COMPANY OVERVIEW. US$812mn. Largest Energy Generator in Chile 5,063MW 531 MW 100% 11 Years. US$2.2bn. BBB-/Baa3 66.7% of installed capacity

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1 INVESTOR DAY 2018

2 COMPANY OVERVIEW 5,063MW of installed capacity 531 MW Of fully funded capacity under construction US$812mn EBITDA LTM 1Q-2018 Largest Energy Generator in Chile 100% Of efficient generation sold under long-term PPAs in Chile 11 Years Avg. remaining life of PPAs US$2.2bn Market capitalization 66.7% AES Corp Stake BBB-/Baa3 Credit ratings (S&P, Fitch, Moody s) Market capitalization as of May 31, 2018.

3 OUR MISSION Improving lives by accelerating a SAFER AND GREENER ENERGY FUTURE

4 OUR VALUES SAFETYINTEGRITYFUNAGILITYEXCELLENCE

5 KEY HIGHLIGHTS LARGEST ENERGY PRODUCER in Chile +2,000 MW GROWTH PIPELINE 100% Renewable Energy ROBUST PPA PORTFOLIO INVESTMENT GRADE Rating DIVERSIFIED MATRIX Geography & Technology

6 THE LARGEST ENERGY PRODUCER in Chile % Since 2014 WE ARE THE #1 ENERGY PROVIDER in Chile 29% 28% 23% 20% 16% 12% 9% 7% 18% Enel Colbun Engie Others in terms of generation

7 THE COMPANY WITH THE LARGEST Growth in Chile Strong EBITDA Growth 812 Installed Capacity 5, % 3, % Q-2018 LTM

8 ACTIVE PORTFOLIO MANAGEMENT SALE of Eléctrica Santiago Closed Transaction $307mn sale proceeds SALE of Regulated Transmission Lines (316 km) Shortlisting binding offers Expected to close during second half 2018

9 STRONG GROWTH PIPELINE +2,000 MW RENEWABLES WATER DESALINATION Under construction Under development Under development Hydro 531 MW Wind 1,262 MW Solar 395 MW Desal +2,000 l/s

10 INVESTMENT GRADE RATING BBB-/Baa3

11 KEY SOLUTION for system reliability 52 MW Of energy storage capacity installed since 2009 INTERNATIONAL T-LINE 410 KM ANGAMOS DESALINATION PLANT MOST INNOVATIVE COMPANY IN THE SECTOR AES Chivor INTAKE LIFE EXTENSION CHILE-ARGENTINA INTERCONNECTION Batá River water concession extended for 50 years

12 Committed to our PEOPLE AND SUSTAINABILITY +1,200 #14 #10 #10 PEOPLE

13 STRONG CONTRACTED POSITION to leverage GROWTH PPAs for 21,000 GWh/y Take or Pay PPAs until 2040 New Contracts for 4,000 GWh/y with tenors up to 18 years

14 OUR BUSINESS PARTNERS

15 STOCK PERFORMANCE Market Concerns $3.4 bn Market Cap March 28, 2017 $2.2 bn Market Cap May 31, Mar/17 Apr/17 May/17 Jun/17 Jul/17 Aug/17 Sep/17 Oct/17 Nov/17 Dec/17 Jan/18 Feb/18 Mar/18 Apr/18 May/18 AES Gener Engie Colbun EnelCL IPSA Alto Maipo High Leverage Carbon intensive portfolio Recontracting Risk

16 Solid Business SOLUTIONS Complete Resolution + Alto Maipo Certainty Around Costs and Dates Debt Prepayment Program + High Leverage Asset Sales Carbon intensive +2,000 MW Growth in Renewables portfolio Recontracting Risk

17 FUNDAMENTALS REMAIN STRONG March 27, 2017 May 31, 2018 Market Cap $3.4bn $2.2bn Contracted TWh-y Contract Average Life 11-year 11-year EBITDA LTM $810mn $812mn Recourse Debt $1,604mn $1,361mn Alto Maipo Construction Risk On Alto Maipo On Strabag Growth Pipeline 730MW 2,200MW

18 Integrating RENEWABLE PROJECTS into our Portfolio

19 Supported by Thermal Desal 5 TECHNOLOGIES Hydro Battery NCRE

20 AES Gener STRONG GROWTH PLATFORM

21 INVESTOR DAY 2018

22 OUR MARKETS

23 MARKETS OVERVIEW CHILE COLOMBIA ARGENTINA INSTALLED CAPACITY 22,025 MW 16,779 MW 36,181 MW GENERATION MATRIX (LTM 1Q-2018) Renewables 11% Hydro 30% 75,094 GWh Coal 39% Hydro 84% 67,038 GWh Coal 5% Natural Gas 10% Biothermal 1% Hydro 30% Renewables 1% 136,988 GWh Thermal 65% Biothermal 3% Natural Gas 16% Diesel 1% Nuclear 4% DEMAND GROWTH (2030 CAGR) RISK RATING (S&P / Moody s / Fitch) +2.74% +3.19% +3.36% A+/Aa3/A BBB-/Baa2/BBB B+/B2/B

