INVESTOR PRESENTATION

Edenor Investor Day 2017

2

The material that follows is a presentation of general background information about Edenor as of the date of the presentation. It is information insummary form and does not purport to be complete. No representation or warranty, express or implied, is made concerning, and no reliance should beplaced on, the accuracy, fairness, or completeness of this information.

This presentation contains forward-looking information and statements. Forward-looking statements are statements that are not historical facts.These statements are only predictions based in our current assumptions, expectations and projections about future events. Forward-looking statementsmay be identified by the words “believe,” “expect,” “anticipate,” “target,” or similar expressions. While Edenor's management believes that theexpectations reflected in such forward-looking statements are reasonable, investors are cautioned that forward-looking information and statements aresubject to various risks and uncertainties, many of which are difficult to predict and are generally beyond the control of Edenor, which could cause actualresults and developments to differ materially from those expressed in, or implied or projected by, the forward-looking information and statements.”Further, if Edenor’s actual results are less favorable than those shown in the projections or if the assumptions used in the projections prove to beincorrect, Edenor may not be able to make dividend payments in the amount forecasted, or at all. Edenor undertakes no obligation to publicly update itsforward-looking statements, whether as a result of new information, future events, or otherwise, nor makes any representation or warranty, expressed orimplied, as to the accuracy or completeness of the information contained herein, and nothing contained herein is, or shall be relied upon as a promise orrepresentation. Management is not making and you should not infer any representation about the likely existence of any particular future set of facts orcircumstances.

This presentation does not constitute or form part of, and should not be construed as, any offer or invitation to subscribe for, underwrite orotherwise acquire, any securities of Edenor nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase orsubscribe for any securities of Edenor. Persons who intend to purchase or subscribe for securities of Edenor in any potential future offering are remindedthat any such purchase or subscription may be made solely on the basis of the information contained in the prospectus or offering circular in connectionwith such proposed offering. In particular, this presentation and the information contained herein are not an offer of securities for sale in the UnitedStates.

The market and competitive position data, including market forecasts, used throughout this presentation was obtained from internal surveys,market research, publicly available information and industry publications. Although we have no reason to believe that any of this information or thesereports are inaccurate in any material respect, we have not independently verified the competitive position, market share, market size, market growth orother data provided by third parties or by industry or other publications. Edenor does not make any representation as to the accuracy of such information.

DISCLAIMER

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

EDENOR AT A GLANCE

Note: (1) concession contract (may be extended for an additional maximum period of 10 years); (2) LTM Sep 2020; (3) @ Oct 5, 2020 , net of shares at treasury; (4) Includes 0.2% of the Employee Stock Ownership Program (PPP) ; (5) Pampa Energía has 462,292K Class A Shares and 37,559K Class B Shares

4

Key metrics

9 million

People

95 years

Until 2087 (1)

+ 3.1 million

Customers

~4,800

Direct Personnel

~360,000

SMEs & Industries

20,173

GWh Sold (2)

4,637 km²

Concession Area

19.7%

Market Share (2)

Geographic footprint

Corporate structure

Float(4) NYSE: 8.6%

BCBA: 6.5%ANSES

(5)57.1%15.1%

(3)

MAIN FIGURES

27.8%

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

63

280

11

115

229161

64

-329

443 410

885

1.463 1.484 1.502

1.157

2014 2015 2016 2017 2018 2019 LTM Sep '20

5

Sales | in USD MM

Energy sold by type of customer | LTM Sep’20

Residential

SMEs

Industrial

Wheeling System

Others

20,173 USD 492mm

Note: (1) 2001 – 2017 historical values and average FX, 2018 – LTM Sep’20 adjusted values and closing FX of each year; (2) Bank loan amortizes in Apr. and Oct. 2019 and 2020, and senior notes in Oct. 2022

Adj. Ebitda | in USD MM

Financial Debt | in USD MM

EBITDA of USD-329MM if subsidies of USD602MM are

not included

Net cash position: USD3MM

ICBC Loan ON 2017ON 2022(2) (2)

