#1Endesa Chile IR Presentation December 2015 endesa chile Grupo Enel#2Organization structure COLOMBIA Enel ITALY 61% 60% 1 ↓ enersis CHILE endesa chile PERU CHILE PEHUENCHE, 93% CELTA, 96% GASATACAMA, 98% ARGENTINA ⚫EMGESA, 27% •EDEGEL, 62% •COSTANERA, 76% ⚫EL CHOCÓN, 65% 1 Recognized as equity method investments. Endesa Chile Investor Presentation FY2015 BRAZIL¹ . ENEL BRASIL, 37% AMPLA, 17% COELCE, 22% FORTALEZA, 37% CDSA, 37% CIEN. 37% endesa chile Grupo Enel Committed Shareholders ■ Enersis S.A. 15% ■Chilean Pension Funds 6% 4% ADRS (Citibank N.A.) 60% 15% ■ Retail ■Institutional Investors CHILE¹ •GNL Quintero, 20% •Transquillota,48% •Electrogas, 43% •GNL Chile, 33% USE: Public, Investor Relations 2#3Structure as of December 2015 Reorganization highlights Spin-off of Latam assets to Endesa Americas Enel SpA 100% 61% Enel Iberoamérica Enersis 99% 60% 99% Chilectra Endesa CHI ARG BR COL PE 61% Enersis Chile Enel SpA 100% Enel Iberoamérica 60% 99% 61% 61% Enersis Américas Enersis Chile 60% 99% 60% Enel SpA 100% Enel Iberoamérica endesa chile Grupo Enel These companies are expected to merge in 2H16. >50% Enersis Américas Chiled Américas desa Américas Chilectra Chile Endesa Chile Chilectra Américas Endesa Américas Chilectra Chile Endesa Chile ARG BR COL PE ✓ 12/18/2015: ✓ 03/01/2016: ✓ 2H16: ESMS approved the spin-off. Spin-off of Enersis, Endesa Chile and Chilectra becomes effective. ESMS call to vote merger. Endesa Chile Investor Presentation FY2015 Spin-off As of March 1st, Endesa Chile and Endesa Americas spin-off became effective. 3 USE: Public, Investor Relations 3 3#4Endesa Chile Financial Statements New structure reported to SVS Endesa Chile Financial Statements (Structure reported to SVS) Consolidated Financial Statements (Proxy including discontinued operations) endesa chile Grupo Enel Ch$ million¹ 2015 2014 Chg. MM US$2 2015 Ch$ million¹ Revenues 1,543,810 1,230,975 25% 2,358 Revenues MM US$² YE 2015 YE 2014 Chg. 2015 2,846,926 2,446,534 16% 4,349 Costs EBITDA (880,891) (750,217) 17% (1,346) Costs (1,362,638) (1,119,458) 22% (2,081) 516,861 366,029 41% 790 EBITDA 1,191,661 1,094,981 9% 1,820 Others (293,029) (236,972) 23% (448) Others (607,731) (526,595) 15% (928) Net income from discontinued 411,190 489,916 (16%) 628 operations DO Related company Results & other inv. 51,092 50,586 1% 78 Net Income Attributable to 392,868 334,556 shareholders 17% 600 Net Income Attributable 392,868 334,556 17% 600 to shareholders . Endesa Chile Income Statement as reported to SVS reflect only Chilean operations in EBITDA. LATAM investments reflected as "Net Income from discontinued ops" 1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency. 2 Referential average exchange rate was 654,66 Ch$/US$ as of December 31, 2015. Endesa Chile Investor Presentation FY2015 Proxy Income Statement, including discontinued operations allocated throughout the Income Statement, presented for information and comparison purposes. Brasil investments are accounted for as "Related Company Results" USE: Public, Investor Relations 4#5A unique portfolio in Latam's generation business COLOMBIA 3,459 MW inst. Capacity 2 Hydro: 3,015 MW Thermal 444 MW 22% market share¹ PERU 1,686MW inst. capacity Hydro: 783 MW Thermal 902 MW 18% market share¹ CHILE 6,351 MW inst. capacity Hydro: 3,456 MW Thermal: 2,808 MW NCRE: 87 MW 32% market share¹ 1. Calculated based on installed capacity 2. Includes El Quimbo installed capacity Endesa Chile Investor Presentation FY2015 No. 2 No. 1 No. 1 Consolidated installed capacity: Capacity including Brazil : Consolidated energy sales 2014: Consolidated energy sales 2015: No. 2 15,148 MW 16,135 MW endesa chile Grupo Enel BRAZIL 987 MW inst. Capacity Hydro: 665 MW Thermal: 322 MW 1% market share1 ARGENTINA 3,652 MW inst. Capacity Hydro: 1,328 MW Thermal: 2,324 MW 12% market share¹ 56,692 GWh 61,046 GWh USE: Public, Investor Relations 5 LO#6Colombia: 3,015 MW1 Well diversified generation assets throughout the region endesa chile Grupo Enel Hydro: 9,247 MW Peru: 783 MW Chile: 3,456 MW Argentina: 1,328 MW Oil-Gas: 5,929 MW Colombia: 208 MW Peru: 902 MW Chile: 2,173 MW Brazil¹: 665 MW Brazil¹: 322 MW 87 Installed Capacity: 16,135 MW 5,929 872/ 9,247 Colombia: 236 MW Coal: 872 MW Chile: 636 MW ■COAL ■ HYDRO ■NCRE ■OIL-GAS NCRE²: 87 MW 57% of Endesa's installed capacity corresponds to hydro resources Argentina: 2,324 MW 1 Brazilian assets are recognized as equity method investments. 