CORPORATE PRESENTATIONAES GENER

March 2017

2

Leading power generation company controlled by AES Corporation

AES Gener at a Glance

IMPROVING LIVES IN

CHILE,COLOMBIA AND

ARGENTINA

5,795 GROSS MWin operation

4,1321,020

643

531 GROSS MWin construction(Alto Maipo Project in Chile)

TECHNOLOGIESCOAL, 3,011 MWHYDRO, 1,291 MWGAS/DIESEL, 1,459 MWOTHERS, 34 MW

FOUNDED IN 1981And Acquired byThe AES Corporation in 2000, WhoCurrently owns 66.7%

Named to

DOW JONESSUSTAINABILITYINDEX for Chile

AES GENER IS ENERGIZED BY AREGIONAL WORKFORCE OF

+1,500 PEOPLE

RECOGNIZED AS A

GREAT PLACETO WORK in

CHILE (ranked 16th),COLOMBIA (ranked 16th) andARGENTINA (ranked 15th)

$7.8 BTOTAL ASSETSOWNED & MANAGED

$778 M EBITDA2016

$3.8 BCONS. DEBT2016

$3.2 BMARKET CAPAS OF MARCH 2, 2017

RATED

Baa3 / BBB- / BBB- BY

MOODY’S,S&P GLOBALFITCH RATINGS

MARKET SHARECHILE 31% by generationCOLOMBIA 6% by inst. capARGENTINA 3% by inst. cap

COMMERCIAL BUSINESS LARGELY CONTRACTEDEFFICIENT GENERATION CONTRACTEDWITH AN AVERAGE LIFE OF 11 YEARS

LISTED IN

SANTIAGO STOCKEXCHANGE

3Contains Forward-Looking Statements

2016 HIGHLIGHTS

4

2016 Highlights

AES Gener Consolidates its Leadership as an Energy Solution Provider

AES Gener achieved the highest EBITDA ever, $778m in 2016

$661

$623

$671

$691

$778

2012 2013 2014 2015 2016

US$ mn.

DIVERSIFICATION

FLEXIBILITY

INNOVATION

AGILITY

RELIABILITY

EXCELLENCE

5

2016 Highlights (cont’d)

Largest Energy Producer in Chile

AES Gener continues to be the largest energy producer in Chile contributing 31% of the total gross generation of the country in 2016

AES Gener28%

AES Gener41%

SIC

SING

~53 TWh

~19 TWh

AES Gener31%

SIC + SING

~72 TWh

6

2016 Highlights (cont’d)

Successful Commissioning of 573 MW and Environmental Equipment

2016

JUNE 30TH

20MWTUNJITA

MAY 28TH

21MWANDES SOLAR

JULY 9TH

266MW(*)COCHRANE UNIT 1

OCTOBER 12TH

266MW(*)COCHRANE UNIT 2

OCTOBER 13TH

20MWCOCHRANE BESS

JUNEENVIRONMENTAL

EQUIPMENT

(*): In January 2017, the Chilean ISO approved an increase in Cochrane’s gross installed capacity to 550 MW

FEBRUARY ENERGY EXPORT

INTERANDES

7

2016 Highlights (cont’d)

Recovery Signs in Argentina

Argentina’s economic upturn coupled with key economic reforms and regulatory improvements in the power sector

Release of currency controls

Reduction of Government subsidies

Plans to increase installed capacity by 22.5 GW by 2025

Normalization of CAMMESA payments

Tariff dollarization (Resolution 19/2017 of Feb 2nd, 2017)

TERMOANDES (643 MW)

8

2016 Highlights (cont’d)

Advancing Forward with Restructuring Agreement for Alto Maipo

Reached an agreement to secure funding for the cost overruns for up to 22% including meaningful contingencies, subject to negotiation of definitive documents and Lenders Credit Committee Approvals

Main Terms of the Agreement:

AES Gener’s acquisition of the 40% stake from Minera Los Pelambres

Incorporation of Strabag, the main contractor, as a minority shareholder at book value, with an initial stake of approximately 7%

Amendment of the 20 year PPA with Minera Los Pelambres. All termination options were removed

Changes to the terms and conditions of the current financing arrangements of the project

9Contains Forward-Looking Statements

COMPANY OVERVIEW

10

Markets Overview

CHILE ($581m EBITDA)

