AES GENERQ1 2017 EARNINGS CALL

May 8, 2017

2

Agenda

First Quarter 2017 Earnings Call

Key Highlights

Financial Review

Construction Projects

Key Takeaways

Q&A

3

KEY HIGHLIGHTS

4

Key Highlights

First Quarter of 2017

EBITDA reached US$189 mn, 20% higher than Q1-2016. Highest LTM EBITDA of all time of US$810 mn

Alto Maipo restructuring successfully completed and construction continues to advance with 52% progress

Moody’s reaffirmed the credit rating of AES Gener at Baa3 with stable outlook

Green taxes resulting from the 2014 tax reform began to be accrued with the first payment due in April 2018

Company continued exporting energy to Argentina through its international transmission line

Tariffs for Energia Base in Argentina were dollarized and increased in February 2017

For second year in a row, AES Gener was selected as part of the Dow Jones Chile Sustainability Index

5

Key Highlights (cont’d)

Executing on our strategy

Advanced in its second phase of expansion, all projects other than Alto Maipo fully operational

New 743 MW generating earnings and cash flows

Company declared dividends for 100% of 2016 Net Income

US$261 mn to be paid during 2017

Continued enhancing Investment Grade Credit Profile by prepaying Corporate Debt

US$127 mn prepaid since January 2016

Began providing distributed energy solutions based on Solar Panels

Signed contracts with four industrial customers

6

Key Highlights (cont’d)

Largest Energy Producer in Chile

AES Gener23%

AES Gener47%

SIC

SING

~13.9 TWh

~4.3 TWh

AES Gener29%

SIC + SING

~18.2 TWh

AES Gener continues to be the largest energy producer in Chile contributing 29% of gross generation

7

0

5,000

10,000

15,000

20,000

25,000

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

GW

H p

er

Ye

ar

Regulated Non-Regulated Guacolda

Discos

27%Mining

64%

Industrial

9%

Contractavg. life: 11 years

Key Highlights (cont’d)

AES Gener Contracted Portfolio

Efficient generation fully contracted with no relevant maturities until 2021/2022

Guacolda re-contracted ~1,200 GWh with industrial customers

PPAs with tenors ranging between 3 and 7 years

8

FINANCIAL REVIEW

9

Consolidated Financials

Key Financials (US$ mn.) Q1-2017 Q1-2016 Var. (%)

Operating Revenues $557 $556 -

Gross Profit $146 $121 20 %

EBITDA $189 $158 20 %

EBITDA Margin 34% 28% 6 %

Net Income $47 $41 14 %

SIC38%

SING38%

SIN22%

SADI2%

$189 mn

Q1-2017

SIC53%SING

35%

SIN9%

SADI3%

$158 mn

Q1-2016EBITDA BY MARKET

10

EBITDA Bridge

EBITDA Increased by $31 mn (+20%)

17

27

12

Q1-2016

158

189

Q1-2017SADI SIN

1

SINGSIC

11

SIC Market

EBITDA Decreased by $12 mn (-14%)

Lower efficient generation and accrual of green taxes

Lower margins mainly in distribution companies PPA’s

Higher margin in Nueva Renca

72

84

Q1-2016

-14%

Q1-2017

EBITDA VARIATION ELECTRICITY REVENUE BREAKDOWN

Regulated Customers

67%Unregulated Customers

32%

Spot Sales1%

$214 mn

12

SING Market

EBITDA Increased by $17 mn (+31%)

Cochrane and Andes Solar started operations

Higher physical sales to spot at better prices

Accrual of green taxes and lower margins on PPAs maturing in 2017

EBITDA VARIATION

72

55

+31%

Unregulated Customers

77%

Spot Sales23%

ELECTRICITY REVENUE BREAKDOWN

$180 mn

Q1-2016 Q1-2017

13

Contract Sales77%

Spot sales23%

SIN Market

EBITDA Increased by $27 mn (+206%)

Higher reservoir levels at the beginning of the period, resulting in higher Generation

Lower energy purchases (price and volume)

Appreciation of the Colombian Peso

EBITDA VARIATION

41

14

+206%

ELECTRICITY REVENUE BREAKDOWN

$70 mn

Q1-2016 Q1-2017

14

Contract Sales55%

Spot sales45%

SADI Market

EBITDA Decreased by $1 mn (-19%)

Lower generation due to maintenance activities

Higher fuel and transmission costs

Higher energy prices and higher volume of contract sales

EBITDA VARIATION

4

5

-19%

ELECTRICITY REVENUE BREAKDOWN

$31 mn

Q1-2016 Q1-2017

15

Net Income

Attributable to AES Gener (US$ mn)

69

11

13

4 3

31

Q1-2016

41

Q1-2017

47

EBITDAVariation

Depreciation (*)Interest

Expense (*)Non-controlling

InterestOthers

(*) Variances explained by New Power Plants in Operations

16

Cash Flow and Liquidity

11

116

141

470

Mar-17

507

FX Variation

1

Financing CFInvestment CFOperating CFDec-16

Cash and Cash

Equivalents

68%

Undrawn

Committed

Facilities32% $746 mn

LIQUIDITY Q1-2017 EOP(US$ mn)

17

Recourse Debt

42%

Non-Recourse

Debt

58%

Financial Debt Profile

Total debt outstanding as of March 31, 2017 - US$3,802 mn

Average Life: 14 years

Average Cost: 5.5%

Net Debt/EBITDA: 4.1x (2.1x excluding non recourse debt)

98% denominated in USD

91% at fixed interest rate

$3,802 mn

118 147 174 153

558

161 173 186

567

1,565

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

AMORTIZATION SCHEDULE (US$ mn)

Recourse Debt Non Recourse Debt

18

CONSTRUCTION PROJECTS

19

Update on Construction

Second Phase of Expansion

+25%

Guacolda V152 MW

Angamos Desalination

Tunjita20 MW

Andes Solar

21 MW

Cochrane

550 MW

Alto Maipo531 MW

152

591

531

2019

6,344

5,813

2016

5,813

5,222

2015

5,222

5,070

PROJECT PROGRESS

Guacolda Unit 5 Operational

Angamos Desal Plant Operational

Andes Solar Operational

Tunjita Operational

Cochrane Operational

Alto Maipo ~52% as of April 2017

AES GENER TOTAL INSTALLED CAPACITY (MW) PROJECT PROGRESS

20

Update on Construction (cont’d)

Alto Maipo Project

Restructuring successfully completed. Secured financing for up to 22% to cover cost overruns (US$460 mn)

Ownership structure: AES Gener 93% and Strabag 7%

Removal of all early termination options and ~15% all-in price reduction

US$225 mn were drawn from the project finance facility in April

REMAINING CAPEX (US$ mn) FUNDING OF COST OVERRUNS (US$ mn)

417362

140

61

51

5

16

16

72

$550

$429

$161

2017 2018 2019

Debt AES Gener Strabag Financing Equity Pre Restructuring

AES Gener25%

MLP3%

Strabag37%

Lenders & Others35%

$460 mn

21

KEY TAKEAWAYS

22

Key Takeaways

Highest Last Twelve Month EBITDA of all time

Reached a LTM EBITDA of $810 mn

Leader in power generation in Chile

29% of the total energy generated in Chile

Argentina economic upturn and key reforms

Release of currency controls, normalization of CAMMESA payment and dollarization of tariffs

Diversified and contracted asset portfolio

Diversified by geography, technology, customers and fuel sources

Long term dollarized PPAs with creditworthy off-takers

Enhanced Capital Structure

Investment grade rating

Strong liquidity

Extended debt maturity profile