3Q18 Results Conference Call

December 5, 2018

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This earnings presentation contains forward-looking statements that are based on our current expectations, assumptions, estimates and projections about us and

our industry. These forward-looking statements can be identified by words or phrases such as “anticipate,” “forecast”, “believe,” “continue,” “estimate,” “expect,”

“intend,” “is/are likely to,” “may,” “plan,” “should,” “would,” or other similar expressions.

The forward-looking statements included in this presentation relate to, among others: (i) our business prospects and future results of operations; (ii) the

implementation of our combined cycle expansion project; (iii) the implementation of our financing strategy and the cost and availability of such financing; (iv) the

competitive nature of the industries in which we operate; (v) future demand and supply for energy and natural gas; (vi) the relative value of the Argentine Peso

compared to other currencies; (vii) weather and other natural phenomena; (viii) the performance of the South American and world economies; and (ix) developments

in, or changes to, the laws, regulations and governmental policies governing our business, including environmental laws and regulations.

These forward-looking statements involve various risks and uncertainties. Although we believe that our expectations expressed in these forward looking statements

are reasonable, our expectations may turn out to be incorrect. Our actual results could be materially different from our expectations. In light of the risks and

uncertainties described above, the estimates and forward-looking statements discussed in this release might not occur, and our future results and our performance

may differ materially from those expressed in these forward-looking statements due to, inclusive, but not limited to, the factors mentioned above. Because of these

uncertainties, you should not make any investment decision based on these estimates and forward-looking statements.

The forward-looking statements made in this earnings release relate only to events or information as of the date on which the statements are made in this report. We

undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements are made or to reflect

the occurrence of unanticipated events.

This presentation does not constitute or form any part of any offer or invitation or inducement to sell or issue, or any solicitation of any offer to purchase or subscribe

for, any senior notes or other securities of the Company.

Disclaimer

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100% 97%

99% 100% 97% 100% 100% 100% 100% 100% 100% 100% 100% 100%

48% 54%

29% 30%

18%

38%

14%

25% 25% 19% 17%

12% 8%

January-18 February-18 March-18 April-18 May-18 June-18 July-18 August-18 September-18 October-18 November-18

General Rojo Barker Villa María* Average dispatch

Availability factor, key performance driver, has reached 100% in 3Q18.

Average Availability Factor since COD

General Rojo Plant (COD June 2017) 99.7%

Barker Plant (COD December 2017) 99.7%

Villa Maria Plant (COD January 2018) 91.0%

Lower than expected dispatch levels are explained by: (i) lower than expected energy demand as a result of the economic slow-down;

(ii) certain transmission line limitations in the Barker plant.

Commercial Availability

Availability YTD 2018

Ava

ilab

ility

Fa

cto

r

2

* Villa Maria was affected by mechanical event on GT#1. Issue was fixed in April, performing at 100% thereafter.

Solid Operational Performance

3Q18 Average = 100%

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22.8

27.7 29.0

79.5

1Q18 2Q18 3Q18 9M18

Fixed Capacity payment Variable Payment

Other revenues

2018 Monthly Sales Breakdown – US$ millions

9.4 10.0 9.8

8.6 9.1 9.1

4.9

8.6

10.0

1Q18 2Q18 3Q18

General Rojo Barker Villa Maria

Quarterly Sales by Plant – US$ million

3

6.2

9.1

7.5 8.4

9.4 9.9 9.8 9.5 9.7

Jan Feb Mar Apr May Jun Jul Aug Sep

General Rojo Barker Villa Maria*

Sales – US$ millions

Total Revenues in 3Q18 reached US$29.0 million and US$79.5

million in the first 9 months of 2018.

Fixed Capacity payments represent 92% of total revenues.

US dollar denominated contracts paid monthly at previous day fx

rate. No currency exposure.

Stable and Predictable Dollar Denominated Revenues

92%

* Villa María plant reached COD on January 25, 2018. During March, Villa Maria

was negatively affected by mechanical failure on GT#1. Issue was resolved at the

end of April.

