[PPT] - Company Presentation >> March 2009 Disclaimer This PowerPoint Presentation

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Company Presentation

March 2009

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This presentation contains statements that constitute or may constitute statements about the future, as established in the United States Private Securities Litigation Reform Act of 1995. Such statements appear frequently in this presentation with statements referring to our intentions, beliefs and expectations, which include, but are not limited to, any statement with respect to: (1) our investment program, (2) trends that affect our financial condition or operating income, and (3) the effects of changes in the regulatory framework for the electricity industry in one or more of the countries in which we operate. As such statements are subject to risks and inaccuracies, the effective results may differ significantly with respect to those expressed or implied in such statements with a view to the future. Such statements should not be unduly relied upon as they only refer to the position on the date on which they were

prepared. We assume no obligation to publicly report on changes that might be

applied to the statements with a view to the future.

Disclaimer

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Our Company

Multinational private electricity generator with leading market positions in most countries where we operate Attractive portfolio of generation assets distributed within South America Efficient and conservative commercial policy Investment portfolio adds value to Endesa Chile Excellent reputation and high level of technical standards Through its vast experience, the Company has earned the confidence of investors and authorities Commitment with regulatory authorities Commitment with the environment Corporate governance best practices Solid balance sheet and liquidity; stable cash flow to face upcoming challenges Part of an important electricity group worldwide (Enel, ENDESA, S.A., Enersis)

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Important Presence in 5 countries

I nstalled Cap.: 5 ,2 8 4 MW Endesa Chile: 2,786 MW San Isidro I&II: 732 MW Pehuenche: 699 MW Pangue: 467 MW GasAtacama: 391 MW (50% 781 MW) Celta: 182 MW Endesa Eco: 27 MW Hydro Cap.: 6 5 % 3 6 % m arket share 2 7 pow er plants

Chile

I nstalled Cap.: 2 ,8 9 5 MW Hydro Cap.: 8 5 % 2 1 % m arket share 1 1 pow er plants

Em gesa Edegel

Cachoeira ( Gx) : 6 6 5 MW Fortaleza ( Gx) : 3 2 2 MW Am pla ( Dx) : 2 .5 m ill. clients Coelce ( Dx) : 2 .9 m ill. clients Cien ( Tx) : 2 ,1 0 0 MW

Endesa Brasil Affiliate Argentina

I nstalled Cap.: 3 ,6 5 2 MW Costanera: 2,324 MW El Chocón: 1,328 MW Hydro Cap.: 3 6 % 1 4 % m arket share 5 pow er plants

Total Consolidated: 1 3 ,2 9 8 MW Num ber of pow er plants: 5 2 Hydro: 6 0 .0 % Therm al: 3 9 .8 % W ind: 0 .1 %

I nstalled Cap.: 1 ,4 6 7 MW Hydro Cap.: 5 1 % 2 9 % m arket share 9 pow er plants

As of March 2009

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Opportunities: Improvement in South America regulations contribute to meet long‐term electricity demand

Long Term Investment Opportunities … room to grow

» Peru: 6.8% » Chile: 5.1% » Argentina: 4.3% » Brazil: 2.9% » Colombia: 3.0%

1998: base 100%

Electricity Dem and ( CAGR) Electricity Dem and ( CAGR)

80 110 140 170 200 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 Mar/09

Peru Chile Argentina Brazil Colombia

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Investment Opportunities

Our Investment Plan World economic scenario Profile of electricity demand Energy generation uses the maximum renewable resources to promote its development and energy independence Growth and excellence of labor, environmental and productive standards Leadership in the region is based on the construction and evaluation of projects in Chile, Colombia and Peru

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Contributing with more generation capacity

Start‐up during 2009

Santa Rosa

189 MW Peru

2010, onwards

LNG Plant

9.5 millon m3/d Chile (Fast‐track)

Bocamina II

370 MW Chile

El Quimbo

400 MW Colombia

Canela II

60 MW Chile

Los Cóndores

150 MW Chile

Neltume

473 MW Chile

HidroAysén

2,750 MW Chile

Quintero

250 MW Chile

Punta Alcalde

740 MW Chile

Piruquina

7.6 MW Chile

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a) 2008 figures: under Chilean accounting rules b) 1Q2009: under IFRS (International Financial Reporting Standards) c) Attributable to Endesa Chile’s shareholders

%Var. 2008 vs 2007 2008 (a) Physical Sales (GWh)