24 COLOMBIA

25 STRONG AND STABLE EBITDA GENERATION $245 $209 $263 $246 $172 $174 $ LTM 1Q-2018

26 MARKET DRIVERS DISPATCH AND PRICING Dispatch based on daily price biddings Strong seasonality driven by hydrological conditions BALANCED SYSTEM No pressing needs for capacity additions in the short term Attractive potential for wind generation to complement existing hydro capacity POTENTIAL REGULATORY IMPROVEMENTS Long Term PPAs Ancillary Services and Intraday Trading

27 COMMERCIAL STRATEGY for Colombia 80-90% of expected Generation up to 5 years RELIABILITY CHARGE Reservoir Management Spot Sales

28 LONG TERM PPAS EXPECTATIONS REGULATED CUSTOMERS 500-1,000 MW 15 years UNREGULATED CUSTOMERS 20 TWh/y market Well positioned to capture upcoming PPAs Existing Portfolio to Leverage our Growth Reliable and flexible existing asset to complement and support ST needs Renewable projects to complement existing generation at competitive prices

29 GUAJIRA S OUTSTANDING WIND RESOURCE World Class Net Capacity Factor: 54% Lowest LCOE in Colombia Transmission constraints resolved with recent Auctions STRONG COMPLEMENT TO OUR EXISTING ASSETS Securing +750MW Wind in Guajira Exploring other renewable opportunities in Colombia

30 ARGENTINA

31 GROWING EBITDA GENERATION WITH A STRONG UPSIDE $60 $60 $32 $19 $25 $29 $ LTM 1Q-2018

32 ARGENTINA POWER SECTOR 2017 Reserve Capacity Energy Demand (Twh) System Costs paid by customers 36,181 MAXIMUM AVAILABILITY 28,000 25, % 37% 31% 28% 35% 51% Installed Capacity Peak Demand

33 COMMERCIAL STRATEGY for Argentina (FY 2017 FIGURES) Contract Sales ENERGY SALES 77% 4,477 GWh 23% CONTRACT ENERGY REMAINING GENERATION Energía Plus contracts Energía Base spot sales to ISO Spot Argentina Average Contract Sale Price ($/MWh) Energia Base Margin ($/MWh) LTM 1Q-2018 $63 $71 $72 $75 $76 $24 $7 $14 $18 $20 Average monomic prices calculated as US$ sales revenue / MWh sales volume DOLLARIZATION OF ENERGÍA BASE TARIFFS

34 STRATEGIC FOCUS for Argentina POSITIONED TO CAPTURE UPSIDE

35 CHILE

36 STABLE AND GROWING EBITDA GENERATION $581 $590 $598 $355 $355 $377 $ LTM 1Q-2018

37 ENERGY DEMAND EVOLUTION +40% Regulated 81TWh Unregulated 58TWh 45% 68TWh 51% 53% 55% 49% 47% Source: Coordinador Eléctrico Nacional 2017 and CNE Fijación De Precios De Nudo De Corto Plazo Informe Técnico Definitivo Enero

38 Chile INSTALLED CAPACITY 2017 vs 2023 Wind 1,035 Others 1,180 12,418 Thermal Wind 1,411 Others 1,180 12,884 Thermal Solar 1,203 Solar 2,332 Hydro 6,189 22,025 MW Hydro 7,607 25,414 MW Source: CNE, Other includes Biothermal, cogeneration and Geothermal

39 DECARBONIZATION of the energy MATRIX AES Gener aligned with Chile s Stategic Goals SYSTEM MODERNIZATION UNIVERSAL ACCESS to energy AES GENER PARTNER FOR CHANGE No new coal plants in Chile Focus on growing with renewables Reduce carbon intensity

40 OUR CONTRACTED POSITION in Chile

41 PPAs PORTFOLIO GWh per Year 21TWh/y PPAs 11-Year Average Life $590m Chile EBITDA as of 2017 Take or Pay Conventional PPAs Regulated PPAs 25,000 20,000 15,000 10,000 5,

42 PPAs PORTFOLIO 25,000 20,000 15, TWh Take or Pay PPAs 13-Year Average Life $339m Take or Pay EBITDA as of 2017 Take or Pay Conventional PPAs Regulated PPAs 10,000 5, TWh TAKE OR PAY FIXED CHARGE PASS- THROUGH OF VARIABLE COST

43 PPAs PORTFOLIO GWh per Year 21TWh/y PPAs 11-Year Average Life $590m Chile EBITDA as of 2017 Take or Pay Conventional PPAs Regulated PPAs 25,000 20,000 15,000 10,000 5,

44 PPAs PORTFOLIO Take or Pay Conventional PPAs Regulated PPAs 25,000 20,000 15,000 10,000 3 TWh CONVENTIONAL PPAs 3 TWh Conventional PPAs 9-Year Average Life $51m EBITDA as of ,