FINANCIAL POSITION

2014 2015 2016 2017 2018 2019 LTM Sep’20

USD285mm of Past Liabilities resolution

not included

(1) (1)

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

6

COVID-19 CRISIS

Actions Taken & Main Impacts

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

Critical Measures Workforce Protection

Increased Digitalization Energy Demand & Collection

Crisis Committee created

Essential Activity from beginning

Backup Control Center fully operating

Donation Campaigns, helping NGOs in our Concession Area

+2000 employees working remotely

Commercial offices closure, tasks reassigned

Strict measures regarding health and hygiene implemented

Suppliers and contractors situation permanently checked

edenordigital completely implemented

All commercial procedures available in digital

+75% or 600 thousand new edenordigital accounts

+290% increase in digital payments

-14% demand | Large & Medium Customers

+16% demand | from Residential Clients

Reading & Billing processes being normalized

Fraud and debt actions were temporarily suspended

Note: Variations from Mar-Sep ‘20 for Digitalization and Mar-Sep 19 vs 20 for Energy Demand.

RECENT TURNOVER

8

ARGENTINA’S ELECTRICITY POWER MARKET OVERVIEW

Structure of the power sector in Argentina

Wind and solar

Thermal

Hydro

Nuclear

Generation

Total gross power generation 2019:~131,200 GWh

Demand

Total demand 2019:~128,900 GWh

Source: Company filings and CAMMESA

105.321GWh distributed in 2019

28significant players

Rank Company

Market

share

20%

2 16%

3 11%

Distribution

#1

Transmission

1high voltage transmitter

6

2international transmitters

regional transmitters

Clearing house

61%27%

6%6%

43%

29%

28%

Large distribution consumers

Residential/public lightning

SMEs

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

1992

PublicEmergency Law

TariffIncrease

First RTI

Concession Contract

THE HISTORY OF EDENOR IN A NUTSHELL

1992 2002 2016 2022

UNIRENBreach of Agreements

Ad-hoc RegulationsDelay in Tariff AdjustmentsIncrease of Energy Losses

Lower Quality Service

9

Regulatory Framework Compliance

WEM Normalization

Chain of Payments Recomposition

2017

Reduction of the MWh Price

Significant Improvement in Service Quality

10 Years in Compliance

2019

• Liabilities Regularization Agreement

• Fully updated tariff

2020

• Social Solidarity and Prod. Reactivation Law• Enre Intervention• Tarriff Freeze

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

2018 2021

Pause in Framework Compliance

Economic and Sanitary Crisis

Chain of Payments Deterioration

• VAD update delayed

• Health emergency declared

• Mandatory Isolation

• Tariff freeze extension (Dec.20)

• Partial Payments to CAMMESA

2017 Integral Tariff Review

10

Source: ENRE Resol. No 63/2017

Granted for a 5 year period (2017-2021)

Methodology │New Replacement Value (NRV)

Regulatory Asset Base │ USD 2.6bn @ Dec ’15

Rate of Return │ 12.46% before tax

Regulatory VAD │ USD 956mm @ Dec ’15

Cost Variation Adjustments │ semiannual cost update

Quality Standards of Service │ required path to normalization

Note: (1) FX: 13.04 ARS/USD @ Dec ’15 (2) cost updated by: Salaries, Whosale Price index, Consumer Price index (3) Includes all CPD adjustments @ Jun‘20.: 2016: 38%; 2017: 24.98%; 2018: 42.46%; 2019: 48.38%; 1H’20: 12.97%

(1)

(1)

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

Depreciated RABARS 146.6 bn

12.46% WACC before taxes

Gross RABARS 313.6 bn

Useful Life45 years

Reg.EBITDA25.000

(2)

Regulatory VAD today | in ARS MM | Sep ‘20(3)

Provisions from 2017 ITR

11

REGULATORY ASSET BASE

Note: FX : 15.89 ARS/USD 2016, 76.18 ARS/USD Sep’20. Includes CPD adjustments of each period

