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3Q-2018 EARNINGS EARNINGS CALL CALL

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AGENDA 2018 Third Quarter Earnings Call HIGHLIGHTS FINANCIAL REVIEW KEY TAKEAWAYS Q&A

HIGHLIGHTS 1 2018 Third Quarter

EBITDA GROWTH HIGHEST EVER 3Q-2018 LTM 3Q-2018 $232mn $886mn +27% +12% 5

EARNINGS GROWTH Boosted by LTM 3Q-2018 STRONGER ST ONGER FIN FINANCIA ANCIAL L RES RESUL ULTS TS $350mn LOWER WER INTERES INTEREST T +89% EXPENS EXP ENSES ES SALE SALE OF ELECT OF ELECTRICA RICA SANTIA SANTIAGO GO 6

STRONG CASH FLOW GENERATION Sustained ca cash sh fl flow growth $888 $850 $791 $583 FFO 2015 2016 2017 LTM 3Q-2018 7

ON TRACK WITH DIVIDEND DISTRIBUTIONS FOR 2018 $130mn $185mn $55mn PAYABLE ABLE 2018 PAID NO NOVEMB VEMBER ER 29 29 DIVIDENDS 8

ADVANCING WITH STRATEGY EXECUTION COMMERCIAL OPPORTUNITY PIPELINE ACCELERATING A GREENER ENERGY FUTURE Gr Greente eentegra Tak ake or e or Pay PP ay PPAs Con onven entiona tional l PP PPAs Ren enewa ewable ble PP PPAs As ~10.5 TW ~10.5 TWh /year ~3.2TWh /year ~3.2TW ~2.3TWh /year ~2.3TW Fixed charge + Fixed price Fixed price Pass-through of variable costs KEY Y PPA SIGNED 1.1 TWh 18 YEARS 9

ADVANCING WITH STRATEGY EXECUTION +3,100 MW PIPELINE ACCELERATING A GREENER ENERGY FUTURE WATER DESALINATION Under Under Under construction development development Hydro Wind Solar Desal 531 MW 2,272 MW 369 MW +2,000 l/s 10

ADVANCING WITH STRATEGY EXECUTION ALTO MAIPO ON TRACK ACCELERATING A GREENER ENERGY FUTURE 70% 46km $48mn Tunnels Excavated EQUITY CONTRIBUTIONS Complete PENDING 61% Complete During Construction Las Lajas Power House 11 October 2018

ADVANCING WITH STRATEGY EXECUTION EXECUTING ASSET SALES PORTFOLIO MANAGEMENT SALE of Regulated Transmission Lines (31 (316 km) 6 km) SALE of Eléctrica Santiago $ 307 MN $ 220 MN Closed Transaction Expected to close in 4Q-2018 12

ADVANCING WITH STRATEGY EXECUTION STRENGTHENING CAPITAL STRUCTURE ONGOING DEBT PREPAYMENT PROGRAM Net Debt/ $528mn EBITDA DEBT 3.9x PREPAID 13

Financial Review 2 Third Quarter 2018 Earnings Call

2018 THIRD QUARTER AND YEAR-TO-DATE CONSOLIDATED FINANCIALS Key Financials ($ mn) YTD -2018 YTD -2017 Var. (%) 3Q -2018 3Q -2017 Var. (%) EBITDA 655 562 16% 232 182 27% EBITDA Margin 33% 32% 1% 34% 30% 4% Net Income 279 114 145% 61 26 139% EBITDA BY MARKET EBITDA BY MARKET Year-to-Date Third Quarter 655 655 232 232 65% 65% 29% 29% 6% 6% 60% 60% 34% 34% 6% 6% YTD-2018 3Q-2018 562 562 182 182 72% 25% 3% 64% 32% 4% YTD-2017 3Q-2017 15 Chile Colombia Argentina

2018 YEAR-TO-DATE EBITDA BRIDGE 655 16% INCREASE, $93 MN 20 48 25 562 2017 2018 16

CHILE Year-to-Date EBITDA increased by $25mn EBITDA Variation Main Drivers YTD-2018 3Q-2018 +6% PPAs BEGAN SUPPLY 428 24 403 6 7 140 LOWER MAINTENANCE COSTS 116 137 ORGANIZATIONAL EFFICIENCY 143 151 144 2017 1Q Var 2Q Var 3Q Var 2018 3Q 2Q 1Q 17

COLOMBIA Year-to-Date EBITDA increased by $48mn EBITDA Variation Main Drivers YTD-2018 3Q-2018 +33% HIGHER CONTRACT PRICES 190 21 22 142 79 LARGER CONTRACT VOLUME 5 58 65 GREATER NET SPOT SALES 43 46 41 2017 1Q Var 2Q Var 3Q Var 2018 3Q 2Q 1Q 18

ARGENTINA Year-to-Date EBITDA increased by $20mn Main Drivers EBITDA Variation 3Q-2018 YTD-2018 +119% LARGER CONTRACT VOLUME 37 5.1 13.4 HIGHER CAPACITY PRICES 8.0 6.9 17 12.2 LOWER TRANSMISSION COSTS 8.3 4.2 11.1 4.2 2017 1Q Var 2Q Var 3Q Var 2018 3Q 2Q 1Q 19 19

2018 YEAR-TO-DATE ($MN) NET INCOME ATTRIBUTABLE TO THE PARENT Other Non- EBITD TDA Interest Inco come Other Non- Equity Depreciatio eciation FX Losses es Control olling ling Varia ianc nce Exp xpense nse Earnin ings Tax Gains ns Operatin ing Interest Varia ianc nces 8 10 64 104 279 5 5 49 11 93 Mainly driven by ESSA sale 114 9M-2017 9M-2018 20

2018 YEAR-TO-DATE ($MN) CASH FLOW AND LIQUIDITY Year-to-Date Cash Flow Liquidity as of September 30, 2018 Undrawn 142 Cash and Committed Facilities Cash Equivalents $250 mn $250 mn $533mn $283 mn $283 mn 231 47% 53% 76 283 276 6 Dec-17 Operating CF Investing CF Financing CF FX Impact Sep-18 21

AES GENER DEBT PROFILE $3,697MN AS OF SEPTEMBER 30, 2018 AVERA VERAGE E AVERA VERAGE E NET ET DE DEBT/ BT/ RA RATE TE COST COS LIF IFE EBITD EBITDA Recourse Debt Non-Recourse Debt $1,30 ,304 mn mn $3,697mn $2,39 ,393 mn mn 3.9x 3.9x 2.0x 2.0 14 14 94% 94% 35% 35% 65% 65% 5.7% 5.7% Years (Consolidated) (Recourse Debt) Fixed Rate 1,89 ,892 Amortization Schedule ($mn) 516 351 351 340 340 284 284 193 214 1,376 183 183 183 183 167 167 152 152 145 145 224 30 35 46 24 22 158 153 148 126 128 121 123 60 2018 2019 2020 2021 2022 2023 2024 2025 2026/2073 22

Key Takeaways 3 Third Quarter 2018 Earnings Call

THIRD QUARTER 2018 KEY TAKEAWAYS EARNINGS CALL ALTO HIGHEST S U C C E S S F U L LY EBITDA EXECUTING MAIPO our Gr Gree eente ntegra EVER ON TRACK STRATEGY 24

3Q-2018 EARNINGS EARNINGS CALL CALL