4Q-2018 CORPORATE PRESENTATION
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4Q-2018 CORPORATE PRESENTATION
1 Company Overview
AES GENER AT A GLANCE
LEADING GENCO CONTROLLED BY THE AES CORPORATION
AES Gener Is Energized By A
IMPROVING LIVES IN Regional Workforce Of
Chile, +1,300 PEOPLE $2.3B MARKET CAP
AS OF Dec 31, 2018 $887M EBITDA FY-2018
Colombia
RECOGNIZED AS A
AND Great Place
To Work in
Argentina CHILE
COLOMBIA
$7.9B TOTAL ASSETS
OWNED & MANAGED $3.5B CONS. DEBT
FY-2018
ARGENTINA
RATED
Founded In 1981 Baa3 / BBB- / BBB- BY
5,103 GROSS MW
in operation
And Acquired by
The AES Corporation in 2000, MOODY’S S&P GLOBAL FITCH RATINGS
3,388
Who Currently owns 66.7%
Technologies Market Share
Named to Chile 27% by generation
1,020 Dow Jones
Coal 3,019 MW
Hydro 1,291 MW Colombia 7% by generation
643 Sustainability Gas/Diesel 709 MW Argentina 3% by generation
Others 34 MW
561 GROSS MW
under
Index for Chile
LISTED ON
Commercial Business Largely
construction
Santiago Stock Contracted
(Alto Maipo EFFICIENT GENERATION CONTRACTED WITH AN
Project in Chile) Exchange AVERAGE LIFE OF 11 YEARS IN CHILE
3
KEY INVESTMENT
CONSIDERATIONS
1 LEADING POSITION
2 DIVERSIFIED PORTFOLIO
3 HIGH QUALITY LONG TERM PPAs
4 NEW TRANSFORMATIONAL STRATEGY
5 ROBUST CAPITAL STRUCTURE
6 STRONG FINANCIAL PERFORMANCE
4
MARKET
OVERVIEW
Chile RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE
(3)
~18 M S&P Unregulated Regulated
NCRE
15%
Thermal
54%
+1.6%
inhabitants 54% 46%
A+ 24,031 MW
~$267B Installed
GDP as of 2017 SIC(1) Energy Sales
Capacity (CAGR 2014-2017)
Moody’s 72,265 75,641
A1 GWh GWh
75,641 GWh
+2.3%
SING(2) Energy Sales
Fitch Generation (CAGR 2014-2017) Hydro
A 31%
The SING(2) and the SIC(1) were interconnected in November 2017 to comprise the SEN(4)
The SEN is expected to become fully operational in June 2019, once the last segment of the Cardones-Polpaico transmission line is completed
Source: Company.
(1) Central Interconnected System (Sistema Interconectado Central).
5 (2) Great North Interconnected system (Sistema Interconectado del Norte Grande).
(3) Non-conventional Renewable Energy.
(4) National Electrical System (Sistema Eléctrico Nacional).
MARKET
OVERVIEW
Colombia RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE
17,212 MW
~49 M
+2.2% Unregulated Regulated Hydro Thermal
S&P BBB- 68% 84% 16%
SIN Installed 32%
inhabitants Moody’s
SIN Demand Growth
Capacity 67,456 68,943
~$310B Baa2
Fitch (CAGR 2014-2018) GWh GWh
GDP as of 2017 68,943 GWh
BBB
SIN Generation
Argentina RATINGS SYSTEM DATA ENERGY DEMAND GENERATION BY FUEL TYPE
S&P
+1.2%
(1)
~44 M B 38,538 MW SADI Industrial Residential
NCRE 2% Thermal
64%
28% 43%
inhabitants Installed Capacity
Nuclear 5%
Moody’s SADI Demand 134,784 137,482
~$635B B2 Growth GWh GWh
GDP as of 2017 Fitch 137,482 GWh (CAGR 2013-2018) Comercial Hydro
B SADI Generation 29% 29%
6
MARKETS
OVERVIEW
2018 FIGURES COLOMBIA ($241mn EBITDA)
ENERGY SALES GENERATION
22%
SIN
$413mn 4,977GWh
CHILE ($591mn EBITDA) 78%
100%
ENERGY SALES GENERATION Contract Spot Hydro
7% 1%
8% SIN ASSETS, 1,020 MW
24%
CHIVOR, 1,000 MW, hydro
SEN
TUNJITA, 20 MW, hydro
$1,743mn 14,324GWh
ARGENTINA ($55mn EBITDA)
69% 91% ENERGY SALES GENERATION
Regulated Unregulated Spot Thermal Other Hydro
SEN ASSETS, 3,388 MW
SADI
NORGENER, 277 MW, coal
ANGAMOS, 558 MW, coal 50% $146mn 50% 4,150GWh
COCHRANE, 550 MW, coal
ANDES SOLAR, 22MW solar PV
VENTANAS, 872 MW, coal 100%
GUACOLDA, 763 MW, coal
Contract Spot Thermal
HYDROS, 271 MW
OTHERS, 76 MW, diesel, biomass SADI ASSETS, 643 MW
TERMOANDES, 643 MW, gas
7
DIVERSIFIED
Portfolio
EBITDA COUNTRIES CUSTOMERS TECHNOLOGY
Argentina Regulated/ Diesel/Gas
Argentina Unregulated
6% 13% 70% 14%
Hydro
27%
$887 20% 5,103 27.6 5,103
mm MW(1) TWh/y MW(1) 25%
59% 2%
67% Coal
67% Chile 30% Solar/
Colombia
Spot Biomass/
Chile BESS(2)
Source: Company.
