4Q-2018 CORPORATE PRESENTATION

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4Q-2018 CORPORATE PRESENTATION
4Q-2018
CORPORATE
PRESENTATION
4Q-2018 CORPORATE PRESENTATION
1 Company Overview
4Q-2018 CORPORATE PRESENTATION
AES GENER AT A GLANCE
LEADING GENCO CONTROLLED BY THE AES CORPORATION

                                       AES Gener Is Energized By A
    IMPROVING LIVES IN                 Regional Workforce Of

    Chile,                             +1,300 PEOPLE                   $2.3B MARKET CAP
                                                                                   AS OF Dec 31, 2018    $887M EBITDA    FY-2018

    Colombia
                                       RECOGNIZED AS A
                          AND          Great Place
                                       To Work in
    Argentina                          CHILE
                                       COLOMBIA
                                                                       $7.9B TOTAL ASSETS
                                                                                   OWNED & MANAGED       $3.5B CONS. DEBT
                                                                                                                      FY-2018

                                       ARGENTINA
                                                                      RATED
                                       Founded In 1981                Baa3 / BBB- / BBB- BY
       5,103       GROSS MW
                   in operation
                                       And Acquired by
                                       The AES Corporation in 2000,   MOODY’S S&P GLOBAL FITCH RATINGS
           3,388
                                       Who Currently owns 66.7%
                                                                      Technologies                      Market Share
                                       Named to                                                         Chile 27% by generation
           1,020                       Dow Jones
                                                                      Coal 3,019 MW
                                                                      Hydro 1,291 MW                    Colombia 7% by generation
             643                       Sustainability                 Gas/Diesel 709 MW                 Argentina 3% by generation
                                                                      Others 34 MW

          561      GROSS MW
                   under
                                       Index for Chile
                                       LISTED ON
                                                                      Commercial Business Largely
                   construction
                                       Santiago Stock                 Contracted
                   (Alto Maipo                                        EFFICIENT GENERATION CONTRACTED WITH AN
                   Project in Chile)   Exchange                       AVERAGE LIFE OF 11 YEARS IN CHILE
3
4Q-2018 CORPORATE PRESENTATION
KEY INVESTMENT
CONSIDERATIONS

    1 LEADING POSITION
    2 DIVERSIFIED PORTFOLIO
    3 HIGH QUALITY LONG TERM PPAs
    4 NEW TRANSFORMATIONAL STRATEGY
    5 ROBUST CAPITAL STRUCTURE
    6 STRONG FINANCIAL PERFORMANCE

4
4Q-2018 CORPORATE PRESENTATION
MARKET

OVERVIEW
           Chile                                RATINGS              SYSTEM DATA                                            ENERGY DEMAND                        GENERATION BY FUEL TYPE
                                                                                                                                                                           (3)

    ~18 M                                          S&P                                                               Unregulated                 Regulated
                                                                                                                                                                    NCRE
                                                                                                                                                                     15%
                                                                                                                                                                                          Thermal
                                                                                                                                                                                           54%

                                                                                         +1.6%
    inhabitants                                                                                                         54%                        46%
                                                    A+               24,031 MW
    ~$267B                                                              Installed
    GDP as of 2017                                                                      SIC(1) Energy Sales
                                                                        Capacity        (CAGR 2014-2017)
                                                Moody’s                                                                          72,265                                          75,641
                                                  A1                                                                              GWh                                             GWh

                                                                    75,641 GWh
                                                                                         +2.3%
                                                                                        SING(2) Energy Sales
                                                   Fitch              Generation         (CAGR 2014-2017)                                                             Hydro
                                                     A                                                                                                                31%

                                                           The SING(2) and the SIC(1) were interconnected in November 2017 to comprise the SEN(4)
                                  The SEN is expected to become fully operational in June 2019, once the last segment of the Cardones-Polpaico transmission line is completed
    Source: Company.
    (1) Central Interconnected System (Sistema Interconectado Central).
5   (2) Great North Interconnected system (Sistema Interconectado del Norte Grande).
    (3) Non-conventional Renewable Energy.
    (4) National Electrical System (Sistema Eléctrico Nacional).
4Q-2018 CORPORATE PRESENTATION
MARKET

OVERVIEW
         Colombia    RATINGS    SYSTEM DATA                                       ENERGY DEMAND                 GENERATION BY FUEL TYPE