MK / RAB

0.1 X

FX variation | 379%Inflation variation | 198%

Diff.: -38%

RAB Evolution Sep ’20In USD MM

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

EDENOR´S PERFORMANCE

GROSS SALES BREAKDOWN

13

Yearly Sales Evolution | in GWh Energy Sold by Type of Customer @ Sep’20

Yearly Sales Evolution | in USD MM

Residential

SMEs

Industrial

Wheeling System

Others

20,173 USD 492mm

Note: (1) 2015 – 2017 historical values and average FX, 2018 – Adjusted values and closing FX of each year; (2) Public Lighting & Shantytowns

(1)

(2)

3.1-0.6%-3.0%

-1.9%

-5.7% +1.0%

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

410

885

1.463 1.484 1.502

1.157

2015 2016 2017 2018 2019 LTM Sep '20

GENERATION COST INCREASE PATHEdenor’s Average | Subsidies are still part of the bill

14I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

0

20

40

60

80

100

120

1

-

20

40

60

80

100

120

1

Bill Components

Note: (1) Calculated based on an average rate of the different customer categories; (2) pursuant to Res. No 14/2019 issued by the Secretariat of Renewable Resources and Electricity Market CAMMESA seasonal programming

(1)

Generation

Transmission

VAD

Taxes

w taxes wo taxes

23%

34%

2%

41%

44%

3%

53%

% Subsidy

Seasonal Price

WEMSubsidy:

47%@ Sep ‘20

88%

94%

56%

84

40

MonomicEnergy Price

Demands≥ 300 kW

Demands< 300 kW

(2)

(2)

35%

Residential CustomersSeasonal Price: 1,764

% Subsidy : 59%

692 2,174

36%

4,255

BILL COMPARISONWe are still cheaper than in other provinces and countries

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

EPEC Cordoba

EDES Buenos Aires

EDEN Buenos Aires

ENERSA Entre Rios

EDESA Salta

EPE Santa Fe

EDERSA Rio Negro

EDELAP La Plata

EDESAL San Luis

EDEMSA Mendoza

EDN CABA

Tariff @ Sep ’20Residential customer - 275 KWh/month

Per CountryInvoice w/Taxes

Note: FX: 76.18 ARS/USD @ Sep 30.2020; (1) State owned Companies

Per ProvinceInvoice w/Taxes

(1)

(1)

% VAD over tariff

% Pass Through over tariff

% Tax over tariff

75

65

56

54

54

34

Spain

UK

Peru

Brazil

France

Chile

EDN

MAIN CONCERNS

17

OUR ATTENTION IS ON…

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

VAD Freeze | 2020 Bad Debt | Dec19 - Sep20

Energy Losses | 2020e Energy Demand

Last tariff update Mar'19

CPD not granted impact @Sep20 ARS 14,340 MM

Cammesa Debt @Sep20 | ARS 14,411 MM w/o int.

66% increase mainly due to Covid-19 impacts

ARS 3,846 MM increase

Total impact ARS 7,900 MM

Energy purchases impact ARS 4,450 MM

VAD impact ARS 3,450 MM Lower demand vs. RTI 2020e: -21%

Lower demand vs. RTI base year: -11%

2020 impact decreased demand ARS 6,000 MM

Delayed increase 68%

18

BAD DEBT

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

Historical EvolutionIn USD MM │ %

Bad Debt as days of Sales Outstanding

Note: (1) FX: at the end of each period ; (2) debts arising from regularized fraud situations; (3) debts in judicial status for collection

(1)

Per type of Customer & Debt@ Sep’20

Bad Debt Bad Debt / LTM Sales

Customer Debt

(2)

(3)

+10%

+51%

ENERGY LOSSES

19I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

Real Recognized energy losses

Historical Evolution

Not Recognized Energy LossesGWh accumulated per period

What are we doing to mitigate them?

