CORPORATE PRESENTATION

3Q-2018

Company Overview1

IMPROVING LIVES IN

Chile,Colombia AND

Argentina

AES Gener Is Energized By ARegional Workforce Of

+1,300 PEOPLE

RECOGNIZED AS A

Great PlaceTo Work in

CHILECOLOMBIAARGENTINA

Founded In 1981And Acquired byThe AES Corporation in 2000,Who Currently owns 66.7%

Named to

Dow JonesSustainabilityIndex for Chile

LISTED ON

Santiago StockExchange

5,063 GROSS MWin operation

3,4001,020

643

531 GROSS MWunderconstruction(Alto Maipo Project in Chile)

TechnologiesCoal 3,029 MWHydro 1,291 MWGas/Diesel 709 MWOthers 34 MW

$8.2B

$886M

$3.7B

$2.4B

RATED

Baa3 / BBB- / BBB- BY

MOODY’S S&P GLOBAL FITCH RATINGS

Market ShareChile 28% by generationColombia 7% by generationArgentina 3% by generation

Commercial Business Largely ContractedEFFICIENT GENERATION CONTRACTED WITH AN AVERAGE LIFE OF 11 YEARS IN CHILE

MARKET CAPAS OF Sep 28, 2018

EBITDALTM 3Q-2018

TOTAL ASSETSOWNED & MANAGED

CONS. DEBT3Q-2018

AES GENER AT A GLANCELEADING GENCO CONTROLLED BY THE AES CORPORATION

3

LEADING POSITIONLargest energy producer in Chile, and major producer in Colombia, with one of the most efficient plants in Argentina

NEW GROWTH STRATEGY

Competitive advantages to drive growth in renewables throughout the region, disciplined capital allocation decisions

DELEVERAGING $528m prepaid since Dec 2017, committed to enhance the capital structure align with Investment Grade profile

DIVERSIFICATION One of the most diversified Latin American generator in terms of geographical footprint and technology

STABLE CASH FLOWS USD-denominated contracts with built in fuel and inflation pass-through provisions

4

KEY INVESTMENTCONSIDERATIONS

Ratings System Data Energy Demand Generation by Fuel type

S&P

A+24,096 MW

Installed

Capacity

+2.46%National Unregulated

Demand Growth (CAGR

2018-2030)

+3.06%National Regulated

Demand Growth (CAGR

2018-2030)

Moody’s

A1

76,278 GWh

Generation

Fitch

A

Regulated46%

Unregulated54%

Chile Expected Energy Sales Growth (CAGR 2030) source: Fijación De Precios De Nudo De Corto Plazo Informe Técnico Definitivo (January, 2018)

LTM 3Q-2018 System Data for Chile

Chile~18 M

inhabitants~$267B

GDP as of 2017

5

70,530GWh

Thermal58%

Hydro31%

NCRE11%

76,278GWh

MARKET

OVERVIEW

Ratings System Data Energy Sales Generation by Fuel type

S&P

BBB-

Moody’s

Baa2

Fitch

BBB

17,294 MW

Installed

Capacity

SIN Demand Growth

(CAGR 2018-2030)

67,988 GWh

Generation

S&P

B+

Moody’s

B3

Fitch

B

38,228 MW

SADI Installed

Capacity

SADI Demand Growth

(CAGR 2016-2030)

139,430

GWh

SADI Generation

Thermal64%

Hydro29%

NCRE5%

Nuclear2%

SIN Expected Energy Sales Growth (CAGR 2030) source: UPME April 2018 Forecast.

SADI Expected Energy Sales Growth (CAGR 2030) source: MINEM 2030 Energy Scenario Report - Trend Scenario (December, 2017)

LTM 3Q-2018 System Data for Colombia and Argentina

Colombia~49 M

inhabitants~$310B

GDP as of 2017

Argentina~44M

inhabitants~$635B

GDP as of 2017

6

+3.19%

+3.36%

67,456GWh

134,784GWh

67,988GWh

139,430GWh

MARKET

OVERVIEW

Residential43%

Comercial29%

Industrial28%

Thermal19%

Hydro81%

Regulated68%

Unregulated32%

91%

1%8%

14,791GWh

Thermal Other Hydro

CHILE ($616mn EBITDA)

COLOMBIA ($221mn EBITDA)

