TWENTY FIFTH ORDINARY SHAREHOLDERS MEETING OF AGUAS ANDINAS S.A.

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1 TWENTY FIFTH ORDINARY SHAREHOLDERS MEETING OF AGUAS ANDINAS S.A. In Santiago de Chile on April 28, 2015, at 10:14 am, in the AGUAS ANDINAS S.A. offices located at 1398 Avenida Presidente Balmaceda (10th floor), the twenty fifth ordinary shareholders meeting of AGUAS ANDINAS S.A. takes place Presiding over the meeting is Felipe Larrain Aspillaga in his capacity as the President of the Board of Directors. Acting in his position as Secretary is the Corporate Legal Affairs Manager of the Company, Camilo Larraín Sánchez The President begins the Assembly of the Ordinary Shareholders Meetings by giving a cordial welcome to the present shareholders and thanking them for their attendance at the present Meeting Next, the President indicates that the Secretary, Camilo Larraín, will proceed to read out and report on the distinct formalities that have been fulfilled for the carrying out of the present Meeting Formalities to Convene the Assembly. It is noted that the following formalities have been fulfilled for the convocation of this Meeting: 1. The Meeting was convened via an agreement adopted in a session held on March 25, 2015 by the Company s Board of Directors The carrying out of this Meeting was reported to the Superintendency of Securities and Insurance, the Santiago Stock Exchange, the Valparaiso Stock Exchange, the Chilean Electronic Stock Market and to each of the company shareholders by a letter dated April 10, The notices of summons to the current Meeting were published in the El Mercurio newspaper on April 10, 11, and 12, This is in compliance with an agreement adopted in the last Ordinary Shareholders Meeting of the Company, with respect to the referred notices Any background material to the matters that will be submitted before the consideration of the Meeting is available to the shareholders at the offices of the Company or on its website, This material will have been made available 15 days prior to the holding of this Meeting In compliance with article 62 of Law # , on Public Limited Companies, and with article 103 of the Regulations for Public Limited Companies, only the holders of shares inscribed in the Shareholders Registry by midnight of the fifth working day prior to this date have the right to participate and vote in this Meeting; a requirement that was duly noted in the notice of summons to this Meeting Attendance Record. According to the Record of Attendance, attending this meeting in person or by proxy are the following shareholders (along with the number of shares held by each):

2 2

3 Accordingly, attending personally or by proxy, are 4,852,073,789 shares of the A-Series and 305,955,258 shares of the B-Series, which represents % of the 6,11,965,160 shares that the Company has emitted, underwritten and paid as of this date As a consequence of the above, and in conformity with article 61 of Law # , on Public Limited Companies, and with 33 of the Company bylaws, there exists a sufficient quorum for the celebration of this Ordinary Shareholders Meeting

4 Representative of the Superintendency of Securities and Insurance. It is noted that there is no representative of the Superintendency of Securities and Insurance present at this Meeting Representatives of the Pension Fund Administrators. The Secretary informs the Assembly that if representatives of the pension fund administrators are present, in compliance with article 45 bis of D.L. # 3.500, they must always rule on each of the matters submitted before the consideration of the Meeting It is noted that there are no representatives of the pension fund administrators present at this meeting Powers of Attorney. In relation to the powers of attorney attending the present Ordinary Shareholders Meeting, the Secretary indicates that they have been reviewed and found to be in accordance with the Law according to articles 110 and beyond of the Regulations for Public Limited Companies Also, the Secretary indicates that he has received physical copies of the letters containing the voting instructions of the following Banks, in their capacities as representatives of the shares on behalf of third parties as per the Company s Shareholder Registry: - Banco de Chile, on behalf of non-resident third parties Banco Santander, on behalf of foreign investors and of HSBC Bank PLC London Client Account Banco Itaú, on behalf of national investors The assembly is informed that the respective voting instructions will be noted at the time of voting Signing of the Minutes. The secretary indicates that, as per article 72 of Law # on Public Limited Companies, the minutes of the present Meeting must be signed by the President, the secretary and by three shareholders chosen by said Meeting. The secretary also indicates that in conformity with the orders of the Superintendency of Securities and Insurance Circular # 1.291, dated July 31, 1996, the names of the following shareholders present at the Meeting so that at least three of them, in addition to the President and the Secretary, sign the minutes so they can be promptly issued Inversiones Aguas Metropolitanas S.A., represented by Jorge Cosme Sagnier Guimón Gilda Follador Covarrubias, representing himself María Angélica Cuello Escobar, representing herself Jose Miguel Tobar Berrios, representing himself

