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4Q-2018

EARNINGS CALL

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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.

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HIGHLIGHTS FINANCIAL REVIEW KEY TAKEAWAYS Q&A

AGENDA

2018 Fourth Quarter

Earnings Call

SLIDE 4

HIGHLIGHTS

4Q-2018

1

SLIDE 5 5

HIGHEST EVER

2018 EBITDA

$887mn +12%

2018 Net Income

$287mn +56%

STRONG

EARNINGS

GROWTH

SLIDE 6

sale of

ELÉCTRICA SANTIAGO

316km

Sale of regulated TRANSMISSION LINES

Transaction closed

~15x EV/EBITDA

Transaction closed

~15x EV/EBITDA

$532

MILLION

ADVANCING WITH STRATEGY EXECUTION

EXECUTED ASSET SALES

PORTFOLIO MANAGEMENT

6

SLIDE 7

Net Debt/ EBITDA

3.6x $528mn

Debt Prepaid

ADVANCING WITH STRATEGY EXECUTION

STRENGTHENING CAPITAL STRUCTURE

DEBT PREPAYMENT PROGRAM ON TRACK

7

SLIDE 8

ADVANCING WITH STRATEGY EXECUTION

GREENTEGRA

SIGNED COMMERCIAL AGREEMENTS

3.6 3.6

TWh/y 876GWh/y

15 YEARS

20MW solar

15 YEARS

1,100GWh/y

18 YEARS

1,600GWh/y

4 YEARS

C&I CUSTOMERS

8

SLIDE 9 9

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 10

Acquired wind projects 648

648MW

MW

549MW

Secured Transmission Capacity

5 wind Projects

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

Strong complement to

OUR EXISTING ASSETS

World Class Net Capacity Factor: 54%

54%

10

ADVANCING WITH STRATEGY EXECUTION

#1 WIND DEVELOPER IN COLOMBIA

JEMEIWAA-KAI PROJECTS ACQUIRED

SLIDE 11

ADVANCING WITH STRATEGY EXECUTION

CASTILLA - ECOPETROL

THE LARGEST SOLAR SELF-GENERATION PROJECT IN COLOMBIA

COD COD

OCTOBER 2019

11

20 20MW

MW

UNDER CONSTRUCTION

SLIDE 12 12

ADVANCING WITH STRATEGY EXECUTION

GREENING CHILE

PATH TO DECARBONIZATION

RENEWABLE

ENERGY

PENETRATION

HIGHER SYSTEM FLEXIBILITY GREENER & COST COMPETITIVE ENERGY RELIABLE CAPACITY

CO2

Intensity

REDUCTION

SLIDE 13

GREENING CHILE

ALTO MAIPO

ON TRACK

13

75%PROJECT

COMPLETE

51km

SLIDE 14 14

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 15

52MW

capacity of batteries EXISTING SPINNING RESERVE

PIONEERS IN CHILE SINCE 2009

15

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

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43% 32%

Rest of Coal Plants in Chile AES Gener Portfolio

[%] Technical Minimum / Maximum Capacity

GREENING CHILE

THERMAL FLEXIBILITY

ENABLING HIGHER NCRE PENETRATION

SLIDE 17

345kV 410km

T-LINE

connecting

SEN & SADI systems

600MW

TRANSMISSION CAPACITY

17

GREENING CHILE

INTERANDES ENHANCES GRID RESILIENCY

ONLY CONNECTION BETWEEN CHILE AND ARGENTINA

INTERANDES IS CRITICAL FOR PATH TOWARDS DECARBONIZATION

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THE THERM RMAL FLEET AL FLEET

FLEXIBLE & STATE OF THE ART TECHNOLOGY

18

BATTERIES

VIRTUAL DAM TX SOLUTIONS

INTERCONNECTION

CHILE ↔ ARGENTINA

AES GENER

LEADING DECARBONIZATION

GREENING CHILE

ALTO MAIPO

531 MW

MESAMAVIDA

40 MW

LOS OLMOS

90 MW

CAMPO LINDO

80 MW

ANDES SOLAR II

80 MW

HIGHER SYSTEM FLEXIBILITY RENEWABLE ENERGY PENETRATION

PATH TOWARDS CO2 INTENSITY REDUCTION

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37%

11% 1% 51%

TODAY+PROJECTS

5.9GW

27%

13% 1% 59%

TODAY

5.1GW

AES GENER

LEADING DECARBONIZATION

WITH RELIABLE RENEWABLE ENERGY

19

59% INCLUDING

PIPEL PIPELIN INE

RENEWABLES & ENERGY STORAGE NATURAL GAS DIESEL COAL

SLIDE 20

Financial Review 2

4Q-2018

SLIDE 21

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

21

FULL YEAR 2018 AND FOURTH QUARTER

CONSOLIDATED

FINANCIALS

SLIDE 22

67 26 793 2017 1 2018 887

22

FULL YEAR 2018

EBITDA BRIDGE

12% INCREASE, $94 MN

LOWER ESSA MARGIN -$33

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Main Drivers 4Q-2018

23

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

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Main Drivers 4Q-2018

24

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

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Main Drivers 4Q-2018

25

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 26 Other Income

94 61 270 206 107 11 14 13

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

185 287

26

FULL YEAR 2018 ($MN)

NET INCOME

ATTRIBUTABLE TO THE PARENT

ESSA & CTNG sale $189mn Guacolda Impairment

2017 2018

SLIDE 27

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

27

FULL YEAR 2018 ($MN)

CASH FLOW

AND LIQUIDITY

Investing CF

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BALANCED ALLOCATION OF

DISCRETIONARY CASH FLOWS

PAST 5 YEARS

Discretionary Cash 54% Maintenance CAPEX 14% Interest 21% Tax 11% Equity contributed into projects¹ 24% Debt Prepayments 29% Dividends 47%

Funds From Operations

$3.6bn

Discretionary Cash

$2.0bn

¹Equity contribution into projects net of debt borrowed by AES Gener

SLIDE 29

$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%

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

29

Amortization Schedule ($mn)

AES GENER

DEBT PROFILE

$3,525MN AS OF DECEMBER 31, 2018

1.7x

(Recourse Debt)

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Key Takeaways 3

4Q-2018

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Highest

EBITDA

EVER Announcing

320MW

Renewable Projects

Alto Maipo ON TRACK

First

LONG-TERM PPA

in Colombia

4Q-2018

KEY TAKEAWAYS

EARNINGS CALL

SLIDE 32

4Q-2018