                                 17,212 MW
    ~49 M
                                                       +2.2%             Unregulated              Regulated      Hydro                      Thermal
                     S&P BBB-                                                                       68%          84%                         16%
                                  SIN Installed                             32%
    inhabitants       Moody’s
                                                     SIN Demand Growth
                                    Capacity                                           67,456                                     68,943
    ~$310B             Baa2
                       Fitch                         (CAGR 2014-2018)                   GWh                                        GWh
    GDP as of 2017              68,943 GWh
                       BBB
                                 SIN Generation

         Argentina   RATINGS    SYSTEM DATA                                       ENERGY DEMAND                 GENERATION BY FUEL TYPE

                      S&P
                                                       +1.2%
                                                                                                                            (1)
    ~44 M               B       38,538 MW SADI                            Industrial             Residential
                                                                                                                  NCRE 2%                   Thermal
                                                                                                                                             64%
                                                                            28%                    43%
    inhabitants                 Installed Capacity
                                                                                                               Nuclear 5%
                     Moody’s                           SADI Demand                     134,784                                    137,482
    ~$635B             B2                                Growth                         GWh                                        GWh
    GDP as of 2017    Fitch      137,482 GWh         (CAGR 2013-2018)    Comercial                                  Hydro
                        B       SADI Generation                            29%                                      29%

6
4Q-2018 CORPORATE PRESENTATION
MARKETS
OVERVIEW
2018 FIGURES                                                                     COLOMBIA ($241mn EBITDA)
                                                                                       ENERGY SALES             GENERATION

                                                                                        22%

                                                                          SIN
                                                                                              $413mn             4,977GWh

          CHILE ($591mn EBITDA)                                                                           78%
                                                                                                                   100%
                ENERGY SALES                    GENERATION                                    Contract   Spot        Hydro

                          7%                    1%
                                                     8%                          SIN ASSETS, 1,020 MW
                                   24%
                                                                                 CHIVOR, 1,000 MW, hydro
    SEN

                                                                                 TUNJITA, 20 MW, hydro
                    $1,743mn                     14,324GWh
                                                                                 ARGENTINA ($55mn EBITDA)
                  69%                                      91%                         ENERGY SALES             GENERATION
              Regulated    Unregulated   Spot   Thermal   Other   Hydro

          SEN ASSETS, 3,388 MW

                                                                          SADI
          NORGENER, 277 MW, coal
          ANGAMOS, 558 MW, coal                                                      50%   $146mn 50%           4,150GWh
          COCHRANE, 550 MW, coal
          ANDES SOLAR, 22MW solar PV
          VENTANAS, 872 MW, coal                                                                                   100%
          GUACOLDA, 763 MW, coal
                                                                                              Contract   Spot       Thermal
          HYDROS, 271 MW
          OTHERS, 76 MW, diesel, biomass                                         SADI ASSETS, 643 MW
                                                                                 TERMOANDES, 643 MW, gas
7
4Q-2018 CORPORATE PRESENTATION
DIVERSIFIED

Portfolio

                 EBITDA                                    COUNTRIES               CUSTOMERS                            TECHNOLOGY
     Argentina                                                                                     Regulated/                         Diesel/Gas
                                               Argentina                                           Unregulated
                   6%                                      13%                               70%                                  14%
                                                                                                                                                   Hydro

   27%
                    $887                         20%         5,103                         27.6                               5,103
                    mm                                       MW(1)                        TWh/y                               MW(1)         25%

                                                                                                                        59%            2%
                                                                     67%                                         Coal
                       67%                                                 Chile     30%                                                    Solar/
                                               Colombia
                                                                                   Spot                                                     Biomass/
                     Chile                                                                                                                  BESS(2)

 Source: Company.
 (1) Includes Battery Energy Storage System.                                                                                                               8
 (2) Battery Energy Storage System.
4Q-2018 CORPORATE PRESENTATION
PORTFOLIO
OVERVIEW
5,103MW GEO & TECH DIVERSIFIED

    LEADING ENERGY                                                         MAJOR PLAYER IN             EFFICIENT OPERATION
    PRODUCER IN CHILE (3,388MW)                                            COLOMBIA (1,020 MW)         IN ARGENTINA (643 MW)