5 - Corporation of Production Development (CORFO), represented by Víctor Selman Biester The shareholders unanimously agree that the minutes can be signed by any three of the above mentioned in representation of the whole Voting System. With respect to the matters to be submitted to the knowledge and approval of the Meeting, the Secretary proposes that an outcry system of voting be used, adding that this system assures the simultaneity of the emission of votes as required by Law # on Public Limited Companies. The Secretary also adds that only those votes against a given proposal, if any, will be noted in the minutes so that if no votes are given against a proposal, said matters will be understood as unanimously approved The shareholders unanimously approve the proposal Constitution of the Meeting. Adding to the comments of the Secretary, in relation to the fulfillment of the formalities required for the valid celebration of this current Meeting, and having a quorum greater than the norm established by the low and Company bylaws, the President declares the Ordinary Shareholders Meeting constituted The President s Presentation. Before proceeding with his presentation and the development of the Meeting Timetable, the President directs the assembly to the performance of the Company during the 2014 financial period. --- He begins his presentation by reviewing the significant achievements made during 2014, highlighting the strengthening of service security, the start of construction on an expansion of the Trebal-Mapocho Wastewater Treatment Plant and the implementation of new customer and operational plans Later, he refers to the successful placements of bonds in the local market, for a 23 year term, achieving a historic rate in the placement of Series W bonds. He also highlights the collective negotiation processes with six unions that concluded with an agreement for the next four years; in addition, he signals the ProHumana ranking which recognized the Company as being within the most socially responsible companies, as well as the excellent results achieved in the ProCalidad survey of customer satisfaction in the sanitary industry (carried out by Praxis) Next, he makes a special mention to the subsidiaries, emphasizing the important achievements made by them throughout the past year He adds that, in 2014, the sixth tariff setting process was satisfactorily concluded after reaching an agreement with the Superintendency of Sanitary Services. This implicates that rates for potable water, sewerage and wastewater treatment services will be maintained at the current rates for the next five years by the Company and its subsidiary Aguas Cordillera. Aguas Manquehue on the other hand, will have their tariffs reduced by 5% due to a 30% increase in supplied demand Finally, within the principal achievements of 2014, the president highlights the management, for the sixth consecutive year, of the intense drought affecting the region, mentioning that without the mitigation plan applied by the Company, the inhabitants of the concession areas would have been affected by supply rations and programmed cuts, a situation that never occurred

6 Continuing his presentation, the president makes reference to the setting in which the Company needs to develop its operation and how this will be affected by the drought, climate change and natural desasters. He remarks to the Assembly, specifically with regards to the flooding that affected the Atacama Region, that the Company has had an active role in supporting the cities of Copiapó, Diego de Almagro and Chañaral in coordination with the Ministry of Public Works, the Superintendency of Sanitary Services, and local sanitation companies In this same context, the President mentions the consequences that could result from our operation due to the diverse legal changes that are currently being discussed Later, referring to the notices published in distinctive media, the President reports the existence of three invoices paid to the La Musica Limited Investments Company, for an indepth internal review about these facts. Where appropriate, the background information for this situation will be duly delivered to the Chilean Internal Revenue Service The president culminates his presentation by emphasizing that the principal mission of the Company is to strengthen its management as an enterprise of basic services, noting that people remain the priority in all capacities Presentation of the General Manager. The General Manager (GM) presents a summary of the most highlighted acts of the 2014 financial period and the advances made during said period including the most relevant investments, the financial management of the year before and the challenges to come Complementing the presentation of the President, the GM remarks on the most relevant acts of last year, among them the tariff agreement the Company and its subsidiaries Aguas Cordillera and Aguas Manquehue reached with the Superintendency of Sanitary Services for the period, highlighting the maintaining of the index polynomial, the increase in rates for new services and the eventual discount in other rates once the Alto Maipo hydroelectric Project enters into operation. He also comments on the signing of collective working agreements for the next four years with the Company s unions and some of its subsidiaries, which make up 56% of the workers employed by the Aguas Group, this being a fact that strengthens the relationship built on confidence with our workers. Also, the GM highlights the strengthening of our strategic pillars in the realms of clients, communications, corporate social responsibility, corporate governance, operations and continuity of service, and organization of talent and innovation With respect to the advances made in relation to our clients, the GM acknowledges the increase in the amount of customers in said period, the consolidation of the Aquacis system, the strengthening of nocturnal attention, the excellent results of the Praxis Procalidad study and, the assistance of over three thousand vulnerable clients. He highlights the implementation of a strategic customer plan for the period from , which has the end-goal of generating substantial improvements in customer experience and measures necessary to do so Regarding operations, he details the advances made in drought management, the strengthening of the autonomy of service in light of events of extreme turbidity, the integrated management of potable water networks and the effective fulfillment of the water quality parameters. The GM emphasizes the implementation of an operational plan for the next five years which has aims to diminish the operating risks of the Company and by 2020, placing the Company among the most efficient sanitary companies globally Within the realms of risk and crisis management, he reports the advances made in the continuity of business and the investments in said management, as well as the economical, technical and professional support the Company has provided to the country throughout the latest natural disasters affecting it. With respect to the activities of the subsidiaries, the GM acknowledges the opening of a new laboratory for Environmental Analysis (ANAM), being the most modern of its kind in Chile