ARGENTINA ($49mn EBITDA) SE

N

SIN

SA

DISEN ASSETS, 3,400 MW

NORGENER, 277 MW, coalANGAMOS, 558 MW, coalCOCHRANE, 550 MW, coalANDES SOLAR, 21MW solar PVVENTANAS, 884 MW, coalGUACOLDA, 760 MW, coalHYDROS, 271 MWOTHERS, 79 MW, diesel, biomass SADI ASSETS, 643 MW

TERMOANDES, 643 MW, gas

SIN ASSETS, 1,020 MWCHIVOR, 1,000 MW, hydroTUNJITA, 20 MW, hydro

GENERATIONENERGY SALES

GENERATIONENERGY SALES

GENERATIONENERGY SALES

25%

66%

9%

$1,790mn

Regulated Unregulated Spot

100%

4,708GWh

Hydro

77%

23%

$382mn

Contract Spot

100%

4,331GWh

Thermal

49%51% $155mn

Contract Spot

MARKETS

OVERVIEWLTM 3Q-2018 FIGURES

7

CHILE (3,400MW)

COLOMBIA (1,020 MW)

ARGENTINA(643 MW)

Guacolda, 760MW

5 coal unitsHuascoCOD:1995/1996/20092010/2015

Hydro Plants271MW

4 run of river hydro unitsCajon del MaipoCOD:1923/1928/1944/1991

Angamos, 558MW

2 coal unitsMejillonesCOD: 2011

Cochrane, 550MW

2 coal unitsMejillonesCOD: 2016

Andes Solar, 21MW

PV solarAdjacent to Andes substationCOD: 2016

Chivor, 1,000MW

10 hydro unitsBocayaCOD: 1977/1981

Tunjita, 20MW

1 hydro unitBocayaCOD: 2016

Termoandes, 643MW

Combined CycleTurbines: 2 gas, 1 steamSaltaCOD: 1999

ENERGY STORAGE (CHILE)

Energy Storage52MW

Norgener 12MW Angamos 20MWCochrane 20MW

Backup Plants, 79MW

Laguna Verde 66MW DieselLaja 13MW Biomass

Norgener, 277MW

2 coal unitsTocopillaCOD:1995/1997

Ventanas, 884MW

4 coal unitsValparaisoCOD:1964/1977/2010/2013

8

PORTFOLIO

OVERVIEW5,063MW GEO & TECH DIVERSIFIED

EBITDA Countries Technology Fuel

69%

25%

6%

Chile Colombia Argentina

$886mn 5,063 MW 5,063 MW 5,063 MW54%

28%

18%

Chile Colombia Argentina

74%

26%

Thermal Renewable

60%

14%

25%

1%

Coal Gas/Diesel

Hydro Solar/Biomass

DIVERSIFIED

Portfolio

9

-

5,000

10,000

15,000

20,000

25,000

30,000

2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040G

Wh

per

Yea

rRegulated Non Regulated Guacolda

Distribution24%

Industrial11%

Mining65%

11 year Avg.

Contract Life

Commercial strategy aims to maximize cash flow while minimizing volatility

Optimal contracted position seeks to match contracted energy with long term efficient generation

Contract customers include regulated customers (distribution companies) and unregulated customers (mining, commercial and industrial)

Contracts include Price

indexation mechanisms

(coal and US CPI) and

pass-through provisions

(regulatory risks)

~11 years average

life of outstanding

contracts

10

CHILE

Commercial Strategy

Colombia

Argentina

57%

43%

ENERGY SALES

Contract Spot

~80% of Expected

Generation

Medium Term

Contracts

(1-4 Years)

Remaining

Generation

Spot and Frequency

Regulation Sales

Firm Energy

(~3,000 GWh)