Total Revenues by Type

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4.3 4.2 4.4

1Q18 2Q18 3Q18

Cash Costs – US$ million

Breakdown - US$ mm 9M18 %

Labor cost 4.3 33%

Maintenance 3.9 30%

Taxes, rates and contributions 1.0 8%

Professional fees 0.9 7%

Office 0.9 7%

Vehicles and Travel 0.6 5%

Selling Expenses 0.5 4%

Insurance 0.4 3%

Other 0.3 2%

Total 12.9

Cash Costs Breakdown – US$ million

G&A #38

General Rojo O&M #23

Barker O&M #21

Villa Maria O&M #21

Headcount - # as of September 30, 2018

#103

4

Cash Cost / Revenues = 16%

Maintenance expenses related to Contract Service Agreement

with GE.

Professional fees mainly related to audit, tax, legal services and

project advisory expenses.

Selling expenses explained by transmission line costs and other

commissions and expenses charged directly by Cammesa.

Approximately 50% of cash costs are denominated in US dollar.

Efficient Cash Costs Structure

Highly Efficient Operations

Total MW per

employee = 4.4

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7.2 8.0 11.9

27.1 7.4 8.0 8.0

23.3

4.0 7.5

8.8

20.3

18.5 23.5

28.7

70.7

1Q18 2Q18 3Q18 9M18

General Rojo Barker Villa Maria

EBITDA as of September 30, 2018 – US$ million

Combined EBITDA during 3Q18 reached US$28.7 million,

22.1% higher than 2Q18. This growth is explained by:

• All three plants reached 100% availability factor.

• General Rojo includes a US$ 4.1 million gain, related

to Other Income in connection to GE’s compensation

for late COD (liquidated damages).

Combined EBITDA for the nine month period ended

September 30, 2018 stands at US$70.7 million.

Full year Adjusted EBITDA is estimated at US$90 million.

5

Net Income as of September 30, 2018 – US$ million

Combined Net Loss is explained by Depreciation &

Amortization of US$11 million, Financial Losses of

US$74.5 million, and partially offset by income tax benefit

of US$1.2 million.

Financial Losses are explained by Net Interest Expenses

of U$32.5 million and non-cash Foreign Exchange losses

of US$42.0 million, driven by the negative effect of the

devaluation of the Argentine peso over our VAT tax credits.

-9.2

-2.9 -1.5

-13.6

1Q18 2Q18 3Q18 9M18

Financial Expenses breakdown | US$ mm as of September

30, 2018

Interest expense (32.5)

Foreign exchange loss (42.0)

Total Financial expenses (74.5)

Financial Performance in Line With Full Year Forecasts

* Villa Maria plant was operational as of January 25, 2018.

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6

Cash Flow & Balance Sheet Highlights

Operating Cash Flow for the 3Q18 reached US$27.9 million and

accumulates US$70.6 million for the 9 months period.

As of September 2018, VAT credit amounts U$$32 million. These

credits are progressively reimbursed through monthly billing which

explains why our Operating Cash Flow is higher than EBITDA. 17.2

25.5 27.9

70.6

1Q18 2Q18 3Q18 9M18

Net Debt as of September 2018 stands at US$640 million.

Short Term Debt as of September 30, 2018 includes:

Banco Industrial US$2 million (already cancelled)

BAF US$41 million (already cancelled)

Banco Galicia US$9 million (matures Dec. 12)

Debt Breakdown | US$ mm as of September 30,

2018

Senior secured notes * (585)

Short term debt & WK (52)

Accrued bond interests (7)

Total Financial Debt (644)

Cash 4

Net Financial Debt (640)

* Net of capitalized issuance expenses.

Net Debt – US$ million

Operating Cash Flow – US$ million

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Proactively manage the balance sheet and secure in advance 100% of the funds needed for the combined-cycle, in order to eliminate market risk

in the future.

New debt issued with amortization profile consistent with the incremental combined cycle cash flows.

Steep deleveraging curve as of 2020, stabilizing below 3.5x by 2021.

US$250 Million Private Placement Secures Combined Cycle Expansion

Transaction Rationale

Summary of the Note Purchase Agreement

USD 250 million senior secured note due 2023.

5 year tenor, Average life 3.75 years.

Floating rate: Libor (3 month) plus 11.25%.

Amortization: 11 equal quarterly installments between May 2021

(30-month grace period) and maturing November 2023.