✓ MIDE Plan (Integrated Energy Meter Plan)

Minimizes bad debt and non-technical losses

8K

50K

93K

75K

✓ DIME Plan (Market Discipline)

▪ Multidisciplinary teams were created to work on new solutions to energy losses

▪ Analytical and artificial intelligence tools were used to enhance effectiveness in the routing of inspections

@ Sep ’20

R222.8%

R19.7%

R325.8%

▪ Over the last year, approximately 556,500 inspections of Tariff 1 meters were conducted with a 54% efficiency

40K

20

OUR PERFORMANCE

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

Quality of Service General Satisfaction

Highly Unlevered Valuation Comparison

We are above the standards set forth in the ITR | SAIDI

45% & SAIFI 33%

Since its peak in 2014 the duration and frequency of

interruptions have decreased by 60% and 47%,

respectively

CAPEX top priority

Customer satisfaction increased to 81.4% in 2020, a 12

points growth since 2016 despite tariff increases

Client satisfaction remains high among utility services in

Argentina

Claims to the regulator decreased by 63% since 2015

@ Sep 2020:

• Net cash position of USD 3 mm

• 2.0 leverage ratio

• 4.9 interest coverage ratio

• 17% dollarized cash position

USD 98 MM financial debt @Nov 2020

Low valuation compared to Latin American peers

• 2.4x EV/EBITDA

• 0.1x EV/RAB

QUALITY OF SERVICE

21I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

Requested quality standardsReal

SAIDI Path hrs │ year │ customer SAIFI Path times │ year │ customer

Initial point

Initial point

Best performanceBest performance

Note: SAIDI: System Average Interruption Duration Index; SAIFI: System Average Interruption Frequency Index

-60.3%-46.7%

Sep-20 Sep-20

69%

72%

74%

76%

81%

2016 2017 2018 2019 2020

GENERAL SATISFACTION

22

Customers Satisfaction Regarding EDN

12.4points

Improvement vs

2016

General Satisfaction Satisfaction per Tariff

Vs Other Utilities

Note: (1) For Edenor & Edesur a T1R customer was selected

(1)

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

Regarding

the service

Regarding

EDN

T1R 81.4% 80.4%

T2R 84.0% 83.0%

T1G 79.2% 78.2%

T2 83.5% 77.8%

T3 83.6% 82.6%

Compañía Servicio 2018 2019 2020

Metrogas gas 72.9% 79.8% 80.7%

Naturgy gas 71.5% 79.6% 84.0%

Edenor electricidad 73.3% 75.2% 80.4%

AySA agua 72.8% 73.8% 74.9%

Telecom teléfono 67.3% 67.9% 69.4%

Telefónica teléfono 65.6% 65.0% 65.4%

Edesur electricidad 41.6% 54.2% 45.1%

104120

199

210

272

183

249227

166

123

-

50,0

100,0

150,0

200,0

250,0

300,0

2011 2012 2013 2014 2015 2016 2017 2018 2019 LTM Sep '20

Historical Evolution In USD MM (1)

CAPITAL EXPENDITURES

23

• Penalty for deviating from the annual investment plan (SAPIA) and the five-year RTI (SAQRTI) | Res. No 170/2018

• The ENRE controls our compliance with the Capex Plan, affecting the “E” stimulus factor

Note: 2011 – 2017 historical values and average FX, 2018 – LTM Sep’20 adjusted values and closing FX of each period

Lower demand registered during the last 4 years

Investment deployment slowdown due to Covid-19

No impact on the service equality levels

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

2013-2018 average: USD 223 MM

FINAL REMARKS

Amount | USD 113.4 MMMaturity | October 2022Rate | 9.75%

Senior Note 2022

25

A HIGHLY UNLEVERED COMPANY

I N V E S T O R P R E S E N T A T I O N | N O V E M B E R 2 0 2 0

…

ICBC Loan MaturedOn 2022 Bond repurchases were cancelled

October 2020

4.86Interest

Coverageratio

2.03Leverage

ratio(2) (2)

Debt Amortization

ICBC Loan Net DebtON 2022

Note: (1) Net of repurchases; (2) @ Sep20

(1)

Risk Ratings - 2022 Corporate Bonds

Rating Outlook Date

Local raCCC+ Negative Sep.2020

Global CCC- Negative Sep.2020

Local ($) A.ar Negative Sep.2020

Local (USD) A-.ar Negative

Global Caa3 Stable Sep.2020

Financial Debt in USD MM

Cash Dollarization@ Sep ‘20

USD17%

ARS83%

ON 2017