CHILE TRIP-SANTANDER GBM September 2009

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1 CHILE TRIP-SANTANDER GBM September 2009 >>

2 Agenda 1. Environment 2. Our Business 3. Current Scenario and Future Challenges 2

3 Jun/09 Long Term Investment Opportunities room to grow Opportunities: Improvement in South America regulations contribute to meet long-term electricity demand Percentage (%) 200,0 170,0 140,0 110,0 80,0 Peru Chile Argentina Brazil Colombia Electricity Demand (CAGR)» Peru: 7.3%» Chile: 5.3%» Argentina: 4.4%» Brazil: 3.1%» Colombia: 3.1% 1998: base 100% 3

4 Generation Matrix and Installed Capacity- Chile Installed Capacity Dec Liquid Thermal Coal NCRE Hydro Coal Production Dec NCRE» Increase of coal participation within the matrix» Dependence on hydro capacity» To improve generation mix Hydro Liquid Thermal 25% 4

5 Expected Electricity Demand Growth in Chile (SIC+SING)* Percentage (%) Electricity Demand Growth Installed Capacity Growth CAGR SIC: 5.4% Wind 9% Others 5% Diesel 9% CAGR SING: 5.0% Hydro 26% Coal 40% : base 100% SIC SING LNG 11% Chile would need to install 9,300 MW of new electricity generation capacity during the next 10 years. 3,900 MW are already under construction. * Source: April 2009 Node Price Report of Chilean National Energy Commission (CNE) 5

6 Agenda 1. Environment 2. Our Business 3. Current Scenario and Future Challenges 6

7 Who is Endesa Chile? Multinational private electricity generator, based in Chile, with leading market positions in most countries where it operates Large portfolio of generation assets distributed within South America Efficient investment portfolio adds value to Endesa Chile Excellent reputation and high level of technical standards Vast experience, with 65 years of history Committed with regulatory authorities, the environment and Corporate Governance best practices Part of an important worldwide electricity group (Enel, ENDESA S.A., Enersis) 7

8 Endesa Chile s Main Pillars What supports our business? Asset Base» Large and efficient portfolio of assets» Excellence in operations» High environmental standards» Commercial policy» Solid Balance Sheet» Strong Liquidity Position Conservative Policies Know How» Ability to develop projects» Vast experience» Demand and Regulation 8

9 Important Presence in 5 countries Emgesa Installed Cap.: 2,895 MW Hydro Cap.: 85% 21% market share 11 power plants Edegel Installed Cap.: 1,467 MW Hydro Cap.: 51% 28% market share 9 power plants Endesa Brasil (Affiliate) Cachoeira (Gx): 665 MW Fortaleza (Gx): 322 MW Ampla (Dx): 2.5 mill. clients Coelce (Dx): 2.9 mill. clients Cien (Tx): 2,100 MW Argentina Installed Cap.: 3,652 MW Chile Installed Cap.: Endesa Chile: San Isidro I&II: Pehuenche: Pangue: GasAtacama: Celta: Endesa Eco: Hydro Cap.: 65% 39% market share 27 power plants 5,284 MW 2,786 MW 732 MW 699 MW 467 MW 391 MW (50% 781 MW) 182 MW 27 MW Costanera: 2,324 MW El Chocón: 1,328 MW Hydro Cap.: 36% 14% market share 5 power plants Total Consolidated: 13,298 MW Number of power plants: 52 Hydro: 60.0% Thermal: 39.8% Wind: 0.1% As of June

10 Awards and Certifications Awards and Certifications» ISO standards: as of June 2009, 99.7% of installed capacity was certified.» OHSAS standards: as of June 2009, 100% of installed capacity was certified. Important prizes:» Notable category was awarded by the United Nations Global Compact to the latest Communication on Progress reported through the Sustainability Report.» Silver Class distinction in the corporate sustainability evaluation made by SAM and PricewaterhouseCoopers.» First place in Chile and sixth place in Latin America in the Best Corporate Governance Companies ranking by LatinFinance magazine.» March 2009: Public-utility company with the Best Corporate Governance, according to IR Global Rankings (MZ Consult, Brazil).» June 2009: For the fourth consecutive year, Endesa Chile is among the outstanding companies in Chile in the Corporate Social Responsibility ranking of Fundación PROhumana and the Production and Commerce Association, ranking tenth this year. 10

