1Q-2019 CORPORATE PRESENTATION Company Overview 1 AES GENER AT - - PowerPoint PPT Presentation

CORPORATE

PRESENTATION

1Q-2019

Company Overview 1

IMPROVING LIVES IN

Chile, Colombia AND Argentina

LAUNCHING

Greentegra Strategy +4,500 MW Growth PIPELINE

in Chile & Colombia

AES Corporation

Currently owns 66.7%

Dow Jones Sustainability Index for Chile

LISTED ON

Santiago Stock Exchange

5,103

MW in operation

3,440 1,020 643

561

MW under construction

(Alto Maipo, Virtual Dam Catilla Solar)

Technologies

Coal 3,019 MW Hydro 1,291 MW Gas/Diesel 709 MW Others 34 MW

$8.3B $887M $3.8B $2.3B

RATED

Baa3 / BBB- / BBB- BY

MOODY’S S&P GLOBAL FITCH RATINGS

Market Share

Chile 23% by generation Colombia 7% by generation Argentina 3% by generation

Commercial Business Largely Contracted

EFFICIENT GENERATION CONTRACTED WITH AN AVERAGE LIFE OF 10 YEARS IN CHILE MARKET CAP

AS OF Mar 31, 2018

EBITDA

LTM 1Q-2019

TOTAL ASSETS

OWNED & MANAGED

• CONS. DEBT

FY-2018

AES GENER

AT A GLANCE

3

1

ATTRACTIVE MARKETS

2

DIVERSIFIED PORTFOLIO

3

HIGH QUALITY LONG TERM PPAs

4

NEW TRANSFORMATIONAL STRATEGY

5

STRONG FINANCIAL PERFORMANCE

KEY

INVESTMENT

CONSIDERATIONS

4

RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE

S&P A+

24,853 MW

Installed Capacity

+2.5%

Energy Sales Growth (CAGR 2007-2017)

Moody’s A1

76,581 GWh

Generation Fitch A

Chile 71,564 GWh 76,581 GWh

~19M

inhabitants

~$298B

GDP as of 2019

Regulated 43% Unregulated 57% Thermal 54% Hydro 30% NCRE 16%

Source: Company. As of March 2019 (1) Central Interconnected System (Sistema Interconectado Central). (2) Great North Interconnected system (Sistema Interconectado del Norte Grande). (3) Non-conventional Renewable Energy including Wind, Solar, Geothermal and Biomass (4) National Electrical System (Sistema Eléctrico Nacional).

The SING(2) and the SIC(1) were interconnected in November 2017 to comprise the SEN(4) The SEN is expected to become fully operational in June 2019, once the last segment of the Cardones-Polpaico transmission line is completed

1

5

ATTRACTIVE

MARKETS

ATTRACTIVE

MARKETS

S&P BBB- Moody’s Baa2 Fitch BBB

17,237 MW

Installed Capacity

Energy Demand Growth (CAGR 2014-2018)

64,789 GWh

LTM Generation S&P B Moody’s B2 Fitch B

38,538 MW

Installed Capacity

Energy Demand Growth (CAGR 2013-2018)

134,276 GWh

LTM Generation

Thermal 64% Hydro 29% Nuclear 4% NCRE 3%

+2.2% +1.2%

Residential 43% Industrial 29% Comercial 28% Regulated 68% Unregulated 32% Thermal 19% Hydro 81%

Colombia

~50M

inhabitants

~$330B

GDP as of 2018

Argentina

~45M

inhabitants

~$539B

GDP as of 2018

69,837 GWh 130,535 GWh 134,276 GWh 64,789 GWh RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE

Source: Company. As of March 2019 (1) Non-conventional Renewable Energy including Wind, Solar and Biomass

1

6

70% 30%

EBITDA COUNTRIES CUSTOMERS TECHNOLOGY

66% 27% 7% 67% 20% 13% 59% 14% 25% 2%

$887 mm 5,103 MW(1) 27.2 TWh/y 5,103 MW(1)

Argentina Chile Argentina Colombia Chile Regulated/ Unregulated Spot Coal Solar/ Biomass/ BESS(

