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4Q-2018 EARNINGS CALL

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.

AGENDA 2018 Fourth Quarter Earnings Call HIGHLIGHTS FINANCIAL REVIEW KEY TAKEAWAYS Q&A

HIGHLIGHTS 1 4Q-2018

STRONG EARNINGS GROWTH HIGHEST EVER 2018 2018 Net Income EBITDA $287mn $887mn +56% +12% 5

ADVANCING WITH STRATEGY EXECUTION EXECUTED ASSET SALES PORTFOLIO MANAGEMENT 316km sale of ELÉCTRICA Sale of regulated SANTIAGO $532 TRANSMISSION LINES MILLION Transaction closed Transaction closed ~15x EV/EBITDA ~15x EV/EBITDA 6

ADVANCING WITH STRATEGY EXECUTION STRENGTHENING CAPITAL STRUCTURE DEBT PREPAYMENT PROGRAM ON TRACK $528mn Net Debt/ EBITDA 3.6x Debt Prepaid 7

ADVANCING WITH STRATEGY EXECUTION GREENTEGRA SIGNED COMMERCIAL AGREEMENTS 3.6 3.6 1,100 GWh/y 876 GWh/y 15 YEARS 18 YEARS TWh/y C & I CUSTOMERS 1,600 GWh/y 20 MW solar 4 YEARS 15 YEARS 8

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 9

ADVANCING WITH STRATEGY EXECUTION #1 WIND DEVELOPER IN COLOMBIA JEMEIWAA-KAI PROJECTS ACQUIRED Strong complement to wind projects 648 648 MW Acquired OUR EXISTING ASSETS MW 5 wind Projects Capacity Factor: 54% 54% World Class Net • Irraipa 99 MW • Casa Eléctrica 180 MW • Carrizal 195 MW 549MW • Apotolorru 75 MW Secured Transmission • Jotomana 99 MW Capacity 10

ADVANCING WITH STRATEGY EXECUTION CASTILLA - ECOPETROL THE LARGEST SOLAR SELF-GENERATION PROJECT IN COLOMBIA 20 20 MW COD COD UNDER MW CONSTRUCTION OCTOBER 2019 11

ADVANCING WITH STRATEGY EXECUTION GREENING CHILE PATH TO DECARBONIZATION CO 2 HIGHER RENEWABLE SYSTEM ENERGY Intensity FLEXIBILITY PENETRATION REDUCTION GREENER & COST COMPETITIVE RELIABLE CAPACITY ENERGY 12

GREENING CHILE ALTO MAIPO ON TRACK 75% PROJECT COMPLETE 51 km 13

GREENING CHILE ANNOUNCING NCRE INVESTMENTS 290 MW TO SUPPORT COMMERCIAL AGREEMENTS ANDES AND ES SOLAR II SOLAR II SOLAR 80 MW WIND 80 MW CAMPO CA MPO LINDO LINDO SANTIAGO WIND WIND 40 MW 90 MW MESAMAVID MESAM VIDA LOS OS OLMO OLMOS 14

GREENING CHILE ANNOUNCING VIRTUAL DAM PILOT BROADENING BATTERY SOLUTIONS Converting run-of-river plants into 52 MW VIRTUAL RESERVOIRS capacity of batteries EXISTING SPINNING RESERVE 10 MW PILOT 5 HOUR PIONEERS IN CHILE SINCE 2009 COD MARCH 2020 15

GREENING CHILE THERMAL FLEXIBILITY ENABLING HIGHER NCRE PENETRATION 43% 32% Rest of Coal Plants in Chile AES Gener Portfolio 16 [%] Technical Minimum / Maximum Capacity

GREENING CHILE INTERANDES ENHANCES GRID RESILIENCY ONLY CONNECTION BETWEEN CHILE AND ARGENTINA INTERANDES IS CRITICAL FOR PATH TOWARDS DECARBONIZATION 600 MW 345 kV T-LINE connecting 410 km TRANSMISSION SEN & SADI CAPACITY systems 17

AES GENER LEADING DECARBONIZATION GREENING CHILE RENEWABLE ENERGY ALTO MAIPO MESAMAVIDA LOS OLMOS CAMPO LINDO ANDES SOLAR II PENETRATION 531 MW 40 MW 90 MW 80 MW 80 MW PATH TOWARDS CO 2 INTENSITY REDUCTION HIGHER SYSTEM BATTERIES INTERCONNECTION THERM THE RMAL FLEET AL FLEET FLEXIBILITY CHILE ↔ ARGENTINA FLEXIBLE & STATE OF THE VIRTUAL DAM TX SOLUTIONS ART TECHNOLOGY 18

AES GENER LEADING DECARBONIZATION WITH RELIABLE RENEWABLE ENERGY 37% 27% TODAY TODAY+PROJECTS 5.1 GW 5.9 GW 51% 59% 13% 59% INCLUDING PIPELIN PIPEL INE 1% 11% 1% RENEWABLES & ENERGY STORAGE NATURAL GAS DIESEL COAL 19

Financial Review 2 4Q-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 887 887 233 233 67% 67% 27% 27% 6% 6% 70% 70% 22% 22% 8% 8% FY-2018 4Q-2018 793 793 231 231 5% 74% 22% 4% 81% 14% FY-2017 4Q-2017 21 Chile Colombia Argentina

FULL YEAR 2018 EBITDA BRIDGE 887 12% INCREASE, $94 MN 26 67 LOWER ESSA MARGIN -$33 793 1 2017 2018 22

MARKET PERFORMANCE CHILE 2018 EBITDA +$1mn Main Drivers EBITDA Variation 4Q-2018 FY-2018 +0% PPAs BEGAN SUPPLY 23.9 -24.4 591 591 -5.9 7.1 163.2 LOWER GENERATION 187.6 LOWER MARGIN FROM ESSA 139.9 116.0 137.4 4Q 3Q 143.3 150.8 2Q 1Q 143.7 23 2017 1Q Var 2Q Var 3Q Var 4Q Var 2018

MARKET PERFORMANCE COLOMBIA 2018 EBITDA +$67mn Main Drivers EBITDA Variation 4Q-2018 FY-2018 +39% 241 LARGER SALES VOLUME 20.2 51.6 20.7 HIGHER CONTRACT PRICES 21.8 174 4.9 31.4 78.5 HIGHER ENERGY PURCHASES 57.8 65.2 4Q 43.4 3Q 2Q 45.9 41.0 1Q 24 2017 1Q Var 2Q Var 3Q Var 4Q Var 2018

MARKET PERFORMANCE ARGENTINA 2018 EBITDA +$26mn Main Drivers EBITDA Variation 4Q-2018 FY-2018 +88% 55 HIGHER CONTRACT MARGIN 5.7 5.1 18.1 HIGHER CAPACITY PRICES 8.0 LOWER GENERATION 7.0 29 13.4 12.4 4Q 12.2 3Q 8.3 2Q 4.2 11.2 1Q 4.2 25 25 2017 1Q Var 2Q Var 3Q Var 4Q Var 2018

FULL YEAR 2018 ($MN) NET INCOME ATTRIBUTABLE TO THE PARENT EBITDA Interest Other Income Equity Depreciation Other FX Losses Variance Expense Income Earnings Tax 206 270 107 13 287 61 11 14 185 94 ESSA & CTNG sale $189mn Guacolda Impairment 2017 2018 26