IMPORTANT NOTICE DRAFT PRELIMINARY OFFERING MEMORANDUM DATED JUNE 3, 2021 THIS DOCUMENT IS A DRAFT OF THE PRELIMINARY OFFERING MEMORANDUM (THE “DRAFT PRELIMINARY OFFERING MEMORANDUM”). THE DRAFT PRELIMINARY OFFERING MEMORANDUM IS IN DRAFT FORM ONLY AND IS INTENDED TO BE SUPERSEDED. NO INVESTMENT DECISION SHOULD BE MADE ON THE BASIS OF THE DRAFT PRELIMINARY OFFERING MEMORANDUM. The Draft Preliminary Offering Memorandum is incomplete and is subject to amendment and completion. The terms of the transactions and issue of the securities described in the Draft Preliminary Offering Memorandum (the “Notes”) are not yet final and are subject to updating, further negotiation, amendment, verification and completion. In particular, the Draft Preliminary Offering Memorandum has not been reviewed by any rating agency, and the listing of the Notes has not been approved by any stock exchange. Additionally, the terms of certain documents referred to in the Draft Preliminary Offering Memorandum are subject to further negotiation, review, update and amendment. Recipients of the Draft Preliminary Offering Memorandum who intend to purchase the Notes following publication of the final form of the preliminary offering memorandum (the “Preliminary Offering Memorandum”) are reminded that any such application may only be made on the basis of the information contained in the Preliminary Offering Memorandum, as supplemented by the final pricing term sheet with respect to the Notes, which may be different from the information contained in the Draft Preliminary Offering Memorandum. No reliance may be placed for any purpose whatsoever on the information contained in the Draft Preliminary Offering Memorandum or on its completeness. No representation or warranty, express or implied, is given by any of HSBC Securities (USA) Inc., Scotia Capital (USA) Inc., the issuer of the Notes or any of their respective affiliates or any of the other persons mentioned in the Draft Preliminary Offering Memorandum as to the accuracy of the information or opinions contained in this Draft Preliminary Offering Memorandum, and no liability is accepted by any of the foregoing or any other person for any such information or opinions. Confirmation of your Representation, Warranty, Agreement and Acknowledgment: By accepting and accessing this document, you represent, warrant, agree and acknowledge that: 1. The Draft Preliminary Offering Memorandum is being sent to you at your request. 2. The Draft Preliminary Offering Memorandum is in draft form only and will be amended and superseded in all respects by the Preliminary Offering Memorandum. The Draft Preliminary Offering Memorandum and the terms of the transactions and issue of the Notes described in the Draft Preliminary Offering Memorandum are not yet final and are subject to updating, further negotiation, amendment, verification and completion. 3. Any investment decision by you as to any purchase of the Notes will be made solely on the basis of information contained in the Preliminary Offering Memorandum, as supplemented by the final pricing term sheet with respect to the Notes, and no reliance will be placed by you on the completeness or accuracy of the information contained in the Draft Preliminary Offering Memorandum or in any other information provided to you by any person prior to the issue of the Preliminary Offering Memorandum. 4. The Draft Preliminary Offering Memorandum does not constitute or form part of any offer or invitation to purchase, or any solicitation of any offer to subscribe for, the Notes in any jurisdiction, nor shall it or any part of it form the basis of, or be relied upon in connection with, any contract for the Notes. Any such offering will be made only pursuant to the Preliminary Offering Memorandum. 5. The contents of the Draft Preliminary Offering Memorandum are highly confidential, and you will not forward, distribute, publish, reproduce or disclose (in whole or in part) this Draft Preliminary Offering Memorandum or its contents to any other person. 6. The Draft Preliminary Offering Memorandum may contain material, non-public information and the United States securities laws prohibit any person who has material, non-public information about an issuer of securities from purchasing or selling securities of such issuer or from communicating such material, non-public information to any other person. 7. You are a person into whose possession the Draft Preliminary Offering Memorandum may be lawfully delivered in accordance with the laws of the jurisdiction in which you are located, and you will not deliver or transmit this document, electronically or otherwise, to any other person. 8. You understand that any offering and sale of the Notes will not have been registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") and are intended to be exempt from registration under the Securities Act pursuant to Section 4 thereof. 