7 Regarding labor relations, he highlights the advances made in integrated talent management and recognition, the relationship with unions, the decrease in claims, and the management of innovation. With respect to the community, he comments on the achievements of the Buen Vecino (good neighbour), Avanza Trebal, and other educational programs He then draws attention to the investments made during the past fiscal year, which reached close to #88,844 million CLP, which allowed the Company to weather the increased demand and comply with the standards of continuity and service which are greater every time. He stresses the investments plan for the next five year period, which has reached the sum of $900 million USD, mainly destined for new operational and customer plans With respect to the financial management of the Company during 2014, the GM highlights the sustained growth of revenues based on past investments and the increase in clients; in increase in the EBITDA, which permits financing of investments and the fulfillment of our financial compromises, maintaining a solid credit rating; and the improvement in incomes in comparison with the 2013 financial period. Also, he highlights the level of trust the market has placed in the Company, reaching excellent placements for bonds in the local market, reaching historic rates Ending the presentation, he notes the challenges the Company will undergo to maintain its continuity of service in the face of the critical drought situation affecting the country, achieve legitimacy in a complex environment, and maintaining its own identity while being flexible enough to adapt to the conditions of a changing society Meeting Schedule. The secretary notes that next, as per the information in the citations sent to the shareholders and related publications, the meeting will debate the following matters: 1. Review of the external auditing reports, discussion of the annual report and financial statements corresponding to the financial period between January 1 and December 31, Agree on the distribution of utilities and partition of dividends for the 2014 financial period Presentation of the dividends policy of the Company Report on operations with related parties (Title XVI Law # ). 5. Designate independent external auditors for the 2015 financial period Designate risk assessors for the 2015 financial period Set remunerations for the board of directors for the 2015 financial period Note the expenses of the Board during Set remunerations and expense budget for the Committee of Directors for the 2015 financial period Note the activities and expenses of the Committee of Directors during Determine the paper in which the notice to summons and other matters of interest for shareholders will be published Other matters of business interest within the competency of the board This Schedule will be developed from here The situation of the Company, external auditor s report, annual report, balance sheet, and other financial statements of the Company for the fiscal period ranging from January 1 and December 31,