Security package:

Pledge over combined cycle equipment

Fiduciary assignment of all receivables under the combined

cycle PPAs, the Project documents and certain insurance

associated with the Project

Pledge of shares

7

600

68 91 91

2018 2019 2020 2021 2022 2023 2024 2025

Private Placement Note International Bond

Overall weighted average cost of debt 8.9%

New Debt Maturity Profile

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Strategic Expansion and Conversion to Combined-cycle

Combined-cycle conversion will position MSU Energy amongst the most

efficient thermal generators in Argentina and as of 2020, will provide

15-year term of the most advantageous PPAs.

100% of capacity under “take-or-pay” USD denominated PPA

contracts until 2035 (Resolution 287) with fixed revenue payments

based on availability.

Post-expansion, MSU Energy will become a unique power generator

with: (i) 100% of its capacity under combined-cycle; and (ii) 100% of its

capacity contracted under long-term PPAs (10 and 15-years).

Projected dispatch factor above 90%, enhancing revenue collection via

variable payments for the aggregate total capacity (750MW).

General Electric and AESA (YPF) as strategic partners on the

combined-cycle.

Combined-cycle Project

8

Installed Capacity Growth (MW)

Project Funding (US$mm)

450 450

150

150

300

2018Installed capacity

20194th Gas Turbine

per site

2020Steam Turbine

per site

Pro-forma capacityby 2020

750 MW

51%

21%

18%

10%

Total Capex

US$490mm (1)

Combined-cycle Operations – Financial information

Avg. Projected Revenue

(US$ mm / year)

Avg. Projected EBITDA

(US$ mm / year)

US$234mm

US$203mm

(1) Includes VAT Tax of US$ 70 million

Private

Placement

Financing,

US$250mm

2025 Bond

Proceeds,

US$50mm

Cash Flow

Simple-Cycle,

US$87mm

Vendor

Financing

US$103mm

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Combined-Cycle Project Advancing According to Schedule

2018 2019 2021 2020

NTP

EPC signed with AESA

March 8, 2018

Engineering

March

2018

Foundations GT & HRSG

Soil movements

Barker & Villa Maria plants

COD (Combined-cycle)

2 months prior to Cammesa’s commitment date

General Rojo plant COD

(Combined-cycle)

1 month prior to Cammesa’s commitment date

February 2020

General Rojo and Barker plants COD

Fourth Gas Turbine (GT)

March 2019

Villa Maria plant COD

Fourth Gas Turbine (GT)

April 2019

March 2020

Fourth GT and gas compressor

mounted on each site

Power Train Assembly & BOP

Assembly cooling tower

Assembly boilers

Steam turbine assembly

Pre-commissioning & Commissioning

COD CC

COD Fourth GT

November

2018

Switchyard expansion 132kv

Pre-commissioning & Commissioning

BOP installation

9

Completed works

Pending works

US$ 182 million

invested as of

November 30, 2018

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Construction Update Photos | 4th Gas Turbine Mounted at Each Site

Conversion to Combined Cycle | Work in Progress

10

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Construction Update Photos | Boiler Foundations Completed

Conversion to Combined Cycle | Work in Progress

11

Construction Update Photos | Switchyard Expansion Works (ongoing)

Construction Update Photos | Gas Compressor Mounted

Financial Statements

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In US$

As of September 30st, 2018

Rio Energy UGEN UENSA Total

Net revenue 29,185,851 26,817,194 23,455,873 79,458,918

Cost of sales (7,201,945) (5,219,949) (8,041,690) (20,463,584)

Gross profit 21,983,906 21,597,244 15,414,184 58,995,334

Marketing and administrative expenses (2,028,061) (778,894) (678,406) (3,485,361)

Other income and expenses 4,155,112 - - 4,155,112

Operating profit 24,110,957 20,818,350 14,735,778 59,665,085

Financial income and expenses – net (22,656,742) (29,726,602) (22,149,092) (74,532,436)

Income (loss) before income tax 1,454,215 (8,908,252) (7,413,314) (14,867,351)

Loss (income) tax benefit (757,775) 1,274,376 728,616 1,245,217

Net Income (loss) for the period 696,440 (7,633,876) (6,684,698) (13,622,134)

Financial Highlights – Combined Income Statement

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In US$ As of September 30th, 2018 As of December 31th, 2017