                       Ventanas, 872MW           Guacolda, 763MW                     Chivor, 1,000MW              Termoandes, 643MW
                       4 coal units              5 coal units                        8 hydro units                Combined Cycle
                       Valparaiso                Huasco                              Bocaya                       Turbines: 2 gas, 1 steam
                       COD:1964/1977/2010/2013   COD:1995/1996/2009                  COD: 1977/1982               Salta
                                                 2010/2015                                                        COD: 1999
                       Angamos, 558MW            Cochrane, 550MW                     Tunjita, 20MW
                       2 coal units              2 coal units                        1 hydro unit
                       Mejillones                Mejillones                          Bocaya
                       COD: 2011                 COD: 2016                           COD: 2016

                       Norgener, 277MW           Hydro Plants
                       2 coal units              271MW                     ENERGY STORAGE
                       Tocopilla                 4 run of river hydro
                       COD:1995/1997             units Cajon del Maipo     CHILE (52 MW)
                                                 COD:1923/1928/1944/1991
                                                 Andes Solar, 22MW                   Energy Storage
    Backup Plants, 76MW :
                                                 PV solar                            52MW
    Laguna Verde 63MW Diesel
                                                 Adjacent to Andes                   Norgener 12MW
    Laja 13MW Biomass                                                                Angamos 20MW
                                                 substation
                                                 COD: 2016                           Cochrane 20MW

9
4Q-2018 CORPORATE PRESENTATION
ADVANCING WITH STRATEGY EXECUTION

+3,900 MW PIPELINE
ACCELERATING A GREENER ENERGY FUTURE

                 561   MW           290   MW           3,127   MW
                 UNDER              READY              UNDER
                 CONSTRUCTION       TO BUILD IN 2019   DEVELOPMENT

     Hydro              531 MW

     Wind                                  210 MW          2,717 MW

     Solar                  20 MW          80 MW            170 MW

     Batteries              10 MW                           240 MW
                                                                      10
GREENING CHILE

ANNOUNCING NCRE INVESTMENTS
290 MW TO SUPPORT COMMERCIAL AGREEMENTS

             ANDES SOLAR II
             SOLAR
             80 MW
                                                    WIND
                                                  80 MW
                                          CAMPO LINDO

                              SANTIAGO
            WIND                                    WIND
            40 MW                                 90 MW
            MESAMAVIDA                      LOS OLMOS

                                                           11
GREENING CHILE

ANNOUNCING VIRTUAL DAM PILOT
BROADENING BATTERY SOLUTIONS
                                Converting run-of-river plants into

 52MW
                                VIRTUAL RESERVOIRS

      capacity of batteries
          EXISTING
      SPINNING RESERVE
                                10   MW PILOT           5   HOUR
 PIONEERS IN CHILE SINCE 2009

                                        COD MARCH 2020
                                                                      12
ADVANCING WITH STRATEGY EXECUTION

CASTILLA - ECOPETROL
THE LARGEST SOLAR SELF-GENERATION PROJECT IN COLOMBIA

20MW         UNDER
          CONSTRUCTION
                                                        COD
                                                   OCTOBER 2019
                                                                  13
AES GENER

LEADING DECARBONIZATION
WITH RELIABLE RENEWABLE ENERGY

                                     27%                                         37%
              TODAY                                      TODAY+PROJECTS
   59%
            5.1GW                              51%
                                                           5.9GW
                                  13%
                            1%
                                                                              59% PIPELINE
                                                                                  INCLUDING

                                                                   1%   11%

            RENEWABLES & ENERGY STORAGE    NATURAL GAS    DIESEL    COAL                 14
STRATEGY

     5 SOLUTIONS
       Business
                                        5      TECHNOLOGIES

                    ENERGY
                    PROVIDER            NCRE                Hydro
                     of choice
                     in South America
                                                  Thermal

                      Investment
15
                   GRADE RATING         Battery             Desal
CHILE
Commercial Strategy
                                                                    20,000
                                                                                                                                       Mining                              Distribution
                                                                                                                                        68%                                    25%
      Commercial strategy aims to maximize
      cash flow while minimizing volatility                                                                                                          11 year
                                                                                                                                                       Avg.
                                                                    15,000
                                                                                                                                                     Contract
                                                                                                                                                       Life                Industrial

                                                     GWh per Year
                                                                                                                                                                              7%
      Optimal contracted position seeks to
      match contracted energy with long term                        10,000
      efficient generation

      Contract customers include regulated                           5,000
      customers (distribution companies) and
      unregulated customers (mining,
      commercial and industrial)
                                                                         -
                                                                             2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040