11 Conservative Commercial Policy» Hydrology risk» Electricity demand growth» Portfolio of generation assets» Evolution of fuel prices» Exchange rate risk Minimize margin variation Physical sales as of June 2009 Chile Argentina Colombia Peru 16% 14% 48% 31% 55% 50% 45% 36% 14% 84% 7% Regulated Unregulated Spot 11

12 Summary of Consolidated Results Billion Ch$ FY 2008 (a) 1H08 (b) 1H09 (b) %Var. 1H09 vs 1H08 1H09 US$ million Revenues 2,492 1,200 1,261 5% 2,371 Operating Income % 1,028 Operating Margin 36% 29% 43% - 43% Net Income (c) % 623 Ebitda 1, % 1,213 Physical Sales (GWh) 28,850 55,735 30,004 8% - 1H2009 Income : lower costs, better production mix and sales in the spot market a) 2008 figures: under Chilean accounting rules b) 1H2009: under IFRS (International Financial Reporting Standards) c) Attributable to stockholders of the parent company (Endesa Chile) 12

13 EBITDA by Country Peru 10% EBITDA by Country Generation Business Colombia 23% Argentina 6% Chile 61% Jun-08 Jun-09 Jun-09 Var.% Ch$ bn Ch$ bn US$ m YoY Chile % Argentina % Colombia % Peru % Total ,203 48% 13

14 MMUS$ 2,400 2,000 Solid Financial Ratios Veces Times 10 2, ,800 1,600 1, , , , Jun TTM Ebitda Interest Expense Debt/Ebitda Ebitda/IE 0 EBITDA growth 20% over the past 5 years As of June 2009 and in historical dollars 14

15 US$ m Recognition of Strong Financial Position 7,000 6,000 5,950 Financial Consolidated Debt Evolution Debt by Type & Currency 7% 5,000 4,000 4,920 4,702 4,426 4,087 4,124 3,859 3,904 4,076 4,343 4,130 31% 3,000 40% 2,000 1, Consolidated figures in US$ million as of June 2009 and in historical dollars Jun-09 27% 22% Banks Yankee Bonds Local Bonds Others As of June 2009, total liquidity position in Chile reached nearly US$ 1.2 billion. At this moment, Endesa Chile has ring-fenced its Yankee Bonds from cross default clauses related to foreign subsidiaries. 18% US$ UF-Ch$ Local Currencies 55% 15

16 Endesa Chile: an Investment Grade Company Recognition from international markets Current Ratings: S&P: BBB Stable Outlook Fitch: BBB Stable Outlook Moody s: Baa3 Stable Outlook 16

17 US$ m Chile: US$ 2,454 m , Financial Debt by Country 7% 11% 22% 60% Chile Colom bia Peru Argentina Figures as of June 2009 Balance US$ m Comfortable Debt Maturity Profile US$ m 1000 US$ m Colombia: US$ 922 m Argentina US$ 299 m Peru: US$ 454 m Balance Balance Balance 17

18 7/1/08 8/1/08 9/1/08 10/1/08 11/1/08 12/1/08 1/1/09 2/1/09 3/1/09 4/1/09 5/1/09 6/1/09 Attractive Return to Shareholders 130% 120% Share Price Evolution Ch$ Dividend Policy and Payout 110% 100% 90% 80% 70% % % % 50% 40% % 60% 40% Source: Bloomberg EOC IPSA Dow Jones Dividend payout for our shareholders increased 87% since

19 Agenda 1. Environment 2. Our Business 3. Current Scenario and Future Challenges 19

20 Current Scenario and Future Challenges in Chile 61% of Endesa Chile s total EBITDA Solid performance» Increasing trend of demand, however temporary reduction during 2009 due to lower industrial activity and final consumer energy saving measures» No natural gas available from Argentina» Approximately 60% of non-regulated contracts include pass-through of marginal cost risk» Optimum volume of contracts against dryer hydrology» Assure electricity supply in S/M/L - term 40% of the Chilean market, 45% of the SIC 20

