CORPORATE PRESENTATION

November, 2016 1

COMPANY OVERVIEW

5,795 MW of installed capacity(1)(3)(4) US$2.8bn market capitalization(2)

531 MW Alto Maipo under construction US$1.0bnremaining capex of the U$4bn 2nd

expansion phase fully funded

100%of baseload energy in Chile sold under long-term PPAs US$772mm LTM EBITDA

11years of avg. remaining PPA life 100%

of ownership of the exclusive transmission line between Chile (SING) and Argentina (SADI)

66.7%AES Corp Stake(AFP’s 19.4% stake) BBB-/Baa3 credit ratings (S&P, Fitch, Moody’s)

KEY STATISTICS

Data as of September 30, 2016, unless otherwise noted

(1)

(2)

(3)

(4)

Includes Guacolda

As of November 17, 2016

Includes 21 MW Andes Solar started commercial operations on May 28th

Includes 532 MW of: Cochrane Unit 1 started commercial operations on July 9th and Unit 2 which started on October 12th3

ATRACTIVE MARKETS

SING

CHILE

Source:

Note:

CNE data as of November 2016

Energy sales expected growth from CNE (ITD as of April 2016)

Excludes TermoAndes which today exclusively sells to Argentina (SADI)

SIC

4

S&P AA-Moody’s Aa3Fitch A+

Expected Energy

Sales Growth (CAGR 2016-2025)

Energy Sales (GWh) Generation by Source

Installed capacity

4,673 MW

Generation

18,805 GWh

Installed capacity

16,614 MW

Generation

52,950 GWh

4.6%

4.0%

SIC

System

Data

SING

System

Data

11%

89%

Regulated Unregulated

96%

4%

Thermal Other

69%

31%

Regulated Unregulated

50%45%

6%

Thermal Hydro Other

COLOMBIA

Colombia

Argentina

Source: XM, data as of December 2015 for Colombia

Cammesa and Private Consultants for Argentina. (*) Include mobile plants and commissioning capacity

5

ATRACTIVE MARKETS (Cont.) S&P BBB

Moody’s Baa2Fitch BBB

ARGENTINA

S&P B-Moody’s B3Fitch B

Expected Energy

Sales Growth (CAGR 2016-2025)

Energy Sales (GWh) Generation by Source

Installed capacity

16,420 MW

Generation

66,549 GWh

3.2%SIN

System

Data 67%

33%

Regulated Unregulated

28%

67%

5%

Thermal Hydro Other

Expected Energy

Sales Growth (CAGR 2016-2025)

Energy Sales (GWh) Generation by Source

Installed capacity

33,494 MW (*)

Generation

135,215 GWh

3.5%SADI

System

Data

35%

61%

5%

Thermal Hydro Other

DIVERSIFIED ASSET PORTFOLIO

Guacolda Complex

− 5 Units

− 760 MW - Coal

− Located in Huasco (Northern part of the SIC)

− Start of operations: 1995/1996/2009/2010/2015

Alfalfal I

− 178 MW – Hydro Run-of-River

− Located 50 km from Santiago

− Start of operations: 1991

Other plants: 106 MW

− 93 MW – Other Hydro Run-of-River

Ventanas Complex

− 4 Units

− 884 MW - Coal

− Located in Valparaíso Region

− Start of operations: 1964/1977/2010/2013

Nueva Renca

− 379 MW – LNG / Diesel

− Located in Santiago

− Start of operations: 1997

Other plants: 449 MW

SIC coal – fired plants: 1,644 MW Back – up plants: 828 MW

Hydro run-of-river plants and renewables: 271 MW

6

TermoAndes

− Combined Cycle (2 Gas Turbines and 1 Steam Turbine)

− 643 MW – Natural Gas

− Located in Salta, Argentina

− Start of operations: 1999

Argentina: 643 MW

Battery storage (BESS) (*): 52 MW

AES Chivor + Tunjita

− 10 Units

− 1,020 MW - Hydro

− Located in Boyacá, Colombia

− Start of operations: 1977/1981/2016

Colombia: 1,020 MW

Norgener

− 2 units

− 277.3 MW – Coal

− Located in Tocopilla

− Start of operations: 1995/1997

SING coal plants & Solar: 1,389 MW

DIVERSIFIED ASSET PORTFOLIO (Cont.)

