AES Gener Overview

September 2015

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AES Gener

Coal Hydro Natural Gas Diesel Biomass

Bogota

Eléctrica Cochrane

532 MW coal(1)

Eléctrica Angamos

545 MW coal

Desal plant(1)

Eléctrica Campiche

272 MW coal

Eléctrica Ventanas

272 MW coal

Eléctrica Santiago

379 MW natural

gas/diesel

371 MW diesel

Alto Maipo

531 MW hydro(1)

Antofagasta

Chivor

1,000 MW hydro—dam

20 MW hydro(1)

TermoAndes

643 MW

natural

gas/diesel

Guacolda

608 MW coal

152 MW(1)

Gener (Parent)

271 MW hydro

617 MW coal

66 MW diesel

13 MW biomass

21 MW solar(1)

Largest energy producer in Chile since 2014,and major producer in Colombia, with one ofthe most efficient plants in Argentina

One of the most successful powerdevelopment companies in Latin America,with the fastest capacity growth

Largely contracted US dollar-denominatedrevenue streams with built in fuel andinflation protection

Strong financial performance and capitalstructure with a commitment to investment-grade ratings

Key investment highlights

(1) Under construction.

Asset map

Transmission Line

408 km

Santiago

5,057 MW of installed capacity $7bncommitted to development of

power plants since 2007

1,256 MWof fully funded capacity under

construction $695m adjusted LTM EBITDA

100%of baseload energy in Chile sold under

long-term PPAs 71% AES Corp stake

9.4 years of average remaining PPA life 100%of ownership of the exclusive

transmission line between

Chile and Argentina

87% of revenue in U.S. Dollars 46.5%shareholder return last three

years

$4.8bn market capitalization BBB-/Baa3credit ratings (S&P, Fitch,

Moody’s)

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AES Gener key statistics

Data as of June 30, 2015, unless otherwise noted

Ratings System Data

Expected Energy Sales

Growth (CAGR 2015-2025)

Energy Sales

(GWh)

Generation by

Fuel Type

S&P AA-

Moody’s Aa3

Fitch A+

Installed capacity

4,081 MW

Generation

17,688 GWh

Installed capacity

15,181 MW

Generation

52,207 GWh

45%52%

3%

Hydro

Thermal

Other

2%

98%

Renewable

Thermal

70%

30%

Regulated

Unregulated

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Attractive markets with stableregulatory frameworks

SING

SIC

5.9%

4.2%

12%

88%

Regulated

Unregulated

Chile

Source:

Note:

CNE, data LTM as of June 2015.

Excludes TermoAndes which today exclusively sells to Argentina.

Ratings System Data

Expected Energy Sales

Growth (CAGR 2015-2025)

Energy Sales

(GWh)

Generation by

Fuel Type

S&P BBB

Moody’s Baa2

Fitch BBB

Installed capacity

14,600 MW

Generation

64,328 GWh

S&P CCC+

Moody’s Caa1

Fitch CCC

Installed capacity

33,014 MW

Generation

131,138 GWh

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Attractive markets with stableregulatory frameworks (cont’d)

2.7%

4.7%

67%

33%

Regulated

Unregulated

47%

40%

13%

Large Customers

Residential

Commercial

31%

63%

6%

Hydro

Thermal

Other

69%

30%

1%

Hydro

Thermal

Other

Colombia and Argentina

Colombia

Argentina

Source: XM, data LTM as of June 2015.

Note: Data 6M as of June 2015.

