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25 | 04 | 2012 endesa chile 1Q 2012 results Endesa Chile consolidated results 1Q 2012 Highlights in 1Q 2012 Growth of 7% in electricity demand in the region Growth of 2% in physical sales on a consolidated basis Growth of 9% in operating

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endesa chile 1Q 2012 results

25 | 04 | 2012

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Endesa Chile consolidated results 1Q 2012

Highlights in 1Q 2012

Growth of 7% in electricity demand in the region Growth of 2% in physical sales on a consolidated basis Growth of 9% in operating costs, primarily as a consequence of higher transmission costs in Chile Better gross margins in generation in Colombia and Peru Growth of 4% in related company results, primarily due to Endesa Brasil and GNL Quintero Dry conditions still affecting Chile.

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  • Higher physical sales in Colombia and Argentina.
  • Higher costs primarily as a consequence of the drought in Chile and

higher fuel cost in Colombia, Chile and Peru.

  • Good results in Colombia.

Amounts are expressed in US$, using the average exchange rate for each period

Endesa Chile consolidated results 1Q 2012 Results affected by the drought in Chile and high fuel costs

Million Ch$ 1Q 2012 1Q 2011 Change MM US$ * 1Q 2012 Revenues 552,293 573,935 (4%) 1,129 Gross margin 240,994 288,651 (17%) 493 EBITDA 186,803 201,365 (7%) 382 EBIT 140,209 158,600 (12%) 287 Net financial expense (37,663) (29,530) 28% (77) Net income 106,317 107,122 (1%) 217 Net attibutable income 66,230 96,859 (32%) 135

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Chile 45% Colombia 36% Peru 15% Argentina 4% Chile 41% Colombia 21% Peru 12% Argentina 26% Chile 37% Colombia 24% Peru 17% Argentina 22%

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Total Installed Capacity: 13,845 MW EBITDA 1Q2012 TTM: US$ 1.962 million Total Generation: 13,117 GWh

Endesa Brasil

  • Endesa Chile’s ownership: 40% (38.9%

direct)

  • Net Attributable Income: US$ 233 million

Endesa Chile consolidated results 1Q 2012

EBITDA Generation

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66% 25% 9% 18% 82% Chile Colombia Peru

Regulated Spot Unregulated

Argentina

Physical Sales as of March 2011

Chile Colombia Peru

Regulated Spot Unregulated

Chile Argentina

Physical Sales as of March 2012

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48% 19% 33% 67% 32% 1% 53% 20% 27% 64% 28% 8% 18% 82% 66% 32% 2%

Endesa Chile consolidated results 1Q 2012

Conservative Commercial Policy

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Consolidated EBITDA (Quarterly) 2001-2012 vs. Chilean SIC Hydrology

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1 Percentage over Twelve Trail Months Amounts are expressed in US$, using the average exchange rate for each period.

Endesa Chile consolidated results 1Q 2012

Effective Commercial Policy in long term

22% 23% 29% 24% 26% 22% 26% 20% 27% 21% 21% 19% 23% 23% 27% 27% 21% 24% 24% 21% 24% 26% 19% 28% 30% 25% 24% 27% 26% 23% 27% 26% 27% 28% 26% 24% 19% 25% 26% 28% 27% 32% 22% 26% 32% 1.000 2.000 3.000 4.000 5.000 6.000 7.000 8.000 0,0 0,5 1,0 1,5 2,0 2,5 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 Average Volume, Hm3 US $ Millions 1Q EBITDA 2Q EBITDA 3Q EBITDA 4Q EBITDA SIC Reservoir Levels (Avg Vol, hm3)

ttm1

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Debt by Type Debt by Currency Debt by Country

Amounts expressed in US$, using the exchange rate as of March 31, 2012.

