AES Andes S.A. announced the early results of the previously announced offers to purchase for cash (the "Tender Offers") any and all of its outstanding 5.000% Senior Notes due 2025 (the "2025 Notes") and up to USD 100 million in aggregate principal amount of its outstanding 6.350% Junior Subordinated Capital Notes due 2079 (the "2079 Notes" and together with the 2079 Notes, the "Notes"); and holders of Notes validly tendered and accepted prior to the Early Tender Payment Deadline will receive the applicable Total Consideration, which includes the applicable Early Tender Payment. The Tender Offers are taking place upon the terms and conditions described in AES Andes' Offer to Purchase, dated March 4, 2024 (the "Offer to Purchase"). Terms used in this announcement and not otherwise defined have the meanings assigned to them in the Offer to Purchase.

The Withdrawal Deadline for holders to validly withdraw tenders of Notes has passed. Accordingly, any Notes validly tendered before the Early Tender Payment Deadline and any additional Notes that are tendered at or prior to 5:00 p.m., New York City time, on April 2, 2024 (the "Expiration Time") may no longer be validly withdrawn, except in the limited circumstances described in the Offer to Purchase. The Tender Offers are subject to the conditions described in the Offer to Purchase.

Subject to the satisfaction or waiver of all conditions to the Tender Offer described in AES Andes' Offer to Purchase having been either satisfied or waived by AES Andes, AES Andes intends to accept for purchase (i) all of the 2025 Notes validly tendered (and not validly withdrawn) before the Early Tender Payment Deadline and (ii) an amount of 2079 Notes validly tendered (and not validly withdrawn) before the Early Tender Payment Deadline, up to the 2079 Notes Tender Cap. These Notes will be purchased on March 20, 2023 (the "Early Settlement Date"). Because the amount of 2079 Notes tendered in the 2079 Notes Tender Offer exceeded the 2079 Notes Tender Cap, purchases of the 2079 Notes will be subject to proration as described in the Offer to Purchase.

In addition, because the amount of 2079 Notes tendered in the 2079 Notes Tender Offer exceeded the 2079 Note Tender Cap, AES Andes does not intend to accept for purchase any 2079 Notes that are tendered in the 2079 Notes Tender Offer following the Withdrawal Deadline and prior to the Expiration Time. AES Andes intends to accept for purchase any remaining 2025 Notes that are validly tendered and accepted in the 2025 Notes Tender Offer prior to the Expiration Time. Any such remaining Notes are expected to be purchased on the Final Settlement Date.

Payments for the Notes purchased will include accrued and unpaid interest from and including the last interest payment date applicable to the Notes up to, but not including the applicable Settlement Date. Holders of Notes that were validly tendered (and not validly withdrawn) prior to the Early Tender Payment Deadline (in respect of the Early Settlement Date) and accepted for purchase pursuant to such Tender Offer will receive the applicable Total Consideration, which includes the applicable Tender Offer Consideration plus the applicable Early Tender Payment. Holders of Notes tendering their Notes after the Early Tender Payment Deadline but before the applicable Expiration Time (in respect of the Final Settlement Date) and whose Notes are accepted for purchase pursuant to the applicable Tender Offer will receive the applicable Tender Offer Consideration, which does not include the Early Tender Payment.

The Tender Offers remain open and are scheduled to expire at the Expiration Time. Full details of the terms and conditions of the Tender Offers are set forth in the Offer to Purchase, which is available from GBSC.