8 The secretary presents the annual report, balance sheet, and other financial statements of the Company corresponding to the 2014 financial period which are submitted for the approval of the Meeting, they have been made available to the shareholders and duly published on the Company s website Next, the shareholders are informed that the external auditing firm of the Company, Ernst & Young, as per their report dated March 25, 2015, signed by the partner Luis Vila Rojas, signalled that the financial statements of the Company reasonably presented, in all significant aspects, the financial situation of the Company as of December 31, Later, as per the General Manager s presentation which referred to the financial management of the Company during 2014, submits the approval of the annual report, balance sheet, and other financial statements of the 2014 fiscal year for the approval of the Meeting Pedro Sepúlveda Toledo takes the floor and asks that the external auditors of the Company act with more thoroughness when auditing the consolidated financial statements of the Company, in light of the amount of recent financial scandals that have occurred in the country and could have been prevented by more prudent external auditing. To this, the Secretary states that his observation will be duly noted in the minutes The proposal is approved and it is noted that the votes represented on behalf of third parties, as per the Shareholders Registry, are those that have been delivered to the company and correspond to the content contained in their respective instruction letters As a consequence of having approved the balance corresponding to the 2014 financial year, it is noted that the paid capital of the Company is $155,567353,596, as per the stipulations of article 10 of Law # on Public Limited Companies Distribution of revenues and partition of dividends corresponding to It is proposed to the current meeting that 100% of the net income obtained by the Company, a sum reaching $119,422,473,587, be distributed It is made known to the Meeting that, as per the agreement adopted by the Board in its session of December 17, 2014, the Company partitioned a provisional dividend based on the revenues of the last fiscal period, for an amount of $38,855,428, In consideration of the partition of the provisional dividend, the distributable income ascends to $80,567,044,821, which will translate to a dividend of $ per share, which will be paid beginning May 26 of the next period It is noted that the leftover $466,249, corresponding to the difference in the partition of dividends, will be allocated to the accumulated income account The methods of payment will be consistent with past years consisting of: 1. Direct Deposit for those who have requested so, in writing, to DCV Registros S.A Nominative check or bank draft sent by certified mail to the address of the shareholder as recorded in the shareholders registry, to those who have requested so in writing to DCV Registros S.A Check or bank draft which can be picked up at the offices of DCV Registros S.A., or in the bank or branches to be designated. This will be reported in the notice published about the dividends payment If the proposed partition is approved byte Meeting, the equity accounts of the Company will be as follows: 8

9 Paid Capital $155,567,353,596 Issue Premiums $164,064,038,163 Other Equity Interests $(5,965,550,209) Retained Earnings $216,531,198,262 Equity $530,197,039,812 The floor is opened for discussion this matter and it is proposed to the Meeting that the distribution of the earnings of the fiscal year, partition of dividends, and payment procedure be that as described above The proposal is approved and it is noted that the votes represented on behalf of third parties, as per the Shareholders Registry, are those that have been delivered to the company and correspond to the content contained in their respective instruction letters Exposition on the Dividends Policy of the Company. In fulfillment of the orders of the Superintendency of Securities and Insurance Circular # 687 (dated February 13, 1987), the present Meeting is informed that the Board of Directors has agreed as a dividend policy, to the partition of 30% of the net revenue obtained in the financial period as an obligatory dividend, and the remaining 70% as an additional dividend. This, on the understanding that the current capitalization level of the Company and the proposed policy is consistent with the investment policies and financing to be determined in the financial period To this date, the Board of Directors has not contemplated the distribution of provisional dividends Despite this, if in the course of the present financial year the Board of Directors considers it pertinent to substantially change the dividend policy, it will communicate so as an essential fact to the Superintendency of Securities and Insurance, as per the stipulations of the previously cited Circular # Lastly, the Meeting is informed that no agreements with financial creditors or other such organization exist, nor any capitalization of profits agreements that would in any way restrict the current dividend policy Notwithstanding the above, it is noted that in light of a contract opening a non-revolving credit line underwritten by Banco Bilbao Vizcaya Argentaria, Chile and a contract opening a line of credit carried out with Banco de Credito e Inversiones. In the event of noncompliance with these obligations, the Company may distribute only the mínimum mandatory divident as provided by law This concludes the obligation of informing the Ordinary Shareholders Meeting of the divident distribution policy of the Company Report on transactions referred to under Title XVI of Ley # It must be reported to the Meeting that during 2014 the following operations with related parties were approved, fulfilling the requisites and formalities as stipulated by the law, which were agreed to via the methods described below: In the ordinary session of the Board on February 25, 2014, the signing of a consulting contract for the elaboration of a study on the impact of periods of drought on the consumption of water with the Water Technological Center (CETAQUA) was unanimously approved by the present members for the amount of 9