Angamos

− 2 units

− 558.2 MW – Coal

− Located in Mejillones

− Start of operations: 2011

Battery Storage: 52 MW

− Norgener, Angamos and Cochrane

− Start of operations: 2009/2011/2016

7

Cochrane Unit 1 and 2

− 2 units

− 532 MW – Coal

− Located in Mejillones

− Start of operations: 2016

Solar: 21 MW

− Adjacent to Andes Substation

− Start of operations: 2016(*) Storage capacity is not included in total capacity generation

#1 generation player in Chile

Efficient player in Colombia

LEADING POSITION

8

Note: In GWh, data as of September 30, 2016

(1) Includes 100% on Gualcoda’s,

(2) ENEL includes Endesa assets in Chile and in Colombia

(3) Celsia includes EPSA

22%

19%

16%

10%8%

5%

20%

ENEL (2) EPM ISAGEN CELSIA (3) GECELCA Others

31%

27%

16%12%

15%

(1) ENEL (2) COLBUN ENGIE Others

EBITDA LTM - By electric system Revenues 9M16 - By customers

Installed capacity - By fuel type

Note: Figures as of September 30, 2016

SIC: Sistema Interconectado Central

SING: Sistema Interconectado del Norte Grande

(*) LTM figures as of September 30, 2016

Total Chile70%

5,795 MW

US$0.3bn

US$0.1bn

DIVERSIFIED GENERATION PLATFORM

9

US$ 772mn (*)

US$1.5bn(*)

3,393

5,070

152

2007 2015

1,829 MW of new capacity in Chile, since 2007…

BESS Angamos IBESS Norgener2 2

12 MW (Battery) 20 MW (Battery)

Guacolda III Guacolda IV4 4

152 MW (Coal) 152 MW (Coal)

Angamos I & II1

545 MW (Coal)(2 units)

Angamos Desal

Los Vientos3

132 MW (Diesel)

Nuevas Ventanas Ventanas IV6 7Santa Lidia5

139 MW (Diesel) 272 MW (Coal) 272 MW (Coal)

1 2

4

36

7

5

Antofagasta

Santiago

...accounting for ~21% of the Chilean growth

21%

10% 10%7%

AES Gener Colbun EC-L Endesa

GROWTH STRATEGYPhase I: Successful and disciplined growth strategy

Copiapo

Guacolda V4

152 MW (Coal)

+54%

10Note: Data as of December 31, 2015

(*) Additional Capacity of Angamos 13MW

Expansionary Projects Executed (~US$3bn)

GROWTH STRATEGY (Cont.)

Phase II: Current expansion

+21%

Project Progress

Guacolda 5 Completed

Angamos Desal Completed

Solar Andes Completed

Tunjita Completed

Cochrane Completed*

Alto Maipo 39.2%

CURRENT PROJECTS STATUS

Guacolda V – 152 MW

Angamos Desalinization

MW

Tunjita – 20 MW

Solar Andes – 21 MW

Cochrane – 532 MW

Alto Maipo – 531

* Cochrane Unit 2 COD on October 12th

531

573

152

2015 2019

5,795

5,795

5,222

2016

5,070

6,326

5,222

$4B Fully Funded

WIDE ACCESS TO CAPITAL

Successful financing for US$7 bn

12

Sources of Financing for the Expansions(1) Amount (US$ mn)

Equity

Cash from Operations 720

Capital Increases 668

Partners 688

Debt

Bonds

International 300

Local 415

Banks Project Finance 4,505

(1) First and Second Phases: From 2007 – 2018/19

Adjusted EBITDA & EBITDA margin

STRONG AND STABLE CASH FLOWS

(US$ mn)

Total Debt and Net Debt / EBITDA

Total capex Capital allocation

(US$ mn) (US$ mn)

(US$ mn)

(1)

(1) Capex net of project financing. 13

148 210 231

168

317

210

230 235 265

49 66

430

92 60

100% 100%94%

100% 100%

20%0

100

200

300

400

500

600

700

800

900

2012 2013 2014 2015 9M16 LTM

Capex Dividends Debt Paydown Div. Payout Ratio

286 336

656 866

693 55 82

127

109

105

419532

830

1002

809

-

1,200

2012 2013 2014 2015 9M16 LTM

Construction Maintenance Environmental

355 355 377 426 543

245 209 263 246

200 660

624672 691

77228% 28% 29%

32% 35%

-50%

-40%

-30%

-20%

-10%

0%

10%

20%

30%

40%

0

200

400

600

800

1,000

2012 2013 2014 2015 9M16 LTM

Chile Colombia Argentina Ebitda Margin

1,126 1,298 1,520 1,669 2,177

1,156 1,487 1,214

1,706

1,659 2,282

2,785 2,734

3,3753,837

2.8x3.3x

3.7x4.5x 4.4x

-3.0x

5.5x

0

500

1,000

1,500

2,000

2,500

3,000

3,500

4,000

4,500

5,000

2012 2013 2014 2015 9M16 LTM

PF / Non Recourse Debt Corporate Debt Net Debt / Ebitda

19

143 146186

165

574

179 195 205

2025

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 +

Average Cost 5.4%

Average Life 14 years

Net Debt/EBITDA 4.4x (2.3x excluding non recourse debt)

97.9% denominated in US$ 90.8% at fixed interest rate

STRONG CAPITAL STRUCTURE (US$ mn)

Total Outstanding as of September 30, 2016 US$3,837 mn

14

Recourse Debt43%

Non Recourse

Debt57%

CONTRACTED POSITION

0

5,000

10,000

15,000

20,000

25,000

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

GW

h /

ye

ar

Non-Regulated Regulated Guacolda

Source: AES Gener

AES GENER CONTRACTED PORTFOLIO

16

High quality and diversified customer base

Efficient portfolio fully aligned with our contracted capacity

Only 1,300 GWh of expiring regulated contracts between 2021 and 2022, representing ~8% of our contracts (excl. Guacolda)

