fa

11

THE DYNAMISM OF THE ANDEAN ECONOMIES

Enersis: Value Growth

11 | 15 | 12

… where GDP growth will continue to drive electricitydemand in Latin America’s towards OECD Countries

22

ColombiaPeru

BrazilMexicoArgentina

ChilePortugal

Slovakia

Russia

ItalyGreece

United Kingdom

DenmarkGermanyFrance

Spain

United States

Sweden

Finland

Latam

Source: IMF and World Energy Outlook

3,1

4,04,4 4,3 4,3

3,9

3,8 3,6 3,6 3,53,0

1,91,1

0,4

-0,7

-1,7

-2,9-3,5

-4,0-4,5

-4,8

-5,2

-5,0-4,9

-4,0-3,4

-2,2

-1,2

-0,5

0,2

0,91,2

1,72,2

2,72,92,82,7

2,21,8 1,7 1,5 1,0

0,60,0

-0,6-1,1

-1,4-1,6 -1,8

4,2

5,2 5,1 5,14,4

4,0

3,43,0

2,92,62,6 2,3

2,01,71,2

0,20,5

0,4 0,3 0,1-0,2-0,4

-0,6

-0,8

-0,6-0,2

0,61,4

1,41,9

2,5

3,23,8

4,54,85,2

5,3 5,1 5,25,15,5 5,5

5,35,0

4,74,5 4,4 4,5

4,5

4,7 4,7

2,62,2

0,60,9

1,31,21,51,10,91,00,8

1,20,9

0,4-0,1

-1,0

-2,2-2,5

-3,6-3,9

-4,5

-5,2-5,4

-6,2-6,3-6,1-5,7

-4,8

-3,7

-2,8

-1,6

-0,9

0,0

1,11,7

2,3

2,73,2 3,1

2,92,5 2,3

2,1

1,2

1,72,2

1,91,5

0,60,2

0,3-0,3

-1,0

2005

2006

2007

ene-

08

feb-

08

mar

-08

abr-

08

may

-08

jun-

08

jul-

08

ago-

08

sep-

08

oct-

08

nov-

08

dic-

08

ene-

09

feb-

09

mar

-09

abr-

09

may

-09

jun-

09

jul-

09

ago-

09

sep-

09

oct-

09

nov-

09

dic-

09

ene-

10

feb-

10

mar

-10

abr-

10

may

-10

jun-

10

jul-

10

ago-

10

sep-

10

oct-

10

nov-

10

dic-

10

ene-

11

feb-

11

mar

-11

abr-

11

may

-11

jun-

11

jul-

11

ago-

11

sep-

11

oct-

11

nov-

11

dic-

11

ene-

12

feb-

12

mar

-12

As a result of the European crisis, the demand growth gap between Latin America and Europe increases

(1) Labour and temperature effect corrected

(2) No labour and temperature effect corrections. Demand growth in the 5 countries were Endesa operates, 2011 EBITDA weighted

(3) Figures: Enel.

Spain Latam Italy

0

Demand increase -yearly moving average- Spain mainland1 vs Latam2 and Italy3 (%)

3

With a significantly larger share of installed capacity and clients than any of its peers

44

Market leaders and efficient generation mix

Every year we gain about 400 thousand new clients within our concession areas

Note: Installed capacity and electricity clients correspond to consolidated figures from 9M2012 Company reports(1) Figures does not include Bocamina II 350MW Coal plant, on stream after 3Q closing

Distribution

Installed capacity (GW) Electricity clients (millions)

Generation

(1)

Margin in risk by country Margin in risk for the combined portfolio

Peru

US$

Colombia

Chile

Brazil

Argentina

LatAm61%

… coupled with a sound commercial policy that allows reducing profit volatility and a stable regulatory framework

55

Commercial policy A diversified portfolio allows reducing risk

The objective is to secure (with a 95% probability) that the margin for the period is at least 90% of the expected margin during normal conditions