Source: Company. (1) Includes Battery Energy Storage System (BESS) LTM 1Q-2019 Figures

Hydro Diesel/Gas

DIVERSIFIED

Portfolio

2

7

• 5,000

10,000 15,000 20,000

2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

GWh per Year Distribution Non Regulated

Distribution 25% Industrial 7% Mining 68%

10 year Avg. Contract Life

Commercial strategy aims to maximize cash flow while minimizing volatility Optimal contracted position seeks to match contracted energy with long term efficient generation Contract customers include regulated customers (distribution companies) and unregulated customers (mining, commercial and industrial)

Contracts include Price indexation mechanisms (coal and US CPI) and pass-through provisions (regulatory risks)

~10 years average life of outstanding contracts

3

8

CHILE

Commercial Strategy

Colombia Argentina

55% 45%

ENERGY SALES Contract Spot ~80% of Expected Generation Medium & Long Term Contracts (1-15 Years) Remaining Generation Spot and Frequency Regulation Sales Firm Energy (~3,000 GWh) Reliability Charge Revenue Contract Energy Energía Plus Contracts Remaining Energy & Capacity Energía Base Spot Sales to ISO

22% 78%

ENERGY SALES Contract Spot

7,343

GWh 4,204

GWh

LTM 1Q-2019 Figures

3

9

COLOMBIA & ARGENTINA

Commercial Strategy

Integrating Renewables Into Our Portfolio, Leveraging On Existing Competitive Advantages TRANSFORMATIONAL STRATEGY

GREENTEGRA

4

Gr Gree eente ntegra

Scope of Commercial Opportunities Tak ake or e or Pay PP ay PPAs

~10.5 ~10.5 TW TWh/year

Fixed charge + Pass-through of variable costs

Con

• nven

entiona tional l PP PPAs

~3.2TW ~3.2TWh/year

Fixed price

Ren enewa ewable ble PP PPAs

~2.3TW ~2.3TWh/year

Fixed price Coal to Green aims to green the mining sector by replacing existing variable charge with a fixed price component backed by renewables Blextend aims to incorporate renewable

• utput into the supply of energy while

extending the life of existing conventional PPAs, delivering a price competitive 24/7 energy solution Through GenerFlex we are targeting new customers to integrate PPAs and cutting- edge technology including energy management, storage and distributed energy to provide energy solutions in line with the needs of an evolving market.

10

2.7 TWh/y

EXECUTED TO DATE 4-18 YEARS

1.1 TWh/y

EXECUTED TO DATE 10-15 YEARS ADVANCING NEGOTIATIONS TO SECURE ADDITIONAL AGREEMENTS

23%

ADVANCING WITH STRATEGY EXECUTION

GREENTEGRA

EXECUTING COMMERCIAL STRATEGY

Greentegra ADDRESSABL E MARKET

11

16 TWh/y

4

12

ADVANCING WITH STRATEGY EXECUTION

+4,500 MW PIPELINE

ACCELERATING A GREENER ENERGY FUTURE

Hydro Wind Solar Batteries

531 MW 10 MW 21 MW 210 MW 80 MW 3,127 MW 240 MW 380 MW UNDER CONSTRUCTION

562MW

READY TO BUILD IN 2019

290MW

UNDER DEVELOPMENT

3,747MW

4

ADVANCING WITH STRATEGY EXECUTION

ALTO MAIPO

ON TRACK

Tunnelling Las Lajas Alfalfal II

COMPLETE

54 Km

72%

80% 100%

13

2018 LATIN AMERICAN

REFI EFINANCING NCING DEA EAL

OF THE YEAR

78%

PROJECT

4

ADVANCING WITH STRATEGY EXECUTION

CASTILLA - ECOPETROL

THE LARGEST SOLAR SELF-GENERATION PROJECT IN COLOMBIA

COD COD

SEPTEMBER 2019

ON TRACK

14

21 21MW

MW

UNDER CONSTRUCTION

4

15

ADVANCING WITH STRATEGY EXECUTION

VIRTUAL DAM PILOT

CONSTRUCTION STARTED

Run-of-River HYDRO PLANT

VIR VIRTU TUAL AL

DAM AM

BATTERIES

a DAM of ENERGY

10 MW PILOT

COD 1Q-2020

5 HOURS

4

Jemeiwaa-Kai Project

648MW

• Irraipa 99 MW
• Casa Eléctrica 180 MW
• Carrizal 195 MW
• Apotolorru 75 MW
• Jotomana 99 MW