4,132 MW of installed capacity (SIC+SING)

COLOMBIA ($172m EBITDA)

90%

10%

ENERGY SALES

Unregulated Customers Spot Sales

ARGENTINA ($25m EBITDA)

99%

1%

NET GENERATION

Thermal Solar

6,987GWh

SIN

G

30%

57%

13%

ENERGY SALES

Unregulated Regulated Spot Sales

82%

17%1%

GENERATION

Thermal Hydro Other

8,208GWhS

IC

50%50%

ENERGY SALES

Contract Sales Spot

100%

GENERATION

Hydro

4,373GWhS

IN

53%47%

ENERGY SALES

Contract Spot Sales

100%

GENERATION

Thermal

4,637GWh

SA

DI

$641m

$849m

$427m

$112m

SING ASSETS, 1,389 MWNORGENER, 277 MW, coalANGAMOS, 558 MW, coalCOCHRANE, 532 MW, coalANDES SOLAR, 21MW

SIC ASSETS, 2,743 MW,

VENTANAS, 884 MW, coalGUACOLDA, 760 MW, coalELECTRICA SANTIAGO, 750 MW, gas & dieselHYDROS, 271 MWOTHERS, 78 MW, diesel

SADI ASSETS, 643 MW,TERMOANDES, 643 MW, gas

SIN ASSETS, 1,020 MW,CHIVOR, 1,000 MW, hydroTUNJITA, 20 MW, hydro

11

We operate a 5,795 MW diversified portfolio in terms of markets and technologies

Portfolio Overview

71%

18%

11%

Chile Colombia Argentina

Countries

47%

24%

18%

11%

SIC SING SIN SADI

Markets

77%

23%

Thermal Renewable

Technology

52%

22%

23%

2%1%

Coal Hydro

Gas/Diesel Diesel

Other

Fuel

44%

31%

22%

3%

SIC SING SIN SADI

EBITDA

5,795MW

5,795MW

5,795MW

5,795MW

$778M

75%

22%

3%

Chile Colombia Argentina

$778M

12

Long term contracts with creditworthy and reliable offtakers

Commercial Strategy for Chile

Overview

Commercial strategy aims to maximize cash flow while minimizing volatility

Optimal contracted position seeks to match contracted energy with long term efficient generation

Contract customers include distribution companies (regulated) and unregulated customers (mining and industrial)

Contracts include Price indexation mechanisms (coal and US CPI) and passthrough provisions (regulatory risks)

11 years average life of outstanding contracts

Customers

0

5,000

10,000

15,000

20,000

25,000

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028

GW

h p

er

Ye

ar

Regulated Non-Regulated Guacolda

Discos30%

Mining62%

Industrial8%

Contractavg. life: 11 years

13

Colombia Argentina

Commercial Strategy for Colombia and Argentina

Contract EnergyEnergia Plus

Contracts

Remaining Generation Spot Sales to ISO

47%53%

ENERGY SALES

Contract Spot

~80% of Expected

Generation

Medium Term

Contracts

(1-4 Years)

Remaining GenerationSpot and Frequency

Regulation Sales

Firm Energy

(~3,000 GWh)

Reliability Charge

Revenue

50%50%

ENERGY SALES

Contract Spot

14

Phase I 2007-2013: 1,677 MW of new capacity

Successful Project Development and Construction

BESS Angamos IBESS Norgener2 2

12 MW

Energy Storage

Start Date: Nov.

2009

20 MW

Energy Storage

Start Date: Dec.

2011

Guacolda III Guacolda IV4 4

152 MW

Coal

Start Date: Jul. 2009

152 MW

Coal

Start Date: Mar.

2010

Angamos I & II1

558 MW (2 units)

Coal

Start Date: Apr./Oct.

2011

1 2

Los Vientos3

132 MW

Diesel

Start Date: Jan. 2007

4

Ventanas III Ventanas IV6 7Santa Lidia5

139 MW

Diesel

Start Date: Apr. 2009

272 MW

Coal

Start Date: Feb. 2010

272 MW

Coal

Start Date: Mar. 2013

36

7

5

Antofagasta

Santiago

Extensive experience in project development and execution on time and within budget

49% increase of installed capacity between 2007 and 2014

Total investment of $3 B

3,417

5,094

2007 2014

+49%

15

Phase II 2015-2019: 1,256 MW of new capacity

Successful Project Development and Construction

$4 B investment, fully funded

+21%

Guacolda V – 152 MW

Angamos Desalinization

Tunjita – 20 MW

Andes Solar – 21 MW

Cochrane – 532 MW

Alto Maipo – 531 MW

Guacolda V - COMPLETED

Construction Progress

152 MW

Coal

Start Date: Dec.

