[PPT] - 4Q-2018 CORPORATE PRESENTATION Company Overview 1 AES GENER AT A PowerPoint Presentation

SLIDE 1

CORPORATE

PRESENTATION

4Q-2018

SLIDE 2

Company Overview 1

SLIDE 3

IMPROVING LIVES IN

Chile, Colombia AND Argentina

AES Gener Is Energized By A Regional Workforce Of

+1,300 PEOPLE

RECOGNIZED AS A

Great Place To Work in

CHILE COLOMBIA ARGENTINA

Founded In 1981

And Acquired by The AES Corporation in 2000, Who Currently owns 66.7%

Named to

Dow Jones Sustainability Index for Chile

LISTED ON

Santiago Stock Exchange

5,103

GROSS MW in operation

3,388 1,020 643

561

GROSS MW under construction

(Alto Maipo Project in Chile)

Technologies

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

$7.9B $887M $3.5B $2.3B

RATED

Baa3 / BBB- / BBB- BY

MOODY’S S&P GLOBAL FITCH RATINGS

Market Share

Chile 27% by generation Colombia 7% by generation Argentina 3% by generation

Commercial Business Largely Contracted

EFFICIENT GENERATION CONTRACTED WITH AN AVERAGE LIFE OF 11 YEARS IN CHILE MARKET CAP

AS OF Dec 31, 2018

EBITDA

FY-2018

TOTAL ASSETS

OWNED & MANAGED

CONS. DEBT

FY-2018

AES GENER AT A GLANCE

LEADING GENCO CONTROLLED BY THE AES CORPORATION

3

SLIDE 4 4

KEY INVESTMENT

CONSIDERATIONS

1

LEADING POSITION

2

DIVERSIFIED PORTFOLIO

3

HIGH QUALITY LONG TERM PPAs

4

NEW TRANSFORMATIONAL STRATEGY

5

ROBUST CAPITAL STRUCTURE

6

STRONG FINANCIAL PERFORMANCE

SLIDE 5

RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE

S&P A+

24,031 MW

Installed Capacity

+1.6%

SIC(1) Energy Sales (CAGR 2014-2017)

+2.3%

SING(2) Energy Sales (CAGR 2014-2017)

Moody’s A1

75,641 GWh

Generation Fitch A

Chile 72,265 GWh 75,641 GWh

~18 M

inhabitants

~$267B

GDP as of 2017

Regulated 46% Unregulated 54% Thermal 54% Hydro 31% NCRE 15%

Source: Company. (1) Central Interconnected System (Sistema Interconectado Central). (2) Great North Interconnected system (Sistema Interconectado del Norte Grande). (3) Non-conventional Renewable Energy. (4) National Electrical System (Sistema Eléctrico Nacional). (3) 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

MARKET

OVERVIEW

5

SLIDE 6 6

MARKET

OVERVIEW

S&P BBB- Moody’s Baa2 Fitch BBB

17,212 MW

SIN Installed Capacity

SIN Demand Growth (CAGR 2014-2018)

68,943 GWh

SIN Generation S&P B Moody’s B2 Fitch B 38,538 MW SADI Installed Capacity

SADI Demand Growth (CAGR 2013-2018)

137,482 GWh SADI Generation

Thermal 64% Hydro 29% Nuclear 5% NCRE 2%

+2.2% +1.2%

Residential 43% Comercial 29% Industrial 28% Regulated 68% Unregulated 32% Thermal 16% Hydro 84%

Colombia

~49 M

inhabitants

~$310B

GDP as of 2017

Argentina

~44 M

inhabitants

~$635B

GDP as of 2017

67,456 GWh 134,784 GWh 137,482 GWh 68,943 GWh RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE

(1)

SLIDE 7 91% 1% 8% 14,324GWh Thermal Other Hydro

CHILE ($591mn EBITDA) COLOMBIA ($241mn EBITDA) ARGENTINA ($55mn 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 OTHERS, 76 MW, diesel, 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% $1,743mn Regulated Unregulated Spot 100% 4,977GWh Hydro 78% 22% $413mn Contract Spot 100% 4,150GWh Thermal 50% 50% $146mn Contract Spot

MARKETS

OVERVIEW

2018 FIGURES

7

SLIDE 8

30% 70%

EBITDA COUNTRIES CUSTOMERS TECHNOLOGY

8

67% 27% 6% 67% 20% 13% 59% 14% 25% 2%

$887 mm 5,103 MW(1) 27.6 TWh/y 5,103 MW(1)

Argentina Chile Argentina Colombia Chile Regulated/ Unregulated Spot Coal Solar/ Biomass/ BESS(2)

Source: Company. (1) Includes Battery Energy Storage System. (2) Battery Energy Storage System.

