AES Andes S.A. announced that it has launched offers to purchase for cash any and all of its outstanding 5.000% Senior Notes due 2025 and up to USD 100 million in aggregate principal amount of its outstanding 6.350% Junior Subordinated Capital Notes due 2079. The Tender Offers will take place upon the terms and conditions described in AES Andes' Offer to Purchase, dated March 4, 2024. The Tender Offers will expire at 5:00 p.m., New York City time, on April 2, 2024, unless amended, extended or terminated by AES Andes.

Each Tender Offer may be amended, extended or terminated. Subject to the terms and conditions of the Tender Offers, the consideration for each USD 1,000 principal amount of Notes validly tendered and accepted for purchase pursuant to the Tender Offers will be the applicable Tender Offer Consideration set out in the above table (subject to proration in the case of the 2079 Notes). Holders of Notes of a series that are validly tendered (and not validly withdrawn) prior to 5:00 p.m., New York City time, on March 15, 2024 (subject to extension in respect of such Tender Offer, the "Early Tender Payment Deadline") and accepted for purchase pursuant to such Tender Offer will receive the applicable Total Consideration set out in the above table, which includes the applicable Tender Offer Consideration plus the applicable Early Tender Payment.

Holders of Notes of a series tendering their Notes after the applicable Early Tender Time will not be eligible to receive the applicable Early Tender Payment. All Notes validly tendered and accepted for purchase pursuant to the Tender Offers will also receive accrued and unpaid interest on such Notes from the last interest payment date with respect to those Notes to, but not including, the applicable settlement date. The amount of such Accrued Interest will be subject to withholding tax gross-up pursuant to the same methodology specified in the indenture of the Notes of such series.

AES Andes is offering to purchase an amount of 2079 Notes in an aggregate principal amount of up to USD 100 million. If 2079 Notes Holders validly tender 2079 Notes in an aggregate principal amount in excess of the 2079 Notes Tender Cap pursuant to the 2079 Notes Tender Offer, AES Andes' acceptance for purchase of 2079 Notes will be prorated in an amount equal to the 2079 Notes Tender Cap, as described in the Offer to Purchase. If the 2079 Notes Tender Cap is fully subscribed as of the Early Tender Payment Deadline, Holders who validly tender 2079 Notes after the Early Tender Payment Deadline will not have any of their 2079 Notes accepted for purchase.

All 2079 Notes tendered at or prior to the Early Tender Payment Deadline will be accepted for purchase, if at all, in priority to 2079 Notes tendered after the Early Tender Payment Deadline. Tendered Notes may be withdrawn from the Tender Offers prior to 5:00 p.m., New York City time, on March 15, 2024, unless extended by AES Andes. Holders of Notes of a series, who tender their Notes after the applicable Withdrawal Deadline, but prior to the applicable Expiration Time, may not withdraw their tendered Notes.

The early settlement date will be determined at AES Andes' option and is currently expected to occur on March 20, 2024. The Company intends to purchase any remaining Notes that have been validly tendered, accepted for purchase in the Tender Offers and not validly withdrawn prior to the applicable Expiration Time promptly following the applicable Expiration Time, subject to all conditions to the Tender Offer having been either satisfied or waived by the Company and subject to the 2079 Notes Tender Cap (as applicable). The final settlement date is expected to occur on the third business day following the applicable Expiration Time.

If AES Andes does not elect to have an early settlement date, payment for Notes validly tendered prior to the applicable Early Tender Date and accepted for purchase will be made on the applicable final settlement date.