Results of 3Q

Buenos Aires, November 9th, 2021

Results for nine-month period ended on September 30th, 2021

Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A. ("Transener" or the "Company") announces the results for nine-month period ended on September 30th, 2021

Stock Information

Bolsas y Mercados Argentinos

Ticker: TRAN

For further information, contact:

Transener, Argentina's leading electricity transmission company, announces results for nine-month period ended on September 30th, 2021.

Main results for nine-month period ended on September 30th, 2021, restated in constant currency at September, 20211

José S. Refort

Chief Financial Officer

Andrés G. Colombo

Accounting and Tax Manager

([e-mail])

Marcelo A. Fell

Financial Manager

([e-mail])

Consolidated revenues of AR$ 12,274.3 million, 29.5% lower than the AR$ 17,417.8 million for same period last year, mainly due to the lack of the semiannual tariff adjustments since February 2020, resulting in a decrease in revenues, measured in constant currency.

Consolidated EBITDA2 of AR$ 4,514.8 million, 53.0% lower than the AR$ 9,600.2 million for same period last year, mainly due to a decrease of AR$ 5,143.5 million in revenues.

[e-mail]

Tel:	(5411) 5167-9301

www.transener.com.ar

www.transba.com.ar

Consolidated net loss attributable to the owners of the company of AR$ 972.7 million, compared to a profit of AR$ 5,071.5 million for same period last year, mainly due to a decrease in revenues of AR$ 5,143.5 million and a higher income tax charge of AR$ 1,132.0 million due to the impact of the new income tax rate established by Law N°27,630 on the deferred tax payable.

Main results for the Third Quarter of 2021 3

Consolidated revenues of AR$ 3,754.8 million, 32.1% lower than the AR$ 5,533.1 million for the same period last year, mainly due to the lack of the semiannual tariff adjustments since February 2020, resulting in a decrease in revenues, measured in constant currency.

Consolidated EBITDA2 of AR$ 1,252.5 million, 58.4% lower than the AR$ 3,011.2 million for the same period last year, principally due to a decrease in revenues of AR$ 1,778.3 million.

Consolidated net profit attributable to the owners of the company of AR$ 520.0 million, 60.3% lower than the AR$ 1,310.9 million for the same period last year, mainly due to a decrease in revenues of AR$ 1,778.3 million, partially offset by a lower income tax charge of AR$ 668.4 million due to a decrease in the profit before tax and a lower loss in financial results of AR$ 349.4 million, mainly due to an increase in commercial interests income.

1Expressed in constant currency, in accordance with IAS 29.

2Consolidated EBITDA represents consolidated operating results before depreciation.

• The financial information presented in this document for the quarters ended on September 30th, 2021 and 2020 is based on the unaudited condensed interim consolidated financial statements prepared according to the accounting framework established by the National Securities Commission (CNV), corresponding to the three-month and nine-month periods ended on September 30th, 2021 and 2020.

1

1. Financial Situation

On August 17th, 2021, as expected, Transener canceled the remaining amount of US$ 86.0 million of Class 2 Notes at 9.75% and the corresponding accrued interests.

As of September 30th, 2021, Transener maintains a principal balance of AR$ 944.4 from the loan for working capital of AR$ 1,000 million, entered into with the Banco de la Nación Argentina in July 2021. The term is 3 years, at BADLAR plus 8%, the principal amortization is in monthly and consecutive installments by the German amortization system, payable as from August 2021. To meet the bank's requirements, the Company's Board of Directors agreed not to make proposals to the General Meeting of Shareholders, during the term in which the loan is pending of cancellation, relating to dividends distribution using the reserves, and in case that these reserves are affected by losses, not to distribute profits until the reserves are reestablished to current amounts.

Regarding Transener's ratings, S&P Global Ratings improved the global rating of "CCC-" to "CCC+", with a negative outlook and discontinued the local rating, as a consequence of the cancellation of the Class 2 notes mentioned above and of not having instruments requiring qualification. Afterwards, the Company decided to discontinue the global and local risk rating carried out by S&P Global Ratings.