Hydro Diesel/Gas

DIVERSIFIED

Portfolio

SLIDE 9 9

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

SLIDE 10 10

ADVANCING WITH STRATEGY EXECUTION

+3,900 MW PIPELINE

ACCELERATING A GREENER ENERGY FUTURE

Hydro Wind Solar Batteries

531 MW 10 MW 20 MW 210 MW 80 MW 2,717 MW 240 MW 170 MW UNDER CONSTRUCTION

561MW

READY TO BUILD IN 2019

290MW

UNDER DEVELOPMENT

3,127MW

SLIDE 11 11

AND ANDES ES SOLAR II SOLAR II

SOLAR

80 MW

WIND

90 MW LOS OS OLMO OLMOS

WIND

40 MW MESAM MESAMAVID VIDA

WIND

80 MW CA CAMPO MPO LINDO LINDO GREENING CHILE

ANNOUNCING NCRE INVESTMENTS

290 MW TO SUPPORT COMMERCIAL AGREEMENTS

SANTIAGO

SLIDE 12

52MW

capacity of batteries EXISTING SPINNING RESERVE

PIONEERS IN CHILE SINCE 2009

12

Converting run-of-river plants into

VIRTUAL RESERVOIRS

10 MW PILOT 5 HOUR

COD MARCH 2020

GREENING CHILE

ANNOUNCING VIRTUAL DAM PILOT

BROADENING BATTERY SOLUTIONS

SLIDE 13

ADVANCING WITH STRATEGY EXECUTION

CASTILLA - ECOPETROL

THE LARGEST SOLAR SELF-GENERATION PROJECT IN COLOMBIA

COD COD

OCTOBER 2019

13

20 20MW

MW

UNDER CONSTRUCTION

SLIDE 14

37%

11% 1% 51%

TODAY+PROJECTS

5.9GW

27%

13% 1% 59%

TODAY

5.1GW

AES GENER

LEADING DECARBONIZATION

WITH RELIABLE RENEWABLE ENERGY

14

59% INCLUDING

PIPEL PIPELIN INE

RENEWABLES & ENERGY STORAGE NATURAL GAS DIESEL COAL

SLIDE 15

Business

SOLUTIONS

5

Investment GRADE RATING

TECHNOLOGIES

5

NCRE Hydro Thermal Battery Desal

ENERGY

PROVIDER

f choice

in South America

STRATEGY

15

SLIDE 16

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% 11 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)

~11 years average life of outstanding contracts

16

CHILE

Commercial Strategy

SLIDE 17

Colombia Argentina

57% 43%

ENERGY SALES Contract Spot ~80% of Expected Generation Medium Term Contracts (1-4 Years) Remaining Generation Spot and Frequency Regulation Sales Firm Energy (~3,000 GWh) Reliability Charge Revenue Contract Energy Energía Plus Contracts Remaining Generation Energía Base Spot Sales to ISO

23% 77%

ENERGY SALES Contract Spot

7,513 GWh 4,181 GWh

17

COLOMBIA & ARGENTINA

Commercial Strategy

FY-2018 Figures

SLIDE 18

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

18

STRONG

Financial Performance

IFRS (2018 Figures)

426 581 591 591 246 172 174 241 19 25 29 55 691 778 793 887 32% 34% 33% 34% 2015 2016 2017 2018

Chile Colombia Argentina EBITDA Margin

1,788 2,198 2,387 2,346 1,552 1,626 1,353 1,179 3,340 3,824 3,741 3,525 4.4x 4.3x 4.4x 3.6x 2015 2016 2017 2018

PF/Non-Recourse Corporate Debt Net Debt/EBITDA

893 479 391 465 109 83 106 100 1,002 562 497 565 2015 2016 2017 2018

Construction Maintenance

279 53 74 263 235 93 261 184 92 102 471 351 606 248 806 798 2015 2016 2017 2018

Equity Contribution Dividends Paid Debt Payment

SLIDE 19

$3,525mn

AVERAGE COST AVERAGE LIFE NET DEBT/ EBITDA RATE

5.8% 14

Years

3.6x

(Consolidated)