2 Non Conventional Renewable Energy. 1. Includes El Quimbo installed capacity Endesa Chile Investor Presentation FY2015 Chile: 87 MW USE: Public, Investor Relations CO 6#7Diversified source of EBITDA Including discontinued operations Total Installed Capacity¹ 15,148 MW Argentina 23% Peru 11% Chile 41% Argentina 22% EBITDA FY15 Peru 16% US$1,820 million Colombia 25% Peru 16% Enel Brasil Endesa Chile's ownership: 37.1%. • Net Attributable Income²: US$ 56 million. Argentina 6% 1 Excludes the proportional assets of Enel Brasil (987 MW). Colombia 35% 2 Considers the total contributions of Enel Brasil recognized by Endesa Chile as an equity method investment. Endesa Chile Investor Presentation FY2015 Chile 43% Total Generation: 51,622 GWh endesa chile Grupo Enel Colombia 27% Chile 35% USE: Public, Investor Relations 7#8Balanced Commercial policy Physical Sales as of December 2015: 61,046 GWh Chile 7% 18% 26% 20% 75% Colombia 54% 40% Peru 8% 52% Argentina 5% 95% Distribution Companies Unregulated Customers Spot Gwh/Change¹ CHILE COLOMBIA PERU ARGENTINA TOTAL REGULATED 17,622 11% 9,070 18% 4,531 (12%) 0% 31,222 9% Physical Sales (GWh) UNREGULATED 4,319 6% 3,435 4% 3,441 (4%) 585 (32%) 11,780 0% SPOT 1,618 29% 4,381 (9%) 662 10% 11,383 TOTAL 23,558 11% 16,886 7% 8,633 (7%) 11,968 19% 15% 18,044 11% 61,046 8% 1 Compared with FY14 Endesa Chile Investor Presentation FY2015 USE: Public, Investor Relations endesa chile Grupo Enel 8#9Consolidated financial highlights Endesa Chile consolidated (including discontinued operations) endesa chile Grupo Enel Ch$ million¹ YE 2015 YE 2014 Change MM US$ * 2015 Revenues 2,846,926 2,446,534 16% 4,349 Costs (1,362,638) (1,119,458) 22% (2,081) Contribution Margin 1,484,287 1,327,076 12% 2,267 EBITDA 1,191,661 1,094,981 9% 1,820 EBIT Net Financial Expenses Related Company Results Taxes 963.400 875,321 11% 1,472 (46.565) (68,783) 32% (71) 47.585 7,185 562% 73 (332.905) (238,153) 40% (509) Net Income 635.021 618,973 3% 970 Attributable to shareholders of Endesa Chile 392.868 334,556 17% 600 1 Under IFRS, Endesa Chile has adopted the Chilean Peso as functional currency, comparisons between periods have been only made using Ch$. 2 Referential average exchange rate was 654,66 Ch$/US$ as of December 31, 2015. Endesa Chile Investor Presentation FY2015 USE: Public, Investor Relations 9#1024 20 16 12 8 4 12 10 8 6 4 2 0 Revenue stability through long term contracts endesa chile Grupo Enel Energy contracts with established prices Chile-Contracted energy (TWh) - Colombia Contracted energy (TWh) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Futures Customers Free customers Regulated customers Optimal contracts Peru - Contracted energy (TWh) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Futures Customers Free customers Endesa Chile Investor Presentation FY2015 Regulated customers Optimal contracts Data as of September 2015. 12,0 10,0 8,0 6,0 4,0 2,0 0,0 7,0 6,0 5,0 4,0 3,0 2,0 1,0 0,0 T 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Futures Customers Free customers Regulated customers Optimal contracts Brazil-Contracted energy (TWh) 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Futures Customers Free customers Regulated customers Optimal contracts USE: Public, Investor Relations 10#112.000 Healthy debt maturity profile Solid financial ratios and investment grade category (BBB+) Financial Debt Maturity¹ as of December 2015 Total Debt: US$ 3,065 MM 1.756 Debt reduction: Cash: endesa chile Grupo Enel US$ 455 MM US$ 53 MM 1.800 1.600 1.400 • Committed Credit Lines: US$ 316 MM, 1.200 1.000 800 • Non-Committed Credit Lines: US$ 300 MM 500 600 400 239 200 28 61 99 87 46 127 84 19 19 Average life of debt: 7.4year 0 < 1 year 1-2 years 2-3 years ■Bonds 3-4 years ■Banks and Other 4-5 years 5 years and beyond •International Credit Rating: BBB+ Debt by Country (MM US$)1 Debt by Type¹ Debt by Currency¹ UF + CLP Peru 6% Others 13% 3% Colombia 41% Argentina 3% Endesa Chile Investor Presentation FY2015 Chile 50% Bonds 75% Bank Debt 12% US$ 54% Other Local Currency 43% USE: Public, Investor Relations 11 1 Includes arrangements and other consolidation adjustments.