AWARDED

20-YEAR

RELIABILITY CHARGE

324 GWh/y @ $15.1 /MWh ADVANCING WITH STRATEGY EXECUTION

SECURING REVENUES FOR PROJECTS

CASA ELÉCTRICA AWARDED RELIABILITY CHARGE

16

4

17

ADVANCING WITH STRATEGY EXECUTION

NCRE INVESTMENTS IN CHILE

290 MW TO SUPPORT COMMERCIAL AGREEMENTS

ANDES SOLAR II

SOLAR

80 MW

NTP May 2019 COD Dec 2019 NTP Jun 2019 COD 2Q-2020 NTP Aug 2019 COD 3Q-2020 NTP Nov 2019 COD 4Q-2020

MESAMÁVIDA

WIND

40 MW LOS OLMOS

WIND

90 MW CAMPO LINDO

WIND

80 MW

2019 2020

4

37%

11% 1% 51%

TODAY+PROJECTS

5.9GW

27%

13% 1% 59%

TODAY

5.1GW

AES GENER

LEADING DECARBONIZATION

WITH RELIABLE RENEWABLE ENERGY

18

RENEWABLES & ENERGY STORAGE NATURAL GAS DIESEL COAL

62% INCLUDING

PIPEL PIPELIN INE

4

$59mn $239mn $589mn

$376mn

TOLLING AGREEMENTS

(Energy and Capacity)

13 years average life

$213mn

CONVENTIONAL PPAs

(Energy and Capacity)

8 years average life

HIGHEST EVER

EBITDA GENERATION

SUPPORTED BY LT CONTRACTED POSITION

19

1Q-2019

LTM EBITDA

$887mn

5

Realized Attractive Valuations On Non-Core Assets ROBUST CAPITAL STRUCTURE

ASSET SALES AND DEBT PREPAYMENTS

5

20

Asset Sales Debt Prepayments

sale of

ELÉCTRICA SANTIAGO

316km

Sale of regulated TRANSMISSION LINES

$307mn

~15x EV/EBITDA

$225mn

~15x EV/EBITDA

$528mn

Debt Prepaid(1)

Net Debt/ EBITDA(2)

3.7x

Source: Company Filings. (1) Debt prepaid in 2017 and 2018 (2) As of March 31, 2019

$3,770mn

AVERAGE COST AVERAGE LIFE NET DEBT/ EBITDA RATE

5.8% 18

Years

3.7x

(Consolidated)

94%

Fixed Rate

Recourse Debt

$1,338 mn 35%

Non-Recourse Debt

$2,432 mn 65%

121 123 126 128 155 149 160 92 214 192 35 2026/2079 2021 152 2019 21 2020 24 2022 29 2023 2024 2025 730 1,469 213 145 340 184 184 352 2,199

21

Amortization Schedule ($mn)

AES GENER

DEBT PROFILE

$3,770MN AS OF MARCH 31, 2019

1.8x

(Recourse Debt)

5

EBITDA & EBITDA margin Total Debt and Net Debt / EBITDA Total CAPEX Capital Allocation

22

581 591 591 589 172 174 241 239 25 29 55 59 778 793 887 887 34% 33% 34% 34% 2016 2017 2018 LTM 1Q-19

Chile Colombia Argentina EBITDA Margin

2,198 2,387 2,346 2,432 1,626 1,353 1,179 1,337 3,824 3,741 3,525 3,770 4.3x 4.4x 3.6x 3.7x 2016 2017 2018 LTM 1Q-19

PF/Non-Recourse Corporate Debt Net Debt/EBITDA

562 497 565 543 2016 2017 2018 LTM 1Q-19 53 74 263 215 93 261 184 184 102 471 351 377 248 806 798 776 2016 2017 2018 LTM 1Q-19