94%

Fixed Rate

Recourse Debt

$1,179 mn 33%

Non-Recourse Debt

$2,346 mn 67%

121 124 126 128 153 148 158 151 214 192 2022 2023 145 2019 1,388 2020 2021 2024 2025 514 2026/2073 272 340 152 182 182 350 1,902 21 24 29 34

19

Amortization Schedule ($mn)

AES GENER

DEBT PROFILE

$3,525MN AS OF DECEMBER 31, 2018

1.7x

(Recourse Debt)

SLIDE 20

APPENDIX 2

Alto Maipo

SLIDE 21

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% 21

ALTO MAIPO

OVERVIEW

SLIDE 22

ALTO MAIPO

CONSTRUCTION STATUS

75%

Complete

$0mn

EQUITY CONTRIBUTIONS PENDING During Construction

Tunnels

51km

Excavated

22 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 27km Volcan Total length 14km Alfalfal II Tailrace Total length 3km

Progress as of February 2018 22

SLIDE 23 23

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

SLIDE 24

APPENDIX 3

Financial Review Fourth Quarter 2018

SLIDE 25

Key Financials ($ mn) FY-2018 FY-2017

Var. (%)

4Q-2018 4Q-2017

Var. (%)

EBITDA 887 793 12% 233 231 1% EBITDA Margin 34% 33% 1% 35% 35% 1% Net Income 287 185 56% 8 71

88%

EBITDA BY MARKET Full Year

22% 22% 8% 8% 70% 70%

4Q-2017 4Q-2018

14% 81%

233 233 231 231

5%

Chile Colombia Argentina EBITDA BY MARKET Fourth Quarter

67% 67% 6% 6% 27% 27% 4%

FY-2018 FY-2017

74% 22%

887 887 793 793

25

FULL YEAR 2018 AND FOURTH QUARTER

CONSOLIDATED

FINANCIALS

SLIDE 26

67 26 793 2017 1 2018 887

26

FULL YEAR 2018

EBITDA BRIDGE

12% INCREASE, $94 MN

LOWER ESSA MARGIN -$33

SLIDE 27

Main Drivers 4Q-2018

27

PPAs BEGAN SUPPLY LOWER GENERATION LOWER MARGIN FROM ESSA

23.9 139.9 7.1 591 187.6 143.3 116.0 150.8 143.7 2017 1Q Var 163.2 137.4 2018 591

5.9

2Q Var 3Q Var

24.4

4Q Var +0% 4Q 1Q 3Q 2Q

EBITDA Variation FY-2018

MARKET PERFORMANCE

CHILE

2018 EBITDA +$1mn

SLIDE 28

Main Drivers 4Q-2018

28

LARGER SALES VOLUME HIGHER CONTRACT PRICES HIGHER ENERGY PURCHASES

41.0 45.9 43.4 21.8 20.7 20.2 65.2 57.8 78.5 31.4 51.6 3Q Var 2017 4.9 1Q Var 2Q Var 2018 4Q Var 174 241 +39% 2Q 4Q 3Q 1Q

EBITDA Variation FY-2018

MARKET PERFORMANCE

COLOMBIA

2018 EBITDA +$67mn

SLIDE 29 29

Main Drivers 4Q-2018

29

EBITDA Variation FY-2018

HIGHER CONTRACT MARGIN HIGHER CAPACITY PRICES LOWER GENERATION

4.2 11.2 4.2 7.0 8.0 5.1 5.7 12.2 8.3 13.4 12.4 18.1 2017 3Q Var 1Q Var 2Q Var 4Q Var 2018 55 29 +88% 4Q 2Q 3Q 1Q

MARKET PERFORMANCE

ARGENTINA

2018 EBITDA +$26mn

SLIDE 30 Other Income

94 61 270 206 107 11 14 13

EBITDA Variance Depreciation Interest Expense Other Equity Earnings Income Tax FX Losses

185 287

30

FULL YEAR 2018 ($MN)

