2Q 2016 EARNINGS CALLAugust 5, 2016

Agenda

� Key Highlights

� Financial Review

� Construction Projects

� Key Takeaways

� Q&A

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� AES Gener continues to be the largest energyproducer in Chile contributing 30% of the totalgeneration in the country

� Cochrane’s Unit 1 (266 MW), Andes Solar (21 MW)and Tunjita (20 MW), began commercial operations

� Gas agreements with Endesa and ENAP allowedcompany to increase generation of Nueva Renca

� Continued exporting energy from Chile toArgentina

� In Colombia, reservoir levels recovered ashydrology transitioned from El Niño to normal

3

Key Highlights

� ~US$216mm in Liability Management transactions

� On July 28th, S&P reaffirmed the “BBB-” creditRating of the company, outlook “Stable”

� Company was awarded as winner of the 2016“Carlos Vial Espantoso” Award

� Termoandes distributions from Argentina reachedUS$15.7mn

� Company participated in the Energy bid fordistribution companies held on July 27th

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Key Highlights (Cont.)

� Long term contracted position with an average life of11 years with a high quality and diversified customerbase

� No significant maturities until 2024

� Efficient portfolio fully aligned with our contractedcapacity

5

Key Highlights (Cont.)

Distribution33%

Mining59%

Industrial8%

0

5,000

10,000

15,000

20,000

25,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

GWh / year

Non-Regulated Regulated Guacolda

Mining61%

Industrial5%

Distribution34%

Contractavg. life: 11 years

FINANCIAL REVIEW

Key Metrics (US$ mn) 1H 2016 1H 2015 Var.

Operating Revenues 1,099 1,073 2%

Gross Profit 272 246 11%

Total EBITDA 345 311 11%

EBITDA margin 31% 29%

Net Income 108 83 30%

EBITDA by Market

7

Consolidated Financials

1H 2016 1H 2015

Note: Numbers rounded for the purpose of the presentation

SIC50%

SING 31%

SIN16%

SADI3%

SIC50%

SING 22%

SIN27%

SADI1%

8

EBITDA Variation by Market (US$ mn)

311

345

16

37

9 28

1H15 SIC SING SADI SIN 1H16

9

Electricity Revenues BreakdownEBITDA

SIC – EBITDA US$171 mn

+10%

Higher demand from unregulated customers

Higher efficient generation (hydro and coal)

Lower margin in Nueva Renca

155

171

1H15 1H16

US$428 mn

Regulated customer

s55%

Unregulated customers

29%

Spot sales16%

Unregulated Customers

29%

Spot Sales16%

Regulated Customers

55%

69

106

1H15 1H16

Unregulated

customers92%

Unregulated - SADI

0%

Spot sales8%

Spot sales - SADI0%

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Electricity Revenues BreakdownEBITDA

SING – EBITDA US$106 mn

+54%

Better PPAs terms

Higher spot sales due to higher average prices

Energy exports to Argentina

Unregulated Customers

92%

Spot Sales8%

US$295 mn

Regulated customer

s42%

Spot sales58%

11

SIN – EBITDA US$56 mn

Drop in contract sales

Higher spot prices on net spot transactions

Lower maintenance

EBITDA

-34%

84

56

1H15 1H16

Unregulated Customers

42%

Spot Sales58%

US$208 mn

Electricity Revenues Breakdown

Unregulated

customer -SING0%

Unregulated

customers58%

Spot sales - SING0%

Spot sales42%

3

12

1H15 1H16

SADI – EBITDA US$12 mn

Higher Generation

Tariff Increase

Lower sales under “Energía Plus”

EBITDA

+328%

US$52 mn

Spot Sales42%

Unregulated Customers

58%

Electricity Revenues Breakdown

12

13

Net Income (US$ mn)

(Attributable to AES Gener)

83

108

34

1

2

1 3 5

1 2

1H15 EBITDA FX Impact EquityEarnings

Depreciation Net financingcosts

Other Income tax MinorityInterest

1H16

LIQUIDITY: US$695mn

14

Cash Flow (US$ mn)

267

459

129

340

5

282

Dec. 2015 Operating Activities Financing Activities Investing Activities FX Impact 1H16

Cash and Cash

equivalents66%

Short term time

deposits0%

Undrawn commited facilities34%

69141 143

184 162

572

177 193 202

2006

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025/2073

Total Outstanding as of June 30, 2016 US$3,850 mn

Average Cost 5.3%

Average Life 14 years

Net Debt/EBITDA 4.6x (2.5x excluding non-recourse debt)

Recourse Debt44%

Non Recourse Debt56%

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Debt Profile (US$ mn)

97.8% denominated in US$ 90.2% at fixed interest rate

CONSTRUCTION PROJECTS

+25% Project Progress

Guacolda 5 Completed

Angamos Desal Completed

Solar Andes Completed

Tunjita Completed

Cochrane Unit 1 Completed

Cochrane Unit 2 97.8%

Alto Maipo 34.0%

CURRENT PROJECTS STATUS

Guacolda V – 152 MW

Angamos Desalinization

(*) Additional Capacity of Angamos

Tunjita – 20 MW

Solar–Andes – 21 MW

Cochrane – 532 MW

Alto Maipo – 531 MW

Second Phase of Expansion

$4B Fully Funded

5,057 5,222

5,795

15213 (*) 307

266

531

2015 2016 2018/2019

MW

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KEY TAKEAWAYS

� BEST RESULTS ACHIEVED IN THE LAST FIVE YEARS

�EBITDA increased by 11%

� Increase in Net Income of 30%

� LEADER IN GENERATION IN CHILE

� Company contributed with 30% of country generation

� Operational excellence proven by high availability

� DIVERSIFIED AND CONTRACTED ASSET PORTFOLIO

� Geographical, technological, customers base and fuel sources

� Dollarized Long Term PPAs aligned with efficient generation in Chile

� MOVING FORWARD WITH SECOND EXPANSION PHASE

� Andes Solar, Unit 1 of Cochrane and Tunjita CODs achieved

� Expansion plan fully funded

� STRONG AND ENHANCED CAPITAL STRUCTURE

� Investment grade rating

� Strong liquidity

� Extended debt maturity profile

Key Takeaways

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