2015

Angamos Desal - COMPLETED

Desalination plant

Andes Solar - COMPLETED

21 MW

Solar

Start Date: May

2016

Tunjita - COMPLETED

20 MW

Hydro

Start Date: Jun 2016

Cochrane - COMPLETED

532 MW (2 units)

Coal

Start Date: Oct 2016

Alto Maipo

531 MW

Run of River Hydro

Progress: 49%

152

573

531

2015

5.222

5.070

2019

6.326

5.795

2016

5.795

5.222

16

Strong Financial Performance

Total Debt and Net Debt/EBITDAEBITDA and EBITDA Margin

Total Capex Capital Allocation

355 377 426 581

209 263 246 172 624

672 691778

28% 29% 32% 34%

2013 2014 2015 2016

Chile Colombia Argentina Ebitda Margin

1,298 1,520 1,669 2,198

1,487 1,214 1,706

1,626 2,785 2,734 3,375

3,824 3.3x 3.7x4.5x 4.3x

2013 2014 2015 2016

PF / Non Recourse Debt Corporate Debt Net Debt / Ebitda

336

656 866

473

82

127

109

83 532

830

1,002

562

2013 2014 2015 2016

Construction Maintenance Environmental

162 112 201

124

210 230

235

93

66

430 92

102

439

772

527

319

2013 2014 2015 2016

Equity Contribution Dividends Debt Paydown

17

Strong Capital Structure

Manageable Amortization Profile for US$ 3.8 M Debt

Average Cost: 5.7%

Average Life: 13 years

Net Debt/EBITDA: 4.3x (2.1x excluding non recourse debt)

98% denominated in USD

91% at fixed interest rate

43%

57%

Recourse Debt Non Recourse Debt

143 147 188 166

575

181 198 209

589

1,429

2017 2018 2019 2020 2021 2022 2023 2024 2025 2026/2073

AMORTIZATION SCHEDULE (US$ M)

Recourse Debt Non Recourse Debt

$3,824m

18

Key Investment Considerations

LEADING POSITION

Largest energy producer in Chile, and major producer in Colombia, with one of the most efficient plants in Argentina

DIVERSIFICATION One of the most diversified Latin American generator in terms

of geographical footprint and technology

HIGH GROWTH Outgrown peers in addition of new capacity and secured future

growth through fully-financed pipeline

STABLE CASH FLOWS

Largely contracted US dollar-denominated revenue streams with built in fuel and inflation passthrough provisions

STRONG CAPITAL STRUCTURE

A successful financing history committed to investment grade rating

19Contains Forward-Looking Statements

APPENDIX

20

We operate a 5,795 MW diversified portfolio in terms of markets and technologies

Assets Overview

SIC (2,744 MW) SING (1,388 MW)Colombia (1,020 MW) Argentina (643 MW)

VENTANAS, 884MW4 coal unitsLocated in ValparaisoStart of operations:1964/1996/2010/2013

GUACOLDA, 760MW5 coal unitsLocated in HuascoStart of operations:1995/1996/2009/2010/2015

ELECTRICA SANTIAGO750MW2 gas/diesel units2 diesel units

HYDRO PLANTS271MW4 run of river hydro units

Chile

NORGENER, 277MW2 coal unitsLocated in TocopillaStart of operations:1995/1997

ANGAMOS, 558MW2 coal unitsLocated in MejillonesStart of operations:2011

COCHRANE, 532MW2 coal unitsLocated in MejillonesStart of operations:2016

ANDES SOLAR, 21MW1 PV solarAdjacent to Andes substationStart of operations:2016

CHIVOR, 1,000MW10 hydro unitsLocated in BocayaStart of operations:1977/1981

TUNJITA, 20MW1 hydro unitsLocated in BocayaStart of operations:2016

TERMOANDES, 643MWCombined CycleTurbines: 2 gas, 1 steamLocated in SaltaStart of operations:1999

Energy Storage (Chile)