10 738 UF. The referred contract was reported favorably to the Company s Committee of Directors in their session on the same day In the Board s ordinary session on March 26, 2014, the signing of a consulting contract for the elaboration of the Hydroyeso Merged Blueprint, on behalf of the subsidiary Aguas del Maipo S.A. with Aqualogy Aqua Ambiente Servicios Integrales S.A.U., for a net amount of $45,000,000, was unanimously approved. The referred contract was favorably reported to the Committee of Directors in their session held on March 24, In the Board s ordinary session on April 24, 2014, the adjudication of a construction contract for work on the supply of the Chicureo-Chamisero system from the Lo Pinto Wells, on behalf of its subsidiary Aguas Manquehue S.A., for a net amount of 187,253 UF, was unanimously approved by the present members. This adjudication was reported favorably to the Company s Committee of Directors in its session on April 24, During the Board s ordinary session on May 27, 2014, the following operations were approved unanimously by the present members: a. The adjudication of a supply contract for part of the potable water meters necessary for 2014 with Aqualogy Solutions Chile Ltd., for a net amount of $1,277,975, b. The modification of a contract for emptying, cleaning and maintenence servives for the anaerobic digestor for sludge from the Talagante Wastewater Treatment Plant, celebrated with Aqualogy Medioambiente Chile S.A., for the net sum of $43,628,196, because of the additional costs required by the execution of the contract. The referred contract was approved by the Board of Directors in its ordinary session on February 26, Both operations were favorably reported to the Company s Committee of Directors in its session on May 27, In the Board s ordinary session on June 26, 2014, the present members unanimously approved the adjudication of the elaboration of Directive Plan for Hydraulic Efficiency with Aqualogy Medioambiente Chile S.A.,for a net amount of 149,920 UF. The referred adjudication was favorably reported to the Committee of Directors in their session on the same day In its ordinary session on September 24, 2014, the Board of Directors unanimously approved the adjudication of a contract for the replacement of the adsorption method for the Quilicura Arsenic Removal Plant to Aqualogy Medioambiente Chile S.A., for a net amount of 7,281 UF. The referred adjudication was favorably reported to the Company s Committee of Directors in is session the same day During the Board s ordinary session on October 29, 2014, the following operations were approved unanimously by the present members: a. The signing of an agreement for research and specialized technical services with CETAQUA, with the goal of hiring disting consultants through said center b. Constitution of the Water Investigation Corporation of Chile (CETAQUA Chile) and the signing of a partnership agreement with the remaining members of the corporation, among them, Aqualogy Chile Limited, with the goal of regulating the functioning of the administration, the partner assemblies, the advisory board, court of honor and support regimen among others c. Contract for buying/selling of raw water with Maipo Canal Society, for a máximum flow of 2.5 m 3 /s, that will be delivered in the San Carlos canal, whose price reaches $8/m d. Compensation agreement with Electrica Puntilla S.A., due to the reduced flow of water entering its hydroelectric plants, due to the buying/selling 10

11 contracts for raw water carried out with the United Canal Association of Buin, the Huidobro Canal Association and the Maipo Canal Association These operations were favorably reported to the company s Directors Committee in its session on October 28, e. Agreement of partial final acceptance of Works related to the construction contract for the Mapocho Wastewater Treatment Plant, with the Mapocho- Trebal Wastewater Purification Company Ltd. Under said agreement, all the functionalities of the plant were received definitively with the exclusion of 1) functionalities consisting in obtaining the acclimitization of anaerobic digestion generated in the process of thermal hydrolysis and 2) deferred works. Also, a work plan was set to coordinate and program projects necessary to achieve pending funcionalities The Committee of Directors analyzed and favorably reviewed this operation in the sessions on March 24, May 27, June 10, June 11, June 16, July 30 and October, In the ordinary session on November 28, 2014, the board of directors unanimously approved the awarding of a contract relating to partial supply of potable water meters necessary for 2015 to Aqualogy Solutions Chile Ltd., for a net amount of $1,660,862,000. This adjudication was favorably reported to the Committee of Directors in its ordinary session on November 21, During the Board s ordinary session on December 17, 2014, the following operations were approved unanimously by the present members: a. Adjudication of a contract for the supply of equipment, assembly and implementation for the second stage of the Mapocho Wastewater Treatment Plant, with Degremont S.A.S., for a net amount of 1,457,188 UF. b. The signing of a contract for the hiring of technical assistance services for the integration of the expansion of the Mapocho Wastewater Treatment Plant with the rest of the plant complex, with Mapocho-Trebal Wastewater Purification Company Ltd., for a net amount of 4,809 UF c. The signing of a contract for the buying/selling of the soundproof generating group with Aguas Manquehue S.A., for the net price of $8,000,000. These operations were favorably reported to the Committee of Directors of the Company in its session on December 16, This fulfills the obligation to report any transactions under Title XVI of Law # on Public Limited Companies, to the Ordinary Shareholders Meeting Designation of independent external auditors with the objective of examining the accounting, inventory, balance sheet and other financial statements of the Company for the 2015 financial period. It falls to the Ordinary Shareholders Meeting to designate external auditors with the goal of examining the accounting, inventory, balance sheet and other financial statements of the Company for the 2015 financial period As per the orders of the Superintendency of Securities and Insurance Official Circulars # 718 and 765, dated February 10 and December 21, 2012 (respectively), the company s Board of Directors has solicited quotes from the two main external auditing firms of the country, Ernst & Young and Deliotte The referred companies are amongst the most important auditing firms in the national and international markets, and they possess an excellent track record in the country and have international support. In addition, they have audited or are currently auditing many 11