On the other hand, FIX SCR S.A. Credit Rating Agency maintained the long-term issuer rating of A+ (arg) with stable outlook.

2. Tariff Situation

On December 23rd, 2019, the Solidarity Law entered into effect, establishing that the tariff schemes for electricity under federal jurisdiction would not have updates, with the possibility of initiating an extraordinary review of the current Full Tariff Review (FTR), for a term not exceeding 180 days.

During the year 2020, the ENRE did not apply the semiannual tariff adjustments according to the FTR, remaining effective the updated tariff scheme as of August 2019.

On December 16th, 2020, the Executive issued Decree No. 1020/20, initiating the renegotiation of the current FTR for the public service of natural gas and electricity transportation and distribution, under federal jurisdiction. This process cannot exceed 2 years. Taking into consideration public interest reasons, the current FTR agreements must be suspended until these reviews come to an end. The ENRE or ENARGAS, and the Economy Ministry will enter into the transitional and definitive agreements ad referendum of the Executive. Likewise, the abovementioned period of 180 days without tariff scheme updates was extended for 90 days or until the new transitional tariff schemes come into force.

On January 19th, 2021, under Resolution No. 17/21, the ENRE initiated the proceedings for the transitory settlement of the public service of transportation tariff, in order to determine a Transitional Tariff Scheme until the Definitive Renegotiation Agreement is achieved. The Company received an information requirement to initiate this process, which the Company has already complied with, prioritizing the operating and administrative expenses and capital expenditures necessary to maintain the quality of the service.

On March 3rd, 2021, under Resolutions No. 54/21 and 55/21, the ENRE called for a public hearing on March 29th, 2021, in order to inform and receive opinions regarding the Transitional Tariff Scheme of Transener and Transba, respectively, within the FTR Renegotiation Process and with prior character to the tariff definition.

On April 14th, 2021, the Closing of the Public Hearings Report was published in the Official Bulletin. As of the date of issuance of this report, the negotiations continue with the ENRE in order to achieve a Transitional Renegotiation Agreement of the FTR.

On the other hand, on July 3rd, 2018, the ENRE informed the initiation of the proceedings to determine the remuneration of the Independent Transmitters under the operation and maintenance period: TIBA (Transba), Fourth Line (Transener), YACYLEC and LITSA. Regarding this, on October 8th, 2018, the operating and administrative expenses, the capital expenditures and the tariff pretension corresponding to Fourth Line and TIBA were presented to the ENRE. To date, the ENRE has not issued the Resolution on this matter yet.

2

3. The Impact of COVID - 19 in Argentina

As of the date of presentation of this report, Decree No. 678/2021 establishes the active sanitary measures from October 1st, 2021 to December 31st, 2021, continuing the opening of activities and flexibilities as a consequence of an improvement in vaccination levels and in the epidemiological situation.

It is not possible to anticipate how the impact of COVID-19 will continue to affect the economy, in general, and the Company, in particular, and to what extent the Company's business and the results of its operations will be affected in the future. However, given its current low debt situation, the Company estimates that it will be able to continue meeting its financial commitments for the next twelve months.

The Company's management permanently monitors the variables that affect its business, to define its course of action and identify the potential impact on its equity and financial situation.

4. Operating Information

The Company continues to carry out the execution of the investment plan, maintaining as of September 30th, 2021 commitments for the acquisition of capital expenditures for an amount of approximately AR$ 1,528.0 million.

Transener, as the concessionaire of the extra high voltage electric power transmission network, is in charge of the supervision of the expansions of the network.

