ii) salary increases occurred during the period partially offset by ARS depreciation; (iii) higher depreciation expenses. Cost of Sales - Wind Farms: for the nine-month period ended 2018 costs from renewable sources increased U.S.$ 7.1 million or 86.6% year-over-year, to U.S.$ 15.3 million from U.S.$ Genneia 2018 Financial and Operational Results Page 5 of 10

6 8.2 million for the corresponding period last year, mainly due to the acquisition of Loma Blanca IV wind farm. Gross Profit Gross profit for the nine-month period ended 2018 was U.S.$ 83.7 million, a 37.7% increase compared to U.S.$ 60.8 million for the corresponding period last year Financial Expense, Net Financial expenses for the nine-month period ended 2018 were U.S.$ 81.5 million compared to U.S.$ 30.6 million for the corresponding period last year. This increase was mainly driven by higher interest expenses due to the reopening of the Senior Notes due 2022 and an increase in net losses related to exchange rate differences. Income Tax Income tax expenses for the nine-month period ended 2018 and 2017 were U.S.$ 4.3 and U.S.$ 12.2 million, respectively. This decrease is primarily attributable to the effect of the peso depreciation against the U.S. dollar. Debt The following table presents our debt and interest expense for the periods ended September 30, 2018 and December 31, 2017: (US$ mm, except percentages) Period ended September 30 Year ended December 31 Negotiable Obligations (TRAD), Commercial Paper, Debentures, etc Other Financial Agreements (TRAD) Loans, other 541,4 403,7 137,8 34,1% 160,1 122,9 37,2 30,3% Total Debt 701,5 526,6 174,9 33,2% Interest Expense 23,7 31,3-7,5-24,0% As of 2018, total debt amounted U.S.$ million, an increase of U.S.$ million compared to U.S.$ million as of December 31, Genneia 2018 Financial and Operational Results Page 6 of 10

7 Cash Used in Investing Activities Net cash used in investing activities for the nine-month period ended in 2018 was U.S.$ million, attributable mainly to our expansion projects Madryn I & II, Villalonga I, Pomona I, Chubut Norte I and Ullum I, II & III. About the Company We are the leading renewable power generation company in Argentina, primarily engaged in the generation of electrical power from both renewable (wind, biomass and solar power) and conventional (thermal power) sources. As of December 2018, we have a total installed capacity of MW (397 MW of renewable and 643 MW of thermal) and projects with awarded PPAs for 450 MW (431 MW of wind power and 19 MW of biomass power). During 2018 Genneia continued delivering projects on time and on budget as evidenced by the construction of the following wind farms: Madyn I, Villalonga I & II and Chubut Norte I. The total installed capacity increased by 71 MW, 52 MW, 3.5 MW and 29 MW, respectively. Our wind farms began commercial operation between 4 and 6 months ahead of committed COD. On April 2018, we acquired the Ullum I, II & III solar projects with already awarded PPAs and a committed installed capacity of 82 MW. In the three cases operations started in December Our wind portfolio includes the PER I & II and PER III wind farms, all located in the Province of Chubut in the Patagonia region, with an installed capacity of 84 MW and 25 MW, respectively. On November 2017, we expanded our wind portfolio in the Province of Chubut through the acquisition of Loma Blanca IV (51 MW). Helping to consolidate our position as a leader in the renewable generation sector, we successfully competed in bids under rounds 1 and 1.5 (in 2016) and round 2 (in 2017) of the Argentine government s RenovAr program. As part of our expansion plan, we are in the process of constructing 7 wind farms with a committed installed capacity of 431 MW, including our flagship Madryn II wind farm project with an expected installed capacity of 151 MW. We also have significant track record in thermal generation. We own and operate nine thermal power generation plants with average availability factor of 99%. Our thermal power generation plants are fueled by natural gas and diesel fuel, located in the Provinces of Buenos Aires, Tucumán and Entre Ríos, with a combined installed capacity of 643 MW. During 2017, we added an additional 363 MW to our thermal installed capacity through the construction of Bragado II & III (118 MW) power plants and the acquisition of GETSA (245 MW) - the largest of our thermal power generation plants. Genneia 2018 Financial and Operational Results Page 7 of 10

8 Disclaimer These materials have been prepared by Genneia S.A. (the Company ). 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. These materials may not 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 forwardlooking 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 This document does not constitute an offer to sell securities and is not soliciting an offer to purchase or subscribe for any securities, and no part of it shall form the basis of or be relied upon in connection with any contract, commitment or investment decision in relation thereto. Genneia 2018 Financial and Operational Results Page 8 of 10

9 Consolidated Balance Sheet as of 2018 and December 31, 2017 U.S.$ mm Nine-month ended 2018 Year ended December 31, 2017 Current assets Cash Investments Trade receivables Other receivables Inventories Total current assets Non-current assets Trade receivables Other receivables Investments Inventories Goodwill Fixed assets Assets under concession Intangible assets Other assets - - Total non-currents assets 1, Total assets 1, Current liabilities Accounts payable Loans Salaries and social security payable Taxes payable Other liabilities Provisions Total current liabilities Non-current liabilities Taxes payable Other liabilities Loans Deferred income tax liability Total non-current liabilities Total liabilities Shareholders equity (per corresponding statements) Capital stock Share premium Capital contributions Legal reserve Facultative reserve Accumulated other comprehensive loss (5.3) (4.6) Unappropriated retained results (60.5) (18.1) Shareholders equity attributable to owners of the Company Total liabilities and shareholders equity 1, Genneia 2018 Financial and Operational Results Page 9 of 10

10 Consolidated Statement of Profit or Loss and Other Comprehensive Income for the Nine-Month Period Ended 2018 and 2017 Nine-month period ended U.S.$ mm Net sales Cost of sales Gross profit Selling expenses Administrative expenses Other expenses, net Loss on long term investment Financial expense, net Net (loss) profit before income tax Income tax Net (loss) profit for the period Other comprehensive (loss) income Translation differences from investments in companies Total other comprehensive (loss) income Total comprehensive income for the period Profit attributable to: Owners of the Company Net profit for the period Total comprehensive income attributable to: Owners of the Company Total comprehensive income for the period Notes (1) Adjusted EBITDA is not a presentation made in accordance with IFRS. Adjusted EBITDA may not be comparable to other similarly titled measures of other companies and have limitations as analytical tools and should not be considered in isolation or as a substitute for analysis of our operating results as reported under IFRS. (2) We calculate Adjusted EBITDA margin by dividing Adjusted EBITDA by net sales Genneia 2018 Financial and Operational Results Page 10 of 10