Million Ch$ 1Q 2012 1Q 2011 Chg. Chg % MM US$ 1Q2012 Gross Debt 1,861,469 1,962,337 (100,867) (5%) 3,819 Cash & Equivalents 355,156 373,474 (18,318) (5%) 729 Net Debt 1,506,314 1,588,863 (82,549) (5%) 3,260 Leverage 0.90 0.96 (0.01) (1%) 0.90 Financial Expenses Coverage 4.1 5.7 (1.63) (29%) 4.1

Others, 9% Bank Debt, 17% Bonds, 75% Local Currency, 36% US$, 54% UF-Ch, 10%

Endesa Chile consolidated results 1Q 2012

Strong Financial Position

Chile, 51% Argentina, 8% Colombia, 31% Peru, 10%

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2,248 (305) (564) (308) 1,070 (394) 2,098 (235) (499) (353) 1,012 (523) 2,014 (251) (549) (435) 779 (462) 1,962 (271) (589) (378) 724

EBITDA Net Financial Result CAPEX Income Tax FCF Dividends 2009 2010 2011 1Q2012 ttm

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Amounts are expressed in US$, using the average exchange rate for each period.

1 Over Twelve Trail Months 2Includes a 50% Dividend Payout for year 2011.

Endesa Chile consolidated results 1Q 2012

Free Cash Flow

1

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Guavio: 1,213 MW Betania: 541 MW Río Bogotá: 716 MW

85% Hydro 2,471 MW 15% Thermal 444 MW

Cartagena: 208 MW Termozipa: 236 MW

Installed Capacity: 2,914 MW Market Share: 20%

EMGESA

Cartagena

Bogotá

Analysis by country – Colombia

Endesa Chile consolidated results 1Q 2012

Million US$

1Q 2012 1Q 2011 Change Revenues 276 236 17% EBITDA 178 74 139% EBITDA Margin 64.4% 31.6% 104% Physical Sales 3,737 3,631 3%

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Installed Capacity: 5,611 MW Market Share: 32%

ENDESA CHILE

  • D. Almagro–Taltal

Bocamina Laja Maule Bio Bio Tarapaca Huasco San Isidro Los Molles Cachapoal

Santiago

Analysis by country – Chile

Los Molles: 18 MW Rapel-Sauzal: 466 MW Maule: 884 MW Laja: 940 MW Ralco-Pangue: 1,157 MW

62% Hydro 3,465 MW 37% Thermal 2,068 MW

Tarapaca-G.Atacama: 572 MW

  • D. Almagro–Taltal:

269 MW Huasco: 64 MW San Isidro 1 and 2: 778 MW Bocamina: 128 MW TG Quintero: 257 MW

1% Wind 78 MW

Canela: 18 MW Canela II: 60 MW

Endesa Chile consolidated results 1Q 2012

Million US$

1Q 2012 1Q 2011 Change Revenues 591 674 (12%) EBITDA 116 241 (52%) EBITDA Margin 19.6% 35.7% (45%) Physical Sales 5,191 5,169 0%

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Lima:

  • Edegel (Gx)

Ventanilla: 493 MW Santa Rosa: 429 MW

55% Thermal 922 MW

Cuenca Río Rímac: 552 MW Yanango: 43 MW Chimay: 151 MW

45% Hydro 747 MW

Installed Capacity: 1,668 MW Market Share: 26%

EDEGEL

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Analysis by country – Peru

Endesa Chile consolidated results 1Q 2012

Million US$

1Q 2012 1Q 2011 Change Revenues 144 122 18% EBITDA 76 66 16% EBITDA Margin 52.8% 54.0% (2%) Physical Sales 2,439 2,391 2%

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Analysis by country – Argentina

Costanera: 2,324 MW El Chocon: 1,328 MW

Hydro 1,328 MW

Installed Capacity: 3,652 MW Market Share: 12%

EL CHOCON COSTANERA

Thermal 2,324 MW

El Chocon Costanera

CIEN Line (2x1.050 MW) Interconnection with Brazil

Endesa Chile consolidated results 1Q 2012

Million US$

1Q 2012 1Q 2011 Change Revenues 23 23 (1%) EBITDA 12 12 (1%) EBITDA Margin 53.4% 53.4% 0% Physical Sales 673 675 0%

Million US$

1Q 2012 1Q 2011 Change Revenues 96 119 (19%) EBITDA 0.3 19 (99%) EBITDA Margin 0.3% 15.6% (98%) Physical Sales 2,392 2,306 4%