12 companies within the sanitation sector. They both fulfill the conditions of Independence, experience and have a sufficient history to act as comissioned, and they are both registered in the Supertintendency of Securities and Insurance External Auditing Companies Registry, and are thus accredited by this governing body The main factor differentiating the received proposals refers to the amount of fees charged by each firm, the proposal of Ernst & Young being less than that from Deliotte. Also, the work hours, the amount of available professionals, the diversity of specialists and the distribution of partners, executives and managers assigned by Ernst & Young, make their proposal far more adequate for the auditing and internal control needs of the Company In addition, Ernst & Young is a company providing professional services that is a world leader in their field. It has been the external auditor of the Company and its subsidiaries since 2011 and is currently the auditor of the General Water Company of Barcelona S.A., and the Suez Environment Company S.A., parent companies of the Aguas Group, which reflects experience within the sanitary rubric. As well, it is made known that the current partner responsable for the auditing of the Company is Luis Vila Rojas, who has been in this function for the las two fiscal years Therefore the Board proposes to the current meeting that the external auditors of the Company for the 2015 financial period, in order of priority, be the following companies: 1. Ernst & Young, and 2. Deloitte. This proposoal is identical to the one made to the Committee of Directors The floor is opened to the shareholders for discussion of this point The representative of the Corporation for Production Development (CORFO), Victor Selman Biester, states that without prejudice regarding the approval of Ernst & Young as the auditor for the 2015 financial period, the next ordinary shareholders meeting should propose, as a first priority, a different auditing firm for the next fiscal period; since Ernst & Young has been in this position for the last four years, it would be good market practice to replace the auditors after they have held the position for five years, in order to guarantee their Independence. Also, Mr Biester highlights the fact that the current partner responsable for auditing the Company has only been in his position for two years, a measure which assures the Independence of his work The shareholders approve Ernst & Young as the external auditor of the Company, with 20,245,114 votes against from Banco de Chile, in their capacity representing non resident third parties, 801,694 votes against from Banco Itau, in its capacity as a representative of investors, 8,518,371 votes against from Banco Santander, in its capacity as a representative of foreign investors, 43,080 votes against from Mr Ignacio Olaeta Undabarrena, and with 7,462 votes against from Mr Flavio Gonzalez Gutierrez; it is noted that the votes represented on behalf of third parties, as per the Shareholders Registry, are those that have been delivered to the company and correspond to the content contained in their respective instruction letters Designation of the risk assessors for the 2015 Financial Period. The Board of Directors has agreed to propose to the Meeting, as per the proposal effected by the Committee of Directors, the designation of International Credit Rating (ICR) and Fitch Chile, as the risk classifiers of the shares of the Company for the 2015 financial period, calling to attention their track record and prestigiousness in the sector, and excellent performance in the position, given that they are currently the businesses providing these services for the Company, as well as their accreditation by the pertinent governing bodies The floor is opened to the shareholders for discussion of this point The proposal is approved and it is noted that the votes represented on behalf of third parties, as per the Shareholders Registry, are those that have been delivered to 12