Here follows the most significant works in progress under Transener's supervision:

• Federal Plan for Transmission Works
  Nueva San Juan - Rodeo Substations Interconnection
  Construction and assembly of approximately 162 km of a 500kV EHVL, its connection to a new field in 132kV in the New San Juan Substation and construction of a 132kV courtyard in the Rodeo Substation. Provisionally, the EHVL was linked to the Bauchaceta Substation while Rodeo Substation construction progresses.
  Electrical Interconnection in 500kV Bahía Blanca - Mar del Plata, Connection in 132kV to Villa Gesell and Complementary Works - North Trench
  Construction and assembly of the new Vivoratá 500/132kV Substation, with eight 132kV outputs and expansion of Bahía Blanca Substation. Construction of the 500kV EHVL.
  Rincón Santa María - Resistencia II Interconnection
  Construction and assembly of approximately 275 km of 500kV EHVL and expansion of Resistencia and Rincón Santa María Substations.
  Santa Cruz Norte Substation Completion - 132kV output to Caleta Olivia
  Expansion to be completed by YPF Luz in order to interconnect the Parque Eólico Cañadón León. The public service became operational in June 2021.
• Works under the SE Resolutions Nº 1/2003 and 821/2006
  New 25 de Mayo Substation
  Civil works and electromechanical assembly of the new 500/132kV Substation.
  Fast connection works
  Fast back-up phase connection for Esperanza Substation.
  Expansion of Atucha 220/132 kV Substation - Auxiliary services Execution of 13,2kV outputs.

Rosario Oeste and Malvinas Argentinas Substations

Construction of the bases for two 3x200 MVA transformer banks and the corresponding spare phases.

3

• Other works to be undertaken by the Wholesale Electricity Market (WEM) Agents
  Río Santa Cruz Hydroelectric Exploitation
  Cóndor Cliff and La Barrancosa Hydroelectric Power Plants- 500kV EHVL and Complementary Works Anticipated detailed engineering revision and inspections in factories.
  Santa Cruz Norte Substation - Expansion of the transformation capacity for Parque Eólico Cañadón León (YPF Luz)
  Construction of a new structure with the incorporation of a third transformer.

Gran Formosa Substation - Expansion 132kV

Construction of a line output field for REFSA.

Business Development

Given its position as a leader in electricity transmission, Transener is involved in the supply of operation and maintenance services, engineering, testing and commissioning of lines and substations for new works or for the expansion of existing works in the 500kV system.

Transener maintains its main contracts with the following customers:

• Minera Alumbrera Ltd.
• Yacylec S.A.
• Transportadora del Norte S.A.
• Transportadora Cuyana S.A.
• AES Argentina Generación S.A.
• Nucleoeléctrica Argentina S.A.
• Transportel Minera II S.A.

4

Rate of failures

The rate of failures represents the quality of the service provided. The following charts show the quality of the service provided by Transener and Transba as from December 2015.

Transener and Transba Concession Agreements state a maximum rate of failures of 2.5 and 7.0 outages per 100 km over a 12-month period, respectively.

Transener

3.0
2.5
	2.5 FAILURE LIMIT
2.0
1.5	COMPANY
	FAILURES
1.0
0.5
0.0

DECEMBER	MARCH JUNE SEPTEMBER DECEMBER	MARCH JUNE SEPTEMBER DECEMBER	MARCH JUNE SEPTEMBER DECEMBER	MARCH JUNE	SEPTEMBER DECEMBER	JANUARY FEBRUARY MARCH APRIL	MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER	JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST	SEPTEMBER
2015 -	2016 -	2017 -	2018 -		2019 -		2020 -		2021 -

Transba

8.0

7.0

6.0

5.0

4.0

7.0 FAILURE LIMIT

COMPANY FAILURES

3.0 2.0 1.0

0.0

DECEMBER	MARCH JUNE SEPTEMBER DECEMBER	MARCH	JUNE SEPTEMBER DECEMBER	MARCH JUNE	SEPTEMBER DECEMBER	MARCH JUNE	SEPTEMBER DECEMBER	JANUARY FEBRUARY MARCH	APRIL MAY JUNE JULY AUGUST SEPTEMBER OCTOBER NOVEMBER DECEMBER	JANUARY FEBRUARY MARCH APRIL MAY JUNE JULY AUGUST SEPTEMBER
2015 -	2016 -		2017 -		2018 -		2019 -		2020 -	2021 -

5