1% 55,735 33% 2,492

Revenues Billion Ch$ Operating Income

44% 893

Net Income (c)

2008 Income : the highest in the history of the company 111% 443 Summary of consolidated results Ebitda 1,146 38% 14,951 661 290 166 338

1Q09(b) %Var. 1Q09 vs 1Q08

6% 24% 76% 142% 61%

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EBITDA by Country

EBITDA by Country Generation Business

Argentina 5.7% Colombia 22.2% Peru 11.1% Chile 61.1%

Mar‐08 Mar‐09 Mar‐09 Var.% Ch$ bn Ch$ bn US$ m YoY Chile 113 204 350 80% Argentina 19 19 33 ‐1% Colombia 50 74 127 49% Peru 22 37 64 73% Total 204 335 574 64%

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875 1,105 1,279 1,540 1,915 346 349 322 971 1,800 355 305 335 300 6.38 2.98 4.90 4.29 3.51 2.63 2.37 2.41 5.90 4.34 2.61 2.81 3.17 3.97

400 800 1200 1600 2000 2400 Dec-03 Dec-04 Dec-05 Dec-06 Dec-07 Dec-08 Mar-09 1 2 3 4 5 6 7 8 9 10

Ebitda Interest Expenses Debt/Ebitda Ebitda/IE

Solid Financial Ratios

Veces

EBITDA growth EBITDA growth 14.5 14.5% over the past 5 years % over the past 5 years

Times US$ m As of March 2009 and in historical dollars

TTM

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Financial Debt Evolution Financial Debt by Currency

Consolidated figures as of March 2009 and in historical dollars

Recognition of strong financial position

Investment grade by rating agencies

» S&P: BBB with Stable outlook » Fitch: BBB with Stable outlook » Moody’s: Baa3 with Stable outlook

63% 16% 21%

US$ UF-Ch$ Local Currencies 5,950 4,920 4,702 4,426 4,087 4,124 3,859 3,904 4,076 4,343 4,374

1,000

2,000 3,000 4,000 5,000 6,000 7,000 1 9 9 9 2 2 1 2 2 2 3 2 4 2 5 2 6 2 7 2 8 M a r

9

US$ m

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88 53 74 100 43 50 80 200 400 600 800 2009 2010 2011 2012 2013 2014 Balance

Figures as of March 2009

Colombia: US$ 741 m Peru: US$ 490 m Argentina US$ 308 m

Financial Debt by Country

Comfortable debt maturity profile

US$ m US$ m US$ m US$ m

65% 17% 11% 7% Chile Colombia Peru Argentina

125 73 119 156 19 248 200 400 600 800 2 9 2 1 2 1 1 2 1 2 2 1 3 2 1 4 B a l a n c e

100 79 81 24 25 200 400 600 800 2009 2010 2011 2012 2013 2014 Balance

410 360 214 18 414 214 1,205 200 400 600 800 1000 1200 1400 2009 2010 2011 2012 2013 2014 Balance

Chile: US$ 2.8 bn

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Conservative commercial policy

» Hydrology risk » Electricity demand growth » Portfolio of generation assets » Evolution of fuel prices » Exchange rate risk

Minimize variation of margin Minimize variation of margin Chile Argentina Colombia Peru

Regulated Spot Unregulated

Physical sales as of March 2009

52% 19% 29% 83% 17% 47% 38% 15% 45% 9% 46%

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55% 45%

Electricity demand in the SIC decreased by 3.4% in 1Q09. Positive hydrology conditions. Hydro generation grew by 13% in the 1Q09 versus 1Q08. Decreasing trend of generation costs due to the decrease in commodity prices. Average spot price in 1Q09 was US$ 134/MWh in the SIC, down 54% YoY. Solid balance sheet and liquidity to face upcoming challenges and investment plan.

Gen. Mix as of March 2009
Gen. Mix as of March 2009

Hydro Thermal

Chile: largest electricity generator H i g h l i g h t s

1Q08 1Q09

Var. %

1Q09 Ebitda Ch$ 113 bn Ch$ 204 bn 80% US$ 350 m 1Q08 1Q09

Var. %

1Q09

Ph. Sales

5,162 GWh 5,528 GWh 7% ‐ 1Q08 1Q09

Var. %

1Q09 Av Price EOC US$ 142/MWh US$ 122/MWh ‐14%

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18% 82%

Argentina: leading privately‐owned electricity generator

Electricity demand decreased by nearly 1% in 1Q09. Capacity constraint of the Argentine electricity system. Foninvemem power plants operating in combined cycle during 2009. Better water levels in El Chocón, thus increasing the energy dispatched. Recovery of account receivable accrued (Resolution SE 724/08).