                                                                                                                 Distribution   Non Regulated
     Contracts include Price
     indexation mechanisms     ~11 years average
     (coal and US CPI) and     life of outstanding
     pass-through provisions   contracts
     (regulatory risks)

16
COLOMBIA & ARGENTINA
Commercial Strategy
                          ENERGY SALES                                    Medium Term
                                                    ~80% of Expected
                                                                            Contracts
                                       43%             Generation
                                                                           (1-4 Years)

                               7,513
        Colombia                                       Remaining       Spot and Frequency
                               GWh                     Generation       Regulation Sales

                         57%
                                                       Firm Energy      Reliability Charge
                                                      (~3,000 GWh)           Revenue
                       Contract              Spot

                          ENERGY SALES

                         23%
                                                                          Energía Plus
                                                    Contract Energy
                                                                           Contracts
        Argentina              4,181
                               GWh
                                                       Remaining          Energía Base
                                       77%
                                                       Generation       Spot Sales to ISO

                       Contract              Spot
17
     FY-2018 Figures
STRONG
Financial Performance
IFRS (2018 Figures)
     EBITDA & EBITDA margin                                                       Total Debt and Net Debt / EBITDA
         32%              34%                    33%                 34%              4.4x                  4.3x                4.4x
                                                                     887                                                                              3.6x
                           778                   793                                                     3,824                 3,741
         691                                                           55             3,340                                                          3,525
                            25                    29                  241
          19               172                   174
         246                                                                                             1,626                 1,353                 1,179
                                                                                      1,552
                           581                    591                 591
         426                                                                                             2,198                 2,387                 2,346
                                                                                      1,788

         2015             2016                   2017                2018             2015               2016                  2017                  2018
                 Chile   Colombia          Argentina        EBITDA Margin                 PF/Non-Recourse           Corporate Debt          Net Debt/EBITDA

     Total CAPEX                                                                  Capital Allocation
         1,002
          109                                                                                                                        806                  798
                            562                                             565        606
                                                   497                                                                               471                  351
                            83                                              100         92
         893                                       106
                                                                                       235                  248                                           184
                            479                    391                      465
                                                                                                            102                  261
                                                                                       279                   93                                           263
                                                                                                             53                   74
         2015              2016                    2017                 2018
                                                                                       2015                 2016                 2017                     2018
                            Construction      Maintenance
                                                                                              Equity Contribution     Dividends Paid       Debt Payment
18
AES GENER

DEBT PROFILE
$3,525MN AS OF DECEMBER 31, 2018

AVERAGE    AVERAGE             NET DEBT/
                                                           RATE
  COST       LIFE               EBITDA
                                                                       Recourse Debt                        Non-Recourse Debt
                                                                         $1,179 mn            $3,525mn      $2,346 mn
5.8%        14          3.6x             1.7x             94%                   33%                         67%
             Years     (Consolidated)   (Recourse Debt)   Fixed Rate

                                                                                                                   1,902
Amortization Schedule ($mn)                                                                                         514

                                          340                                                        350
    272
                                         214                                                         192           1,388
                                                                       182             182
    151              145                                       152
                                                                       29              34
                     21                                        24
    121              124                 126                   128     153             148           158

    2019             2020                 2021                 2022    2023            2024          2025         2026/2073
                                                                                                                                19
2 APPENDIX
 Alto Maipo
ALTO MAIPO
OVERVIEW
       Overview                                               Project Layout
                                                      Las                                                    1   Alfalfal II. 264MW Unit
         Technical Aspects             Alfalfal II                                                   VL-8
                                                     Lajas               L1
                                                                                                             2   Las Lajas. 267MW Unit

                                                                                                  VA-1           Tunnel
         Installed capacity (MW)          264         267                                 2
                                                                                   VL-4
         Number of units                   2           2                                      1
                                                                                                   VA-2
         Type of turbines                Pelton      Pelton
         Voltage (kV)                   12/220       12/110

       Ownership                     Main Contractors
                                                                                                          VA-4
                              AES                                 Project Location
                             Gener                               Metropolitan Region                                V5
                              93%

                                                                                                                      V1

     Strabag
       7%

21
ALTO MAIPO
CONSTRUCTION STATUS                                                                                            Las Lajas Headrace
                                                                                                               Total length 17km

                                                                Las Lajas Tailrace
                                                                Total length 15km
                                                                                                                   1   Alfalfal II. 264MW Unit
                                                                                                           VL-8    2   Las Lajas. 267MW Unit