Equity Contribution Dividends Paid Debt Payment 22

5

STRONG

FINANCIAL PERFORMANCE

IFRS LTM 1Q-2019 FIGURES

APPENDIX 2

Alto Maipo

Overview Project Layout

2 1

Project Location Metropolitan Region

1 2

Alfalfal II. 264MW Unit Las Lajas. 267MW Unit Tunnel

L1 VL-4 VL-8 VA-1 VA-2 VA-4 V5 V1

Technical Aspects Alfalfal II Las Lajas

Installed capacity (MW) 264 267 Number of units 2 2 Type of turbines Pelton Pelton Voltage (kV) 12/220 12/110

Ownership Main Contractors

AES Gener 93%

Strabag 7%

24

ALTO MAIPO

OVERVIEW

24

ALTO MAIPO

CONSTRUCTION STATUS

78%

Complete

$0mn

EQUITY CONTRIBUTIONS PENDING During Construction

Tunnels

54km

Excavated

2 1 1 2

Alfalfal II. 264MW Unit Las Lajas. 267MW Unit Tunnel

L1 VL-4 VL-8 VA-1 VA-2 VA-4 V5 V1

Las Lajas Headrace Total length 17km Las Lajas Tailrace Total length 15km Alfalfal Headrace Total length 26km Volcan Total length 14km Alfalfal II Tailrace Total length 3km

Progress as of February 2018

25

26

CHANGE IN RISK PROFILE

Lump sum fixed price contract with Strabag, including guaranteed completion dates backed by:

• $300mn Letters of Credit
• Corporate Guarantee from Strabag SE

Transfer of Geological and construction risks Strong incentives for early completion COD Las Lajas & Alfalfal II expected in 2020

PROJECT CAPITALIZATION

Fully funded plan, considering:

• $3,048mn construction cost
• Additional $392mn payable over 20-

year after COD Lenders commitment for US$823 mn, including incremental funding of $135mn Incremental shares to Strabag if certain milestones are met

AES GENER COMMITMENTS

AES Gener will contribute:

• $200mn based on progress and debt

disbursements

• Up to $200mn towards completion

and for project costs or to prepay debt No additional debt to be issued at AES Gener level

ALTO MAIPO

KEY CHANGES TO MITIGATE RISK

26

APPENDIX 3

Financial Review First Quarter 2019

Key Financials ($ mn) 1Q-2019 1Q-2018

• Var. (%)

EBITDA 208 208

• EBITDA Margin

32% 32%

• Net Income

63 79

• 20%

EBITDA BY MARKET 1Q-2019 1Q-2019

71% 71% 8% 8% 73% 22% 21% 21% 5%

1Q-2018 208 208 208 208 Chile Colombia Argentina

28

AES GENER

CONSOLIDATED

FINANCIALS

Main Drivers 1Q-2019

29

MARGIN OF ASSET SOLD IN 2018 LOWER REGULATED SALES OPERATIONAL EFFICIENCIES

EBITDA Variation 1Q-2019

MARKET PERFORMANCE

CHILE

EBITDA -$3mn

151 148 1Q-2018 3 1Q-2019

• 2%

2%

Eléctrica Santiago and Compañía Transmisora del Norte Grande were sold in May and December 2018 respectively

Main Drivers 1Q-2019

30

LOWER CONTRACT SALES FX DEPRECIATION ON MARGIN HIGHER SPOT VOLUME AND PRICES

EBITDA Variation 1Q-2019

MARKET PERFORMANCE

COLOMBIA

EBITDA -$2mn

46 44 2

• 4%

4% 1Q-2018 1Q-2019

31

Main Drivers 1Q-2018

31

EBITDA Variation 1Q-2019

HIGHER AVAILABILITY FX DEPRECIATION ON FIXED COSTS LOWER CONTRACT SALES

MARKET PERFORMANCE

ARGENTINA

EBITDA +$5mn

11 16 5 +40% +40% 1Q-2018 1Q-2019

FX Losses

79 63 14 15 17 1 2 1

EBITDA Variance

Depreciation

Interest Expense Other Income Tax

Other Losses 32

1Q-2019

NET INCOME

ATTRIBUTABLE TO THE PARENT

1Q-2018 1Q-2019

First Quarter Cash Flow Liquidity as of March 31, 2019

$777mn

Cash and Cash Equivalents

$527 mn $527 mn

68%

Undrawn Committed Facilities

$250 mn $250 mn

32%

322 527

118 120 207 Mar-19 Financing CF Dec-18 Operating CF Investing CF

1Q-2019

CASH FLOW

AND LIQUIDITY

33

USES

34

FULL YEAR 2019

GROWTH CAPEX

SOURCES & USES

Wind, Solar & Virtual Dam $182mn Alto Maipo $329mn AM Project Finance $329mn Operating Cash Flow $182mn