(1) Includes Battery Energy Storage System. 8
(2) Battery Energy Storage System.
PORTFOLIO
OVERVIEW
5,103MW GEO & TECH DIVERSIFIED
LEADING ENERGY MAJOR PLAYER IN EFFICIENT OPERATION
PRODUCER IN CHILE (3,388MW) COLOMBIA (1,020 MW) IN ARGENTINA (643 MW)
Ventanas, 872MW Guacolda, 763MW Chivor, 1,000MW Termoandes, 643MW
4 coal units 5 coal units 8 hydro units Combined Cycle
Valparaiso Huasco Bocaya Turbines: 2 gas, 1 steam
COD:1964/1977/2010/2013 COD:1995/1996/2009 COD: 1977/1982 Salta
2010/2015 COD: 1999
Angamos, 558MW Cochrane, 550MW Tunjita, 20MW
2 coal units 2 coal units 1 hydro unit
Mejillones Mejillones Bocaya
COD: 2011 COD: 2016 COD: 2016
Norgener, 277MW Hydro Plants
2 coal units 271MW ENERGY STORAGE
Tocopilla 4 run of river hydro
COD:1995/1997 units Cajon del Maipo CHILE (52 MW)
COD:1923/1928/1944/1991
Andes Solar, 22MW Energy Storage
Backup Plants, 76MW :
PV solar 52MW
Laguna Verde 63MW Diesel
Adjacent to Andes Norgener 12MW
Laja 13MW Biomass Angamos 20MW
substation
COD: 2016 Cochrane 20MW
9
ADVANCING WITH STRATEGY EXECUTION
+3,900 MW PIPELINE
ACCELERATING A GREENER ENERGY FUTURE
561 MW 290 MW 3,127 MW
UNDER READY UNDER
CONSTRUCTION TO BUILD IN 2019 DEVELOPMENT
Hydro 531 MW
Wind 210 MW 2,717 MW
Solar 20 MW 80 MW 170 MW
Batteries 10 MW 240 MW
10GREENING CHILE
ANNOUNCING NCRE INVESTMENTS
290 MW TO SUPPORT COMMERCIAL AGREEMENTS
ANDES SOLAR II
SOLAR
80 MW
WIND
80 MW
CAMPO LINDO
SANTIAGO
WIND WIND
40 MW 90 MW
MESAMAVIDA LOS OLMOS
11GREENING CHILE
ANNOUNCING VIRTUAL DAM PILOT
BROADENING BATTERY SOLUTIONS
Converting run-of-river plants into
52MW
VIRTUAL RESERVOIRS
capacity of batteries
EXISTING
SPINNING RESERVE
10 MW PILOT 5 HOUR
PIONEERS IN CHILE SINCE 2009
COD MARCH 2020
12ADVANCING WITH STRATEGY EXECUTION
CASTILLA - ECOPETROL
THE LARGEST SOLAR SELF-GENERATION PROJECT IN COLOMBIA
20MW UNDER
CONSTRUCTION
COD
OCTOBER 2019
13AES GENER
LEADING DECARBONIZATION
WITH RELIABLE RENEWABLE ENERGY
27% 37%
TODAY TODAY+PROJECTS
59%
5.1GW 51%
5.9GW
13%
1%
59% PIPELINE
INCLUDING
1% 11%
RENEWABLES & ENERGY STORAGE NATURAL GAS DIESEL COAL 14STRATEGY
5 SOLUTIONS
Business
5 TECHNOLOGIES
ENERGY
PROVIDER NCRE Hydro
of choice
in South America
Thermal
Investment
15
GRADE RATING Battery DesalCHILE
Commercial Strategy
20,000
Mining Distribution
68% 25%
Commercial strategy aims to maximize
cash flow while minimizing volatility 11 year
Avg.