21 Current Scenario and Future Challenges in Chile» Commitment to energy supply Sustainable Efficient Responsible» Important portfolio of projects under development» All technologies of energy sources will be considered in the short and medium term 21

22 Current Scenario and Future Challenges in Argentina 6% of Endesa Chile s total EBITDA Future perspective expected to improve» Increasing energy demand: 19.2% in 1H09 vs. 1H08» Lack of supply, tight market» Market intervened by the authority» Incipient tariff improvements» Dry hydrology and high fuel costs» High participation in the spot market, still conservative to consider long-term energy contracts» Low leveraged operations» Participation in FONINVEMEM» Expecting better market and regulatory conditions 14% of the Argentine market 22

23 Current Scenario and Future Challenges in Colombia 23% of Endesa Chile s total EBITDA Largest private operator in Colombia» 6% increase of energy demand in 1H09 vs. 1H08» Transparent and market-oriented framework» Solid financial position» Sufficient reserve margin up to 2013» Hydroelectric project El Quimbo (400 MW) recently awarded to Emgesa» Start-up Date: End of 2014» Estimated investment El Quimbo: US$ 780 million 21% of the Colombian market 23

24 Current Scenario and Future Challenges in Peru 10% of Endesa Chile s total EBITDA Regulatory framework very similar to Chile» 2% increase in electricity demand 1H09 vs 1H08» Abundance of natural gas» Better production mix in 1H09 vs. 1H08 (hydrology)» Operation of thermal plants with natural gas from Camisea» Constraint in Camisea s pipeline due to increasing demand of gas; working to expand capacity» Future opportunities expansion of Santa Rosa power plant (189 MW) and studying hydroelectric projects) 27% of the Peruvian market 24

25 Projects Under Construction Wind Farm Canela II, Chile» Installed capacity: 60 MW» Estimated investment: US$ 150 million» Start-up date: 4th quarter of 2009 Bocamina II, Coal-Steam Power Plant, Chile» Installed capacity: 370 MW» Estimated investment: US$ 750 million» Estimated start-up date: 2nd half of 2010 Liquefied Natural Gas Project, Chile» British Gas supplies the LNG» Endesa Chile has 20% equity interest» Start up planned for 3Q09 and definitively in 2010 Santa Rosa, NG Combined Cycle, Peru» Installed capacity: 189 MW» Estimated investment: US$ 90 millions» Estimated start-up date: 2nd half of

26 Projects Under Study Hydroelectric Power Plant Los Cóndores, Chile» Run-of-the-river power plant» Installed capacity: 148 MW» Estimated start-up date: 4th quarter of 2013 Mini Hydroelectric Power Plant Piruquina, Chile» Run-of-the-river power plant» Installed capacity: 7.6 MW» Estimated start-up date: 4th quarter of 2012 Hydroelectric Power Plant Neltume, Chile» Run-of-the-river power plant» Installed capacity: 473 MW» Estimated start-up date: 4th quarter of 2014 Hydroelectric Project Aysén, Chile» Endesa Chile owns 51% of HidroAysén S.A.» Installed capacity: 2,750 MW» Uses of water: natural resource, national, renewable El Quimbo, Hydro Power Plant, Colombia» Installed capacity: 400 MW» Estimated investment: US$ 780 millions» Estimated start-up date: End of

27 Asset Base» Large and Efficient portfolio of assets» Excellence in operations» Strongly committed to sustainability Conservative Policies» Commercial policy» Solid financial position and healthy balance sheet» Liquidity Know-how Conclusions» Ability to develop our own projects» Know-how and vast experience» Demand and regulation Attractive margins in 1H09 Challenging year 2009, but we foresee many opportunities Face upcoming challenges with high quality and efficient assets 27

28 CHILE TRIP-SANTANDER GBM September 2009 >>

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