Endesa Chile IR Presentation - Home Enel

December 2015

Endesa Chile

IR Presentation

Endesa Chile Investor Presentation FY2015

USE: Public, Investor Relations 2

PEHUENCHE, 93%

CELTA, 96%

GASATACAMA, 98%

•COSTANERA, 76%

•EL CHOCÓN, 65% •EDEGEL, 62% •EMGESA, 27%

• ENEL BRASIL, 37%

AMPLA, 17%

COELCE, 22%

FORTALEZA, 37%

CDSA, 37%

CIEN, 37%

61%

60%

COLOMBIA PERU ARGENTINA BRAZIL1

Organization structure

CHILE

Committed Shareholders ITALY

CHILE

1 Recognized as equity method investments.

•GNL Quintero, 20%

•Transquillota ,48%

•Electrogas, 43%

•GNL Chile, 33%

CHILE1

60% 15%

4%

6%

15%

Enersis S.A.

Chilean Pension Funds

ADRs (Citibank N.A.)

Retail

Institutional Investors



12/18/2015: ESMs approved the spin-off.

03/01/2016: Spin-off of Enersis, Endesa Chile and Chilectra becomes effective.

2H16: ESMs call to vote merger.

Enersis

Chilectra Endesa

99% 60%

Enel SpA

Enel

Iberoamérica

100%

Enersis

Chile

Chilectra

Chile

Endesa

Chile

60% 99%

61%

Enersis

Américas

Enel SpA

Enel

Iberoamérica

100%

Chilectra

Américas

Endesa

Américas

60% 99%

Enersis

Chile

61%

Enel SpA

Enel

Iberoamérica

100%

Chilectra

Chile

Endesa

Chile

60% 99%

>50%

Chilectra

Américas

Endesa

Américas

Enersis

Américas

ARG BR PE COL

These

companies are

expected to

merge in 2H16.

Str

uc

ture

as o

f D

ece

mb

er

201

5

Spin - off

61% 61%

As of March 1st,

Endesa Chile and

Endesa Americas

spin-off became

effective.

ARG BR PE COL CHI

Reorganization highlights

Spin-off of Latam assets to Endesa Americas

3



Endesa Chile Financial Statements

(Structure reported to SVS)

Consolidated Financial Statements

(Proxy including discontinued operations)

• Endesa Chile Income Statement as reported to SVS reflect only Chilean

operations in EBITDA.

• LATAM investments reflected as “Net Income from discontinued ops”

• Proxy Income Statement, including discontinued operations allocated

throughout the Income Statement, presented for information and

comparison purposes.

• Brasil investments are accounted for as “Related Company Results” 1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency. 2 Referential average exchange rate was 654,66 Ch$/US$ as of December 31, 2015.

Endesa Chile Financial Statements

New structure reported to SVS

Ch$ million1 2015 2014 Chg. MM US$2

2015

Revenues 1,543,810 1,230,975 25% 2,358

Costs (880,891) (750,217) 17% (1,346)

EBITDA 516,861 366,029 41% 790

Others

(293,029)

(236,972)

23%

(448)

Net income from

discontinued

operations

411,190 489,916 (16%) 628

Net Income Attributable to

shareholders 392,868 334,556 17% 600

Ch$ million1 YE 2015 YE 2014 Chg. MM US$2

2015

Revenues 2,846,926 2,446,534 16% 4,349

Costs (1,362,638) (1,119,458) 22% (2,081)

EBITDA 1,191,661 1,094,981 9% 1,820

Others

(607,731)

(526,595)

15%

(928)