Reliability Charge

Revenue

Contract EnergyEnergía Plus

Contracts

Remaining

Generation

Energía Base

Spot Sales to ISO

24%

76%

ENERGY SALES

Contract Spot

7,096

GWh

4,331

GWh

11

COLOMBIA & ARGENTINA

Commercial Strategy

LTM 3Q-2018 Figures

1,788 2,198 2,387 2,393

1,5521,626 1,353 1,304

3,3403,824 3,741 3,697

4.4x 4.3x 4.4x3.9x

2015 2016 2017 LTM 3Q-2018

PF/Non-Recourse Corporate Debt Net Debt/EBITDA

2

EBITDA & EBITDA margin Total Debt and Net Debt / EBITDA

Total CAPEX Capital Allocation

12

426 581 591 616

246 172 174 221 19 25 29

49 691 778 793

886

32% 34% 33% 33%

2015 2016 2017 LTM 3Q-2018

Chile Colombia Argentina EBITDA Margin

893

479 405 481

109

8392

86

1,002

562497

567

2015 2016 2017 LTM 3Q-2018

Construction Maintenance

27953 74

269

235

93261

111

92

102

471636606

248

806

1,017

2015 2016 2017 LTM 3Q-2018

Equity Contribution Dividends Paid Debt Payment

STRONG

Financial PerformanceIFRS (LTM 3Q-2018 Figures)

$3,697mn

AVERAGE COST

AVERAGE LIFE

NET DEBT/EBITDA

RATE

5.7% 14Years

3.9x(Consolidated)

94%Fixed Rate

Recourse Debt$1,304 mn

35%

Non-Recourse Debt$2,393 mn65%

60121 123 126 128 153 148 158

22446

214 193

20202018

1521671,376

35

2019

22

2021

24

2022

30

2023 2024 2025

516

2026/2073

284

145

340

183

351

183

1,892

13

Amortization Schedule ($mn)

$3,697MN AS OF SEPTEMBER 30, 2018

2.0x(Recourse Debt)

AES GENER DEBT PROFILE$3,697MN AS OF SEPTEMBER 30, 2018

BusinessSOLUTIONS5

InvestmentGRADE RATING

TECHNOLOGIES5

NCRE Hydro

Thermal

Battery Desal

ENERGY PROVIDERof choicein South America

STRATEGY

14

STRATEGY EXECUTION

SECURING CONTRACTS

FOR GROWTH PIPELINE

Wind2,272 MW

Solar369 MW

Desal+2,000 l/s

Hydro531 MW

UnderConstruction

UnderDevelopment

WATERDESALINATION

UnderDevelopment

+3,100 MW RENEWABLE ENERGY

15

APPENDIX2Alto Maipo

Overview Project Layout

2

1

Project LocationMetropolitan Region

1

2

Alfalfal II. 264MW Unit

Las Lajas. 267MW Unit

Tunnel

L1

VL-4

VL-8

VA-1

VA-2

VA-4

V5

V1

Technical Aspects Alfalfal IILas

Lajas

Installed capacity (MW) 264 267

Number of units 2 2

Type of turbines Pelton Pelton

Voltage (kV) 12/220 12/110

Ownership Main Contractors

AES Gener93%

Strabag

7%

17

ALTO MAIPOOVERVIEW

ALTO MAIPOCONSTRUCTION STATUS

70%Complete

$48mnEQUITY CONTRIBUTIONS

PENDING

During Construction

Tunnels

46kmExcavated

18

2

1

1

2

Alfalfal II. 264MW Unit

Las Lajas. 267MW Unit

Tunnel

L1

VL-4

VL-8

VA-1

VA-2

VA-4

V5

V1

Las Lajas HeadraceTotal length 17km

Las Lajas TailraceTotal length 15km

Alfalfal HeadraceTotal length 27km

VolcanTotal length 14km

Alfalfal II TailraceTotal length 3km

Progress as of November 201818

19

CHANGE INRISK PROFILE

Lump sum fixed price contract with

Strabag, including guaranteed completion

dates backed by:

• $300mn Letters of Credit

• Corporate Guarantee from Strabag SE

Transfer of Geological and construction

risks

Strong incentives for early completion

COD Las Lajas & Alfalfal II expected in

2020

PROJECTCAPITALIZATION

Fully funded plan, considering:

• $3,048mn construction cost

• Additional $392mn payable over 20-

year after COD

Lenders commitment for US$823 mn,

including incremental funding of

$135mn

Incremental shares to Strabag if certain

milestones are met

AES GENER COMMITMENTS

AES Gener will contribute:

