1Q 2016 EARNINGS CALLMay 9, 2016

2

Agenda

Key Highlights

Financial Review

Construction Projects

Key Takeaways

Q&A

AES Gener continues to be the largest energyproducer contributing 28.5% of the totalgeneration in the country

Company started exporting energy to Argentina

Unit 1 of Cochrane and the Andes Solar projectswere synchronized to the SING and have beguntheir commissioning tests

~US$200mn Angamos Liability Managementsuccessfully executed in April

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Key Highlights

AES Gener started to receive cash distributionsfrom its businesses in Argentina

Generation Tariffs in Argentina were adjusted by~43% in Argentinean Pesos

S&P downgraded the rating of Guacolda from BBB-to BB+ due to higher exposure to spot and drop inspot prices

Change in Ancillary Service Regulation in Colombia

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Key Highlights (Cont.)

FINANCIAL REVIEW

SIC

53%

SING

35%

SIN

9%

SADI

3%

Key Metrics (US$ mn) 1Q 2016 1Q 2015 Var.

Operating Revenues 556 533 4%

Gross Profit 121 131 (7%)

Total EBITDA 158 160 (1%)

EBITDA margin 28% 30%

Net Income 41 51 (20%)

EBITDA by Market

6

Consolidated Financials

SIC

54%

SING

26%

SIN

20%

1Q 2016 1Q 2015

Note: Numbers rounded for the purpose of the presentation

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EBITDA Variation by Market (US$ mn)

160158

13

63

18

1Q15 SIC SING SIN SADI 1Q16

8

87 84

1Q15 1Q16

Electricity Revenues BreakdownEBITDA

-3%

SIC – EBITDA US$84 mn

Lower margin at Nueva Renca

Drop in Spot Sales, mainly due to decrease in prices

Lower Demand and prices from regulated contracts

Increase in unregulated customers demand

Regulated customer

57%

Unregulated customer

31%

Spot sales12%

US$209 mn

9

Electricity Revenues Breakdown

42

55

1Q15 1Q16

EBITDA

+31%

SING – EBITDA US$55 mn

Higher demand and better PPAs terms

Lower system over costs

Electricity exports to Argentina

Unregulated customer

94%

Unregulated - SADI

0%

Spot sales6%

Spot sales - SADI

0%

US$146 mn

10

SIN – EBITDA US$13 mn

Lower reservoir level at Chivor at the beginning of the year

Higher net spot purchases

Lower maintenance expenses

EBITDA Electricity Revenues Breakdown

31

13

1Q15 1Q16

-57%

Regulated customer

34%

Spot sales66% US$116 mn

11

SADI –EBITDA US$5 mn

Higher availability of the plant

Generation Tariff Increase

Lower energy sales under Energía Plus program

EBITDA Electricity Revenues Breakdown

-1

5

1Q15 1Q16

-

Unregulated64%

Spot sales36%

US$25 mn

12

Net Income (US$ mn)

(Attributable to AES Gener)

1Q15 EBITDA FX Impact EquityEarnings

Depreciation NetFinancing

Cost

Other IncomeTax

MinorityInterest

1Q16

51

41

2

3

6

3

11

28

LIQUIDITY: US$495mn

Cash and Cash

equivalents

54%Short

term time deposits

0%

Undrawn commited facilities

46%

13

Cash Flow (US$ mn)

267 266

98 14

3

116

Dec. 2015 OperatingActivities

FinancingActivities

InvestingActivities

FX Impact 1Q16

Total Outstanding as of March 31, 2016 US$3,539 mn

Average Cost 5.2%

Average Life 14 years

Net Debt/EBITDA 4.6x (2.5x excluding non recourse debt)

97.7% denominated in US$ 88.3% at fixed interest rate

69139 141 172 150

556

159 172 180

1,802

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025-2073

Recourse Debt49%

Non Recourse

Debt51%

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Debt Profile (US$ mn)

CONSTRUCTION PROJECTS

16

+25%Project Progress

Guacolda 5 Completed

Angamos Desal Completed

Solar AndesCommissioning

Tests

Cochrane 97.8%

Tunjita 99.3%

Alto Maipo 28.8%

CURRENT PROJECTS STATUS

Guacolda V – 152 MW

Angamos Desalinization

Tunjita – 20 MW

Solar–Andes – 21 MW

Cochrane – 532 MW

Alto Maipo – 531 MW

Second Phase of Expansion

$4B Fully Funded

5.070 5.222

5.795

152

573

531

Angamos Desal

2015 2016 2018/2019

KEY TAKEAWAYS

EBITDA IN LINE WITH PREVIOUS YEAR Lower margin in Colombia offset by better results in Chile and Argentina

LEADER IN GENERATION IN CHILE Company contributed with 28.5% of country generation

Operational excellence proven by high availability

DIVERSIFIED AND CONTRACTED ASSET PORTFOLIO Geographical, technological, customers base and fuel sources

Dollarized Long Term PPAs aligned with efficient generation in Chile

MOVING FORWARD WITH SECOND EXPANSION PHASE Andes Solar and Unit 1 of Cochrane under commissioning tests

Expansion plan fully funded

World class partners: GIP, Mitsubishi, Antofagasta Minerals

STRONG AND ENHANCED CAPITAL STRUCTURE Investment grade rating

Strong liquidity

Extended debt maturity profile

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Key Takeaways

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