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Enersis Chile Generation & Distribution of Electricity As of March, 2016 Enersis Chile Generation & Distribution of Electricity Investment Highlights 1Q 2016 Financial Results Looking forward 2 Enersis Chile investment highlights


  1. Enersis Chile Generation & Distribution of Electricity As of March, 2016

  2. Enersis Chile Generation & Distribution of Electricity Investment Highlights 1Q 2016 Financial Results Looking forward 2

  3. Enersis Chile investment highlights Organization & Shareholders Structure Organization Shareholders As of March 31 st , 2016 Enel SpA ITALY Enel SpA Citibank 60.6% 12% 2% ADRs (Citibank N.A.) Enersis 6% CHILE Chile 4% Brokers, Security companies, Mutual Funds 5% Foreign Funds 99.1% 60.0% 61% 10% Chilean pension funds Endesa Others Chilectra CHILE Chile CHILE Generation Distribution Business Business 3

  4. Enersis Chile investment highlights Pure Chilean integrated player Enersis Chile Endesa Chilectra Chile Chile Generation Business Distribution Business #1 6,351 MW of installed capacity (Hydro: 3,456 MW) 14,184 GWh of contracted energy #1 31% market share 1 38% market share 4 2,475 GWh of hydroelectric generation #1 Lowest level of energy losses in the country 13% market share 2 Solid customer base with 1.8 mm clients 6,025 GWh of energy sales 35% of market share 3 One of the lowest cash costs in the industry 29 power plants in the SIC and SING Leader in public lighting 1. Based on installed capacity 2. Based on total total system generation (SIC+SING). 3. Based on total energy sales in the system (SIC+SING). 4 4. Based on contracted energy, source: www.systep.cl

  5. Enersis Chile investment highlights Outstanding indicators Distribution Generation Customer Base (Mn clients) Installed Capacity (MW) As of March 31 st , 2016 As of March 31 st , 2016 6,351 1 1.79 1.77 5,222 3,848 1 2,108 0.55 1 0.38 Chilectra CGE Chilquinta SAESA Enersis Chile Aesgener Colbún E.CL • Enersis Chile is the largest integrated energy private company in Chile • In the past 4 years, we added 200 thousand new clients in the distribution business 5 1 Source: http://www.electricas.cl/asociados/

  6. Enersis Chile investment highlights Regulatory framework encourages stability and guarantees expansion Generation Distribution Long term auctions for the regulated market Indefinite concessions facilitate expansion (15 – 30 years) Stable regulatory frameworks Payment based on capacity, independent of technology: 1 st set: 1984; # of revisions: 7 • Income based on contributions during peak demand • Recognition of dual generation for gas turbines Attractive profitability metrics (pre-tax, real terms) 10% defined by law Monthly recalculation of regulated guaranteed Tariffs are set using technical and objective criteria: pass through to the final customer New replacement value based on optimized network There are conflict resolution mechanisms in place to Markets with audited or auctioned costs settle disputes effectively; “Expert Panel” solves disputes between the regulator and agents 6

  7. Enersis Chile investment highlights High growth potential Electricity consumption in the world kWh/GDP (PPP) per capita • Energy demand growth is very stable, showing a growth average of 3.4% in 2015. • Chile aims to be in the group of developed countries. • There is no development without energy. Source: CIA World Factbook and internal data as of 2015 7

  8. Enersis Chile Generation & Distribution of Electricity Investment Highlights 1Q 2016 Financial Results Looking forward 8

  9. Enersis Chile 1Q 2016 financial highlights Market context in the 1Q 2016 Average Spot Price Expected annual Energy Demand (%) CLP vs US$ (US$ /MWh) growth of GDP (%) 1 Distribution 0.6% 701.4 1Q16 2016* Physical Sales 1.8% 1Q16 76 Generation 5.4% Physical Sales 1Q15 624.7 1Q15 151 2015 2.1% Sales in SIC 2.9% 1. Expected GDP for 2016. Source: Latin America Concensus Forecast as of April 2016. 9

  10. Enersis Chile 1Q 2016 financial highlights Operating highlights Installed capacity (GW) Net production (GWh) Generation sales (GWh) +7.0% +5.4% + 0.0% 4,573 6,025 4,272 5,716 23 22 6,351 6,351 1,337 87 87 1,683 4.9 4.9 2,173 2,173 4.7 4.7 738 241 636 636 5.4 5.4 2,475 4.8 3,455 3,455 2,326 4.8 1Q15 1Q16 1Q15 1Q16 1Q15 1Q16 Hydro Oil-Gas Coal NCRE Electricity Distributed (GWh) Number of customers (Th) + 0.6% + 2.2% 3,841 3,863 1,751 1,790 1Q15 1Q16 1Q15 1Q16 10

  11. Enersis Chile 1Q 2016 financial highlights Financial highlights (constant US$ mn 1 ) 1Q 2015 1Q 2016 Δ YoY March 2016 Revenues 816 898 10.0% Revenues 319 Financial Statements reported to SVS, March only Contribution Margin 230 356 54.9% Contribution Margin 114 EBITDA EBITDA 148 283 91.3% 85 Financial Statements Proforma EBIT 95 263 178.0% EBIT 66 Net Financial Income -35 0 99.8% Net Financial Income 9 Related Company Results Related Company Results 2 3 107.8% 2 Taxes (17) (25) -42.7% Taxes 3 Group Net Income 50 242 383.4% Group Net Income 79 Attributable net income Attributable net income 41 163 299.1% 53 Gross Capex 41 53 29.3% Gross Capex 30 Net Debt – March 2016 Net Debt - Dec 2015/2016 1,105 1,258 13.9% 1,258 11 1. Comparisons between periods in the Income Statements are made using the average exchange rate for the period 701.43 CLP/USD, and for the Balance Sheet using the closing exchange rate 669.80 CLP/USD.