NET INCOME

ATTRIBUTABLE TO THE PARENT

ESSA & CTNG sale $189mn Guacolda Impairment

2017 2018

SLIDE 31

Full Year Cash Flow Liquidity as of December 31, 2018

$572mn

Cash and Cash Equivalents

$322 mn $322 mn

56%

Undrawn Committed Facilities

$250 mn $250 mn

44%

276 322

313 258 Dec-17 513 Operating CF 513 Asset Sales CAPEX & Others Financing CF 9 Dec-18 FX Impact

31

FULL YEAR 2018 ($MN)

CASH FLOW

AND LIQUIDITY

Investing CF

SLIDE 32

SUMMARY OF HISTORICAL FINANCIALS (US$mn)

Angamos

Revenue Credit Metrics CAPEX

32

EBITDA and EBITDA Margin

238 252 277 334 44 52 46 22 2 5 17 41 284 309 340 397 2015 2016 2017 2018 Contracted Spot Other 111 122 105 140 39% 39% 31% 35% 2015 2016 2017 2018 EBITDA EBITDA Margin

6.9x 6.2x 7.3x 4.2x 2.5x 2.8x 2.4x 3.4x

2015 2016 2017 2018

Net Debt/EBITDA EBITDA/Financial Expense

16 4 6 6 2015 2016 2017 2018 CAPEX

SLIDE 33 33

Guacolda

Revenue Credit Metrics CAPEX

SUMMARY OF HISTORICAL FINANCIALS (US$mn)

EBITDA and EBITDA Margin

438 381 493 498 2015 2016 2017 2018 Revenue 122 150 167 133 28% 39% 34% 27% 2015 2016 2017 2018 EBITDA EBITDA Margin 6.3x 4.9x 4.1x 4.7x 3.9x 3.5x 4.6x 4.1x 2015 2016 2017 2018 Net Debt/EBITDA EBITDA/Financial Expense 115 78 14 11 2015 2016 2017 2018 CAPEX

SLIDE 34

APPENDIX

Chilean Regulated Power Auctions

4

SLIDE 35

Year of the Auction 2014 2015 2016 2017 2019 2020 2021 Start of Supply 2016-2019 2019 2021-2022 2024 2025 2026 2027 Tenor 15 20 20 20 20 20 20

13.0 1.2 12.4 2.2

Auction Size (TWh-Year) Auction Launch (Year)

2013 2015 2015-01 2017-01 2018 2019 2020

4.7 3.0 2.8

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) Unco conf nfirm irmed Fig igur ures 35

DISTRIBUTION

PP PPA A AUC UCTION TIONS

SLIDE 36

2015-01 Auction 2017-01 Auction 2018-01 Auction (Unconfirmed)

ENERGY OFFERED

12,400 GWh per year 2,200 GWh per year 4.650 GWh per year

PPA TENOR

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

POWER BLOCKS

Daily blocks Daily blocks + seasonal blocks for hydro (new, totaling 600 GWh) Daily blocks Storage Incentives

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)

FINES FOR DELAYS (For new projects, every two milestones delay)

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

36

DISTRIBUTION COMPANIES

PPA AUCTIONS

MAIN CHANGES ON TERMS & CONDITIONS

SLIDE 37

APPENDIX

About The AES Corporation

5

SLIDE 38 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

33,965

GROSS SS MW in operation*

3,930

MW under cons nstruct uctio ion GENERATION

TENCHNOLOGY

GAS 37% COAL 32% RENEWABLES 27% OIL/DIESEL/PET COKE 4%

$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 * 24,104 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 of May 8, 2018, The AES Corporation Financials as of December 31, 2017.

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 38

THE AES CORPORATION

OVERVIEW

SLIDE 39 Sources: The AES Corporation Fact Sheet as of May 8, 2018, The AES Corporation Financials as of December 31, 2017. 2) Including AES Gener’s TermoAndes facility located in Argentina. Andes SBU Brazil SBU

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

30% 34% 28% 8%

AES Argentina 3,461 MW + 2 fuel procurement facilities AES Gener 643 MW 1,020 MW 3,400 MW + 52 MW Energy Storage AES Brasil 3,684 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 4,104 MW² Brazil 3,684 MW

12,260 MW

39

THE AES CORPORATION

OVERVIEW

SLIDE 40

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.

SLIDE 41

CORPORATE

PRESENTATION