3Q-2018EARNINGS 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.

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• 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.

HIGHLIGHTS

FINANCIAL REVIEW

KEY TAKEAWAYS

Q&A

AGENDA2018 Third Quarter

Earnings Call

HIGHLIGHTS2018 Third Quarter

1

3Q-2018

$232mn

+27%

LTM 3Q-2018

$886mn

+12%

HIGHEST

EVER

EBITDAGROWTH

5

Boosted bySTRONGER FINANCIAL

RESULTS

LOWER INTEREST

EXPENSES

SALE OF ELECTRICA

SANTIAGO

LTM 3Q-2018

$350mn

+89%

6

EARNINGSGROWTH

$583

$791$888 $850

2015 2016 2017 LTM 3Q-2018

Sustained cash flow

growth

STRONG

CASH FLOWGENERATION

7

FFO

ON TRACK WITH

DIVIDEND DISTRIBUTIONSFOR 2018

8

$55mn

PAID

$130mnPAYABLE

NOVEMBER 29

$185mn2018

DIVIDENDS

9

ADVANCING WITH STRATEGY EXECUTION

COMMERCIAL OPPORTUNITY PIPELINEACCELERATING A GREENER ENERGY FUTURE

Greentegra

Take or Pay PPAs

~10.5 TWh/year

Fixed charge +

Pass-through of variable costs

Conventional PPAs

~3.2TWh/year

Fixed price

1.1 TWh18

YEARS

Renewable PPAs

~2.3TWh/year

Fixed price

KEY PPASIGNED

Wind2,272 MW

Solar369 MW

Desal+2,000 l/s

Hydro531 MW

Underconstruction

Underdevelopment

Underdevelopment

WATERDESALINATION

ADVANCING WITH STRATEGY EXECUTION

+3,100 MW PIPELINEACCELERATING A GREENER ENERGY FUTURE

10

70%Complete

46kmTunnels Excavated

61% Complete

$48mnEQUITY CONTRIBUTIONS

PENDING

During Construction

Las Lajas Power House October 2018

ADVANCING WITH STRATEGY EXECUTION

ALTO MAIPO ON TRACKACCELERATING A GREENER ENERGY FUTURE

11

$220MN

Expected to close in 4Q-2018

SALE of Regulated Transmission Lines (316 km)

$307MN

Closed Transaction

SALE of Eléctrica Santiago

ADVANCING WITH STRATEGY EXECUTION

EXECUTING ASSET SALESPORTFOLIO MANAGEMENT

12

ADVANCING WITH STRATEGY EXECUTION

STRENGTHENING CAPITAL STRUCTUREONGOING DEBT PREPAYMENT PROGRAM

Net Debt/

EBITDA

3.9x

$528mnDEBT

PREPAID

13

Financial Review2Third Quarter 2018 Earnings Call

Key Financials ($ mn) YTD -2018 YTD -2017 Var. (%) 3Q -2018 3Q -2017 Var. (%)

EBITDA 655 562 16% 232 182 27%

EBITDA Margin 33% 32% 1% 34% 30% 4%

Net Income 279 114 145% 61 26 139%

EBITDA BY MARKET

Year-to-Date

4%

3Q-2018 6%34%60%

32%64%3Q-2017

232

182

Chile ArgentinaColombia

EBITDA BY MARKET

Third Quarter

29%

562

6%

YTD-2017 72% 25% 3%

65%YTD-2018 655

15

2018 THIRD QUARTER AND YEAR-TO-DATE

CONSOLIDATEDFINANCIALS

25

48

20

20182017

655

562

16

2018 YEAR-TO-DATE

EBITDA BRIDGE16% INCREASE, $93 MN

24403

143

428

2Q Var

151144

7

2017

140

20181Q Var

6

3Q Var

137

116

+6%

CHILE

Main Drivers

3Q-2018

EBITDA Variation

YTD-2018

Year-to-Date EBITDA increased by $25mn

3Q 1Q2Q

17

PPAs BEGAN SUPPLY

LOWER MAINTENANCE COSTS

ORGANIZATIONAL EFFICIENCY

COLOMBIA

Main Drivers

3Q-2018

EBITDA Variation

YTD-2018

Year-to-Date EBITDA increased by $48mn

41 46

43

2221

65

58

795

2017 1Q Var 2Q Var 3Q Var 2018

142

190

+33%

3Q 2Q 1Q

18

HIGHER CONTRACT PRICES

LARGER CONTRACT VOLUME

GREATER NET SPOT SALES

ARGENTINA

Year-to-Date EBITDA increased by $20mn

19

Main Drivers

3Q-2018

19

EBITDA Variation

YTD-2018

4.211.14.2

6.9

8.0

5.1

12.2

8.3

13.4

20182Q Var2017 1Q Var 3Q Var

37

17

+119%

3Q 1Q2Q

LARGER CONTRACT VOLUME

HIGHER CAPACITY PRICES

LOWER TRANSMISSION COSTS

Equity Earnings

93

49

104 64

9M-2017

11

8

5

10

5

9M-2018

EBITDA Variance

DepreciationInterest Expense

Non-Controlling

Interest

FX LossesIncome

TaxOther Gains

OtherNon-

Operating Variances

114

279

20

2018 YEAR-TO-DATE ($MN)

NET INCOMEATTRIBUTABLE TO THE PARENT

Mainly driven by ESSA sale

Year-to-Date Cash FlowLiquidity

as of September 30, 2018

$533mn

Cash andCash Equivalents

$283 mn

53%

UndrawnCommitted Facilities

$250 mn

47%231

142

76

Financing CFDec-17 Operating CF Investing CF FX Impact Sep-18

283276 6

21

2018 YEAR-TO-DATE ($MN)

CASH FLOWAND LIQUIDITY

$3,697mn

AVERAGE COST

AVERAGE LIFE

NET DEBT/EBITDA

RATE

5.7% 14Years

3.9x(Consolidated)

94%Fixed Rate

Recourse Debt$1,304 mn

35%

Non-Recourse Debt$2,393 mn65%

60121 123 126 128 153 148 158

22446

214 193

2018 2025

516

2019

22

2020 2021

24

2022

30

2023

15235

2024

351

1,376

2026/2073

284

167 145

340

183 183

1,892

22

Amortization Schedule ($mn)

AES GENER

DEBT PROFILE$3,697MN AS OF SEPTEMBER 30, 2018

2.0x(Recourse Debt)

Key Takeaways3Third Quarter 2018 Earnings Call

HIGHEST

EBITDAEVER

ALTO MAIPOON TRACK

24

THIRD QUARTER 2018

KEY TAKEAWAYSEARNINGS CALL

EXECUTINGour

GreentegraSTRATEGY

S U C C E S S F U L L Y

3Q-2018EARNINGS CALL