Related company

Results & other inv. 51,092 50,586 1% 78

Net Income Attributable

to shareholders 392,868 334,556 17% 600



COLOMBIA

3,459 MW inst. Capacity 2

Hydro: 3,015 MW

Thermal : 444 MW

22% market share1

No. 2

6,351 MW inst. capacity

Hydro: 3,456 MW

Thermal : 2,808 MW

NCRE: 87 MW

32% market share1

PERU

1,686MW inst. capacity

Hydro: 783 MW

Thermal : 902 MW

18% market share1

CHILE

BRAZIL

987 MW inst. Capacity

Hydro: 665 MW

Thermal : 322 MW

1% market share1

Consolidated installed capacity: 15,148 MW

Capacity including Brazil : 16,135 MW

Consolidated energy sales 2014: 56,692 GWh

Consolidated energy sales 2015: 61,046 GWh

3,652 MW inst. Capacity

Hydro: 1,328 MW

Thermal: 2,324 MW

12% market share1

ARGENTINA No. 2

No. 1

No. 1

1. Calculated based on installed capacity

2. Includes El Quimbo installed capacity

A unique portfolio in Latam’s generation

business



Hydro: 9,247 MW

Chile:

3,456 MW Argentina:

1,328 MW

Brazil1:

665 MW

Peru:

783 MW

Colombia:

3,015 MW 1

Chile:

636 MW

Colombia:

236 MW

Chile:

2,173 MW Argentina:

2,324 MW

Peru:

902 MW

Colombia:

208 MW

Chile:

87 MW

NCRE2: 87 MW

Coal: 872 MW

Oil-Gas: 5,929 MW

1 Brazilian assets are recognized as equity method investments. 2 Non Conventional Renewable Energy.

57% of Endesa’s installed capacity corresponds to hydro

resources

Brazil1:

322 MW

1. Includes El Quimbo installed capacity

872

9,247

87

5,929 COAL

HYDRO

NCRE

OIL-GAS

Installed Capacity: 16,135 MW

Well diversified generation assets throughout the

region


USE: Public, Investor Relations

Chile 41%

Colombia 25%

Peru 11%

Argentina 23%

Chile 43%

Colombia 35%

Peru 16%

Argentina 6%

7

Enel Brasil

• Endesa Chile’s ownership: 37.1%.

• Net Attributable Income2: US$ 56 million.

1 Excludes the proportional assets of Enel Brasil (987 MW). 2 Considers the total contributions of Enel Brasil recognized by Endesa Chile as an equity method investment.

Total Installed Capacity1

15,148 MW

EBITDA FY15

US$1,820 million

Total Generation:

51,622 GWh

Diversified source of EBITDA

Including discontinued operations

Chile 35%

Colombia 27%

Peru 16%

Argentina 22%



75%

18%

7%

54%

20%

26%

52% 40%

8% 5%

95%

8

Chile Colombia Peru

Distribution

Companies Spot Unregulated

Customers

Argentina

Physical

Sales

(GWh)

1 Compared with FY14

Physical Sales as of December 2015: 61,046 GWh

Balanced Commercial policy

Gwh / Change1 CHILE COLOMBIA PERU ARGENTINA TOTAL

REGULATED 17,622 11% 9,070 18% 4,531 (12%) - 0% 31,222 9%

UNREGULATED 4,319 6% 3,435 4% 3,441 (4%) 585 (32%) 11,780 0%

SPOT 1,618 29% 4,381 (9%) 662 10% 11,383 19% 18,044 11%

TOTAL 23,558 11% 16,886 7% 8,633 (7%) 11,968 15% 61,046 8%



1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made using Ch$.

2 Referential average exchange rate was 654,66 Ch$/US$ as of December 31, 2015.

9

Consolidated financial highlights

Endesa Chile consolidated (including discontinued operations)

Ch$ million1 YE 2015 YE 2014 Change MM US$ *

2015

Revenues 2,846,926 2,446,534 16% 4,349

Costs (1,362,638) (1,119,458) 22% (2,081)

Contribution Margin 1,484,287 1,327,076 12% 2,267

EBITDA 1,191,661 1,094,981 9% 1,820

EBIT 963.400 875,321 11% 1,472

Net Financial Expenses (46.565) (68,783) 32% (71)

Related Company Results 47.585 7,185 562% 73

Taxes (332.905) (238,153) 40% (509)

Net Income 635.021 618,973 3% 970

Attributable to shareholders of Endesa Chile 392.868 334,556 17% 600



Colombia – Contracted energy (TWh) Chile– Contracted energy (TWh)

Peru – Contracted energy (TWh) Brazil– Contracted energy (TWh)

10

Energy contracts with established prices

Revenue stability through long term contracts

0

4

8

12

16

20

24

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Contrated energy Chile (TWh)

Futures Customers Regulated customers

Free customers Optimal contracts

0,0

1,0

2,0

3,0

4,0

5,0

6,0

7,0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Contrated energy Brazil (TWh)



0,0

2,0

4,0

6,0

8,0

10,0

12,0

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Contrated energy Colombia (TWh)



0

2

4

6

8

10

12

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024

Contrated energy Peru (TWh)



Data as of September 2015.