                      75%
                                                                                    L1
                                                                                                        VA-1           Tunnel
                                                                                                2
                                                                                         VL-4
                                                                                                                        Alfalfal II Tailrace
                           Complete                                                                 1
                                                                                                         VA-2           Total length 3km

                                         $0mn
                                                                Alfalfal Headrace
                                                                Total length 27km

                                        EQUITY CONTRIBUTIONS
                                             PENDING                                                            VA-4
                                          During Construction                                                             V5

                              Tunnels                           Volcan
                                                                Total length 14km

                       51km                                                                                                 V1

                            Excavated

22                                                                                                                                               22
     Progress as of February 2018
ALTO MAIPO
KEY CHANGES TO MITIGATE RISK

     CHANGE IN                                  PROJECT                                    AES GENER
     RISK PROFILE                               CAPITALIZATION                             COMMITMENTS
     Lump sum fixed price contract with         Fully funded plan, considering:            AES Gener will contribute:
     Strabag, including guaranteed completion
     dates backed by:                           • $3,048mn construction cost               • $200mn based on progress and debt
                                                • Additional $392mn payable over 20-         disbursements
     • $300mn Letters of Credit                   year after COD                           • Up to $200mn towards completion
     • Corporate Guarantee from Strabag SE                                                   and for project costs or to prepay
                                                Lenders commitment for US$823 mn,            debt
     Transfer of Geological and construction
                                                including incremental funding of
     risks                                                                                 No additional debt to be issued at AES
                                                $135mn
                                                                                           Gener level
     Strong incentives for early completion
                                                Incremental shares to Strabag if certain
                                                milestones are met
     COD Las Lajas & Alfalfal II expected in
     2020

23
3 APPENDIX
 Financial Review
 Fourth Quarter 2018
FULL YEAR 2018 AND FOURTH QUARTER

CONSOLIDATED
FINANCIALS

   Key Financials ($ mn)     FY-2018           FY-2017         Var. (%)        4Q-2018   4Q-2017       Var. (%)
   EBITDA                     887              793                 12%          233       231           1%
   EBITDA Margin             34%               33%                 1%          35%       35%            1%
   Net Income                 287              185                 56%           8        71           -88%

EBITDA BY MARKET                                            EBITDA BY MARKET
Full Year                                                   Fourth Quarter

FY-2018                67%      27%       6% 887         4Q-2018               70%              22%   8% 233

FY-2017                74%    22% 4% 793                 4Q-2017                 81%               14% 5% 231

                                                                                                                  25
                                       Chile     Colombia          Argentina
FULL YEAR 2018

EBITDA BRIDGE
                                                    887
12% INCREASE, $94 MN
                                               26

                                          67
                 LOWER ESSA MARGIN -$33

        793
                           1

         2017                                       2018

                                                           26
MARKET PERFORMANCE

CHILE
2018 EBITDA +$1mn

  Main Drivers             EBITDA Variation
  4Q-2018                  FY-2018
                                                           +0%

  PPAs BEGAN SUPPLY                                               23.9    -24.4
                                 591      7.1      -5.9                             591
                                                                                   163.2
  LOWER GENERATION
                                 187.6

  LOWER MARGIN FROM ESSA                                                           139.9

                                 116.0
                                                                                   137.4
                            4Q
                            3Q   143.3
                            2Q                                                     150.8
                            1Q   143.7
                                 2017    1Q Var   2Q Var         3Q Var   4Q Var   2018    27
MARKET PERFORMANCE

COLOMBIA
2018 EBITDA +$67mn

  Main Drivers              EBITDA Variation
  4Q-2018                   FY-2018                        +39%
                                                                                    241
  LARGER SALES VOLUME
                                                                            20.2
                                                                   20.7             51.6
  HIGHER CONTRACT PRICES          174              21.8
                                          4.9
                                  31.4
                                                                                    78.5
  HIGHER ENERGY PURCHASES
                                  57.8

                             4Q                                                     65.2
                                  43.4
                             3Q
                             2Q
                                  41.0                                              45.9
                             1Q
                                  2017   1Q Var   2Q Var          3Q Var   4Q Var   2018   28
MARKET PERFORMANCE

ARGENTINA
2018 EBITDA +$26mn

  Main Drivers             EBITDA Variation
  4Q-2018                  FY-2018
                                                          +88%

  HIGHER CONTRACT MARGIN                                                            55
                                                                           5.7
                                                                  5.1              18.1
  HIGHER CAPACITY PRICES
                                                  8.0

