3Q-2018 CORPORATE PRESENTATION Company Overview 1 AES GENER AT A - PowerPoint PPT Presentation

3Q-2018 CORPORATE PRESENTATION

Company Overview 1

AES GENER AT A GLANCE LEADING GENCO CONTROLLED BY THE AES CORPORATION AES Gener Is Energized By A IMPROVING LIVES IN Regional Workforce Of $2.4B $886M Chile, MARKET CAP EBITDA +1,300 PEOPLE AS OF Sep 28, 2018 LTM 3Q-2018 Colombia AND RECOGNIZED AS A Great Place Argentina To Work in $8.2B $3.7B TOTAL ASSETS CONS. DEBT OWNED & MANAGED 3Q-2018 CHILE COLOMBIA ARGENTINA RATED Founded In 1981 Baa3 / BBB- / BBB- BY 5,063 GROSS MW And Acquired by MOODY’S S&P GLOBAL FITCH RATINGS in operation The AES Corporation in 2000, Technologies Market Share 3,400 Who Currently owns 66.7% Named to 1,020 Coal 3,029 MW Chile 28% by generation Dow Jones Colombia 7% by generation Hydro 1,291 MW 643 Sustainability Argentina 3% by generation Gas/Diesel 709 MW Others 34 MW 531 Index for Chile GROSS MW Commercial Business Largely under LISTED ON Contracted construction Santiago Stock (Alto Maipo EFFICIENT GENERATION CONTRACTED WITH AN Exchange Project in Chile) AVERAGE LIFE OF 11 YEARS IN CHILE 3

KEY INVESTMENT CONSIDERATIONS Largest energy producer in Chile, and major producer in Colombia, with one of the LEADING POSITION most efficient plants in Argentina NEW GROWTH Competitive advantages to drive growth in renewables throughout the region, STRATEGY disciplined capital allocation decisions $528m prepaid since Dec 2017, committed to enhance the capital structure align DELEVERAGING with Investment Grade profile One of the most diversified Latin American generator in terms of geographical DIVERSIFICATION footprint and technology STABLE CASH FLOWS USD-denominated contracts with built in fuel and inflation pass-through provisions 4

MARKET OVERVIEW Ratings System Data Energy Demand Generation by Fuel type Chile ~18 M Regulated S&P Thermal Unregulated NCRE 46% 58% 54% 11% inhabitants A+ +2.46% ~$267B 24,096 MW GDP as of 2017 Installed Capacity National Unregulated Demand Growth (CAGR 70,530 76,278 2018-2030) GWh GWh Moody’s A1 +3.06% Hydro 31% National Regulated 76,278 GWh Demand Growth (CAGR Generation 2018-2030) Fitch A 5 Chile Expected Energy Sales Growth (CAGR 2030) source: Fijación De Precios De Nudo De Corto Plazo Informe Técnico Definitivo (January, 2018) LTM 3Q-2018 System Data for Chile

MARKET OVERVIEW Ratings System Data Energy Sales Generation by Fuel type Colombia Regulated Hydro Unregulated Thermal 17,294 MW 68% 81% 32% 19% ~49 M S&P Installed inhabitants BBB- ~$310B Capacity +3.19% 67,456 67,988 Moody’s GDP as of 2017 GWh GWh Baa2 Fitch 67,988 GWh BBB SIN Demand Growth Generation (CAGR 2018-2030) Argentina Industrial Residential Nuclear Thermal 28% 38,228 MW 43% 2% 64% ~44M NCRE S&P 5% SADI Installed inhabitants B+ Capacity +3.36% ~$635B 134,784 139,430 Moody’s GDP as of 2017 GWh GWh B3 139,430 GWh Fitch B SADI SADI Demand Growth Comercial Generation Hydro (CAGR 2016-2030) 29% 29% 6 SIN Expected Energy Sales Growth (CAGR 2030) source: UPME April 2018 Forecast. SADI Expected Energy Sales Growth (CAGR 2030) source: MINEM 2030 Energy Scenario Report - Trend Scenario (December, 2017) LTM 3Q-2018 System Data for Colombia and Argentina

MARKETS OVERVIEW COLOMBIA ($221mn EBITDA) LTM 3Q-2018 FIGURES ENERGY SALES GENERATION 23% SIN $382mn 4,708GWh CHILE ($616mn EBITDA) 77% 100% ENERGY SALES GENERATION Hydro Contract Spot SIN ASSETS, 1,020 MW 1% 8% 9% 25% CHIVOR, 1,000 MW, hydro SEN TUNJITA, 20 MW, hydro $1,790mn 14,791GWh ARGENTINA ($49mn EBITDA) 66% ENERGY SALES GENERATION 91% Thermal Other Hydro Regulated Unregulated Spot SEN ASSETS, 3,400 MW SADI NORGENER, 277 MW, coal SAD $155mn 4,331GWh ANGAMOS, 558 MW, coal 49% 51% COCHRANE, 550 MW, coal ANDES SOLAR, 21MW solar PV VENTANAS, 884 MW, coal 100% GUACOLDA, 760 MW, coal Thermal HYDROS, 271 MW Contract Spot SADI ASSETS, 643 MW OTHERS, 79 MW, diesel, biomass TERMOANDES, 643 MW, gas 7