Other Local

Currency 43%

US$ 54%

UF + CLP 3%

Chile 50%

Argentina 3%

Colombia 41%

Peru 6%

Others 13%

Bank Debt 12%

Bonds 75%

28 61 87 239

127

1.756

500

99 46 19 19 84

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

< 1 year 1-2 years 2-3 years 3-4 years 4-5 years 5 years and beyond Bonds Banks and Other

• Debt reduction: US$ 455 MM

• Cash: US$ 53 MM

• Committed Credit Lines: US$ 316 MM,

• Non-Committed Credit Lines: US$ 300 MM

• Average life of debt: 7.4year

•International Credit Rating: BBB+

Debt by Type1 Debt by Currency1 Debt by Country (MM US$)1

1 Includes arrangements and other consolidation adjustments.

Total Debt: US$ 3,065 MM

11

Financial Debt Maturity1 as of December 2015

Healthy debt maturity profile

Solid financial ratios and investment grade category (BBB+)



(305)

1,377

(787)

41

(611)

514

229

0

200

400

600

800

1.000

1.200

1.400

1.600

1.800

2.000

Cash and equivalents Dec-14

Funds from operations

Capex Funds from assets disposal

Financing activities & Exchange rate

effects

Dividend payment Cash and equivalents Dec-15

12

1. Referential average exchange rate was 654.66 Ch$/US$ as of December 31, 2015.

2. Dividend payment considers cash outflows to Enersis and all minorities’ shareholders.

3. Funds from assets disposal includes sale of Tunel El Melon.

Consolidated Cash Flow Generation (US$million)1




• Colombia includes 2010 and 2011 years in which serious flooding and heavy rainfall occurred, resulting in a demand reduction.

• Peru includes the effect of government rural electrification plans.

13

90%

110%

130%

150%

170%

190%

210%

230%

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015

To

tal S

ale

s in

GW

h (

%)

Years

Historic electricity demand growth (CAGR, last ten years)

CHILE COLOMBIA PERU BRAZIL ARGENTINA

3.4% 3.1%

7.4%

4.2%

2.2%

Increasing electricity demand in Latam



ARGENTINA

AUSTRALIA

AUSTRIA

BOLIVIA

BRAZIL

CANADA

CHILECHINA

COLOMBIA

FINLAND

FRANCE GERMANY

GREECE

INDIA IRELAND

ITALY

JAPAN

MEXICO

PERU

RUSSIA

SPAIN UNITED KINGDOM

UNITED STATES

0

2,000

4,000

6,000

8,000

10,000

12,000

14,000

16,000

18,000

0 10,000 20,000 30,000 40,000 50,000 60,000

Ele

ctrici

ty c

onsu

mption,

per

capita (

Kw

h p

er

year)

GDP per capita (current PPP, US$)Data source: The World Bank.

Direct relation between GDP and electricity demand

14

• Chile aims to be in the group of developed countries.

• There is no development without energy.

Markets with high potential for growth



67%

68% 67% 57% 57% 57% 33%

32% 33%

42% 42%

42%

1%

1% 1%

1995 2000 2005 2010 2015 Under Construction

6,002

GasAtacama 781 MW(3)

15

• Endesa Chile has more than doubled its installed capacity in the last 20 years.

• A well diversified generation matrix incorporating all types of generation technologies (Coal, LNG and NCRE), providing a better position to cope with the

hydrologic risk

(1) (2)

(1) Includes acquisition of Emgesa and Edegel. (2) Enel Brasil accounted under the equity method. (3) Capacity added in 2014. (4) Capacity added in 2015.