#12Consolidated Cash Flow Generation (US$million)¹ Including discontinued operations endesa chile 514 1,377 (787) Cash and equivalents Dec-14 Funds from operations 1. Referential average exchange rate was 654.66 Ch$/US$ as of December 31, 2015. 2. Dividend payment considers cash outflows to Enersis and all minorities' shareholders. 3. Funds from assets disposabincludes sale of Junel El Melon. Capex 41 (305) (611) 229 Funds from assets Financing activities Dividend payment disposal & Exchange rate Cash and equivalents Dec-15 effects Grupo Enel USE: Public, Investor Relations 12#13Total Sales in GWh (%) 230% 210% 190% 170% 150% 130% 110% Increasing electricity demand in Latam endesa chile Grupo Enel Historic electricity demand growth (CAGR, last ten years) 90% 2005 2006 2007 2008 2009 CHILE COLOMBIA 2010 Years -PERU 2011 2012 2013 2014 2015 BRAZIL ARGENTINA • Colombia includes 2010 and 2011 years in which serious flooding and heavy rainfall occurred, resulting in a demand reduction. Peru includes the effect of government rural electrification plans. Endesa Chile Investor Presentation FY2015 7.4% 4.2% 3.4% 3.1% 2.2% USE: Public, Investor Relations 13#14Electricity consumption, per capita (Kwh per year) Markets with high potential for growth 18,000 16,000 14,000 12,000 10,000 8,000 6,000 4,000 2,000 Direct relation between GDP and electricity demand X CANADA -FINLAND JAPAN AUSTRALIA AUSTRIA FRANCE GERMANY RUSSIA GREECE SPALY UNITED KINGDOM + CHINARGENTINA CHILE - BRAZIL MEXICO INDIA XX BOLIVIA ◆ PERU COLOMBIA X IRELAND 0 0 10,000 20,000 30,000 40,000 GDP per capita (current PPP, US$) Data source: The World Bank. Chile aims to be in the group of developed countries. . There is no development without energy. Endesa Chile Investor Presentation FY2015 X UNITED STATES 50,000 60,000 endesa chile Grupo Enel USE: Public, Investor Relations 14#15Historical evolution of Endesa Chile's installed capacity 1% increase in installed capacity through projects under construction endesa chile Grupo Enel 15,148 15,298 1% 1% 13,845 GasAtacama 781 MW(3) 1% 12,347 11,726 42% 42% 42% 32% 33% 6,002 33% 68% 67% 57% 57% 67% 1995 2000 (1) 2005 (2) Hydro Thermal • Endesa Chile has more than doubled its installed capacity in the last 20 years. 2010 2015 Salaco 145 MW (3) El Quimbo 400 MW (4) 57% Under Construction NCRE Los Cóndores 150 MW • A well diversified generation matrix incorporating all types of generation technologies (Coal, LNG and NCRE), providing a better position to cope with the hydrologic risk Endesa Chile Investor Presentation FY2015 (1) Includes acquisition of Emgesa and Edegel. (2) Enel Brasil accounted under the equity method. (3) Capacity added in 2014. (4) Capacity added in 2015. USE: Public, Investor Relations 15#16Projects under construction Los Cóndores . . Hydro power plant, run of the river. • Located in San Clemente, in Maule region, Chile. • 150 MW of installed capacity. • • • • Estimated generation of 600 GWh/year. Estimated load factor: 46%. Total CAPEX of US$ 662 million. 