9. You are either: a. (i) a “qualified institutional buyer” as defined by Rule 144A under the Securities Act (a “QIB”) acting for your own account or (ii) a QIB acting for the account of one or more QIBs and, to the extent you subsequently purchase the Notes, you will be doing so in reliance on Rule 144A under the Securities Act; b. an institutional “accredited investor” within the meaning of Rule 501(a)(1),(2),(3) or (7) under the Securities Act (an "Institutional Accredited Investor"); or c. a non-U.S. person located outside the United States, as defined in Regulation S under the Securities Act and, to the extent you subsequently purchase the Notes, you will be doing so pursuant to Regulation S under the Securities Act. 10. You have sufficient knowledge and experience in financial and business matters so as to be capable of independently evaluating the merits and risks of an investment in the Notes, and you are able to bear the economic risk of any such investment. You are aware of the risks inherent in investing in an issuer with a limited operating history and limited revenues. Upon receipt of the Draft Preliminary Offering Memorandum, you will review the disclaimers and risk factors set out therein and will consider these and other potential risks. 11. You understand and agree that the Notes may not be re-offered, resold, pledged or otherwise transferred except for any offer, resale, pledge or other transfer of the Notes or any beneficial interest therein in a transaction exempt from the registration requirements of the Securities Act to (i) a QIB, acting on its own account or the account of one or more QIBs, (ii) an Institutional Accredited Investor which has delivered an IAI Investment Letter, or (iii) a non-U.S. person in an offshore transaction complying with Rule 903 or Rule 904 of Regulation S under the Securities Act and in accordance with all applicable securities laws of the states of the United States. 12. You acknowledge that the Issuer, the Purchasers, the Placement Agents and others will rely upon the truth and accuracy of the foregoing acknowledgements, representations and agreements. You consent to the delivery of the Draft Preliminary Offering Memorandum and any amendments or supplements thereto by electronic transmission. Preliminary Offering Memorandum Draft – June 3, 2021 Subject to Completion THESE NOTES ARE CURRENTLY IN THE PROCESS OF BEING REGISTERED WITH THE SUPERINTENDENCY OF CAPITAL MARKETS OF PANAMA, AND, THEREFORE, THE INFORMATION CONTAINED IN THIS OFFERING MEMORANDUM IS SUBJECT TO REVISION AND CHANGES THAT MAY SUBSTANTIALLY VARY THE TERMS AND CONDITIONS OF THE OFFER DESCRIBED. THIS DOCUMENT IS DISTRIBUTED FOR INFORMATION PURPOSES ONLY. Elektra Noreste S.A. $[__] Senior Unsecured Notes due [__] Prospectus printed as of [__], 2021 Elektra Noreste, S.A. (“Elektra Noreste” “ENSA” the “Company” or the “Issuer”) is a sociedad anónima organized under the laws of the Republic of Panama (“Panama”), through public deed number 143 of January 19, 1998 of the Second Notary Public of the Circuit of Panama, domiciled in the Republic of Panama, registered in jacket 340439, roll 57983, image 56 of the Mercantile Section of the Public Register, since January 22, 1998. Its commercial address is ENSA's Building Santa Maria Business District, Juan Diaz Panama. ENSA will issue US$[___] Senior Unsecured Notes, which will mature on [__] (the “Notes”), The Issuer will pay an interest rate on the Notes of [__]%, payable semi-annually in arrears on each [__] and [__] commencing on [__], calculated on the basis of a 360-day year of twelve 30-day months. The Notes will be unsecured. The Notes will rank pari passu in right of repayment with the other unsecured senior Indebtedness of the Company. The ratio of the total principal amount of the Notes being offered to the paid-in capital (defined as common shares plus additional paid-in capital) of the Company is [___] to 1.00. This Memorandum is furnished to you on a confidential basis for your use solely in connection with your consideration of investing in the Notes to be issued by ENSA. This Memorandum is not intended to provide the primary basis for any decision about, or evaluation of, the Notes and should not be considered as a recommendation that you participate in the proposed transaction. The information contained herein has been prepared to assist interested parties in making their own evaluation of the Company and does not purport to contain all of the information a prospective purchaser may desire. THE PUBLIC OFFERING OF THE NOTES HAS BEEN AUTHORIZED IN PANAMA BY THE PANAMANIAN SUPERINTENDENCY OF CAPITAL MARKETS (SUPERINTENDENCIA DEL MERCADO DE VALORES DE PANAMÁ, OR “SMV”). THIS AUTHORIZATION DOES NOT IMPLY THAT THE SMV RECOMMENDS INVESTING IN THE NOTES NOR DOES IT REPRESENT A FAVORABLE OR UNFAVORABLE OPINION ON THE ISSUER’S BUSINESS PROSPECTS. THE SUPERINTENDENCY OF CAPITAL MARKETS WILL NOT BE RESPONSIBLE FOR THE ACCURACY OF THE INFORMATION PRESENTED IN THIS OFFERING MEMORANDUM OR OF THE DECLARATIONS CONTAINED IN THE REGISTRATION APPLICATION OR THE OTHER DOCUMENTATION AND INFORMATION PRESENTED BY US FOR THE REGISTRATION OF THE PUBLIC OFFER.