Salaco 145 MW (3) El Quimbo 400 MW (4)

Los Cóndores 150 MW

12,347 11,726

13,845

15,148 15,298

Historical evolution of Endesa Chile’s installed capacity

1% increase in installed capacity through projects under construction

Hydro Thermal NCRE



• Hydro power plant, run of the river.

• Located in San Clemente, in Maule region, Chile.

• 150 MW of installed capacity.

• Estimated generation of 600 GWh/year.

• Estimated load factor: 46%.

• Total CAPEX of US$ 662 million.

• 24% progress as of December, 2015.

16

Los Cóndores

Projects under construction



9,598 9,748 9,800

11,545 10,918

2011 2012 2013 2014 2015

715 408 556 566

790

444

575 613 755

629 216

214 240

282 291 71

38

85

70 107

2011 2012 2013 2014 2015

CHILE COLOMBIA PERU ARGENTINA

1,446

1,234 1,495

1,673 1,820

407 393 446

644

803

2011 2012 2013 2014 2015

Dividends (Ch$ per Share)

EBITDA (US$ Million1) Market Value (US$ Million1)

Source: Bloomberg

1. Amounts expressed in US$, using the average exchange rate of 654,66 Ch$/US$ as of December 29th 2015.

CAPEX (US$ Million1)

Source: Purchases of property, plant and equipment

17

27,2

14,3

21,6 20,4

20,5

2011 2012 2013 2014 2015

Market value and dividends




BBB+ Baa2 BBB+

Since:

Affirmed:

Jan. 2010 Apr. 2011 Feb. 2010

Jun. 2015 Dec. 2015 Nov. 2015

AA (cl) AA

Jan. 2010 Apr. 2010

Jun. 2015 Dec. 2015

International market Chilean market

RATINGS BASED UPON:

• Well diversified and efficient assets

• Leading market share in the four countries where we operate

• Transparent and favorable regulatory framework in Chile

• Solid financials, good cash flow generation and prudent financial management

• Conservative commercial policy

18

Credit Risk Agencies Recognition

http://www2.standardandpoors.com/portal/site/sp/en/us/page.siteselection/home.jsp

http://www.fitchratings.com/corporate/index.cfm

http://www.fitchratings.com/corporate/index.cfm



Contact us at:

[email protected]

Susana Rey

Head of Investor Relations

(56) 22630 9606

[email protected]

Catalina Gonzalez

Investor Relations Senior Analyst

(56) 22630 9603

[email protected]

Guillermo Berguecio

Investor Relations Analyst

(56) 22630 9506

[email protected]

Francisco Basauri

Investor Relations Analyst

(56) 22630 9585

[email protected]

Endesa Chile’s Investor Relations Team



EXHIBITS



1943 1987 1994 1999 2004 2005 2015

• December 1943, Endesa Chile is

incorporated as a Stock Company and

an affiliate of the Corporación de

Fomento de la Producción (CORFO)

• July 1994, Endesa Chile’s stock

begins to trade on the New York

Stock Exchange

•September 2004, Ralco hydroelectric

plant started operations adding 690 MW

of installed capacity to Endesa Chile

•As of December 2015, Endesa Chile and its

subsidiaries have 192 electricity units with an

installed capacity of 15,148 MW

• In 1987,the process of privatization begins,

and was completed in 1989 through a series of

public offerings

• May 1999, Enersis S.A. becomes the

majority owner of Endesa Chile • In 2005, the Company incorporates

Endesa Brasil S.A.

21

Endesa Chile’s corporate history

•As of December

2015, ESM held on

December 18, 2015,

approves the first

stage of the

Reorganization

Process (Enersis,

Endesa Chile and

Chilectra Spin-Off)



Colombia

El Quimbo (400MW)

• Hydro power plant, located in the Huila Department, Colombia

• Utilizes the flow coming from the Magdalena River.

• Estimated: generation of 2,093 GWh/year, Load factor: 60%

• Total CAPEX of US$ 1,231 million*.

Installed capacity added in 2015

* In constant US dollars of 2010.

El Quimbo began commercial operations on November 16, 2015, contributing with 159 GWh in 2015.