Our risk policy considers

o Hydrological conditions

o Growth in demand

o Price of fuel

o Foreign exchange

o Inflation Diversification of the portfolio

has allowed reducing the margin in risk by 61%

100%

Spot

Extreme hydro

volatility

Thermal

Target output

Target sales

Output and sales targets for future years

Hydro

Regulated and

unregulated contracts

75%

Rel

ativ

e Fr

eque

ncy

Results

MMUS$5%

MaR 95%

Authorization Lack of

exclusivity

1st set: 1997

# of revisions: 3

13.9%

Calculated during each revision

New replacementvalue based on realnetwork

1st set: 1984

# of revisions: 7

Indefiniteconcession

10.0%

Defined by law

New replacementvalue based onoptimized network

1st set: 1997

# of revisions: 4

Indefiniteconcession

12.0%

Defined by law

New replacementvalue based onoptimized network

Stable regulatory frameworks

Long-term concessions

Attractive profitability metrics (pre-tax, real terms)

Tariffs are set using technical and objective criteria

Characteristics

Concession for 30years

1st set: 2003

# of revisions: 2

11.4%

Calculated during each revision

New replacementvalue based on realnetwork

20142012 2013Next tariff revision Ampla 2014

The regulatory framework for distribution assets is stable and encourages investment…

Argentina24%

Peru11%

Colombia20%

Brazil7%

Chile38%

Argentina17%

Peru9%

Colombia19%

Brazil43%

Chile12%

Generación54%

Distribución46%

Argentina0% Peru

11%

Colombia33%

Brazil31%

Chile25%

Argentina24%

Peru10%

Colombia18%

Brazil28%

Chile20%

Argentina17%

Peru14%

Colombia25%

Brazil11%

Chile33%

Enersis owns a highly diversified portfolio of assets, by country and type of activity

66

Generation sales LTM67,022 GWh

Distribution sales LTM71,925 GWh

EBITDA LTM4,238 (US$ million)

Note: Data LTM as of 9M2012

Installed Capacity 14,825 MW

Number of Clients13.9 million

Note: 1 Consensus Forecasts as of September 2012 ; 2 As of November 8, 2012

Real expected GDP growth1 (%)

Despite a complex global macro environment, Latin America offers strong fundamentals and high growth prospects…

77

Growth in demand for electricity11’-16E’

S&P Rating

CDS

99% of TTM EBITDA comes

from investment grade countries

BBB

105.7

Brazil

B-

2,242.8

Argentina

A+

82.2

Chile Peru

BBB

103.8

BBB-

103.1

Colombia

5.8%4.5%

3.5% 4.1%

7.4%

4,9

1,6

4,25,8

1,6 2,2

-0,2

4,5 4,0 4,45,9

3,22,1

0,5

Chile Brazil Colombia Peru Argentina North America Western Europe

2012 2013

Enersis has a well diversified pipeline of projects amounting 11,400 MW, and a steady growth of client base

88

Portfolio of projects at 1H12

14

3 2

About 400.000 new clients each year just because natural growth

“Este documento es propiedad de ENDESA , en consecuencia no podrá ser divulgado ni hecho público sin el consentimiento previo y por escrito de ENDESA. Su contenido es meramente informativo por lo que no tiene naturaleza contractual ni puede hacerse uso del mismo como parte de o para interpretar contrato alguno. ENDESA no asume ninguna responsabilidad por la información contenida en este documento, ni constituye garantía alguna implícita o explícita sobre la imparcialidad, precisión , plenitud o corrección de la información o de las opiniones y afirmaciones que se recogen. Tampoco asume responsabilidad alguna por los daños y/o pérdidas que pudieran causarse sobre el uso de esta información. ENDESA no garantiza que las perspectivas contenidas en este documento se cumplirán en sus términos. Tampoco ENDESA ni ninguna de sus filiales tienen la intención de actualizar tales estimaciones, previsiones y objetivos que pudieran derivarse de este  documento excepto que otra cosa sea requerida por ley” .