COMPANY PRESENTATION. BTG Pactual & Celfin Southern Cone / Andean Conference. Santiago, June 5 th -6 th 2013

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1 COMPANY PRESENTATION BTG Pactual & Celfin Southern Cone / Andean Conference Santiago, June 5 th -6 th 213

2 Colbún at a glance Who are we? We are a Chilean company, leader in the generation of reliable, competitive and sustainable energy. What is our corporate strategy? We seek to generate long-term value by developing projects and managing power infrastructure, integrating with excellence the economical, technical, environmental and social dimensions. We commit our power through long-term power purchase agreements with distribution, industrial and mining companies. Arica Antofagasta Tal-Tal SING ~4, MW ~17 TWh SIC ~13, MW ~49 TWh Santiago Some relevant figures Presence only in the Central Grid (SIC) of Chile. Almost 3, MW of installed power capacity. US$ 5.4 billion market cap ( ). Revenues of US$ 1.4 billion in 212. EBITDA of US$ 284 million in 212. EBITDA of US$ 346 million LTM March 213 Market Share (% capacity) SIC Others 24% AES Gener 17% Colbún 2% Endesa 39% Castro Chaitén Cochrane Pto. Natales SEA SAM 2 Source: Colbún December 212 Source: CNE Pto. Williams

3 Annual Power Generation SIC TWh A brief history of the Chilean power sector and Colbún Strong power development based on private investment Capacity growth = hydro + competitive natural gas Power purchase agreements signed under fixed prices (Set by regulator for distribution clients) (+) Back-up capacity (diesel) (+) LNG re-gasification terminal since 29 (+) Coal-fired capacity New law: PPA tenders with price indexation ~4, MW installed hydro 3 Source: Generación Bruta en el SIC, CNE/Colbún, 212. *Argentinean Gas Shock *Commodities Super-Cycle *Drought (7 ) New PPA Law Others Diesel-Fuel LNG Gas Coal /Petcoke Hydro 3 year severe drought (1-12 ) ~6, MW installed hydro

4 currently with 22 operating power plants and one under construction Depending on natural gas availability, up to ~5, GWh/year NEHUENCO COMPLEX: 874 MW GAS/DIESEL Nehuenco I (368 MW) Nehuenco II (398 MW) Nehuenco III (18 MW) ACONCAGUA BASIN: 213 MW Chacabuquito (29 MW)* Blanco (6 MW) Los Quilos (39 MW)* Juncal (29 MW) * Hornitos (55 MW) Juncalito (1 MW)* ~2,5 GWh/year CANDELARIA POWER PLANT: 27 MW GAS/DIESEL Candelaria Unit I (133 MW) Unit II (137 MW) SANTA MARIA I POWER PLANT: 342 MW COAL Santa María I (342 MW) LOS PINOS POWER PLANT: 1 MW DIESEL CARENA POWER PLANT: 9 MW Carena (9 MW)* MAULE BASIN: 63 MW Colbún (474 MW) Machicura (95 MW) San Ignacio (37 MW)* Chiburgo (19 MW)* San Clemente (5 MW)* LAJA BASIN: 249 MW Rucúe (178 MW) Quilleco (71 MW) Average-to-dry hydrological conditions: ~6,5 GWh/year Los Pinos (1 MW) CHAPO LAKE: 172 MW ANTILHUE POWER PLANT: 13 MW DIESEL Antilhue Unit I : 51 MW Unit II : 52 MW Canutillar (172 MW) BIOBÍO BASIN: Angostura (316 MW) ~1,5 GWh/year 7 thermal power plants (1.689 MW) 15 hydro power plants (1.273 MW) 4 Combined Cycle Open Cycle Coal-fired Run of the River (*NCRE mini-hydro) Reservoir

5 A solid and reliable controlling group with a strategic and long term vision CONTROL Matte Group (49%): leading economic group in Chile, with stakes in various sectors (forestry, financial, telecommunications, among others). LARGE STAKEHOLDER Angelini Group (1%): another leading Chilean economic group. FLOAT 41% free float, with relevant local institutional investor presence. Ownership Structure Matte Group 49% Angelini Group 1% Others 22% Pension Funds 19% GOVERNANCE 4 out of 9 are independent directors. ACCOUNTING STANDARDS Disclosure under IFRS standards Functional currency: US dollar Source: Colbún, December 212 5