Chilean EBITDA amounted to 297 million dollars in 4Q15, increasing 19%

Improved generation mix (+409 GWh hydro generation)

Total energy sales rose by 5% in 4Q15

El Quimbo began commercial operation in November 2015

Rating Agencies have reaffirmed Endesa Chile in BBB+ (stable)

Extraordinary shareholders meeting approved Endesa Chile Spin-Off

Argentina EBITDA amounted to 33 million dollars in 4Q15, increasing over 100%

Higher hydro and thermo generation (+453 GWh)

Highlights 4Q15



CH

ILE

A

RG

EN

TIN

A

CO

NS

OL

IDA

TE

D

CO

LO

MB

IA

PE

RU

BR

AS

IL1

1. Considers the total contributions of Enel Brasil recognized by Endesa Chile as an equity method investment.

Million US$ 4Q15 4Q14 Chg %

Revenues 626 533 17%

EBITDA 297 243 19%

EBITDA MARGIN 34% 30% 13%

Physical Sales (GWh) 6,247 6,093 3%


Revenues 1,237 972 27%

EBITDA 542 495 10%

EBITDA MARGIN 42% 45% (7%)




EBITDA 79 79 -1%


Physical Sales (GWh) 2,132 2,391 -11%



EBITDA 131 149 -12%


Physical Sales (GWh) 4,041 3634 11%


Revenues 693 1,075 19%

EBITDA 130 369 22%




Revenues 58 44 34%

EBITDA 33 16 102%



4Q15 Results

Endesa Chile consolidated (including discontinued operations)



Hydro

1,328 MW

Thermal

2,324 MW

*Based on installed capacity

Financial data is converted at YE 2015 average exchange rate of 654.66 Ch$ / US$ for comparative purposes


Market Share*: 12%

Total Generation: 11,406 GWh

EL CHOCON

Million US$ 2015 2014 Change


EBITDA 64 45 40%

EBITDA Margin 41% 39% 5%


Million US$ 2015 2014 Change

Revenues 61 46 33%

EBITDA 44 25 79%



Argentina

2015 Results

COSTANERA



Los Molles: 18 MW

Rapel-Sauzal: 466 MW

Maule: 875 MW

Laja: 940 MW

Ralco-Pangue: 1,157 MW

54% Hydro

3,456 MW

44% Thermal

2,808 MW

GasAtacama 780 MW

Tarapaca 182 MW

D. Almagro–Taltal: 268 MW

Huasco: 64 MW

San Isidro 1 and 2: 778 MW

Bocamina 1 and 2: 478 MW

TG Quintero: 257 MW

2% NCRE1

87 MW

Canela: 18 MW

Canela II: 60 MW

Ojos de Agua: 9 MW

1 Non Conventional Renewable Energy.



ENDESA CHILE


Market Share*: 32%


D. Almagro–

Taltal

Bocamina Laja Maule

Bio Bío

Tarapaca

Huasco

San Isidro

Los Molles

Cachapoal

Santiago

GasAtacama

Million US$ 2015 2014 Chg %

Revenues 2,358 1,888 25%

EBITDA 790 566 41%



Chile

2015 Results



Cartagena

Bogota

27

Guavio: 1,213 MW

Betania: 541 MW

Río Bogotá: 861 MW

El Quimbo: 400 MW

87% Hydro

3,015 MW

13% Thermal

444 MW

Cartagena: 208 MW

Termozipa: 236 MW



Termozipa

Guavio Betania

Río Bogota

EMGESA


Market Share*: 21%


El Quimbo


Revenues 1,190 1,151 3%

EBITDA 629 755 (17%)

EBITDA Margin 53% 66% (19%)


Colombia

2015 Results



Ventanilla: 484 MW

Santa Rosa: 419 MW

53% Thermal

902 MW

Cuenca Río Rímac: 582 MW

Yanango: 43 MW

Chimay: 152 MW

47% Hydro

783 MW



Sta Rosa

Ventanilla

Lima

Río Rimac

Yanango

Chimay

EDEGEL


Market Share*: 18%



Revenues 584 540 8%

EBITDA 291 282 3%


Physical Sales (GWh) 8,633 9,320 (7%)