13 the company and correspond to the content contained in their respective instruction letters Setting of the remunerations for the Board of Directors for the 2015 Financial Period. According to subsection 1 of article 33 in Law # on Public Limited Companies, it falls to this meeting to set the remunerations for the Board of Directors for the current financial period To that end, it is proposed to the Meeting that the remunerations set during the last financial period be maintained, being: - Fixed Remunerations: 100 UF a month for the President; 75 UF a month for the Vice President; 70 UF a month for titular and substitute directors Remunerations for Attendance at each Session: 80 UF for the President; 60 UF for the Vice President; 20 UF for titular directors; and 20 UF for substitute directors, only when replacing titular directors The floor is opened to the shareholders for discussion of this point The proposal is approved and it is noted that the votes represented on behalf of third parties, as per the Shareholders Registry, are those that have been delivered to the company and correspond to the content contained in their respective instruction letters

14 8.- Expenses of the Board of Directors for the 2014 Financial Period. In fulfillment of the stipulatons provided under article 39 of Law # on Public Limited Companies, the Assembly is informed that during the 2014 financial period, the Board of Directors of the Company did not incur any expenses This fulfills the obligation to inform the Ordinary Shareholders Meeting of the expenses incurred by the Board during the respective financial period Setting remunerations and expense budget for the Committee of Directors for the 2015 financial period. To this end, it is proposed that the remunerations for the Committee of Directors be maintained as those set during the last fiscal period: - Fixed Monthly Remunerations: 25 UF a month for titular and supplementary directors Remunerations for Attendance at each session: 20 UF a month for titular directors; and 20 UF a month for substitute directors, only when replacing a titular director. --- It is also proposed that the annual expense budget for the Committee of Directors be the same as that for the last fiscal period, 3,000 UF The floor is opened to the shareholders for discussion of this point The proposal is approved and it is noted that the votes represented on behalf of third parties, as per the Shareholders Registry, are those that have been delivered to the company and correspond to the content contained in their respective instruction letters Activities and Expenses of the Committee of Directors during the 2014 Financial Period. The Meeting is informed of the principal activities undertaken by the Committee of Directors during the financial period ended on December 31, 2014: 1. Examined the reoports of the external auditors, the balance sheet, and other financial statements of the Company during the period ended on December 31, 2014; and ruled favorably on these documents prior to their presentation to the shareholders Presented their proposal for external auditors and risk classifiers for the 2014 financial period to the Board of Directors Examined and favorably ruled on the approval of the balance sheet and other financial statements of the Company, presented quarterly by the administration Reviewed the progress of the measures considered to address the observations of the Internal Control Report issued by the external auditors of Reviewed the Internal Control Report issued by th external auditors in November of Reviewed the Annual Auditing Plan presented by the external auditing company, Ernst & Young, under the assumption of being chosen by the current shareholders meeting Reviewed and approved the administration s proposal to hire the firm, Ernst & Young, to review the key controls in certain Approved Processes, a service not within the scope of external auditing Oversaw a review of the Internal Control System and Risk Management of the Company, as well as the diverse instruments and stages integrated within