• $200mn based on progress and debt

disbursements

• Up to $200mn towards completion

and for project costs or to prepay

debt

No additional debt to be issued at AES

Gener level

ALTO MAIPOKEY CHANGES TO MITIGATE RISK

APPENDIX3Financial Review

Third Quarter 2018 Earnings Call

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

Year-to-Date

232

4%

6%34%

3Q-2017

60%3Q-2018

32%64% 182

ColombiaChile Argentina

EBITDA BY MARKET

Third Quarter

562

6%

3%

29%

YTD-2017

65%YTD-2018

25%72%

655

21

2018 THIRD QUARTER AND YEAR-TO-DATE

CONSOLIDATEDFINANCIALS

25

48

20

20182017

562

655

22

2018 YEAR-TO-DATE

EBITDA BRIDGE16% INCREASE, $93 MN

24403

143

428

2Q Var

151144

7

2017

140

20181Q Var

6

3Q Var

137

116

+6%

CHILE

Main Drivers

3Q-2018

EBITDA Variation

YTD-2018

Year-to-Date EBITDA increased by $25mn

3Q 1Q2Q

23

PPAs BEGAN SUPPLY

LOWER MAINTENANCE COSTS

ORGANIZATIONAL EFFICIENCY

COLOMBIA

Main Drivers

3Q-2018

EBITDA Variation

YTD-2018

Year-to-Date EBITDA increased by $48mn

41 46

43

2221

65

58

795

2017 1Q Var 2Q Var 3Q Var 2018

142

190

+33%

3Q 2Q 1Q

24

HIGHER CONTRACT PRICES

LARGER CONTRACT VOLUME

GREATER NET SPOT SALES

ARGENTINA

Year-to-Date EBITDA increased by $20mn

25

Main Drivers

3Q-2018

25

EBITDA Variation

YTD-2018

4.211.14.2

6.9

8.0

5.1

12.2

8.3

13.4

20182Q Var2017 1Q Var 3Q Var

37

17

+119%

3Q 1Q2Q

LARGER CONTRACT VOLUME

HIGHER CAPACITY PRICES

LOWER TRANSMISSION COSTS

Equity Earnings

93

49

104 64

9M-2017

11

8

5

10

5

9M-2018

EBITDA Variance

DepreciationInterest Expense

Non-Controlling

Interest

FX LossesIncome

TaxOther Gains

OtherNon-

Operating Variances

114

279

26

2018 YEAR-TO-DATE ($MN)

NET INCOMEATTRIBUTABLE TO THE PARENT

Mainly driven by ESSA sale

Year-to-Date Cash FlowLiquidity

as of September 30, 2018

$533mn

Cash andCash Equivalents

$283 mn

53%

UndrawnCommitted Facilities

$250 mn

47%231

142

76

Financing CFDec-17 Operating CF Investing CF FX Impact Sep-18

283276 6

27

2018 YEAR-TO-DATE ($MN)

CASH FLOWAND LIQUIDITY

SUMMARY OF HISTORICAL FINANCIALS (US$mn)

6.9x6.2x

7.3x

4.9x2.5x 2.8x 2.4x

3.1x

2015 2016 2017 LTM 3Q-2018

Net Debt/EBITDA EBITDA/Financial Expense

16

46 6

2015 2016 2017 LTM 3Q-2018

CAPEX

Angamos

Revenue

Credit Metrics CAPEX

238 252 277329

44 52 4626

25

1738

284309

340392

2015 2016 2017 LTM 3Q-2018

Contracted Spot Other

111 122 105133

39% 39%31% 34%

2015 2016 2017 LTM 3Q-2018

EBITDA EBITDA Margin

28

EBITDA and EBITDA Margin

29

6.3x 4.9x 4.1x 4.5x

3.9x

3.5x4.6x 4.4x

2015 2016 2017 LTM 3Q-2018

Net Debt/EBITDA EBITDA/Financial Expense

115

78

14 14

2015 2016 2017 LTM 3Q-2018

CAPEX

Guacolda

Revenue

Credit Metrics CAPEX

438381

493 506

2015 2016 2017 LTM 3Q-2018

Revenue

122150 167 145

28%39%

34%29%

2015 2016 2017 LTM 3Q-2018

EBITDA EBITDA Margin

SUMMARY OF HISTORICAL FINANCIALS (US$mn)

EBITDA and EBITDA Margin

APPENDIXChilean Regulated Power Auctions

4

Year of the Auction

2014 2015 2016 2017 2019 2020 2021

Start of Supply 2016-2019 2019 2021-2022 2024 2025 2026 2027

Tenor 15 20 20 20 20 20 20

13.0 1.2 12.4 2.2Auction Size(TWh-Year)

Auction Launch(Year)

2013 2015 2015-01 2017-01 2018 2019 2020

4.7 3.0 2.8

Avg. Awarded Price $94.7/MWh

(92% awarded w/o change in law)

