5a Cumbre Corpbanca

December 10-11, 2014

1

Company Overview

Markets Update

Financial Review

Development

Key Takeaways

2

COMPANY

OVERVIEW 3

Operations in 4 markets: SIC and SING in Chile, SIN in Colombia and SADI in

Argentina

Diversified asset portfolio: Generation Sources, Customers and Markets

Long-term Contractual Position

Installed Operating Capacity: 5,083 MW (Successful completion of projects for

1,696 MW from 2007 to 2013)

Capacity under Construction: 1,256 MW

International and Local Investment Grade Rating :

AES Gener: BBB- (Fitch; S&Ps), Baa3 (Moodys) A+ (local, Fitch; Feller)

AES Chivor: BBB- (S&Ps), Baa3 (Moodys)

Angamos: BBB- (S&Ps) and Baa3 (Moodys)

About AES Gener

70.7%

AFPs

16.4%

Other

12.9%

MARKET CAP1:

US$4,6 MILLION

OWNERSHIP AS OF NOV. 2014

1: As of December 04, 2014, Source: Bloomberg

4

1

2 3

4

5

5 6 7

9 10

11 12 13

Chivor

1

Norgener

2

TermoAndes 4

Elctrica Angamos

3

Guacolda

5

Elctrica Campiche

6

Elctrica Ventanas

7

Gener

5 12 13

Elctrica Santiago

9 10 11 8

14

14

8

Elctrica Cochrane

under construction

Alto Maipo under construction

16

15

16

15

Diversified Asset Portfolio

Electricity Revenues LTM September 2014

US$2,196 million

Installed Capacity by Technology 2014*

Installed Capacity by Market 2014

Regulated

Customers 35% 37%

Unregulated

Customers Spot Sales

28%

51% 16%

46% 25% 20% 9%

5,083 MW in operation & 1,256 MW in construction

Guacolda Sales are not included

Installed capacity as of October 31, 2014, TermoAndes is connected to the SING and the Argentine system (SADI).

SIC:2,618 MW

20%

SIN: 1,000 MW SING: 822 MW

13%

SADI: 643 MW

COAL HYDRO NATURAL

GAS /

DIESEL

DIESEL

0.3%

BIOMASS

*Installed capacity as of October 31, 2014, including Guacolda

5

6

MARKET

UPDATE

0

60

120

180

240

300

Ja

n-1

3

Ma

r-13

Ma

y-1

3

Ju

l-1

3

Sep

-13

Nov-1

3

Ja

n-1

4

Ma

r-14

Ma

y-1

4

Ju

l-1

4

Sep

-14

Nov-1

4

US

$/M

Wh

SIC SING

Market Update: Chile 7

Energy Reservoirs - SIC Hydro conditions in 2H14 close to a normal year

Marginal Cost

Key Drivers

0

800

1,600

2,400

3,200

4,000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

GW

h e

qu

iva

len

t

2013 2014

SIC

Reservoirs level in 2H14 higher than in 2H13 due to an increase in rainfall and better snow melting conditions.

Average marginal cost ~ 80 US$/MWh (Oct Nov 2014)

SING

Average marginal cost (Oct Nov 2014) lower than the same period last:

Lower fuel costs and

Higher LNG dispatch at minimum technical load

Average marginal cost ~ 60 US$/MWh (Oct Nov 2014)

-

50

100

150

200

250

Ja

n-1

3

Ma

r-13

Ma

y-1

3

Ju

l-1

3

Sep

-13

Nov-1

3

Ja

n-1

4

Ma

r-14

Ma

y-1

4

Ju

l-1

4

Sep

-14

US

$ / M

Wh

Market Update: Colombia

Energy Reservoirs Improve in hydro conditions during 2H14

Spot Price

Key Drivers

Reservoir levels were above historical average in June and July 2014 due to an increase in rainfall

Average spot price decreased significantly between 2Q14 and 3Q14

Sogamoso initiated commercial operations in November 2014 (~900 GWh energy generation)

Average marginal cost in Oct 2014 ~ 100 US$/MWh

5000

8000

11000

14000

17000

20000

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec

GW

h

2013 2014

Market Update: Argentina 9

Mercado

Lower spot prices in US dollar :

Spot price in Argentine pesos remained at 120 Ar$/MWh

Depreciation of the Argentine peso

Lower contract sales under Energa Plus program due to lower customers demand

Successful technical testing SING SADI Interconnection

Key Drivers CAMESSA Price (TermoAndes)