15 9. Reviewed the remuneration systems and compensation plans for managers, main executives and employees of the Company Checked the progress of the Approved Processes utilized by the Company Analyzed the the procedures and application of rules for operations with related parties and examined the background related to each of the operations done during the past financial year, indicated in point # 4 of the current minutes Reviewed the sanctioned procedures of the Superintendency of Sanitary Services started against the Company and its subsidiaries, and oversaw an analysis comparing the Company with other sanitation business in the country The meeting is informed that a more careful detail of the activities of the Committee of Directors during the 2014 financial period is found in the Company s Annual Report, which is available to any interested parties on the Company s website The Meeting is also informed that the total expenses incurred by the Committee of Directors during 2014, reached $42,733,143, corresponding to the fees of its Secretary and the payment for the consultants hired during the preceding financial year This fulfills the obligation of informing the Ordinary Shareholders Meeting of the activities and expenses of the Committee of Directors during the 2014 financial period Determination of the Santiago periodical in which the notices of summons to shareholder meetings and other matters of shareholder interest will be published. After evaluating the circulation of the distinct periodicals, the publich to which they are directed, and the costs of publication, the Board of directors has agreed to propose to this Meeting that the newspaper, El Mercurio, be designated as the publication in which the notices of summons to shareholder meetings and other matters of shareholder interest will be published The floor is opened to the shareholders for discussion of this point The proposal is approved and it is noted that the votes represented on behalf of third parties, as per the Shareholders Registry, are those that have been delivered to the company and correspond to the content contained in their respective instruction letters Other matters of business interest and within the competency of the Meeting. The floor is opened to the shareholders for discussion of any other business interest or matters that are within the scope of the Ordinary Shareholders Meeting Mr Flavio González Gutiérrez takes the floor and asks if, in consideration of the floods ocurring in Region III of the country, the Company has projected the construction of decanting pools in order to avoid the registered problems in said region a few weeks ago. To this, the President responds that the Company is carrying out a series of security projects destined to guarantee the continuity of service, highlighting the construction of a raw water tank in the Pirque municipality, which will allow for the storage of 1,500,000 m 3 of raw water, he adds that the Ministry of Public Works will be the responsible party for the construction of projects indicated Mr. Gonzalez. Following this, the General Manager adds that the Company has invested close to 80 million dollars, throughout the last two years, on safety projects designed to alleviate situations of turbidity, highlighting the start of operations of CAYA consisting in the conduction of raw water from the El Yeso reservoir to the Laguna Negra Aqueduct which now allow for 9 hours of system autonomy in the summer and 16 in the Winter, which along with the construction of the Pirque raw water tank, will increase the autonomy of the system to 36 hours

16 Next, Pedro Sepúlveda Toledo takes the floor, and manifests his concern fo the situation presented by the President, regarding the issuance of tickets on behalf of the company, La Musica Investments Limited, indicating that it is important to closely investigate the subject and take the appropriate measures. Also, he adds that, in is capacity as a minority shareholder, he is interested to know the position of the Company with regards to tax reform, what decisions the Company has made regarding such reform, and how this will impact its minority shareholders. Regarding the first point, the President states that as has been discussed previously, an internal in-depth review of these facts has been ordered, and if prudent, any background will be delivered to the Chilean Internal Revenue Service. On the second point, he adds that any tax reform will have an equal impact on all shareholders of the Company. The General Manager adds that the tax reform will not have specific impact on the minority shareholders. In relation to this topic, Mr Ignacio Olaeta Undabarrena takes the floor to define that while the company shares 100% of its profits, the effects of the tax reform will not significantly effect the shareholders. Next, the Company s Corporate Manager of Finance and Supply, Mr Ivan Yarur Sairafi, states that the administration has not adopted any position with regards to the reform, and only towards the end of 2016 should the Company decide the tax regimen which will be submitted On another matter, Mr Olaeta Undabarrena asks what the percentage of wasted water that is not supplied to customers is, and how the Company plans to face this problem. To this, the General Manager explains that this matter is of great importance to the Company, given that the percentage of the lost water is around 30%, to which, during 2014, an Hydraulic Efficiency Plan was placed into operation in order to diminish commercial and technical losses, projecting a loss reduction of 20% in the next five years. The President complements the relevance of this plan by calling attention to the drought situation that is presently affecting the region. Next, Mr Luis Araya Cerda asks if tap water is considered to be within the losses, a fact which is confirmed by the President The shareholder, Mr Flavio Gonzalez Gutierrez, asks about the Company s participation in the Alto Maipo Project, to which the President indicates that although the Company was obligated to supply water to the Project, said obligation is subject to the availability of this resource in order to satisfy the potable water demand of the Company s clients. He adds that the copy of the contract associated with this matter is at the disposition of the shareholders on the Company s website Mr Pedro Sepulveda Toledo states that it is lamentable that the Administrators of the Pension Fund, which are shareholders of the Company, have not atended the present Assembly, asking that this observation be noted in the minutes Having no other matters to discuss, the President thanks the shareholders for their attendance and, at 11:23 am, officially ends the Twenty-Fifth Ordinary Shareholders Meeting of Aguas Andinas S.A Felipe Larrain Aspillaga President Camilo Larraín Sánchez Secretary Jorge Cosme Sagnier Guimón p.p. Inversiones Aguas Metropolitanas S.A. Gilda Follador Covarrubias Víctor Selman Biester pp. Corporación de Fomento de la Producción 16

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