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Fortaleza: 322 MW

Thermal 322 MW

Cachoeira: 665 MW

Hydro 665 MW

Installed Capacity: 987 MW Market Share: 1%

CACHOEIRA FORTALEZA

Fortaleza Rio de Janeiro

Two 500 Km lines Total interconnection capacity: 2,100 MW

CIEN: Transmission Brazil-Argentina Interconnection

Analysis by country - Brazil

Cachoeira

Endesa Chile consolidated results 1Q 2012

Million US$

1Q 2012 1Q 2011 Change Revenues 69 61 13% EBITDA 45 45 (0%) EBITDA Margin 64.7% 73.3% (12%) Physical Sales 1,075 835 29%

Million US$

1Q 2012 1Q 2011 Change Revenues 66 87 (24%) EBITDA 26.0 26 (0%) EBITDA Margin 39.4% 30.0% 31% Physical Sales 707 663 7% Million $

1Q 2012 1Q 2011 Change Revenues 39 3 1338% EBITDA 27 (2) (1520%) EBITDA Margin 68.6%

  • 69.5%

(199%)

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Projects Under Construction

  • Location: Next to the existing coal-fired

plant Bocamina, in Bío-Bío region.

  • Installed capacity: 370 MW, coal fired.
  • Estimated investment: US$ 841 million
  • 1Q 2012, Test on boiler burners and

blowing steam pipe finished.

  • Commercial start-up in 2H 2012.

BOCAMINA II

  • Location: Huila Department, upstream of

Emgesa’s Betania plant.

  • Installed capacity: 400 MW, hydro.
  • Estimated investment: US$ 837 million
  • In 2009 the environmental license and

building permissions were granted

  • River detour completed on March 2012
  • Estimated start-up: December 2014

Vertedero Presa h = 151 m

Río Magdalena

Casa de máquinas 400 MW Túnel de desviación Bocatoma Dique Conducción Embalse 720 msnm Vertedero Presa h = 151 m

Río Magdalena

Casa de máquinas 400 MW Túnel de desviación Bocatoma Dique Conducción Embalse 720 msnm

EL QUIMBO

Endesa Chile consolidated results 1Q 2012

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Projects Under Study

Neltume, hydro run-of-the-river plant  Installed capacity: 490 MW Los Condores, hydro power plant  Installed capacity: 150 MW Punta Alcalde, coal-steam power plant  Installed capacity: 740 MW Curibamba, hydro power plant  Installed capacity: 188 MW Hydroaysen, hydro power plant  Installed capacity:  2,750 MW

Endesa Chile consolidated results 1Q 2012

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312 144 134 81 81 75 69 65 54 54 53 45 41 29 23 12 12 7 50 100 150 200 250 300 350

GWh / year-km2

Energy / Flooded Surface

HidroAysén

  • One of the most efficient hydroelectric

projects in the world.

  • Renewable resources
  • Average load factor 77%
  • Installed capacity: 2,750 MW.
  • Endesa Chile owns 51% and Colbún 49%.
  • CO2 emissions: Reduction of 16.2 million

tons/year

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  • May 9, 2011: EIA was approved.
  • June 2011: Pto Montt Court of Appeals issued

an injunction, leaving the resolution in state of abeyance.

  • April 2012: The Supreme Court of Justice

rescinded seven protection requirements presented to stop the construction of the project.

  • The

Commission is preparing the Environmental Impact Study

  • f

the Aysen Transmission System, expected to be filed during 2012.

Endesa Chile consolidated results 1Q 2012

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Market Value and Dividends

Dividends (Ch$xShare)

Amounts are expressed in US$, using the average exchange rate for each period

EBITDA (US$ Millions) Market Value (US$ Millions)

*Year 2011, includes only the intern dividend paid on January 2012 13.8 21.3 26.8 32.5 27.2 2007 2008 2009 2010 2011 10,072 10,393 9,428 13,953 15,364 12,093 14,771 2006 2007 2008 2009 2010 2011 1Q12 1.503 1.671 2.033 2.248 2.098 2.014 1.962 2006 2007 2008 2009 2010 2011 2012 ttm