ENERGY STORAGE52MW3 units in Norgener, Angamos and Cochrane

BACKUP PLANTS, 337MW3 diesel plants: Los Vientos, Santa Lidiaand Laguna Verde

21

Angamos

EBITDA and EBITDA MarginRevenue

Credit Metrics Capital Expenditures

Summary of Historical Financials

127 119 112 111122

38% 39% 38% 39% 40%

2012 2013 2014 2015 2016

Ebitda Ebitda Margin

26

5

11

16

4

0

30

2012 2013 2014 2015 2016

198 225 214 238 252

133 81 83 44 52

332308 298 284

310

2012 2013 2014 2015 2016

Contracted Spot Other

6.5x5.8x

6.8x 6.9x6.2x

3.0x3.1x

3.0x

2.5x2.8x

2012 2013 2014 2015 2016

Net Debt / Ebitda Ebitda / Finance Expenses

22

Guacolda

EBITDA and EBITDA MarginRevenue

Credit Metrics Capital Expenditures

Summary of Historical Financials

613554

515438

381

2012 2013 2014 2015 2016

117

165

129 12215019%

30%25%

28%

39%

2012 2013 2014 2015 2016

Ebitda Ebitda Margin

98125

342

11578

2012 2013 2014 2015 2016

4.6x

2.9x

4.8x

6.3x4.9x

3.7x

7.0x 7.3x

3.9x3.5x

2012 2013 2014 2015 2016

Net Debt / Ebitda Ebitda / Interest Expenses

23Contains Forward-Looking Statements

2016 FINANCIAL REVIEW

24

Consolidated Financials

Key Financials (US$ mn.) 2016 2015 Var. (%)

Operating Revenues $2.286 $2.165 6%

Gross Profit $625 $583 7%

EBITDA $778 $691 13%

EBITDA Margin 34% 32% 2%

Net Income $261 $265 -1%

SIC44%

SING31%

SIN22%

SADI3%

$778

2016

SIC39%

SING22%

SIN36%

SADI3%

$691

2015

EBITDA BY MARKET

25

EBITDA Bridge

EBITDA Increased by $87 mn. (13%)

65

90

74

2016

778

SINSADI

6

SINGSIC2015

691

26

SIC Market

EBITDA Increased by $65 mn. (24%)

Higher demand from unregulated customers

Higher hydro and coal generation

Lower margin in Nueva Renca

338

273

2015

+24%

2016

EBITDA VARIATION ELECTRICITY REVENUE BREAKDOWN

Regulated Customers

57%

Unregulated Customers

30%

Spot Sales13%

$849

27

SING Market

EBITDA Increased by $90 mn. (58%)

Cochrane and Andes Solar started operations

Higher availability due to lower maintenance activities

Better PPA terms and lower system overcosts

EBITDA VARIATION ELECTRICITY REVENUE BREAKDOWN

243

153

2015

+58%

2016

Unregulated Customers

90%

Spot Sales10%

$641

28

Contract Sales50%

Spot sales50%

SIN Market

EBITDA Decreased by $74 mn. (30%)

Lower average spot prices

Colombian Peso devaluation

Higher Generation

EBITDA VARIATION ELECTRICITY REVENUE BREAKDOWN

172

246

-30%

20162015

$427

29

Contract Sales53%

Spot sales47%

SADI Market

EBITDA Increased by $6 mn. (30%)

Higher generation due to lower maintenance activities

Higher prices in spot sales, as per Resolution 22/2016

Lower energy sales under Energia Plus program

EBITDA VARIATION ELECTRICITY REVENUE BREAKDOWN

25

19

2015 2016

+30%

$112

30

Net Income

Attributable to AES Gener (US$ mn.)

69

87

14

26

14

19

95

2016

2613

170

2015

265

2015

Adjusted

One Time

Impacts

EBITDAVariation

Depreciation

Higher Interest

Expense

Income Tax

NCI and Other

DFC Write Off

31

Cash Flow

470

267 317

Operating CF

422

Dec-15 Dec-16FX Variation

5

Financing CFInvestment CF

542

CASH FLOW

Cash and Cash Equivalents

67%

Undrawn Committed Facilities

33%

$706

LIQUIDITY 2016 EOP

32Contains Forward-Looking Statements

CORPORATE PRESENTATIONAES GENER