Gen. Mix as of March 2009
Gen. Mix as of March 2009

Hydro Thermal

H i g h l i g h t s

1Q08 1Q09

Var. %

1Q09 Ebitda Ch$ 19 bn Ch$ 19 bn ‐1% US$ 33 m 1Q08 1Q09

Var. %

1Q09

Ph. Sales

3,176 GWh 3,215 GWh 1% ‐ 1Q08 1Q09

Var. %

1Q09 Av Price Arg Subs Ar$ 127/MWh Ar$ 121/MWh ‐5% US$ 33/MWh

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5% 95%

Colombia: leading privately‐owned electricity generator

Stable, transparent and market‐oriented regulatory framework. Electricity demand grew by nearly 1% in 1Q09. Better hydrology conditions allowed Emgesa to increase generation by 9%. Higher average sales price in the 1Q09 compared to 1Q08. El Quimbo hydroelectric project was awarded to Emgesa, a 400 MW plant which is expected to start

perations by the end of 2014.
Gen. Mix as of March 2009
Gen. Mix as of March 2009

H i g h l i g h t s

Hydro Thermal

1Q08 1Q09

Var. %

1Q09 Ebitda Ch$ 50 bn Ch$ 74 bn 49% US$ 127 m 1Q08 1Q09

Var. %

1Q09

Ph. Sales

3,760 GWh 3,955 GWh 5% ‐ 1Q08 1Q09

Var. %

1Q09 Av Price Emgesa Col$ 86/MWh Col$ 108/MWh 26% US$ 45/MWh

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41% 59%

Peru: largest privately‐owned electricity generator

Regulatory framework is well adapted and comfortable to develop our electricity business. Electricity demand grew by 0.4% in 1Q09. CAMISEA with capacity constraint due to increasing demand of gas and maintenance of pipeline, thus forcing generators to use diesel instead of natural gas. Thermal generation increased by 28%. Better hydrology conditions during 1Q09 versus 1Q08. Expansion of Santa Rosa plant (189 MW) will operate with natural gas.

Gen. Mix as of March 2009
Gen. Mix as of March 2009

H i g h l i g h t s

Hydro Thermal

1Q08 1Q09

Var. %

1Q09 Ebitda Ch$ 22 bn Ch$ 37 bn 68% US$ 64 m 1Q08 1Q09

Var. %

1Q09

Ph. Sales

2,063 GWh 2,254 GWh 9% ‐ 1Q08 1Q09

Var. %

Av Price Edegel US$ 30/MWh US$ 38/MWh 27%

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» ISO 14001 standards: as of March 2009, 99.6% of installed capacity was certified. » OHSAS 18001 standards: as of March 2009, 97.4% of installed capacity was certified. Important prizes: » “Notable” category was awarded by the United Nations Global Pact to the latest Communication on Progress reported through the Sustainability Report. » Member of world leaders in the sustainability category, made by SAM Research, Switzerland. » “Silver Class” distinction in the corporate sustainability evaluation made by SAM and PricewaterhouseCoopers. » First place in Chile, and y sixth place in Latin America in the “Best Corporate Governance Companies” ranking made by LatinFinance magazine. » March 2009: Public‐utility company with the Best Corporate Governance, according to IR Global Rankings (MZ Consult, Brazil).

Aw ards and Certifications

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Attractive margins in 2008

Fundamentals

Face upcoming challenges with high quality and efficient assets

» Efficient assets portfolio » Diversified energy resources (water, gas, coal, diesel, wind) » Excellence in operations » Strongly committed to sustainability » Commercial policy » Solid financial position and healthy balance sheet » Liquidity » Ability to develop our own projects » Know‐how and vast experience » Long term growing demand » Positive changes in regulation

Challenging year 2009, but we foresee many opportunities

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Contact us at:

ir@endesa.cl

Endesa Chile’s Investor Relations Team

Irene Aguiló Investor Relations Executive (56‐2) 630 96 04 iaguilo@endesa.cl Jacqueline Michael Investor Relations Executive (56‐2) 630 95 85 jmc@endesa.cl Juan Pablo Reitze Head of Investor Relations (56‐2) 630 96 03 jprv@endesa.cl

M. Teresa Fuentealba