15,000
Contract
Life Industrial
GWh per Year
7%
Optimal contracted position seeks to
match contracted energy with long term 10,000
efficient generation
Contract customers include regulated 5,000
customers (distribution companies) and
unregulated customers (mining,
commercial and industrial)
-
2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 2036 2037 2038 2039 2040
Distribution Non Regulated
Contracts include Price
indexation mechanisms ~11 years average
(coal and US CPI) and life of outstanding
pass-through provisions contracts
(regulatory risks)
16COLOMBIA & ARGENTINA
Commercial Strategy
ENERGY SALES Medium Term
~80% of Expected
Contracts
43% Generation
(1-4 Years)
7,513
Colombia Remaining Spot and Frequency
GWh Generation Regulation Sales
57%
Firm Energy Reliability Charge
(~3,000 GWh) Revenue
Contract Spot
ENERGY SALES
23%
Energía Plus
Contract Energy
Contracts
Argentina 4,181
GWh
Remaining Energía Base
77%
Generation Spot Sales to ISO
Contract Spot
17
FY-2018 FiguresSTRONG
Financial Performance
IFRS (2018 Figures)
EBITDA & EBITDA margin Total Debt and Net Debt / EBITDA
32% 34% 33% 34% 4.4x 4.3x 4.4x
887 3.6x
778 793 3,824 3,741
691 55 3,340 3,525
25 29 241
19 172 174
246 1,626 1,353 1,179
1,552
581 591 591
426 2,198 2,387 2,346
1,788
2015 2016 2017 2018 2015 2016 2017 2018
Chile Colombia Argentina EBITDA Margin PF/Non-Recourse Corporate Debt Net Debt/EBITDA
Total CAPEX Capital Allocation
1,002
109 806 798
562 565 606
497 471 351
83 100 92
893 106
235 248 184
479 391 465
102 261
279 93 263
53 74
2015 2016 2017 2018
2015 2016 2017 2018
Construction Maintenance
Equity Contribution Dividends Paid Debt Payment
18AES GENER
DEBT PROFILE
$3,525MN AS OF DECEMBER 31, 2018
AVERAGE AVERAGE NET DEBT/
RATE
COST LIFE EBITDA
Recourse Debt Non-Recourse Debt
$1,179 mn $3,525mn $2,346 mn
5.8% 14 3.6x 1.7x 94% 33% 67%
Years (Consolidated) (Recourse Debt) Fixed Rate
1,902
Amortization Schedule ($mn) 514
340 350
272
214 192 1,388
182 182
151 145 152
29 34
21 24
121 124 126 128 153 148 158
2019 2020 2021 2022 2023 2024 2025 2026/2073
192 APPENDIX Alto Maipo
ALTO MAIPO
OVERVIEW
Overview Project Layout
Las 1 Alfalfal II. 264MW Unit
Technical Aspects Alfalfal II VL-8
Lajas L1
2 Las Lajas. 267MW Unit
VA-1 Tunnel
Installed capacity (MW) 264 267 2
VL-4
Number of units 2 2 1
VA-2
Type of turbines Pelton Pelton
Voltage (kV) 12/220 12/110
Ownership Main Contractors
VA-4
AES Project Location
Gener Metropolitan Region V5
93%
V1
Strabag
7%
21ALTO MAIPO
CONSTRUCTION STATUS Las Lajas Headrace
Total length 17km
Las Lajas Tailrace
Total length 15km
1 Alfalfal II. 264MW Unit
VL-8 2 Las Lajas. 267MW Unit
75%
L1
VA-1 Tunnel
2
VL-4
Alfalfal II Tailrace
Complete 1
VA-2 Total length 3km
$0mn
Alfalfal Headrace
Total length 27km
EQUITY CONTRIBUTIONS
PENDING VA-4
During Construction V5
Tunnels Volcan
Total length 14km
51km V1
Excavated
22 22
Progress as of February 2018ALTO MAIPO
KEY CHANGES TO MITIGATE RISK
CHANGE IN PROJECT AES GENER
RISK PROFILE CAPITALIZATION COMMITMENTS
Lump sum fixed price contract with Fully funded plan, considering: AES Gener will contribute:
Strabag, including guaranteed completion
dates backed by: • $3,048mn construction cost • $200mn based on progress and debt
• Additional $392mn payable over 20- disbursements
• $300mn Letters of Credit year after COD • Up to $200mn towards completion