Avg. Awarded Price $79.9/MWh

Avg. Awarded Price $47.6/MWh

(100% awarded)

Avg. Awarded Price $32.50/MWh

(100% awarded)

Unconfirmed Figures

31

DISTRIBUTIONPPA AUCTIONS

Main Changes on Terms & Conditions

2015-01 Auction 2017-01 Auction2018-01 Auction(Unconfirmed)

ENERGY OFFERED 12,400 GWh per year 2,200 GWh per year 4.650 GWh per year

PPA TENOR 20 years, starting 2021-2022 20 years, starting 2024 20 years, starting 2025

POWER BLOCKS Daily blocksDaily blocks + seasonal

blocks for hydro (new, totaling 600 GWh)

Daily blocksStorage Incentives

GUARANTEES

Initial~$4,000 per GWh

(CLF$100)

Performance~$12,000 per GWh

(CLF$300)

Initial~$8,000 per GWh

(CLF$200)

Performance~$24,000 per GWh

(CLF$600)

Initial~$8,000 per GWh

(CLF$200)

Performance~$24,000 per GWh

(CLF$600)

FINES FOR DELAYS(For new projects, every two milestones delay)

~$200 per GWh(CLF$5)

~$1,200 per GWh(CLF$30)

~$1,200 per GWh(CLF$30)

32

DISTRIBUTION COMPANIES

PPA AUCTIONSMAIN CHANGES ON TERMS & CONDITIONS

APPENDIXAbout The AES Corporation

5

MISSION

Improving lives by providing safe, reliableand sustainable energy solutions in every market we serve

GLOBAL ACCESS TO

Construction expertise and contractors

Financing

Equipment and fuel suppliers

Engineering, consulting and insurance

33,965 GROSS MWin operation*

3,930MW under construction

GENERATION

TENCHNOLOGYGAS 37%COAL 32% RENEWABLES 27%OIL/DIESEL/PET COKE 4%

$11B $33B

FORTUNE 200GLOBAL POWER COMPANY

FOUNDED IN 1981NAMED TO

DOW JONESSUSTAINABILITYINDEXfor North America for the Fourth Year in a Row (2014-2017)

LISTED ON

NYSE

AES SERVES OVERCUSTOMERS

TOTAL ASSETS OWEND & MANAGED

TOTAL REVENUES

* 24,104 proportional MW. Proportional MW is equal to gross MW of a generation facility multiplied by AES’ equity ownership percentage in such facilitySource: The AES Corporation Fact Sheet as of May 8, 2018, The AES Corporation Financials as of December 31, 2017.

6UTILITY COMPANIES

+ 2M

15 COUNTRIES

4MARKET-ORIENTED STRATEGICBUSINESS UNITS

SOUTH AMERICA, MCAC,

USA & UTILITIES,

EURASIA

AES IS ENERGIZED BY A

GLOBAL WORKFORCE

34

THE AES CORPORATIONOVERVIEW

Sources: The AES Corporation Fact Sheet as of May 8, 2018, The AES Corporation Financials as of December 31, 2017.

2) Including AES Gener’s TermoAndes facility located in Argentina.

Andes SBU

Brazil SBU

We leverage on our relationship with AES in negotiations with suppliers, regulators and creditors, and benefit from their technical expertise, and global best

practices in optimizing performance

South America Overview

AES Gener and AES Argentina Generación share the same senior leadership

Largest energy producer in Chile, a leading

player in Argentina and a major producer in

Colombia and Brazil

One of the most diversified LatAmgeneration players in terms of geographical footprint and technology

Owns InterAndes transmission line,

connecting Chile and Argentina

30%

34%

28%

8%

AES Argentina 3,461 MW + 2 fuel procurement facilities

AES Gener643 MW

1,020 MW

3,400 MW + 52 MW Energy Storage

AES Brasil 3,684 MW

AES ServiciosAmerica

Service center in Buenos Aires provides Finance and HR

transactional services to AES affiliates

Colombia 1,020 MW

Chile 3,452 MWArgentina4,104 MW²

Brazil3,684 MW

12,260

MW

35

THE AES CORPORATIONOVERVIEW

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

offer 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

or 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.

• All figures are expressed in US$ and rounded to the nearest million, unless indicated otherwise.

CORPORATE PRESENTATION

3Q-2018