Enersis Value Growth September 2014 Disclaimer This presentation - PowerPoint PPT Presentation

Enersis Value Growth September 2014

Disclaimer This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Enersis and its management with respect to, among other things: (1) Enersis ‟ business plans; (2) Enersis ‟ cost-reduction plans; (3) trends affecting Enersis ‟ financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Enersis or its subsidiaries. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Enersis ‟ Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Enersis undertakes no obligation to release publicly the result of any revisions to these forward-looking statements. 2

Agenda 740 Enersis investment highlights 188 150 120 Overview of Enersis ’ capital increase 490 15.846 Annexes 3

Ownership profile Enersis represents today 51% of Endesa’s EBITDA OTHER SHAREHOLDERS 92% 8% CHILEAN OTHER OTHER INST. ADR PENSION ENDESA, S.A. HOLDERS SHAREHOLDERS SHAREHOLDERS FUNDS 61% 13% 10% 10% 6% 4 Ownership as of June 2014

Enersis investment highlights Largest private power platform in Latin America • Unique and well diversified portfolio of assets • Markets with stable regulatory environment • Prudent commercial policies • Proven track record in operating utilities • Outstanding financial performance • 5

Enersis investment highlights Enersis is Latin America’s largest private power Company Colombia #2 Brazil 3,040 MW 987 MW 1% Market Share Gx 21% Market Share Gx 6.3 million clients 2.7 million clients Sales Dx 21,767 GWh Sales Dx 13,342 GWh 5% Market Share Dx 16% Market Share Dx 2,100 MW transmission lines Peru #1 1,832 MW Argentina #2 22% Market Share Gx 1.3 million clients 4,522 MW Sales Dx 7,045 GWh 14% Market Share Gx 19% Market Share Dx 2.4 million clients Sales Dx 18,137 GWh Chile 20% Market Share Dx #1 6,352 MW 32% Market Share Gx 1.7 million clients Total Generation Total Distribution Sales Dx 15,152 GWh Installed capacity: 15,846 MW Clients: 14.4 million Energy sales: 69,369 GWh Energy sales: 75,443 GWh 20% Market Share Dx Source: Company filings and presentations. Gx Data as of June 30, 2014; market shares calculated based on installed capacity; Dx data as of December 31, 2013 ; 6 market shares based on energy sales.

Enersis investment highlights Unique portfolio of assets in the region Overview (2013) Distribution Generation Clients 14.4 million Installed Capacity 15,846 MW 6.3 8,677 6,211 2.7 2.4 1.7 1.3 872 87 Hydro Oil-Gas Coal CHP / Renewables 55% of Enersis‟ installed capacity is hydro, • Enersis distributes energy in South America‟s • which represents the lowest production cost largest cities 7 Source: Company filings

Enersis investment highlights Oustanding indicators Distribution Generation Thousand new clients per year EBITDA / installed MW (CLP$) 1.6 million 1.7 mm New clients clients 150,158 149,547 492 122,614 118,974 384 366 359 69,861 28,773 2010 2011 2012 2013 Enersis Tractebel Aesgener Colbún ECL Enersur (Gx)  Enersis is the company with highest EBITDA per installed MW in the region  In the past 4 years we added a “ Chilectra sized” amount of new clients 8 Source: Data as of December 31, 2013, except Enersur (data as of December 31,2012)

Enersis investment highlights Well diversified by country and type of activity Overview (2013) Generation – energy sales Distribution – energy sales Peru Peru Argentina Argentina 9% 14% Colombia 24% 24% 18% Colombia 23% 10% Brazil 20% 29% 29% 23% Brazil Chile Chile Total: 69,369 GWh Total: 75,443 GWh EBITDA 1 Argentina Peru 9% 12% 25% Brazil Generation 48,1% 51,9% 31% Distribution Colombia 23% Total: MUS$ 4,547 Chile 9 Source: Company filings; Note: 1 Assumes average FX rate of 495.18 CLP/USD

Enersis investment highlights Largest private power platform in Latin America • Unique and well diversified portfolio of assets • Markets with stable regulatory environment • Prudent commercial policies • Proven track record in operating utilities • Outstanding financial performance • 10