• Corporate Guarantee from Strabag SE and for project costs or to prepay
Lenders commitment for US$823 mn, debt
Transfer of Geological and construction
including incremental funding of
risks No additional debt to be issued at AES
$135mn
Gener level
Strong incentives for early completion
Incremental shares to Strabag if certain
milestones are met
COD Las Lajas & Alfalfal II expected in
2020
233 APPENDIX Financial Review Fourth Quarter 2018
FULL YEAR 2018 AND FOURTH QUARTER
CONSOLIDATED
FINANCIALS
Key Financials ($ mn) FY-2018 FY-2017 Var. (%) 4Q-2018 4Q-2017 Var. (%)
EBITDA 887 793 12% 233 231 1%
EBITDA Margin 34% 33% 1% 35% 35% 1%
Net Income 287 185 56% 8 71 -88%
EBITDA BY MARKET EBITDA BY MARKET
Full Year Fourth Quarter
FY-2018 67% 27% 6% 887 4Q-2018 70% 22% 8% 233
FY-2017 74% 22% 4% 793 4Q-2017 81% 14% 5% 231
25
Chile Colombia ArgentinaFULL YEAR 2018
EBITDA BRIDGE
887
12% INCREASE, $94 MN
26
67
LOWER ESSA MARGIN -$33
793
1
2017 2018
26MARKET PERFORMANCE
CHILE
2018 EBITDA +$1mn
Main Drivers EBITDA Variation
4Q-2018 FY-2018
+0%
PPAs BEGAN SUPPLY 23.9 -24.4
591 7.1 -5.9 591
163.2
LOWER GENERATION
187.6
LOWER MARGIN FROM ESSA 139.9
116.0
137.4
4Q
3Q 143.3
2Q 150.8
1Q 143.7
2017 1Q Var 2Q Var 3Q Var 4Q Var 2018 27MARKET PERFORMANCE
COLOMBIA
2018 EBITDA +$67mn
Main Drivers EBITDA Variation
4Q-2018 FY-2018 +39%
241
LARGER SALES VOLUME
20.2
20.7 51.6
HIGHER CONTRACT PRICES 174 21.8
4.9
31.4
78.5
HIGHER ENERGY PURCHASES
57.8
4Q 65.2
43.4
3Q
2Q
41.0 45.9
1Q
2017 1Q Var 2Q Var 3Q Var 4Q Var 2018 28MARKET PERFORMANCE
ARGENTINA
2018 EBITDA +$26mn
Main Drivers EBITDA Variation
4Q-2018 FY-2018
+88%
HIGHER CONTRACT MARGIN 55
5.7
5.1 18.1
HIGHER CAPACITY PRICES
8.0
LOWER GENERATION 29 7.0
13.4
12.4
4Q 12.2
3Q 8.3
2Q 4.2 11.2
1Q 4.2
2017 1Q Var 2Q Var 3Q Var 4Q Var 2018 29FULL YEAR 2018 ($MN)
NET INCOME
ATTRIBUTABLE TO THE PARENT
EBITDA Interest Other Equity Income
Depreciation FX Losses Other
Variance Expense Income Earnings Tax
206
270
13 107
61
11
287
14
185 94 ESSA & CTNG sale
$189mn Guacolda Impairment
2017 2018
30FULL YEAR 2018 ($MN)
CASH FLOW
AND LIQUIDITY
Full Year Cash Flow Liquidity
as of December 31, 2018
513 513
Cash and Undrawn
258 Cash Equivalents Committed Facilities
313
$322 mn $572mn $250 mn
276 9
322
56% 44%
Dec-17 Operating CF Asset Sales CAPEX Financing CF FX Impact Dec-18
& Others
Investing CF
31Angamos
SUMMARY OF HISTORICAL FINANCIALS (US$mn)
Revenue EBITDA and EBITDA Margin
397
340 39% 39% 35%
309 41 31%
284 17 22
2 5 46
44 52
334 140
238 252 277 111 122 105
2015 2016 2017 2018 2015 2016 2017 2018
Contracted Spot Other EBITDA EBITDA Margin
Credit Metrics CAPEX
7.3x
16
6.9x
6.2x
2.8x 4.2x
2.5x 2.4x 6
3.4x 6
4
2015 2016 2017 2018 2015 2016 2017 2018
Net Debt/EBITDA EBITDA/Financial Expense
32 CAPEXGuacolda
SUMMARY OF HISTORICAL FINANCIALS (US$mn)
Revenue EBITDA and EBITDA Margin
493 498 39%
438 34%
28% 27%
381
150 167
122 133
2015 2016 2017 2018 2015 2016 2017 2018
Revenue EBITDA EBITDA Margin
Credit Metrics CAPEX
115
3.9x 78
4.6x
3.5x 4.1x
14 11
6.3x 4.9x 4.1x 4.7x
2015 2016 2017 2018 2015 2016 2017 2018
33 Net Debt/EBITDA EBITDA/Financial Expense CAPEX4 APPENDIX Chilean Regulated Power Auctions
DISTRIBUTION
PPA AUCTIONS
Auction Launch 2013 2015 2015-01 2017-01 2018 2019 2020
(Year)
Auction Size 13.0 1.2 12.4 2.2 4.7 3.0 2.8
(TWh-Year)