Distribution

33%

Mining59%

Industrial…

Mining61%

Industrial5%

Distribution34%

Contractavg. life: 11 years

REGULATED BID PROCESS SUMMARY

17

The last bid was one of the largest for regulated customers (~14% of the totaldemand of the country by 2021) but several auctions are coming, whichconsiders 23 TWh/year in the next 4 years

20142016-2019

15

20152019

20

20162021-2022

20

20172023

20

20182023

20

20192024

20

13.0 1.2 12.4 2.5 7.0 9.0 4.5

20202026

20

2013 2015 2015 2016 2017 2018 2019

TWh/year

Bid call

Avg. awarded price94.7 US$/MWh(92% awarded

w/o change in law)

Avg. awarded price79.3 US$/MWh

(100% awarded)

Past Bids

Current Bid(015-01) Upcoming Regulated Bids

Avg. awarded price47.6 US$/MWh

(100% awarded)

Year of the BidSupply startingDuration

18

RESULTS BID SUMMARY

Colbún

Endesa

Engie

10,500

50

15% of the offers

51% of the offers

Supplier Energy GWh % of Total Awarded Levelized Price (US$/MWh) Technology

ENDESA 5,852 47% 50.7 Hydro

Mainstream 3,366 27% 41.2 New Wind

Ibereolica 1,023 8% 51.0 New Wind

WPD 953 8% 50.5 New Wind

Acciona 418 3% 54.9 New Wind

Solarpack 280 2% 29.1 New Solar

Cox Energy 264 2% 52.7 New Wind

OPDE 176 1% 38.1 New Wind

AELA 88 1% 46.7 New Wind

Besalco 10 1% 71.0 Hydro

Total 12,430 100% 47.5

KEY TAKEAWAYS

KEY TAKEAWAYS

20

BEST RESULTS ACHIEVED IN THE LAST FIVE YEARS

9M 2016 EBITDA OF $571M, 17% higher than same period of 2015

+725MW IN OPERATIONS IN THE LAST 12 MONTHS

Unit 5 of Guacolda, Andes Solar, Cochrane and Tunjita COD achieved

LEADER IN GENERATION IN CHILE

2016 YTD, Company contributed with 31% 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

STRONG AND ENHANCED CAPITAL STRUCTURE

Investment grade rating

Strong liquidity

Extended debt maturity profile

ANNEXES

9M16 HIGHLIGHTS AND RESULTS

Cochrane’s (532 MW), Andes Solar (21 MW) andTunjita (20 MW), began commercial operations

AES Gener achieved the highest EBITDA of the last5 years

AES Gener continues to be the largest energyproducer in Chile, contributing 31% of the totalgeneration in the country

Company continues to make additional margin outof Nueva Renca

Argentina released all currency controls allowingdividend distributions from Termoandes

23

Key Highlights

24

In Colombia, “El Niño” ended in May of this year.Chivor, inflows for September were the fourthwettest ever

On August 17th, AES Gener announced a 10% to20% cost overruns at the Alto Maipo HydroelectricProject

S&P and Fitch reaffirmed the BBB- InternationalCredit Rating of AES Gener, with Stable outlook

On September 12th, AES Gener was nominated forthe second consecutive year, to integrate the DowJones Sustainability Index in Chile

Key Highlights (Cont.)

25

Key Highlights (Cont.)

Recent auction for 20-year contracts with supplystarting in 2021/22 cleared at an average price ~$48/MWh, significantly lower than marketexpectations and below prior years’ auctionswhich were higher than $70/MWh

AES Gener has a long term contracted positionwith an average life of 11 years, contractsrepresenting 8% of the total efficient capacitybegin to roll off in 2021-22

Company can recontract its capacity in the nextfour years in regulated bidding processes for 23TWh-y and with unregulated customers

26

9M16 EARNINGS RESULTS

SIC45%

SING 30%

SIN22%

SADI3%

SIC41%

SING 21%

SIN36%

SADI2%

Key Metrics (US$ mn) 9M 2016 9M 2015 Var.

Operating Revenues 1,722 1,665 3%

Gross Profit 463 392 18%

Total EBITDA 571 490 17%

EBITDA margin 33% 29%

Net Income 190 192 (1%)

EBITDA by Market

9M 2016 9M 2015

Note: Numbers rounded for the purpose of the presentation

ANGAMOSSummary of Historical Financials

27

Revenues EBITDA and EBITDA Margin

Credit Metrics Capital Expenditures

(US$ mn) (US$ mn)

(US$ mn)

GUACOLDASummary of Historical Financials

Revenues EBITDA and EBITDA Margin

Capital ExpendituresCredit Metrics

(US$ mn) (US$ mn)

(US$ mn)

28

29