  LOWER GENERATION                29     7.0
                                                                                   13.4

                                 12.4
                            4Q                                                     12.2
                            3Q   8.3
                            2Q    4.2                                              11.2
                            1Q    4.2
                                 2017   1Q Var   2Q Var          3Q Var   4Q Var   2018   29
FULL YEAR 2018 ($MN)

NET INCOME
ATTRIBUTABLE TO THE PARENT
               EBITDA                    Interest                    Other     Equity    Income
                          Depreciation                  FX Losses                                 Other
               Variance                  Expense                    Income    Earnings     Tax

                                                                               206
                                                                    270

                                                          13                             107
                                          61
                                                                                                  11
                                                                                                          287
                             14
      185        94                                 ESSA & CTNG sale

                                                          $189mn Guacolda Impairment

      2017                                                                                                2018

                                                                                                                 30
FULL YEAR 2018 ($MN)

CASH FLOW
AND LIQUIDITY

Full Year Cash Flow                                                               Liquidity
                                                                                  as of December 31, 2018
                          513          513

                                                                                           Cash and                  Undrawn
                                                    258                             Cash Equivalents                 Committed Facilities
              313
                                                                                      $322 mn               $572mn   $250 mn

  276                                                            9
                                                                         322
                                                                                           56%                       44%

 Dec-17   Operating CF Asset Sales   CAPEX      Financing CF FX Impact   Dec-18
                                     & Others
                            Investing CF

                                                                                                                                       31
Angamos
SUMMARY OF HISTORICAL FINANCIALS (US$mn)

     Revenue                                                       EBITDA and EBITDA Margin
                                                            397
                                        340                          39%      39%                       35%
                       309                                   41                               31%
       284                              17                   22
        2                5              46
       44               52

                                                            334                                         140
       238             252              277                          111      122             105

      2015            2016              2017                2018    2015      2016            2017      2018
                    Contracted   Spot      Other                             EBITDA     EBITDA Margin
     Credit Metrics                                                CAPEX
                                        7.3x
                                                                     16
       6.9x
                       6.2x

                       2.8x                                 4.2x
       2.5x                             2.4x                                                   6
                                                            3.4x                                         6
                                                                               4

      2015            2016              2017                2018    2015      2016            2017      2018
               Net Debt/EBITDA   EBITDA/Financial Expense
32                                                                                    CAPEX
Guacolda
SUMMARY OF HISTORICAL FINANCIALS (US$mn)

     Revenue                                                  EBITDA and EBITDA Margin
                                          493           498                39%
       438                                                                                  34%
                                                                 28%                                  27%
                         381

                                                                           150              167
                                                                  122                                 133

       2015             2016              2017         2018      2015      2016             2017      2018
                                Revenue                                    EBITDA     EBITDA Margin

     Credit Metrics                                           CAPEX
                                                                  115

       3.9x                                                                 78
                                          4.6x
                         3.5x                          4.1x

                                                                                            14         11
       6.3x             4.9x              4.1x         4.7x

       2015             2016              2017         2018      2015      2016             2017      2018
33            Net Debt/EBITDA      EBITDA/Financial Expense                         CAPEX
4 APPENDIX
 Chilean Regulated Power Auctions
DISTRIBUTION
PPA AUCTIONS

     Auction Launch           2013             2015              2015-01               2017-01                2018       2019              2020
     (Year)

     Auction Size              13.0               1.2               12.4                 2.2                   4.7        3.0               2.8
     (TWh-Year)

     Year of the
                             2014              2015                2016                 2017                  2019      2020               2021
     Auction

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

     Tenor                     15                 20                 20                  20                    20         20                20