Peru

2015 Results



Fortaleza: 322 MW Thermal

322 MW

Cachoeira: 665 MW Hydro

665 MW



CA

CH

OE

IRA

Installed Capacity: 987 MW

Market Share*: 1%


FO

RTA

LE

ZA

Fortaleza

Rio de

Janeiro

Cachoeira

Million US$ 2015 2014 Chg

Revenues 140 243 (42%)

EBITDA 102 120 (15%)


Physical Sales (GWh) 3,215 3,903 (18%)

Million US$ 2015 2014 Chg

Revenues 243 322 (25%)

EBITDA 62 67 (7%)



EN

EL

BR

AS

IL Million US$ 2015 2014 Chg

Revenues 3,080 3,467 (11%)

EBITDA 555 914 (39%)


Brasil

2015 Results



Higher energy sales of 8%

EBITDA increased by 9%, explained by a significant improvement in Chile

El Quimbo is currently in commercial operation

Net Income attributable to shareholders increased 17% in 2015

Rating Agencies have reaffirmed Endesa Chile in BBB+ (stable)

Summary



Gwh / Change1 CHILE COLOMBIA PERU ARGENTINA TOTAL

HYDRO 7,699 3% 12,223 (3%) 4,653 5% 3,238 23% 31,963 4%

COAL 1,334 35% 1,150 34% 0 0 2,904 2%

OIL-GAS 4,218 (10%) 332 351% 3,565 (15%) 8,167 17% 16,624 35%

NCRE 130 (37%) 0 0 0 130 (37%)

Total 18,294 1% 13,705 1% 8,218 (5%) 11,405 19% 51,622 4%

MW CHILE COLOMBIA 2 PERU ARGENTINA TOTAL

HYDRO 3,456 3,015 783 1,328 8,582

COAL 636 236 0 0 872

OIL-GAS 2,173 208 902 2,324 5,607

NCRE 87 0 0 0 87

Total 6,351 3,459 1,686 3,652 15,148

31

Installed

Capacity

(MW)

Net Generation

(GWh)

1 Compared with FY14

2 Includes El Quimbo intalled capacity

Installed capacity and energy generation

2015 Results



(Million Ch$) 2015 2014 Chg. Chg % MM US$ 2015

Gross Debt 2,063,062 2,116,462 (53,400) (3%)

2,905

Cash 149,738 336,629 (186,890) (125%) 211

Net Debt 1,913,323 1,779,833 133,490 7% 2,694

Leverage 1.05 1.05 - 0% 1.05

Financial Expenses

Coverage 4.51 4.64 (0,13) (3%) 4.51

32 1Amounts translated into US$ using the exchange rate as of December (Ch$ 710,16 per US$). *Financial ratio for the Year End 2015.

Strong financial position



US$ Millions 2016 2017 2018 2019 2020 Balance TOTAL

Chile 260 10 10 112 44 1,089 1,525

Argentina 37 15 3 2 2 31 91

Perú 75 27 37 16 10 17 183

Colombia 155 108 82 128 89 704 1,266

TOTAL 527 161 133 258 146 1,841 3,065

33

1 Includes arrangements and other consolidation adjustments. 2 May not total exactly due to rounding.

Financial Debt Maturity1, as of December 2015

Healthy debt maturity profile in each country



Endesa Chile 2015 2014

Financial Expenses Coverage1 11.2% 6.7%

ROE (%) 14.7% 12.5%

ROA (%) 8,7% 8.8%

1 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net)

34

Strong performance paired with a conservative

financial policy

3.336 3.116 3.106

3.535

2.994 2.933 2694

2.248 2.097 2.014

1.661 1.977 1.920 1.820

1,5 1,5 1,5 2,1 1,5 1,5 1,5

7,4 8,9 8,0

5,4

7,1

15,9

11,3

-

5,0

10,0

15,0

20,0

-

1.000

2.000

3.000

4.000

5.000

2009 2010 2011 2012 2013 2014 2015

Net Debt EBITDA Net Debt/ EBITDA EBITDA/Net Financial Expenses



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 Chile undertakes no obligation to release publicly the result of any revisions to these forward-looking statements.

Documents

Endesa Chile IR Presentation - Home Enel