Year of the
2014 2015 2016 2017 2019 2020 2021
Auction
Start of Supply 2016-2019 2019 2021-2022 2024 2025 2026 2027
Tenor 15 20 20 20 20 20 20
Avg. Awarded Price
Avg. Awarded Price Avg. Awarded Price
$94.7/MWh Avg. Awarded Price Unconfirmed Figures
$47.6/MWh $32.50/MWh
(92% awarded w/o $79.9/MWh
(100% awarded) (100% awarded)
35 change in law)DISTRIBUTION COMPANIES
PPA AUCTIONS
MAIN CHANGES ON TERMS & CONDITIONS
2018-01 Auction
2015-01 Auction 2017-01 Auction (Unconfirmed)
ENERGY OFFERED 12,400 GWh per year 2,200 GWh per year 4.650 GWh per year
PPA TENOR 20 years, starting 2021-2022 20 years, starting 2024 20 years, starting 2025
Daily blocks + seasonal
POWER BLOCKS
Daily blocks
Daily blocks blocks for hydro (new, totaling
Storage Incentives
600 GWh)
Initial Initial Initial
~$4,000 per GWh ~$8,000 per GWh ~$8,000 per GWh
(CLF$100) (CLF$200) (CLF$200)
GUARANTEES
Performance Performance Performance
~$12,000 per GWh ~$24,000 per GWh ~$24,000 per GWh
(CLF$300) (CLF$600) (CLF$600)
FINES FOR DELAYS
~$200 per GWh ~$1,200 per GWh ~$1,200 per GWh
(For new projects, every two
milestones delay) (CLF$5) (CLF$30) (CLF$30)
365 APPENDIX About The AES Corporation
THE AES CORPORATION
OVERVIEW
4 MARKET-ORIENTED
6 UTILITY
$33B $11B
TOTAL
ASSETS TOTAL
+
STRATEGIC COMPANIES
OWEND & REVENUES
BUSINESS UNITS
2M AES SERVES OVER
MANAGED
SOUTH AMERICA, MCAC,
FORTUNE 200
USA & UTILITIES,
15
CUSTOMERS
EURASIA
AES IS ENERGIZED BY A
GLOBAL WORKFORCE GLOBAL POWER COMPANY
FOUNDED IN 1981
COUNTRIES
33,965 GROSS MW
in operation* MISSION
NAMED TO
Improving lives by providing safe, reliable
DOW JONES
3,930 SUSTAINABILITY
and sustainable energy solutions in every
MW under
market we serve
construction
GLOBAL ACCESS TO
INDEX
GENERATION for North America for the Fourth Year in a Row (2014-2017)
TENCHNOLOGY Construction expertise and contractors
GAS 37% Financing LISTED ON
NYSE
COAL 32% Equipment and fuel suppliers
RENEWABLES 27%
OIL/DIESEL/PET COKE 4% Engineering, consulting and insurance
38
* 24,104 proportional MW. Proportional MW is equal to gross MW of a generation facility multiplied by AES’ equity ownership percentage in such facility
Source: The AES Corporation Fact Sheet as of May 8, 2018, The AES Corporation Financials as of December 31, 2017.THE AES CORPORATION
OVERVIEW
South America Overview Colombia 1,020 MW 30%
Brazil
8% 3,684 MW
AES Gener and AES Argentina Generación
share the same senior leadership 12,260
28% MW
Largest energy producer in Chile, a leading Argentina
player in Argentina and a major producer in Chile 3,452 MW 4,104 MW²
34%
Colombia and Brazil
One of the most diversified LatAm
generation players in terms of geographical AES Argentina 3,461 MW + 2 fuel procurement facilities
footprint and technology
643 MW
Owns InterAndes transmission line, AES Gener 1,020 MW
connecting Chile and Argentina Andes SBU
3,400 MW + 52 MW Energy Storage
Brazil SBU
AES Brasil 3,684 MW
AES Servicios Service center in Buenos Aires provides Finance and HR
America transactional services to AES affiliates
We leverage on our relationship with AES in negotiations with suppliers, regulators and creditors, and benefit from their technical expertise, and global best
practices in optimizing performance
Sources: The AES Corporation Fact Sheet as of May 8, 2018, The AES Corporation Financials as of December 31, 2017.