SOURCES

$511mn $511mn

Revenue Credit Metrics CAPEX EBITDA and EBITDA Margin

252 277 334 334 52 46 22 27 5 17 41 37 309 340 397 398 2016 2017 2018 LTM 1Q-19 Contracted Spot Other 122 105 140 140 39% 31% 35% 35% 2016 2017 2018 LTM 1Q-19 EBITDA EBITDA Margin

6.2x 7.3x 4.2x 4.0x 2.8x 2.4x 3.4x 3.6x

2016 2017 2018 LTM 1Q-19

Net Debt/EBITDA EBITDA/Financial Expense

4 6 6 5 2016 2017 2018 LTM 1Q-19 CAPEX

35

ANGAMOS

FINANCIAL PERFORMANCE

IFRS LTM 1Q-2019 FIGURES

Revenue Credit Metrics CAPEX EBITDA and EBITDA Margin

381 493 498 507 2016 2017 2018 LTM 1Q-19 Revenue 150 167 133 125 39% 34% 27% 25% 2016 2017 2018 LTM 1Q-19 EBITDA EBITDA Margin 4.9x 4.1x 4.7x 5.0x 3.5x 4.6x 4.1x 4.0x 2016 2017 2018 LTM 1Q-19 Net Debt/EBITDA EBITDA/Financial Expense 78 14 11 10 2016 2017 2018 LTM 1Q-19 CAPEX

36

GUACOLDA

FINANCIAL PERFORMANCE

IFRS LTM 1Q-2019 FIGURES

91% 1% 8%

13,943GWh

CHILE ($589mn EBITDA) COLOMBIA ($239mn EBITDA) ARGENTINA ($59mn EBITDA) SEN SIN SAD SADI

SEN ASSETS, 3,388 MW

NORGENER, 277 MW, coal ANGAMOS, 558 MW, coal COCHRANE, 550 MW, coal ANDES SOLAR, 22MW solar PV VENTANAS, 872 MW, coal GUACOLDA, 763 MW, coal HYDROS, 271 MW LAGUNA VERDE, 63 MW, diesel LAJA, 13 MW, biomass

SADI ASSETS, 643 MW

TERMOANDES, 643 MW, gas

SIN ASSETS, 1,020 MW

CHIVOR, 1,000 MW, hydro TUNJITA, 20 MW, hydro

GENERATION ENERGY SALES GENERATION ENERGY SALES GENERATION ENERGY SALES

24% 69% 7%

$1,734mn

100%

4,819GWh

70% 30%

$437mn

100%

4,173GWh

51% 49%

$133mn

MARKETS

OVERVIEW

LTM 1Q-2019 FIGURES

37

PORTFOLIO

OVERVIEW

5,103MW GEO & TECH DIVERSIFIED

LEADING ENERGY PRODUCER IN CHILE (3,388MW) MAJOR PLAYER IN COLOMBIA (1,020 MW) EFFICIENT OPERATION IN ARGENTINA (643 MW)

Guacolda, 763MW 5 coal units Huasco

COD:1995/1996/2009 2010/2015

Hydro Plants 271MW 4 run of river hydro units Cajon del Maipo

COD:1923/1928/1944/1991

Angamos, 558MW

2 coal units Mejillones

COD: 2011

Cochrane, 550MW 2 coal units Mejillones

COD: 2016

Andes Solar, 22MW PV solar Adjacent to Andes substation

COD: 2016

Chivor, 1,000MW 8 hydro units Bocaya

COD: 1977/1982

Tunjita, 20MW 1 hydro unit Bocaya

COD: 2016

Termoandes, 643MW Combined Cycle Turbines: 2 gas, 1 steam Salta

COD: 1999

ENERGY STORAGE CHILE (52 MW)

