First Quarter 2015 Earnings Review

May 11, 2015

1

Highlights

Financial Review

Development Projects

Key Takeaways

2

Highlights3

Highlights

44

� AES Gener was the largest energy producer in Chile during the firstquarter of 2015, providing 27.4% of the total generation

� Record first quarter EBITDA in the SIC of US$87 million

� The company has made good progress on its projects

� Interconnection SING-SADI to export energy to Argentina announcedby the Chilean government and in the process of being approved

� Guacolda Refinancing successfully executed

� $500M 144A / Reg S bond due in 2025 priced @ 4.567% (US T+ 262.5bps)

� $330M 5 year amortizing syndicated loan (3.5 average life)

� Successful maintenances performed

� 2 units at Termoandes

� 4 units at AES Chivor

� Unit 1 of Ventanas Complex

Financial Review 5

CONSOLIDATED FINANCIAL SUMMARY

US$ Million Q1 2015 Q1 2014 Var.

Operating Revenues 532.5 559.0 -5%

Gross Profit 131.1 95.3 38%

EBITDA1 159.8 128.2 25%

Net Income 51.3 23.3 120%

1 EBITDA: Gross profit + administrative expenses + depreciation + minor adjustments

Q1 2015 Financial Results

6

EBITDA by Market

EBITDA VARIATION BY MARKET

Q1 2015 CONSOLIDATED EBITDA: US$159.8 million

SIC

54% 20%

SIN

26%

SING

0%

SADI

7

128

160

4515 20

10

0

40

80

120

160

200

EBITDA Q1-14 SIC SING SIN SADI EBITDA Q1-15

US

$ M

illio

n

41

87

0

20

40

60

80

100

Q1-14 Q1-15

US$ million

Key Drivers

Higher efficient generation associated to higher availability of efficient plants

• Scheduled maintenance at Ventanas Complex in Q1 2014

Higher income associated to Nueva Rencaleasing

SIC EBITDA

Regulated Customers

53%

Q1 2015 ELECTRICITY REVENUES US$ 236 MILLION

30%

Unregulated Customers

Spot Sales

17%

110%

SIC

8

SING

Contribución de Capital (Equity)

Q1 2015 ELECTRICITY REVENUES US$ 146 MILLION

93%Unregulated Customers

Spot Sales7%

Key Drivers

Higher contract sales due to higher demand from unregulated customers under Norgener’s long term contracts

System technical minimum still affecting EBITDA

• Lower diesel prices and the connection of one Angamos Unit to the Cochrane transmission line, helps to mitigate this risk

58%

SING EBITDA

9

26

42

0

10

20

30

40

50

Q1-14 Q1-15

US

$ m

illio

n

51

31

0

12

24

36

48

60

Q1-14 Q1-15

US

$ m

illio

n

Q1 2015 ELECTRICITY REVENUES US$94 MILLION

Regulated Customers 58%

Spot Sales and Ancillary Services

42%

39%

SIN EBITDA

SIN

Key Drivers

Lower net spot sales explained by lower energy generation at lower average spot prices

Higher maintenance costs

Higher contract sales

10

SADI

Q1 2015 ELECTRICITY REVENUES US$ 28 MILLION

63%

Unregulated Customers

Spot Sales

37%

Key Drivers

• Lower spot sales due to lower volumesales and lower spot prices in US dollarand

• Lower generation due to maintenance

• Depreciation of the Argentine pesoaffecting spot prices

• Lower contract sales under Energía Plusprogram due to lower customers demandand lower contract prices

102%

SADI EBITDA

11

0

9

0

4

8

12

16

20

Q1-14 Q1-15U

S$

mill

ion

23

51

32

18

6

0.3

13

14

0

20

40

60

80

100

US$ Million

Consolidated Net Income

Lower devaluation of the Argentine peso and to a lesser extent of the Chilean peso

Lower bonds outstanding due to Chivor’s Bonds

payment and Local Bonds prepayment

Higher deferred tax due to an increase in the Chilean tax rate and higher income

before taxes

12

Guacolda sale of Maitencillo-Cardones transmission line in

2014

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

Project Finance Chilean Bonds Senior Notes Angamos Senior Notes Gener Leasing Junior Subordinated Notes

1,218

2766

175

284

184

582

32

Amortization Schedule (US$ Million)

LeasingProject Finance

Junior Subordinated Notes

Senior Notes Angamos

Senior Notes Gener

Chilean Bonds

34.7% 26.0% 14.6% 13.0% 10.1% 1.6%

TOTAL DEBT US$ 3,084 MILLION

• 97.5% denominated in US$ • 89.4% at fixed interest rate

Debt Profile

13

207151 158

229

286

79

357 375

4

0

140

280

420

560

700

Dec 2014 Cash provided byOperating Activities

Cash provided byFinancing Activities

Cash provided byInvesting Activities

Foreign ExchangeImpact

March 2015

US

$ M

illi

on

Liquidity

• Investments in Alto Maipo, Cochrane and retrofits

• Project finance disbursements• Equity contributions from partners• Working capital needs

• Proceeds from operations

Cash and Cash Equivalents

Undrawn Committed Facilities

CONSOLIDATED LIQUIDITY: US$528 MILLION

54% 45% 1%

14

1%Time Deposits 1%

Growth Projects15

5,082

6,339

2014 2015 2016 2018 2019

Capacity under construction: 1,256 (+25%)

+173 MW

Guacolda V – 152 MWSolar – Andes - 21 MWAngamos desalinization plant

+552 MW

Cochrane(1) – 532 MW

+531 MW

Alto Maipo – 531 MW

Total Capex : US$4 billion

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Projects Under Construction

Tunjita – 20 MW

(1) Cochrane project includes Battery Energy Storage System for 20 MW

Other projects17

� EMISSION CONTROL EQUIPMENT (RETROFITS)

As of March, 2015:� ~ US$110 million at Norgener� ~ US$103 million at Ventanas

Installation in Units I, II and IV at Guacolda Complex � ~ US$166 million

� SING – SADI INTERCONNECTION

� Technical testing successfully performed� AES Gener requested an exportation permit to the Ministry of Energy in July 2014� Chilean government announced authorization to export energy in February 2015,

however final approval has not been granted yet

� OTHER PROJECTS

� The Company continues to evaluate opportunities in Chile and Colombia� Renewable projects: Solar to reach to 220 MW� Desalinization plants

KEY TAKEAWAYS CONTINUING SOLID FUNDAMENTALS

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� COMPANY Q1 2015 EBITDA HIGHER THAN Q1 2014

� US$160 million, 25% increase compared to last year� Historical record first quarter EBITDA in SIC of US$87 million

� LEADER IN GENERATION IN CHILE

� Contributed with 27.4% of country generation� Operational excellence proven by high availability

� DIVERSIFIED ASSET PORTFOLIO

� Geographical, technological, customers base and fuel sources� Important presence in Chile and Colombia

� MOVING FORWARD WITH SECOND EXPANSION PHASE

� Generator with more projects under construction in Chile� Expansion plan fully funded� World class partners: GIP, Mitsubishi, Antofagasta Minerals

� STRONG AND ENHANCED CAPITAL STRUCTURE

� Investment grade rating� Strong liquidity � Extended debt maturity profile

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