6 The key driver in our results is our commercial policy COMMERCIAL GOALS Supply secure and competitive energy to our customers Maximize returns from our current and future assets Manage volatility given relevant hydro component 1. Define optimal contract level 2. Incorporate indexation formulas in sale prices, which reflect our cost structure 3. Business, operational and financial management Hydro capacity Output of a average-dry year: Today: ~6.5 TWh/year 214 and on: ~8 TWh/year Efficient thermal capacity Output of a coal-fired plant: ~2.5 TWh/year CPI Fossil Fuels prices Flexible prices for transitional periods Risk-sharing mechanisms in power and supply contracts Financial hedges Natural gas supply for certain periods 6

7 USD/MWh so as to minimize exposure to exogenous variables Electricity Prices SIC Energy Node Price Energy Average Market Price* Energy Spot Price Alto Jahuel WTI (CL1 Comdty) *Argentinean Gas Shock *Commodities Super-Cycle *Drought (7 ) 3 year severe drought (1-12 ) 25 5 New coal capacity Source: Costos reales marginales mensuales Alto Jahuel, CDEC/ Colbún; Historia precios nudos, CNE; Informes Mensuales Systep, Note (*): The market Price is calculated by the Regulator upon information provided by all generation companies. This average price does not include the capacity charge component. 7

8 Our income statement shows our growth and recent transitional period Income Statement (MMUSD) March 213 LTM Revenues from operating activities 753 1,16 1,346 1,159 1,24 1,333 1,49 1,415 Costs of materials, consumables and others (37) (1,141) (1,11) (822) (694) (1,128) (1,124) (1,69) EBITDA Depreciation and amortization (17) (118) (117) (122) (124) (125) (136) (145) Non-operational result and taxes (63) 9 (51) 24 (91) (75) (99) (136) Net Income 276 (9) Operational Figures (GWh) March 213 LTM Generation Hydro 7,674 6,284 6,822 6,58 5,566 5,462 5,233 4,859 Gas 2, ,273 2,418 2,242 2,795 Diesel 149 4,216 3,442 2, ,91 2,24 1,618 Coal ,853 2,44 Total Generation 1,799 11,36 1,583 9,554 9,43 9,877 11,568 11,711 Total Commitments 12,345 12,976 9,745 9,638 8,829 1,687 9,834 9,526 8

9 we are strengthening our balance sheet Current Assets 639 Cash and equivalents 238 Accounts receivable 173 Recoverable taxes 119 Other current assets 11 Balance Sheet as of March 213 (MMUSD) Current Liabilities 553 Financial liabilities, current 34 Accounts payable 177 Other current liabilities 36 Non-Current Assets 5,363 Property, Plant and Equipment 4,933 Other non-current assets 43 Non-Current Liabilities 1,98 Financial liabilities, non-current 1,373 Differed taxes 52 Other non-current liabilities 33 Shareholders' Equity 3,541 Total Assets 6,2 Key Credit Metrics Total Liabilities and Shareholders' Equity 6,2 Cash, Debt & Net Debt (MMUSD) Total debt to total capital (%) Net debt to EBITDA (x) EBITDA Interest coverage (x) March 213 LTM Cash Net debt Total debt March 213

10 and have a strong liquidity position Amortization Schedule of LT Debt as of March 213 (MMUSD) Rating Bonds Banks Local Rating Last Update Fitch Ratings A+ Dec-12 Humphreys AA- Jul-12 International Fitch Ratings BBB Dec-12 Standard & Poors BBB- (Neg.) Dec-12 Liquidity Position as of March 213 Cash USD 238 million of cash and cash equivalents as of March 213. Committed lines Committed back-up facility of UF 8 million (~USD 38 million), unused, signed with local counterparties. Other sources of liquidity Access to additional USD 15 million in credit lines facilities, USD 3 million registered domestic bonds and a registered commercial paper program (USD 1 million), which we use from time to time for working capital optimization purposes. Dividend policy 3% (minimum required by Chilean law). 1