Energy Storage 52MW Norgener 12MW Angamos 20MW Cochrane 20MW Backup Plants, 76MW : Laguna Verde 63MW Diesel Laja 13MW Biomass Norgener, 277MW 2 coal units Tocopilla

COD:1995/1997

Ventanas, 872MW 4 coal units Valparaiso

COD:1964/1977/2010/2013 38

APPENDIX

Chilean Regulated Power Auctions

4

Year of the Auction 2014 2015 2016 2017 2019 2020-2022 Start of Supply 2016-2019 2019 2021-2022 2024 2025 2027 Tenor 15 20 20 20 16 16-20

13.0 1.2 12.4 2.2

Size (TWh-Year) Auction

2013 2015 2015-01 2017-01 2019/01 TBD

3.6 1.3

• Avg. Awarded Pric

ice $94.7/ 7/MWh h (92% % awarded w/o chang nge in law)

• Avg. Awarded Pric

ice $79.9/MWh h

• Avg. Awarded Pric

ice $47.6/MWh h (100% % awarded)

• Avg. Awarded Pric

ice $32.50/MWh (100% awarded)

40

DISTRIBUTION

PP PPA A AUC UCTION TIONS

40

Unco conf nfirm irmed Fig igur ures

41

DISTRIBUTION COMPANIES

PPA AUCTIONS

MAIN CHANGES ON TERMS & CONDITIONS

41

2015-01 Auction 2017-01 Auction 2019-01 Auction

ENERGY OFFERED

12,400 GWh per year 2,200 GWh per year 3,570 GWh per year

PPA TENOR

20 years, starting 2021-2022 20 years, starting 2024 16 years, starting 2025

POWER BLOCKS

Hourly blocks + Annual 24/7 blocks Hourly blocks + seasonal blocks for hydro (new, totaling 600 GWh) Hourly blocks

GUARANTEES

Initial ~$4,000 per GWh (CLF$100) Performance ~$12,000 per GWh (CLF$300) Initial ~$8,000 per GWh (CLF$200) Performance ~$24,000 per GWh (CLF$600) Initial ~$8,000 per GWh (CLF$200) Performance ~$24,000 per GWh (CLF$600)

DELAY FINES (For new projects, every two milestones delay)

~$200 per GWh (CLF$5) ~$1,200 per GWh (CLF$30) ~$1,200 per GWh (CLF$30)

EARLY TERMINATION FINES

~$14,000 per GWh (CLF$360) ~$14,000 per GWh (CLF$360) ~$14,000 per GWh (CLF$360)

APPENDIX

About The AES Corporation

5

43

THE AES CORPORATION

OVERVIEW

MISSION

Improving lives by providing safe, reliable and sustainable energy solutions in every market we serve

GLOBAL ACCESS TO

Construction expertise and contractors Financing Equipment and fuel suppliers Engineering, consulting and insurance

31,792

GROSS MW in operation*

4,440

MW under construction

GENERATION

TENCHNOLOGY

• GAS 37%
• COAL 31%
• RENEWABLES 29%
• OIL/DIESEL/PET COKE 3%

$11B $33B

FORTUNE 200

GLOBAL POWER COMPANY

FOUNDED IN 1981

NAMED TO

DOW JONES SUSTAINABILITY INDEX

for North America for the Fourth Year in a Row (2014-2017)

LISTED ON

NYSE

AES SERVES OVER

CUSTOMERS TOTAL ASSETS OWEND & MANAGED TOTAL REVENUES

* 22,232 proportional MW. Proportional MW is equal to gross MW of a generation facility multiplied by AES’ equity ownership percentage in such facility Source: The AES Corporation Fact Sheet as Feb 27, 2019, The AES Corporation Financials as of December 31, 2018.

6

UTILITY COMPANIES

+2M

15 COUNTRIES 4

MARKET-ORIENTED STRATEGIC BUSINESS UNITS

SOUTH AMERICA, MCAC, USA & UTILITIES, EURASIA

AES IS ENERGIZED BY A

GLOBAL WORKFORCE

Sources: The AES Corporation Fact Sheet as of Feb 27, 2019, The AES Corporation Financials as of December 31, 2019.