18% 29%

13%

Other13%

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Leading and diversified generation platform

Leading generators in Chile AES Gener geography and fuel type

Chile(SING / SIC)

67%Colombia

20%

Argentina13%

Coal46%

Hydro25%

Dual (Gas/Diesel)20%

Diesel9%

Biomass0,3%

Total installed capacity: 5,057 MW

4,9%

20,5%

21,8%

5,0%9,2%

22,3%

Other16.3%

27%

Total generation: 35,470 GWh

Total generation: 32,543 GWh

Leading generators in Colombia

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4

5

6

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2005 2010 2015

History of world-class development

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1889 – Founding of Chilectra

1970 – Nationalization of Chilectra

1986 – Privatization begins

2000 – AES Corp gains control

(GW)

$3bn capital expenditure

1,664 MW of generation plus 32 MW of BESS

Projects successfully completed

$4bn capital expenditure

1,256 MW

Construction on time and budget

Growth under AES Corp control

2007 – 2013 Phase I Expansion 2012 – 2018 Phase II ExpansionMajor Milestones

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Phase I: Since 2007, we have constructed 1,664 MW of new capacity

Successful and disciplined growth strategy

3,393

5.057

2007 2015

Installed Capacity (MW)

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 (2 units)

Coal

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

Expansionary Projects Executed (~US$3,000mm)

Fully funded plan

E & S approvals

Best in class team and

partners

Secure profitability

Investment grade

rating

5,057 MW5,230 MW

5,782 MW

+173 MW

+552 MW

+531 MW

2015 2016 2018

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Successful and disciplined growth strategy (cont’d)

Guacolda V – 152 MW

Solar-Andes – 21 MW

Angamos Desalinization

Tunjita – 20 MW

Cochrane – 532 MW

Alto Maipo – 531 MW

Development checklist Phase II: $4 billion of fully funded projects under construction

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Operational excellence and world-classpartners

Selected awards Strategic partners

Edison Electric Institute’s“International Edison Award”

(2012)

Power’s“Plant of the Year Award”

(2012)

Chilean Renewable Energy Awards’

“Strongest Project Pipeline”(2013)

Power Finance & Risk’s“Deal of the Year”

(2008)

Project Finance International’s“Power Deal of the Year”

(2008)

Great Places to Work’s“Best Companies to Work for in Chile”

(2014)

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Long term, proven and strong commercial strategy

AES Gener Chile electricity revenue

Regulated Customers

Sales36%

Unregulated Customers

Sales56%

Spot Sales8%

US$1,440 mm

Key customers

Regulated Unregulated

Efficient GenerationLong Term Contracts

(up to 20 years)

Back-up Generation Spot Sales

Firm CapacityCapacity

Charge Revenue

Largely contracted revenue streams with built in fuel,currency, and inflation protection

Creditworthy distribution and unregulated customers

Average term of contracts are:

– SIC contracts ~9 years

– SING contracts ~12 years

Very well conditioned to re-contract our PPAs in thelong-term after recently enacted legislation

Capacity revenue

Note: Data LTM as of June 2015.

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Long term, proven and strong commercial strategy (cont’d)

AES Gener Argentina electricity revenueAES Gener Colombia electricity revenue

Contract Sales51%

Spot Sales49%

Contract Sales54%Spot Sales

46%

US$500mm US$145mm

75-85% of

Expected Generation

Medium Term Contracts

(1-4 years)

Remaining GenerationSpot and Frequency

Regulation Sales

Firm Energy

(~3,000 GWh)

Reliability

Charge Revenue

Contract EnergyEnergía Plus Contracts

(306MW)(1)

Paid by ISOSpot Sales

Note:

(1)

Data LTM as of June 2015.

Currently contracted 220MW.

$355 $355 $377 $428

$173 $224

$245 $209 $263

$250

$97 $84

28% 28% 29% 31%

24%

29%

2012 2013 2014 LTM 1H15 1H14 1H15

$286

$449

$703

$560$55

$33

$58

$20

2012 2013 2014 1H 2015

Construction Maintenance Environmental

Title

$1,126 $1,298$1,520

$1.826

$1,156

$1,487$1,214

$1.360

2,8x 3,3x 3,7x

4,3x

2012 2013 2014

PF / Non Recourse Debt Corporate Debt Net Debt/EBITDA

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Adjusted EBITDA & EBITDA margin

Strong financial performance and value creation

ArgentinaColombiaChile

(US$ mm)

$660 $624$671 $695

$286 $310

Total debt and net debt / EBITDA

Total capex Capital allocation

$366

$207

$585

$443

1H15

(US$ mm) (US$ mm)

(US$ mm)

$419

$642

$830

$532

$167$225

$142

$317

$210

$230

$64

$49

$66

$130

100,0% 100,0% 94,1%

2012 2013 2014 1H 2015

Capex DividendsDebt Paydown Dividend Payout Ratio

(1)

(1) Capex net of project financing.