11 Colbún has grown steadily over the past decade Capacity (MW) Total Operating Revenues (MMUSD) ,7 MW CAGR: 8% 2,962 MW USD 129 million CAGR: 2% USD 1,49 million Market Cap (MMUSD) 3-year Moving Average EBITDA (MMUSD) USD 4,83 million 35 3 USD 273 million USD 435 million CAGR: 2% USD 54 million CAGR: 13%

12 and plans to continue contributing to Chile s energy needs Electricity per capita consumption MWh/person ~8.3 MWh/cápita 5 ~3.3 MWh/cápita 12 Source: data.worldbank.org

13 Demand and Supply: what to expect in the coming years Estimated Future Electricity Demand SIC Available Power by type SIC TWh 7 MW Hydro (1) Wind Coal Gas (2) Diesel Max demand 12. Min demand Average demand Source: Informe Técnico Definitivo Fijación Precio Nudo SIC,CNE/Colbún, April Source: Informe Técnico Definitivo Fijación Precio Nudo SIC,CNE/Colbún, April 213 (1) Considering normal hydro conditions (2) Real gas output depends on fuel availability

14 Demand and Supply: what to expect in the coming years Available Power by type SIC MW Hydro (1) Wind Coal Gas (2) Diesel Max demand 12. Min demand Average demand Source: Informe Técnico Definitivo Fijación Precio Nudo SIC,CNE/Colbún, April 213 (1) Considering dry hydro conditions (2) Real gas output depends on fuel availability

15 Colbún plans to continue developing projects that contribute to the country s growth requirements UNDER CONSTRUCTION UNDER DIFFERENT STAGES OF DEVELOPMENT 2,962 MW Angostura 316 MW La Mina* 34 MW Santa María II 342 MW San Pedro 15 MW Hydro potential ~5 MW ~ 4,3 MW OTHER GROWTH OPPORTUNITIES Existing CCGT (766 MW) and existing open-cycles that could be combined (27 MW), subject to securing a long-term competitive and flexible natural gas supply. 53% 43% Hydro capacity (*NCRE) Coal-fired capacity Combined-cycle capacity Open-cycle capacity (natural gas and/or diesel) 15

16 To develop projects, as important as the financial back-up SANTA MARÍA II COAL POWER PLANT: 342 MW Coronel, Biobío Region SAN PEDRO HYDRO POWER PLANT: 15 MW Riñihue Lake, Los Ríos Region INVESTMENT AND SCHEDULE: SPENT AS OF SEP 212: Under revision 112 MMUSD SANTA MARÍA II SAN PEDRO LA MINA ANGOSTURA LA MINA HYDRO POWER PLANT: 34 MW Maule River, Maule Region ANGOSTURA HYDRO POWER PLANT: 316 MW Santa Barbara and Quilaco, Biobío Region INVESTMENT POWER PLANT: 675 MMUSD INVESTMENT TX LINE: 45 MMUSD SPENT AS OF MAR. 213: 593 MMUSD ADVANCE MAR. 213: 88% ESTIMATE START OF OPERATION: 4Q213 16

17 is the know-how to achieve their social and environmental license EMPLOYEES INVESTORS ENVIRONMENT CLIENTS AND SUPPLIERS COMMUNITY AND SOCIETY CONTRACTORS AND PROVIDERS 17

18 To sum up what Colbún is focused on today 1. Consolidation Consolidate our people, our operations, our projects, our financial 2. Diversification and Risk Management Narrow our exposure to exogenous variables: diversified asset base (technology, fuel and location) and clients. Active risk management policy. Identify and develop project options to consolidate our market share. 3. Growth Commercial strategy that generates long-term returns consistent with our asset base. Long-term value generation 18

19

20 Supporting Material

21 Power Sector Segmentation 3 SUB-SECTORS GENERATION SING SIC Antofagasta 4 SEPARATE GRIDS Arica 4,146 MW - 24% 16,751 GWh - 25% Tal-Tal 13,332 MW - 76% 48,796 GWh - 74% TRANSMISSION Regulated sectors (concessions) Santiago DISTRIBUTION Castro SEA Chaitén 52 MW - % 166 GWh - % RELEVANT INSTITUTIONS Cochrane Ministry of Energy 21 Regulator: CNE Supervisor: SEC Coordinator: CDEC SAM Pto. Natales Pto. Williams Source: CNE, December MW - % 287 GWh - %