Enersis investment highlights Despite a complex global macro environment, Latin America offers large opportunities for growth 5,9 3,5 3,2 2,6 2,5 Growth in electricity demand Chile Brazil Colombia Peru Argentina as of FY 2013 vs. FY 2012 2014 5.3 4.8 4.6 4.3 2015 3.5 3.0 2.3 2.1 1.8 1.5 1.4 1.0 Expected real 0.2 GDP growth 1 (%) -1.6 Chile Brazil Colombia Peru Argentina North Western America Europe S&P Rating Chile Brazil Colombia Peru Argentina AA- BBB BBB BBB+ CCC+ CDS 2 72.0 133.2 80.3 83.0 1,796 1 Latin American Consensus Forecasts as of July 2014; 2 Credit Default Swaps as of June 06, 2014.

Enersis investment highlights High growth prospects Electricity consumption in the world Kwh/ GDP (PPP). Per capita 18.000 Canada 16.000 • Energy demand Finland 14.000 growth is very United States KWH per inhabitant 12.000 stable in the 10.000 countries where Austria 8.000 France Japan we operate, Germany Russia Spain 6.000 Ireland showing a growth United KIngdom Greece Italy 4.000 average of 3.5% Chile China Argentina Brazil 2.000 Mexico Peru in 2013. Colombia 0 0 10.000 20.000 30.000 40.000 50.000 60.000 GDP per capita (PPS, US$) • Compared to Electricity demand growth 2013 developed countries, Enersis 5.9% is in a very good 3.5% position for 3.2% 2.6% 2.5% growth -1.1% Chile Argentina Brazil Colombia Peru OECD Countries Source: Electricity Consumption: The World Bank, as of 2011 12 Demand growth: Energy Information Administration (www.eia.gov) and internal data

Enersis investment highlights High growth prospects Electricity consumption in LatAm KWh / GDP (PPP). Per capita. 3.500 Chile 3.000 Argentina Chile 2.500 Brazil KWh per inhabitant Brazil Argentina 2.000 2000 Mexico 2010 Mexico 1.500 Peru 1.000 Colombia Colombia Peru 500 0 0 2.000 4.000 6.000 8.000 10.000 12.000 14.000 16.000 18.000 20.000 GDP per capita (PPP, US$) 13 Source: World Bank; CIA Database .

Enersis investment highlights Generation’s regulatory framework encourages stability and creates incentives that guarantees expansion Peru Brazil Characteristics Chile Colombia Long term auctions Auctions for 15, 20 Auctions for 15, 20 Auctions for 15, 20 for the regulated Open contracts and 30 years and 30 years and 30 years market facilitate expansion • Income based • Income based • Energy auctions Income based on contributions on contributions for at least 20 Payment based on on contributions during peak during peak years during peak capacity independent demand demand • Recognition of demand of technology • Recognition of • Recognition of dual generation dual generation dual generation for gas turbines for gas turbines for gas turbines Frequency of recalculation of Calculated regulated Calculated every Calculated every Calculated 3 – 12 months guaranteed pass monthly monthly 3 – 12 months through to the end customer Markets with audited Spot market with Spot market with Spot market with Spot market with or auctioned costs audited costs audited costs auctioned costs audited costs 14 Source: Company filings and presentations

Enersis investment highlights A sound commercial policy reduces profit volatility A diversified portfolio reduces risk Commercial policy US$ Output and sales target for future years Hydro Regulated and unregulated - 35% Thermal Spot contracts Argentina 100% Brazil Extreme hydro volatility Chile Hydro Colombia LatAm ~75% 1 Peru Thermal Margin in risk by Margin in risk for the country combined portfolio Target output Target sales Target output Target sales Our risk policy considers • Probability - Hydrological conditions - Demand growth 5% MaR Margin - Fuel prices Expected - Foreign exchange - Inflation The objective is to ensure (with a 95% probability) • that the margin for the period is at least 90% of the Portfolio diversification has reduced “margin at risk” • expected margin during normal conditions by 35% 15 ( 1 ) Corresponds to commercial policy for 2014 under current market assumptions