$2,282

$2,785 $2,734

$3,186

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Total debt US$ 3,387mm(1)

Prudent debt profile

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 25-73

Credit Facilities

Project Finance

AngamosSenior Notes

Chilean Bonds

Leasing

JuniorSubordinated BondsGener

Senior Notes

25.4%23.6%

7.4%

1.5%

13.3%

24.4%

4.4%

$51

$134 $136

$197

$149

$554

$156 $165 $165

$1,690

$1

2025+

97.5% denominated in US$ 89.1% at fixed interest rate

(1) Notional principal amount as of July 31, 2015.

Projects Under Construction

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Attractive development and constructionportfolio

SING Market

− Progress: 64%

− Start of operations: 4Q 2015

− Adjacent to Andes substation

− Total investment: ~US$45 million

SIC Market

− Progress 99%

− 50% + 1 share ownership

− Partner: GIP

− Located in Guacolda Complex

− Start of operations: 4Q 2015

− Total Investment: ~US$455 million

SING Market

− Progress: 84%

− Located adjacent to Angamos

− Start of operations: 4Q 2015

− 1st stage for efficient self-consumption

− Potential sale to third parties

− Total investment ~US$15 million

Guacolda V: 152 MW – Coal-fired Angamos Desalinization Plant

Solar Andes: 21 MW

Note: Progress as of June 30, 2015.

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Tunjita: 20 MW – Hydro (Run-of-river)

SIC Market

− 2 Units

− Progress: 16%

− Located 50 km from Santiago

− 60% ownership

− Partner: Minera los Pelambres (AMSA)

− Start of operations: 2018

− Total investment: ~US$2 billion

− 60% Debt / 40% Equity

Alto Maipo: 531 MW – Hydro (Run-of-river)

SING Market

− 2 units

− Progress: 90%

− Adjacent to Angamos

− 60% ownership

− Partner: Mitsubishi Corporation

− Start of operations: 2016

− Total investment: ~US$1,35 billion

− 74% Debt / 26% Equity

Cochrane: 532 MW – Coal-fired

Attractive development and constructionportfolio (cont.)

Note: Progress as of June 30, 2015.

Cochrane project includes Battery Energy Storage System for 20 MW

Colombia

− Progress: 90%

− AES Chivor’s Esmeralda Reservoir

− Use of flows from Tunjita river deviation

− Start of operations: 1H 2016

− Total investment: ~US$67 million

Major Assets

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Diversified Asset Portfolio

Guacolda Complex

− 4 Units

− 608 MW - Coal

− Located in Huasco (Northern part of the SIC)

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

Alfalfal I

− 178 MW – Hydro Run-of-River

− Located 50 km from Santiago

− Start of operations: 1991

Other plants: 106 MW

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: 437 MW

SIC coal – fired plants: 1,492 MW Back – up plants: 816 MW

Hydro run-of-river plants and renewables: 284 MW

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TermoAndes

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

− 643 MW – Natural Gas

− Located in Salta, Argentina

− Start of operations: 1999

Argentina: 643

Battery storage (BESS): 32 MW

AES Chivor

− 8 Units

− 1,000 MW - Hydro

− Located in Boyacá, Colombia

− Start of operations: 1977/1981

Colombia: 1,000 MW

Norgener

− 2 units

− 277 MW – Coal

− Located in Tocopilla

− Start of operations: 1995/1997

SING coal plants: 822 MW

Diversified Asset Portfolio (cont.)

Angamos

− 2 units

− 545 MW – Coal

− Located in Mejillones

− Start of operations: 2011

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