Dividend Yield: 3.5%

Endesa Chile consolidated results 1Q 2012

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Relevant Stock Presence

USA Stock Market Spain Stock Market

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NYSE (US$) Price 1Q 2012 TTM (Avg) 50.4 Max 1Q 2012 TTM 57.6 Min 1Q 2012 TTM 40.5 Daily Avg Trans Vol (million ADR) 0.13 Avg Daily Trans (US$ millions traded) 6.33 LATIBEX (€) Price 1Q 2012 TTM (Avg) 36.3 Max 1Q 2012 TTM 41.3 Min 1Q 2012 TTM 30.4 Daily Avg Trans Vol (million shares) 0.01 Avg Daily Trans (€ millions traded) 0.6

Endesa Chile consolidated results 1Q 2012

Chilean Stock Market BOLSA DE SANTIAGO (CLP) Price 1Q2012 TTM (Avg) 812.6 Max 1Q2012 891.1 Min 1Q2012 700.5 Daily Avg Trans Vol (million shares) 5.08 Avg Daily Trans (CLP millions traded) 4,126.7

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Highlights in 1Q 2012

Difficult situation in Chile Revenues and Margin stability Diversified portfolio

* US$ 1 equals Ch$ 483.57 corresponding to the average exchange rate for the period

Endesa Chile consolidated results 1Q 2012 Non-recurrent accounting effect

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Endesa Chile’s Investor Relations Team

Contact us at: ir@endesa.cl Juan Pablo Vicuña Investor Relations Executive (56-2) 630 9585 jpvp@endesa.cl Susana Rey Investor Relations Director (56-2) 630 96 06 susana.rey@endesa.cl Catalina Gonzalez Head of Investor Relations (56-2) 630 96 03 cbgs@endesa.cl Guillermo Berguecio Investor Relations Executive (56-2) 630 9506 gabb@endesa.cl

Endesa Chile consolidated results 1Q 2012

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EXHIBITS

Endesa Chile IR Presentation 1Q2012 Endesa Chile consolidated results 1Q 2012

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  • COSTANERA, 70%
  • EL CHOCON, 65%
  • EDEGEL, 62%
  • EMGESA, 27%
  • ENDESA BRASIL, 39%

AMPLA COELCE FORTALEZA CDSA CIEN 61% 92% 60%  PEHUENCHE, 93%  PANGUE, 95%  CELTA, 100%  SAN ISIDRO, 100%  ENDESA ECO, 100%  CANELA, 75%

60% 15% 4% 17% 4% ENERSIS Chilean Pension Funds ADR Holders Other Inst Shareholders Minority Shareholders

Endesa Chile consolidated results 1Q 2012

Ownership Structure

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A unique portfolio in LATAM’s Generation business

Colombia

2,914 MW inst. capacity 20% market share

  • No. 2

5,611 MW inst. capacity 32% market share

Peru

1,668 MW inst. capacity 26% market share

Chile Brazil

987 MW inst. capacity 1% market share in generation

Market shares based on installed capacity Figures as of March 2012

Consolidated installed capacity: 13,845 MW Capacity including Brazil: 14,832 MW Consolidated energy sales 2011: 58,012 GWh Consolidated energy sales 1Q2012: 14,432 GWh

3,652 MW inst. capacity 12% market share

Argentina

  • No. 1
  • No. 1
  • No. 1

Endesa Chile consolidated results 1Q 2012

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Customers Installed Capacity, Output

Installed Capacity Output

MW as of 1Q 2012 Chile Brazil Peru Colombia Argentina Total Total 5,611 987 1,668 2,914 3,652 11,180 Hydro 3,456 665 746 2,471 1,328 7,338 Nuclear Coal 286 322 236 843 Oil-Gas 1,782 922 208 2,324 2,912 CHP / Renewables 87 87 GWh as of 1Q 2012

  • chg. Vs. 1Q 2011

Chile Brazil Peru Colombia Argentina Total Total 4,875 0% 975 (11%) 2,273 (3%) 3,073 12% 1,088 (62%) 12,285 (8%) Hydro 2,715 7% 892 60% 1,327 (3%) 2,945 13% 544 2% 8,423 11% Nuclear

  • 0%

Coal 477 (4%)

  • 63

(20%)