  12. Enersis Chile 1Q 2016 financial highlights 1Q 2016 results (constant US$ mn 1 ) Revenues EBITDA +91.3% + 10.0% 148 283 816 898 1Q 15 1Q 16 1Q 15 1Q 16 Attributable Net Income and EPS Net Debt +13.9% +299.1% EPS 1.258 1Q 16 1,105 163 2.32 CLP/Share 4 1 0.17 USD/ADR 1Q 15 0.58 CLP/Share 0.04 USD/ADR 1Q 15 1Q 16 2015 1Q 2016 12 1. Comparisons between periods in the Income Statements are made using the average exchange rate for the period 701.43 CLP/USD, and for the Balance Sheet using the closing exchange rate 669.80 CLP/USD.

  13. Enersis Chile 1Q 2016 financial highlights Group EBITDA evolution by business (constant US$ mn) + 91.3% 283 148 + 126% Dx 21% +7% Dx 37% 79% Gx Gx 63% 1Q15 Distribution Generation 1Q16 13

  14. Enersis Chile 1Q 2016 financial highlights From EBITDA to Group net income (constant US$ mn 1 ) 283 263 4 242 (20) (0) (25) 163 (79) 2 EBITDA D&A EBIT Financial Result Non Operating Income tax Group Net Minority Attributable Net Results Income Shareholders Income 1Q 15 (US$ mn) 148 (53) 95 (35) 8 (17) 50 (9) 41 Change +91.3% (61.9%) +178.0% +99.8% -53.7% +42.7% +383.4% +753.7% +299.1% 1. Comparisons between periods in the Income Statements are made using the average exchange rate for the period 701.43 CLP/USD, and for the Balance Sheet using the closing exchange rate 669.80 CLP/USD. 14 2. Consider Depreciation, Amortization and Reversal of impairment profit.

  15. Enersis Chile 1Q 2016 financial highlights Gross Capex 1 (US$ mn) By activity By business Distribution 17% 49% Maintenance 53 53 51% +29.3% +29.3% Generation 8 3% Growth • Los Cóndores will add 150 MW of installed capacity to the SIC. • As of March 2016, the level of completion reached 29% with a total investment of US$166 mn. 1. Gross of contributions and connections fees, accrued capex during 2016, including FX conversion effects. 15

  16. Enersis Chile 1Q 2016 financial highlights Gross and Net Debt Gross Debt breakdown Gross and Net Debt (US$ mn) Credit lines +11.9% Leasing 3% 1,489 10% 1,331 231 226 50% 37% 1,258 1,105 Local Bonds International Bonds 2015 1Q 2016 Net Debt Cash 16

  17. Enersis Chile 1Q 2016 financial highlights Cash Cost (US$ mn) Fixed cost Cash Cost 82 -11.6% 73 112 1Q15 1Q16 + Maintenance Capex 99 30 1Q15 1Q16 26 1Q15 1Q16 • 12% decrease mostly driven by a reduction in fixed costs 17

  18. Enersis Chile Generation & Distribution of Electricity Investment Highlights 1Q 2016 Financial Results Looking forward 18

  19. Looking forward Versus Targets 2016 Net Income (US$ bn) EBITDA (US$ bn) 0.6 1.2 0.5 1.0 0.2 1Q16 0.3 1Q16 1Q15 0.1 1Q15 0.1 FY 15 Target 16 FY 15 Target 16 • Current results in line with our targets for 2016 19

  20. Looking forward Evolution of Enersis Chile’s installed capacity 6,501 6,351 1 % 1 % 5,611 1 % GasAtacama 781 MW 1 4,477 44% 37% 44% 4,035 24% 28% Los Cóndores 150 MW 2,513 13% 62% 55% 55% 76% 72% 87% 1995 2000 2005 2010 2016 Under construction Hydro Thermal NCRE • A well diversified generation matrix adding all types of generation technologies (Coal, LNG and NCRE), providing a better position to cope with the hydrologic risk • Enersis Chile has more than doubled its capacity in the last 20 years 1. Capacity added in 2014. 20

  21. Looking forward Los Cóndores, project under construction General information • Run of the river hydro power plant, located in San Clemente, Maule Region • Installed capacity: 150 MW . • Estimated generation: 600 GWh/year. • Estimated load factor: 46%. • Total CAPEX: US$ 662 million. Permits • Gx: EIA approved in April 2008, DIA (Environmental Impact Statement) approved in November 2011. • Tx: approved in May 2012. • POH approved in November 2013. Maule’s irrigator claim was presented in January 2014 and a agreement was reached in February 2014. Current Status • Level of completion reached 29% • Total investment of US$166 mn as of March, 2016 21

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