                       Avg. Awarded Price
                                                                  Avg. Awarded Price     Avg. Awarded Price
                          $94.7/MWh         Avg. Awarded Price                                                       Unconfirmed Figures
                                                                     $47.6/MWh              $32.50/MWh
                       (92% awarded w/o        $79.9/MWh
                                                                   (100% awarded)          (100% awarded)
35                       change in law)
DISTRIBUTION COMPANIES
PPA AUCTIONS
MAIN CHANGES ON TERMS & CONDITIONS
                                                                                                      2018-01 Auction
                                        2015-01 Auction                2017-01 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
                                                                      Daily blocks + seasonal
     POWER BLOCKS
                                                                                                          Daily blocks
                                            Daily blocks           blocks for hydro (new, totaling
                                                                                                       Storage Incentives
                                                                             600 GWh)
                                               Initial                          Initial                      Initial
                                         ~$4,000 per GWh                 ~$8,000 per GWh               ~$8,000 per GWh
                                            (CLF$100)                        (CLF$200)                    (CLF$200)
     GUARANTEES
                                          Performance                     Performance                   Performance
                                        ~$12,000 per GWh                ~$24,000 per GWh              ~$24,000 per GWh
                                           (CLF$300)                       (CLF$600)                     (CLF$600)
     FINES FOR DELAYS
                                          ~$200 per GWh                  ~$1,200 per GWh               ~$1,200 per GWh
     (For new projects, every two
     milestones delay)                       (CLF$5)                         (CLF$30)                      (CLF$30)
36
5 APPENDIX
 About The AES Corporation
THE AES CORPORATION
OVERVIEW

                4           MARKET-ORIENTED
                                                                                   6           UTILITY
                                                                                                                                                  $33B                              $11B
                                                                                                                                                                   TOTAL
                                                                                                                                                                   ASSETS                              TOTAL

                                                             +
                            STRATEGIC                                                          COMPANIES
                                                                                                                                                                   OWEND &                             REVENUES
                            BUSINESS UNITS

                                                                               2M AES SERVES OVER
                                                                                                                                                                   MANAGED
                            SOUTH AMERICA, MCAC,

                                                                                                                                              FORTUNE 200
                            USA & UTILITIES,

      15
                                                                                               CUSTOMERS
                            EURASIA
                                                                            AES IS ENERGIZED BY A
                                                                            GLOBAL WORKFORCE                                                  GLOBAL POWER COMPANY

                                                                                                                                              FOUNDED IN 1981
                           COUNTRIES

               33,965                            GROSS MW
                                                 in operation*            MISSION
                                                                                                                                              NAMED TO
                                                                          Improving lives by providing safe, reliable
                                                                                                                                              DOW JONES
                3,930                                                                                                                         SUSTAINABILITY
                                                                          and sustainable energy solutions in every
                                                 MW under
                                                                          market we serve
                                                 construction

                                                                          GLOBAL ACCESS TO
                                                                                                                                              INDEX
       GENERATION                                                                                                                             for North America for the Fourth Year in a Row (2014-2017)
       TENCHNOLOGY                                                           Construction expertise and contractors

       GAS 37%                                                               Financing                                                        LISTED ON

                                                                                                                                              NYSE
       COAL 32%                                                              Equipment and fuel suppliers
       RENEWABLES 27%
       OIL/DIESEL/PET COKE 4%                                                Engineering, consulting and insurance

38
     * 24,104 proportional MW. Proportional MW is equal to gross MW of a generation facility multiplied by AES’ equity ownership percentage in such facility
     Source: The AES Corporation Fact Sheet as of May 8, 2018, The AES Corporation Financials as of December 31, 2017.
THE AES CORPORATION
OVERVIEW
      South America Overview                                                                                              Colombia 1,020 MW                   30%
                                                                                                                                                                                   Brazil
                                                                                                                                                    8%                             3,684 MW

     AES Gener and AES Argentina Generación
     share the same senior leadership                                                                                                                12,260
                                                                                                                                              28%     MW
     Largest energy producer in Chile, a leading                                                                                                                                   Argentina
     player in Argentina and a major producer in                                                                          Chile 3,452 MW                                           4,104 MW²
                                                                                                                                                               34%
     Colombia and Brazil
     One of the most diversified LatAm
     generation players in terms of geographical                                                                     AES Argentina              3,461 MW + 2 fuel procurement facilities
     footprint and technology
                                                                                                                                                643 MW
     Owns InterAndes transmission line,                                                                              AES Gener                  1,020 MW
     connecting Chile and Argentina                                                              Andes SBU
                                                                                                                                                3,400 MW + 52 MW Energy Storage
                                                                                                 Brazil SBU
                                                                                                                     AES Brasil                 3,684 MW

                                                                                                                     AES Servicios              Service center in Buenos Aires provides Finance and HR
                                                                                                                     America                    transactional services to AES affiliates

     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
     Sources: The AES Corporation Fact Sheet as of May 8, 2018, The AES Corporation Financials as of December 31, 2017.
         Including AES Gener’s TermoAndes facility located in Argentina.
39
     2)
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.
4Q-2018
CORPORATE
PRESENTATION
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