Including AES Gener’s TermoAndes facility located in Argentina.
39
2)Disclaimer
• This presentation is not an offer for sale of securities. This material has been prepared solely for informational purposes and is not to be construed as a solicitation or an
offer to buy or sell any securities and should not be treated as giving investment advice. No representation or warranty, either express or implied, is provided in relation to
the accuracy, completeness or reliability of the information contained herein. Any opinions expressed in this material are subject to change without notice and neither the
Company nor any other person is under obligation to update or keep current the information contained herein. The information contained herein does not purport to be
complete and is subject to qualifications and assumptions, and neither the Company nor any agent can give any representations as to the accuracy thereof. The Company
and its respective affiliates, agents, directors, partners and employees accept no liability whatsoever for any loss or damage of any kind arising out of the use of all or any
part of this material.
• This presentation may contain statements that are forward-looking subject to risk and uncertainties and factors, which are based on current expectations and projections
about future events and trends that may affect the Company’s business. Investors are cautioned that any such forward looking statements are not guarantees of future
performance. Several factors may adversely affect the estimates and assumptions on which these forward-looking statements are based, many of which are beyond our
control. The successful execution and commencement of operation of the investment projects that we are developing or constructing depends on numerous external
factors, including (i) delays in obtaining regulatory approvals, including environmental permits; (ii) court rulings against governmental approvals already granted, such as
environmental permits; (iii) shortages or increases in the price of equipment reflected through change orders, materials or labor; (iv) the failure of contractors to complete
or commission the facilities or auxiliary facilities by the agreed-upon date; (v) opposition by local and/or international political, environmental and ethnic groups; (vi)
strikes; (vii) adverse changes in the political and regulatory environment in Chile; (viii) adverse weather conditions (ix) poor geological conditions; and (x) natural disasters,
accidents or other unforeseen events.
• This presentation may not be reproduced in any manner whatsoever. Any reproduction of this document in whole or in part is unauthorized. Failure to comply with this
directive may result in a violation of the Securities Act or the applicable laws of other jurisdiction.
• The information contained should not be relied upon by any person. Furthermore, you should consult with own legal, regulatory, tax, business, investment, financial and
accounting advisers to the extent that you deem it necessary, and make your own investment, hedging and trading decision based upon your own judgment and advice
from such advisers as you deem necessary and not upon any view expressed in this material.
• The Company is an issuer in Chile of securities registered with the Comisión para el Mercado Financiero, the Chilean Superintendency of Securities and Insurance, or
“CMF.” Shares of our common stock are traded on the Bolsa de Comercio de Santiago—Bolsa de Valores, or the Santiago Stock Exchange, the Bolsa Electrónica de Chile—
Bolsa de Valores, or Electronic Stock Exchange, and the Bolsa de Corredores—Bolsa de Valores, or the Valparaiso Stock Exchange, which we jointly refer to as the “Chilean
Stock Exchanges,” under the symbol “AESGENER.” Accordingly, we are currently required to file quarterly and annual reports in Spanish and issue hechos esenciales o
relevantes (notices of essential or material events) to the CMF, and provide copies of such reports and notices to the Chilean Stock Exchanges. All such reports are available
at www.cmfchile.cl and www.aesgener.com.
• All figures are expressed in US$ and rounded to the nearest million, unless indicated otherwise.4Q-2018 CORPORATE PRESENTATION
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