PORTFOLIO OVERVIEW 5,063MW GEO & TECH DIVERSIFIED CHILE COLOMBIA ARGENTINA (3,400MW) (1,020 MW) (643 MW) Ventanas, 884MW Norgener, 277MW Chivor, 1,000MW Termoandes, 643MW 4 coal units 2 coal units 10 hydro units Combined Cycle Valparaiso Tocopilla Bocaya Turbines: 2 gas, 1 steam COD : 1964/1977/2010/2013 Salta COD:1995/1997 COD: 1977/1981 COD: 1999 Guacolda, 760MW Angamos, 558MW Tunjita, 20MW 5 coal units 2 coal units 1 hydro unit Huasco Mejillones Bocaya COD:1995/1996/2009 COD: 2016 COD: 2011 2010/2015 Hydro Plants Cochrane, 550MW 271MW 2 coal units 4 run of river hydro units Mejillones ENERGY STORAGE (CHILE) Cajon del Maipo COD: 2016 COD:1923/1928/1944/1991 Andes Solar, 21MW Energy Storage Backup Plants, 79MW 52MW PV solar Laguna Verde 66MW Diesel Adjacent to Andes Norgener 12MW Laja 13MW Biomass substation Angamos 20MW Cochrane 20MW COD: 2016 8

DIVERSIFIED Portfolio EBI EBITD TDA Countries Countries Tec echno hnolog logy Fuel Fuel 6% 14% 18% 25% 26% 25% $886mn 5,063 MW 5,063 MW 5,063 MW 1% 54% 28% 69% 74% 60% Coal Gas/Diesel Chile Colombia Argentina Thermal Renewable Chile Colombia Argentina Hydro Solar/Biomass 9

CHILE Commercial Strategy 30,000 Mining Distribution 65% 24% Commercial strategy aims to maximize 25,000 11 year cash flow while minimizing volatility Avg. Contract 20,000 Life Industrial GWh per Year 11% Optimal contracted position seeks to match contracted energy with long term 15,000 efficient generation 10,000 Contract customers include regulated customers (distribution companies) and 5,000 unregulated customers (mining, commercial and industrial) - 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040 Regulated Non Regulated Guacolda Contracts include Price ~11 years average indexation mechanisms life of outstanding (coal and US CPI) and pass-through provisions contracts (regulatory risks) 10

COLOMBIA & ARGENTINA Commercial Strategy ENERGY SALES Medium Term ~80% of Expected Contracts Generation 43% (1-4 Years) 7,096 Colombia Spot and Frequency Remaining GWh Regulation Sales Generation 57% Firm Energy Reliability Charge (~3,000 GWh) Revenue Contract Spot ENERGY SALES 24% Energía Plus Contract Energy Contracts Argentina 4,331 GWh Remaining Energía Base Generation Spot Sales to ISO 76% Contract Spot 11 LTM 3Q-2018 Figures

STRONG Financial Performance IFRS (LTM 3Q-2018 Figures) Total Debt and Net Debt / EBITDA EBITDA & EBITDA margin 32% 34% 33% 33% 4.4x 4.4x 4.3x 3.9x 886 793 778 49 3,824 3,741 3,697 691 29 3,340 25 221 19 174 172 1,353 1,626 1,304 246 1,552 616 591 581 2,387 2,393 2,198 426 1,788 2015 2016 2017 LTM 3Q-2018 2015 2016 2017 LTM 3Q-2018 Chile Colombia Argentina EBITDA Margin PF/Non-Recourse Corporate Debt Net Debt/EBITDA Total CAPEX Capital Allocation 1,002 1,017 109 806 606 636 567 562 497 471 92 86 83 92 893 235 248 111 479 481 405 261 102 279 269 93 74 53 2015 2016 2017 LTM 3Q-2018 2015 2016 2017 LTM 3Q-2018 12 Construction Maintenance Equity Contribution Dividends Paid Debt Payment

AES GENER DEBT PROFILE $3,697MN AS OF SEPTEMBER 30, 2018 AVERA VERAGE E AVERA VERAGE E NET ET DE DEBT/ BT/ RA RATE TE COST COS LIF IFE EBITD EBITDA Recourse Debt Non-Recourse Debt $1,30 ,304 mn mn $3,697mn $2,39 ,393 mn mn 3.9x 3.9x 2.0 2.0x 14 14 94% 94% 35% 35% 65% 65% 5.7% 5.7% Years (Consolidated) (Recourse Debt) Fixed Rate 1,89 ,892 Amortization Schedule ($mn) 516 351 351 340 340 284 284 193 214 1,376 183 183 183 183 167 167 152 152 145 145 224 30 35 46 24 22 158 153 148 126 128 121 123 60 2018 2019 2020 2021 2022 2023 2024 2025 2026/2073 13

STRATEGY 5 5 Business TECHNOLOGIES SOLUTIONS ENERGY PROVIDER NCRE Hydro of choice in South America Thermal Investment GRADE RATING 14 Battery Desal

STRATEGY EXECUTION SECURING CONTRACTS FOR GROWTH PIPELINE WATER +3,100 MW RENEWABLE ENERGY DESALINATION Hydro Wind Solar Desal 531 MW 2,272 MW 369 MW +2,000 l/s Under Under Under Construction Development Development 15

APPENDIX 2 Alto Maipo

ALTO MAIPO OVERVIEW Project Layout Overview Las Alfalfal II. 264MW Unit 1 Technical Aspects Alfalfal II VL-8 Lajas Las Lajas. 267MW Unit 2 L1 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 Main Contractors Ownership VA-4 AES Project Location V5 Metropolitan Region Gener 93% V1 Strabag 7% 17

ALTO MAIPO CONSTRUCTION STATUS Las Lajas Headrace Total length 17km Las Lajas Tailrace Total length 15km Alfalfal II. 264MW Unit 1 VL-8 Las Lajas. 267MW Unit 2 70% L1 VA-1 Tunnel 2 VL-4 Alfalfal II Tailrace Complete 1 Total length 3km VA-2 $48mn Alfalfal Headrace Total length 27km EQUITY CONTRIBUTIONS VA-4 PENDING V5 During Construction Volcan Tunnels Total length 14km 46km V1 Excavated 18 18 Progress as of November 2018