Operating activities

Loss for the period/year (13,622,134) (4,106,109)

Adjustments for:

Income tax (1,245,217) (665,368)

Depreciation of property, plant and equipment* 11,091,868 9,334,646

Foreign exchange loss 42,003,042 8,718,085

Accrued interest 32,529,394 3,253,743

Other income and expenses (4,155,112) -

Changes in operating assets and liabilities

Increase in accounts receivables (15,120,722) (6,665,717)

(Increase) Decrease in other receivables (631,126) 777,863

Decrease in tax receivables 11,983,673 3,233,992

Increase in trade accounts payable 7,728,426 868,862

Increase (Decrease) in taxes payable 23,888 (19,379)

Net cash flows provided in operating activities 70,585,980 14,730,618

Changes in investment assets

Interest income received 384,843 288,440

Payment of related financing expenses - (4,094,758)

Tax payments for property, plant and equipment (18,845,253) (51,609,756)

Loans granted (35,610,000) -

Advanced to purchase property, plant and equipment (10,318,359) -

Acquisition of spare parts (2,353,438) (531,840)

Acquisition of property, plant and equipment (220,470,620) (246,525,468)

Net cash flows used in investing activities (287,212,827) (307,213,779)

Financing activities

Senior Secured notes 600,000,000 -

Interest senior secured notes (24,723,000) -

Increase in loans 49,000,000 305,299,992

Payments of loans, interest and financing expenses (404,606,441) (6,654,095)

Payments of taxes related to loans (5,065,129) (8,979)

Decrease in other liabilities (64,071) (2,157,604)

Net cash flows provided by financing activities 214,541,359 296,479,314

Net (decrease) increase in cash (2,085,488) 3,996,153

Cash and cash equivalents at the beginning of period/year 6,363,169 2,367,016

Cash and cash equivalents at the end of period/year 4,277,681 6,363,169

Net (decrease) increase in cash (2,085,488) 3,996,153

* Depreciation method revised to unit of productions (please refer to note 3 of the Combined Financial Statement).

Financial Highlights – Combined Cash Flows

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In US$ As of September 30th, 2018 As of December 31th, 2017

Assets

Property, plant and equipment 563,216,381 475,803,133

Spare parts 4,225,278 1,871,840

Financial credits 37,251,685 -

Tax receivables 7,993,790 24,677,872

Other receivables 16,245,867 -

Total non-current assets 628,933,001 502,352,845

Tax receivables 27,914,290 34,229,849

Other receivables 19,339,437 2,395,937

Accounts receivable 24,182,383 7,344,029

Cash and cash equivalents 4,277,681 6,363,169

Total current assets 75,646,792 50,332,984

Total assets 704,646,792 552,685,829

Shareholders’ equity

Capital 27,301,097 27,301,097

Legal reserve 116,084 2,547

Other reserves 2,157,498 288

Accumulated loss (23,291,048) (7,398,167)

Total equity 6,283,631 19,905,765

Liabilities

Other liabilities 13,806,561 -

Loans 584,943,707 314,972,479

Total non-current liabilities 598,750,268 314,972,479

Loans 58,613,429 67,324,669

Other liabilities 4,670,942 456,804

Taxes payable 76,777 52,889

Trade accounts payable 36,251,745 149,973,223

Total current liabilities 99,612,893 217,807,585

Total liabilities 698,363,161 532,780,064

Total liabilities and equity 704,646,792 552,685,829

Financial Highlights – Combined Balance Sheet

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In US$

As of September 30th, 2018

Rio Energy UGEN UENSA* Total

Comprehensive Income 696,440 (7,633,876) (6,684,698) (13,622,134)

Financial income and expenses – net 22,656,742 29,726,602 22,149,092 74,532,436

Income tax 757,775 (1,274,376) (728,616) (1,245,217)

Depreciation and amortization 3,030,500 2,478,029 5,583,339 11,091,868

EBITDA 27,101,457 23,296,379 20,319,117 70,716,953

* UENSA, Villa Maria plant reached COD on January 25, 2018.

Financial Highlights – Combined EBITDA Reconciliation

Contact information

Investor Relations

Cerrito 1294 | 2nd floor I C1010AAZ I Buenos Aires

+54 11 43162800 | ir@msuenergy.com | www.msuenergy.com