22 Power Market Structure Electricity Market Structure Main Players in the Generation Sector-SIC GENERATORS 39% >15 players REGULATED CUSTOMERS UNREGULATED CUSTOMERS SPOT MARKET 2% 21% 17% DISTRIBUTION COMPANIES FREE CUSTOMERS CDEC 2% 1% Regulated Tender Tariffs Unregulated Tariffs Marginal Cost /Spot Price Endesa Colbún Gener Arauco CGE Others Source: Colbún, December

23 Variable Cost of the Plants (USD/MWh) Dispatch and pricing model: a technical guide OBJECTIVE INSTITUTION MODEL Meet demand at the lowest cost possible Independent load dispatch center (CDEC) coordinates the efficient dispatch of electricity producers CDEC dispatches plants in ascending order of variable production cost Prices vary according to the type of customer: REGULATED CUSTOMERS 1) Node Price: calculated by the CNE every 6 months 2) Auction Price: auctioned under the supervision of the Regulator for bilateral LT contracts UNREGULATED CUSTOMERS 3) Market Price: free price settled by both parties for bilateral contracts OTHER GENERATORS 4) Spot Market Price: the variable cost of the most expensive dispatched plant at each moment of the day All facilities are also paid a capacity charge for being available 23 Dispatch Model Pricing Model Hydro CC-Diesel CC-LNG Coal OC-Diesel Thermo-Diesel Output from available plants (MWh) Dispatched Plants *Margin = [Spot Price - Var. Cost] Back Up Plants Plants receive revenues from Capacity charge Plants earn a Margin* Dispatch Scheme Demand Curve SPOT PRICE Marginal Cost of the System

24 REGULATED CUSTOMERS Colbun s diversified customer base CHILECTRA ( /23/25) CONAFE (Until 22) CGE-Río Maipo (21-221) CGE-Distribución (21-224) SAESA (21-219) Santiago CODELCO Salvador CODELCO Ventanas ANGLOAMERICAN Los Bronces CODELCO Andina METRO AGUAS ANDINAS La Farfana CMPC Puente Alto UN-REGULATED CUSTOMERS CODELCO Teniente CMPC Procart 24

25 Colbun s Value Chain Project Development Operational Excellence Risk / Return Profile Multidimensional challenge: Technical + Environmental / Social + Financial High standards: Reliability + Security + Environmental Risk / return profile combining: Commercial policy + Financial strength + Risk management Sustainability Value & Trust 25

26 A quarterly look at Colbún s results Sales vs. Generation - quarterly (GWh) 1Q12 2Q12 3Q12 4Q12 1Q13 Contractual Sales Hydro Coal Natural gas (LNG) Diesel EBITDA margin - quarterly (%) Revenues - quarterly (MMUSD) Q 2Q 3Q 4Q Revenues 212 Revenues 213 EBITDA - quarterly (MMUSD) 5% 4% 3% 37% 29% 24% % 1% 8% 8% % 1Q12 2Q12 3Q12 4Q12 1Q13 1Q 2Q 3Q 4Q EBITDA 212 EBITDA

27 A yearly look at Colbún s results GWh 12. Colbún s committed sales through contracts, excluding commitments which price is indexed to the spot price Hydro production Competitive thermal production Pre-27: natural gas Post-211: coal 446 *Argentinean Gas Schock *Commodities Super-Cycle *Drought 3-year severe drought New coal capacity MMUSD EBITDA (58%) (6%) (6%) (48%) (45%) (59%) (1%) (18%) (29%) (32%) (15%) (2%) EBITDA Margin

28 Free Cash Flow Analysis Selected Sources & Uses of Funds (MMUSD) K WK Capex EBITDA Negative FCF in past years due to intensive capex program Intensity of capex diminishes in 213 Expected recovery of VAT Credit in coming years (current stock of MMUSD 23) Low dividend policy (3% of Net Income) March 213 LTM 28

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