45 PPAs PORTFOLIO GWh per Year 21TWh/y PPAs 11-Year Average Life $590m Chile EBITDA as of 2017 Take or Pay Conventional PPAs Regulated PPAs 25,000 20,000 15,000 10,000 5,

46 PPAs PORTFOLIO Take or Pay Conventional PPAs Regulated PPAs 25,000 20,000 15,000 5 TWh REGULATED PPAs 5 TWh Regulated PPAs Supply equivalent to the demand of 1.4 million residential users 10,000 6-Years Average Life 5,000 $120m EBITDA as of

47 CAPITAL STRUCTURE

48 OUR MAIN PILLARS Robust contracted cash flows 11 years Market and technology DIVERSIFICATION Debt reduction program to STRENGTHEN our balance sheet Active risk management to REDUCE RISKS INVESTMENT GRADE RATING

49 PREDICTABLE EBITDA GENERATION Argentina Spot Colombia LT PPAs Chile Capacity Payments 339 Take or Pay PPAs Consolidated EBITDA EBITDA Breakdown

50 STRONG CASH FLOW GENERATION Growing discretionary cash flow Discretionary Cash Interest Expenses Taxes Maintenance CAPEX $583 $ $791 $506 $406 $ $

51 DISCRETIONARY CASH ALLOCATION Cash Uses Debt Repayment Growth Capex $1,305 Dividends 589

52 BALANCED MATURITY PROFILE Total Debt $3,749 Average Cost 5.5% Average Life 14 years Recourse Debt (36%) NET DEBT/EBITDA 4.3x Non-Recourse Debt (64%) Recourse Debt / Recourse EBITDA 2.3x /2073

53 Continue advancing with DEBT PREPAYMENTS DEBT Prepayment Program $328 On track to continue December 2017 Tender

54 INVESTMENT GRADE RATING Commitment

55 ALTO MAIPO

56 ALTO MAIPO 531MW of RENEWABLE CAPACITY Adjacent to MAIN DEMAND CENTER +4,500 WORKERS 65% progress 40.5 km of tunnels

57 Key OBJECTIVES ACHIEVED COMPLETE RESET Significant risk reduction Project recourse to Strabag Guaranteed Completion Strong incentives for early completion STRATEGIC PROJECT Ensuring power for Santiago s households Zero emission capacity, greening Chilean portfolio by 16% 802 MW hydroelectric complex +100-year life span CAPITAL STRUCTURE Committed to maintain Investment Grade ratings No increase in Corporate Debt Up to $400m Equity Commitments funded with cash from operations

58 Alto Maipo KEY CHANGES TO MITIGATE RISKS LUMP SUM FIXED PRICE CONTRACT with Strabag GUARANTEED COMPLETION DATES BACKED BY: Change in RISK PROFILE $300MN Letters of Credit Transfer of Geological and Construction risks Corporate Guarantee from STRABAG SE Strong incentives for early completion COD Las Lajas & Alfalfal II expected in 2020

59 THE AES GENER OF THE FUTURE

60 EVOLVING OUR BUSINESS MODEL ENERGY GENERATION COMPANY ENERGY Solutions PROVIDER of choice in South America

61 Technology Diversification Business Solutions Digital Transformation ENERGY PROVIDER of choice in South America CUSTOMER Centricity GREEN Reduction in CO 2 INTENSITY BRAND FLEXIBLE HUMBLENESS STRATEGIC CARING

62 Integrating RENEWABLE PROJECTS into our Portfolio

63 Thermal Desal 5 TECHNOLOGIES Hydro Battery NCRE

64 DECARBONIZE our customer s energy supply by replacing coal with RENEWABLES

65 EXTEND PPAs by ADDING RENEWABLES to offer a price competitive 24/7 ENERGY SOLUTION

66 Integrate ENERGY MANAGEMENT, CUTTING EDGE TECHNOLOGY and LOGISTICS to BETTER SERVE CUSTOMERS

67 Integrate Batteries to enhance Transmission System and stabilize intermittent generation sources

68 68 WATER DESALINATION WATER SOLUTIONS for Industrial and Residential Customers

69 COMMERCIAL OPPORTUNITIES Technologies Business Solution CHILE COLOMBIA ARGENTINA

70 OUR BUSINESS PARTNERS

71 STRONG GROWTH PIPELINE +2,000 MW RENEWABLES WATER DESALINATION Under construction Under development Under development Hydro 531 MW Wind 1,262 MW Solar 395 MW Desal +2,000 l/s

72 Reshaping the portfolio ADDING RENEWABLES AES Gener Today AES Gener Today + Pipeline 13% 1% 26% 9% 1% 48% 5,063 MW 7,250 MW 42% 60% Renewable Coal Gas Diesel Renewable Coal Gas Diesel

73 S U S T A I N A B L E G R O W T H G R E E N T E G R A S T A B L E C O N T R A C T E D C A S H F L O W S Delivering the LARGEST VALUE to INVESTORS I N V E S T M E N T G R A D E LARGEST ENERGY PRODUCER

74 Stay Tuned...

75 INVESTOR DAY 2018