Including AES Gener’s TermoAndes facility located in Argentina.

WE LEVERAGE ON OUR RELATIONSHIP WITH AES IN NEGOTIATIONS WITH SUPPLIERS, REGULATORS AND CREDITORS, AND BENEFIT FROM THEIR TECHNICAL EXPERTISE, AND GLOBAL BEST PRACTICES IN OPTIMIZING PERFORMANCE

SOUTH AMERICA OVERVIEW AES Gener and AES Argentina Generación share the same senior leadership Largest energy producer in Chile, a leading player in Argentina and a major producer in Colombia and Brazil One of the most diversified LatAm generation players in terms of geographical footprint and technology Owns InterAndes transmission line, connecting Chile and Argentina 31% 33% 28% 8%

AES Argentina 3,486 MW + 2 fuel procurement facilities AES Gener 643 MW 1,020 MW 3,400 MW + 52 MW Energy Storage AES Brasil 3,834 MW AES Servicios America Service center in Buenos Aires provides Finance and HR transactional services to AES affiliates Colombia 1,020 MW Chile 3,452 MW Argentina 4,129 MW² Brazil 3,834 MW

12,435 MW

THE AES CORPORATION

SOUTH AMERICA SBU

Disclaimer

• This presentation is not an offer for sale of securities. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an
• ffer to buy or sell any securities and should not be treated as giving investment advice. No representation or warranty, either express or implied, is provided in relation to

the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this material are subject to change without notice and neither the Company nor any other person is under obligation to update or keep current the information contained herein. The information contained herein does not purport to be complete and is subject to qualifications and assumptions, and neither the Company nor any agent can give any representations as to the accuracy thereof. The Company and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any part of this material.

• This presentation may contain statements that are forward-looking subject to risk and uncertainties and factors, which are based on current expectations and projections

about future events and trends that may affect the Company’s business. Investors are cautioned that any such forward looking statements are not guarantees of future

• performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our
• control. The successful execution and commencement of operation of the investment projects that we are developing or constructing depends on numerous external

factors, including (i) delays in obtaining regulatory approvals, including environmental permits; (ii) court rulings against governmental approvals already granted, such as environmental permits; (iii) shortages or increases in the price of equipment reflected through change orders, materials or labor; (iv) the failure of contractors to complete

• r commission the facilities or auxiliary facilities by the agreed-upon date; (v) opposition by local and/or international political, environmental and ethnic groups; (vi)

strikes; (vii) adverse changes in the political and regulatory environment in Chile; (viii) adverse weather conditions (ix) poor geological conditions; and (x) natural disasters, accidents or other unforeseen events.

• This presentation may not be reproduced in any manner whatsoever. Any reproduction of this document in whole or in part is unauthorized. Failure to comply with this

directive may result in a violation of the Securities Act or the applicable laws of other jurisdiction.

• The information contained should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and

accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice from such advisers as you deem necessary and not upon any view expressed in this material.

• The Company is an issuer in Chile of securities registered with the Comisión para el Mercado Financiero, the Chilean Superintendency of Securities and Insurance, or

“CMF.” Shares of our common stock are traded on the Bolsa de Comercio de Santiago—Bolsa de Valores, or the Santiago Stock Exchange, the Bolsa Electrónica de Chile— Bolsa de Valores, or Electronic Stock Exchange, and the Bolsa de Corredores—Bolsa de Valores, or the Valparaiso Stock Exchange, which we jointly refer to as the “Chilean Stock Exchanges,” under the symbol “AESGENER.” Accordingly, we are currently required to file quarterly and annual reports in Spanish and issue hechos esenciales o relevantes (notices of essential or material events) to the CMF, and provide copies of such reports and notices to the Chilean Stock Exchanges. All such reports are available at www.cmfchile.cl and www.aesgener.com.

• All figures are expressed in US$ and rounded to the nearest million, unless indicated otherwise.

CORPORATE

PRESENTATION

1Q-2019