  • 540

(6%) Oil-Gas 1,634 (9%) 84

  • 946

(3%) 65 36% 2,352 2% 5,081 (1%) CHP / Renewables 49 12%

  • 49

12%

Endesa Chile consolidated results 1Q 2012

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Healthy Debt Profile

BBB

  • Feb. 2010
  • Jan. 2010
  • Apr. 2011

BBB+

Baa3

Baa2 BBB+

BBB

Since: Affirmed: Jan 2012 Nov 2011

Endesa Chile consolidated results 1Q 2012

Credit Risk Ratings Financial Debt

US$ Million 2012 2013 2014 2015 2016 Balance TOTAL Chile 230.3 419.8 153.7 219.4 15.3 923.5 1,961.9 Argentina 103.1 66.4 56.5 35.1 34.3

  • 295.3

Perú 52.0 52.1 50.5 33.7 57.4 129.2 374.9 Colombia 170.2

  • 79.0

139.5

  • 798.0

1,186.8 TOTAL 555.6 538.3 339.6 427.7 106.9 1,850.7 3,818.9

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Principal Financial Ratios

Net debt/EBITDA EBITDA/Net financial expenses

Endesa Chile

1Q12 1Q11 Net Debt/ EBITDA 1.6 1.6 ROE (%) 16.4% 23.2% ROA (%) 9.10% 10.7%

Endesa Chile consolidated results 1Q 2012

2,0 1,5 1,5 1,5 1,6 2008 2009 2010 2011 1Q12 TTM 1

1 “EBITDA“ and “Net Financial Expenses” are over Twelve Trail Months

5,6 7,4 8,9 8,0 7,3 2008 2009 2010 2011 1Q12 TTM 1

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Integrated risk management capability

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100%

  • Rainfall
  • Growth in demand
  • Fuel prices
  • Exchange rates
  • Inflation

Risk variables affecting margins Our goal is to ensure a 95% reliability with a margin of at least 90% of budget even in the following scenarios:

  • Lower rainfall than historical levels
  • Increases in fuel prices
  • Higher growth in demand

Risk limit Real margin ≥ 0.9x expected margin

Spot

Extreme hydro volatility

Thermal

Target

  • utput

Target sales

Output and sales targets for future years

Hydro Regulated and unregulated contracts

75%

Relative Frequency

Results

MMUS$ 5%

MaR 95%

Endesa Chile consolidated results 1Q 2012

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Evolution of demand for electricity in LATAM

146% 118% 162% 133% 161% 90% 100% 110% 120% 130% 140% 150% 160% 170% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Total Sales in GWh (%) Year

CHILE COLOMBIA PERU BRAZIL ARGENTINA

Endesa Chile consolidated results 1Q 2012

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  • 200

400 600 800 1,000 1,200 1,400

Apr-10 may jun jul ago sep

  • ct

nov dec Jan-11 feb mar Timeline Water Flow [ m³/s]

  • 200

400 600 800 1,000 1,200 1,400

MAIPO RIVER IN CABIMBAO BIOBIO RIVER IN RUCALHUE MAULE IN ARMERILLO (R.N.) CENTRAL BAKER 2 CENTRAL PASCUA 2.2

Seasonal Streaming from Hidroaysen and SIC rivers

29 SIC : 23% SIC : 21% SIC + Hidroaysen : 9% SIC + Hidroaysen : 12% Seasonal Variability Annual Variability

Endesa Chile consolidated results 1Q 2012

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Corporate Governance Excellence

LATIN AMERICA´S INVESTOR RELATIONS AWARDS – LIRA 2011

  • Best Communication of Corporate Governance:

1st Place

  • Best Communication of Financial Results:

1st Place

  • Best Investor Relations Officer:

3rd Place

  • Best Investor Relations Department:

3rd Place

Endesa Chile consolidated results 1Q 2012

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Disclaimer

This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Endesa Chile and its management with respect to, among other things: (1) Endesa Chile’ business plans; (2) Endesa Chile’ cost-reduction plans; (3) trends affecting Endesa Chile’ financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Endesa Chile’ or its subsidiaries. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward- looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Endesa Chile’ Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their

  • dates. Endesa while undertakes no obligation to release publicly the result of any revisions to

these forward-looking statements.

Endesa Chile consolidated results 1Q 2012

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Endesa Chile consolidated results 1Q 2012