0

6

12

18

24

30

ene-

13

mar

-13

may

-13

jul-1

3

sep-

13

nov-

13

ene-

14

mar

-14

may

-14

jul-1

4

sep-

14

US

$/M

Wh

Devaluation 9M14 ~ 29%

FINANCIAL

REVIEW 10

32% 18%

33% 27% 32% 30% 32%

38%

39%

32%

27% 24%

25% 22%

3%

1%

4%

9% 10%

11% 5%

27%

43%

30%

37% 34%

35% 42%

2009 2010 2011 2012 2013 9m 2013 9m 2014

SIN SADI SING SIC

474

738

660 623

528 472

514

11 EBITDA by Market

472

514

52 22

5 27

0

120

240

360

480

600

EBITDA9M13

SIN SIC SING SADI EBITDA9M14

US

$ M

ilio

n

EBITDA* BY MARKET US$ million

* EBITDA = Gross profit + administrative expenses + depreciation

1,049 1,110 1,114 1,156 1,487

1,272

740 1,010 1,154

1,126

1,298 1,478

2009 2010 2011 2012 2013 ** sep-14

Project Finance Debt Corporate Debt

Financial Indicators

2,5x

3,2x

2,3x

2,8x

3,3x 3,0x

3,4x

2009 2010 2011 2012 2013 sep-13 sep-14

865

511

395 419

532

294

507

2009 2010 2011 2012 2013 9M 2013 9M 2014

1,789

2,120 2,268 2,282

2,785 2,750

DEBT * (US$ MILLION)

NET DEBT / EBITDA (TIMES)

Note: (*) Other Current Financial Liabilities

(**) Includes Junior Subordinated Bonds issued in December 2013 for MMUS$450

CAPEX (US$ MILLION)

12

2014 2015 2016 2017 2018 2019 2020 2021 2022 a 2073

Project Finance Chilean Bonds Senior Notes Chivor Senior Notes Gener Leasing Tunjita Junior Subordinated Notes

1,376

200

64 97 131

243

541

150

66

Debt Profile 3Q 2014

Senior Notes Chivor

under refinancing

process of US$170

million

Amortization Schedule (US$ Million)

49.8% 14,2% 7,2% 15,9% 1.5%

Leasing

Tunjita

Project

Finance

Junior

Subordinated

Notes

Senior

Notes

Chivor

Senior

Notes

Gener

Chilean

Bonds

52.0% 6,0% 15.7%

12,9% 14.0% 10.9% 5.9%

TOTAL DEBT US$ 2,868 MILLION

16

Angamos Project Finance was

refinanced with US$800 million

Senior Secured Bonds

DEVELOPMENT

14

2nd Expansion Phase: Financing Completed

Project Level Debt (Project Finance)

Cochrane Project: US$ 1,000 million

Alto Maipo Project: US$ 1,217 million

Guacolda V Project: US$ 318 million

Tunjita Project: US$ 63 million (leasing)

Equity Contribution

Partner Equity: Mitsubishi Corporation, Antofagasta

Minerals

Junior Subordinated Notes: US$ 300 million

Capital Increase of US$150 million

Total Investment

~ US$ 4 Billion

Majority shareholder at Guacolda

Ownership 50% plus 1 share.

Partner equity from GIP

Balanced Financial Structure

Projects under construction: Chile and Colombia

19

PLATFORM EXPANSION

2015 First Half Second Half

TUNJITA 20 MW HYDRO (RUN-OF-RIVER)

CHIVOR

Progress: 89%

GUACOLDA V 152 MW COAL FIRED

CHILE - SIC

Progress: 81%

SOLAR ANDES 20 MW

CHILE SING

Progress: Engineering Stage (6%)

ANGAMOS DESALINIZATION PLANT

CHILE SING

Agreement signed with Abengoa

NTP: October 2014

20 Projects under construction: Chile

2016 2017 (Unit I) 2018 (Unit II)

COCHRANE 532 MW COAL - FIRED

SING

Progress: 56%

ALTO MAIPO 531 MW HYDRO (RUN-OF-RIVER)

SIC

Progress: 7%

PLATFORM EXPANSION

18

Other Projects: Chile

21

PLATFORM EXPANSION

EMISSION CONTROL EQUIPMENT (RETROFITS)

As of September 30, 2014:

~ US$101 million at Norgener

~ US$94 million at Ventanas

Installation in Units I, II and IV at Guacolda Complex

~ US$101 million

OTHER DEVELOPMENT PROJECTS

Andes Solar Project up to 200 MW

Existing Water Rights (hydro), hydro run of river projects

Battery Energy Storage (BESS)

SING SADI INTERCONNECTION

Technical testing carried out in February and May 2014

KEY

TAKEAWAYS 19

SOLID PROGRESS OF PROJECTS UNDER CONSTRUCTION SECOND PHASE OF EXPANSION PLAN FULLY FUNDED

FOCUSING GROWTH ON EXPANDING CURRENT ASSETS

FINANCIAL RESULTS DURING 3RD QUARTER 2014

HIGHER ENERGY GENERATION IN OUR MAJOR MARKETS CONSOLIDATED AVAILABILITY: 92.8%

SIC: HIGHER COAL EFFICIENT GENERATION RELATED TO THE START-UP OF

VENTANAS IV IN MARCH 2013 AND HIGHER SPOT SALES DUE TO HIGHER

GENERATION AT NUEVA RENCA

SING: HIGHER DEMAND UNDER NORGENER CONTRACTS AND HIGHER SPOT

SALES AT ANGAMOS

SIN: BETTER HYDROLOGICAL CONDITIONS IN COLOMBIA IN 3Q LED TO AN

INCREASE IN GENERATION

HIGHER SALES TO THE SPOT MARKET AT HIGHER PRICES

SADI: LOWER CONTRACT AND SPOT SALES IN ARGENTINA

KEY TAKEAWAYS CONTINUING SOLID FUNDAMENTALS

23