24% progress as of December, 2015. Endesa Chile Investor Presentation FY2015 ferroval wwww 15157-399 Robbins Jas Candor endesa chile Grupo Enel USE: Public, Investor Relations 16#171. Market value and dividends Including discontinued operations EBITDA (US$ Million¹) 1,820 Market Value (US$ Million¹) 1,673 1,446 107 1,495 1,234 70 11,545 71 85 291 10,918 282 38 9,598 9,748 9,800 216 240 214 629 444 755 613 575 715 790 556 566 408 2011 2012 2013 2014 2015 ■CHILE COLOMBIA PERU ARGENTINA 2011 2012 2013 2014 2015 CAPEX (US$ Million¹) Dividends (Ch$ per Share) 803 27,2 644 20,5 21,6 20,4 407 393 446 14,3 endesa chile Grupo Enel 2011 2012 2013 2014 2015 2011 2012 2013 2014 2015 Source: Purchases of property, plant and equipment Source: Bloomberg Amounts expressed in US$, using the average exchange rate of 654,66 Ch$/US$ as of December 29th 2015. Endesa Chile Investor Presentation FY2015 17 USE: Public, Investor Relations#18Credit Risk Agencies Recognition Since: Jan. 2010 Apr. 2011 Feb. 2010 BBB+ Fitch Ratings KNOW YOUR RISK Baa2 MOODY'S INVESTORS SERVICE BBB+ STANDARD & POOR'S Affirmed: Jun. 2015 RATINGS BASED UPON: Dec. 2015 International market • Well diversified and efficient assets . • • • Nov. 2015 Leading market share in the four countries where we operate Transparent and favorable regulatory framework in Chile Solid financials, good cash flow generation and prudent financial management Conservative commercial policy Endesa Chile Investor Presentation FY2015 endesa chile Grupo Enel Jan. 2010 AA (cl) Fitch Ratings KNOW YOUR RISK Apr. 2010 AA Feller-Rate CLASIFICADORA DE RIESGO Jun. 2015 Dec. 2015 Chilean market 18 USE: Public, Investor Relations#19Endesa Chile's Investor Relations Team Endesa Chile Investor Presentation FY2015 Susana Rey Head of Investor Relations (56) 22630 9606 [email protected] Catalina Gonzalez Investor Relations Senior Analyst (56) 22630 9603 [email protected] Guillermo Berguecio Investor Relations Analyst (56) 22630 9506 [email protected] Francisco Basauri Investor Relations Analyst (56) 22630 9585 [email protected] Contact us at: [email protected] endesa chile Grupo Enel 19 USE: Public, Investor Relations#20EXHIBITS endesa chile Grupo Enel Endesa Chile Investor Presentation FY2015 USE: Public, Investor Relations 20 20#21Endesa Chile's corporate history ⚫July 1994, Endesa Chile's stock begins to trade on the New York Stock Exchange •September 2004, Ralco hydroelectric plant started operations adding 690 MW of installed capacity to Endesa Chile ⚫As of December 2015, Endesa Chile and its subsidiaries have 192 electricity units with an installed capacity of 15,148 MW December 1943, Endesa Chile is incorporated as a Stock Company and an affiliate of the Corporación de Fomento de la Producción (CORFO) Ralco Pehuenche Pangue Tal Tal Rapel Antuco TG Quintero expreses Costanera Ja zal 1943 1987 1994 1999 2004 2005 2015 Isla Huinco Ojos de Agua Los Molles Sauzalito ⚫ In 1987, the process of privatization begins, and was completed in 1989 through a series of public offerings Endesa Chile Investor Presentation FY2015 Atacama San Isidro San Isidro anela May 1999, Enersis S.A. becomes the majority owner of Endesa Chile Guavio In 2005, the Company incorporates Endesa Brasil S.A. endesa chile Grupo Enel •As of December 2015, ESM held on December 18, 2015, approves the first stage of the Reorganization Process (Enersis, Endesa Chile and Chilectra Spin-Off) 21 USE: Public, Investor Relations#22Installed capacity added in 2015 Colombia El Quimbo (400MW) Hydro power plant, located in the Huila Department, Colombia Utilizes the flow coming from the Magdalena River. Estimated: generation of 2,093 GWh/year, Load factor: 60% Total CAPEX of US$ 1,231 million*. El Quimbo began commercial operations on November 16, 2015, contributing with 159 GWh in 2015. In constant US dollars of 2010. Endesa Chile Investor Presentation FY2015 endesa chile Grupo Enel USE: Public, Investor Relations 22#23Highlights 4Q15 endesa chile Total energy sales rose by 5% in 4Q15 Chilean EBITDA amounted to 297 million dollars in 4Q15, increasing 19% Improved generation mix (+409 GWh hydro generation) ✓ Argentina EBITDA amounted to 33 million dollars in 4Q15, increasing over 100% ✓ Higher hydro and thermo generation (+453 GWh) ✓ El Quimbo began commercial operation in November 2015 endesa chile ✓ Rating Agencies have reaffirmed Endesa Chile in BBB+ (stable) ✓ Extraordinary shareholders meeting approved Endesa Chile Spin-Off Endesa Chile Investor Presentation FY2015 endesa chile Grupo Enel USE: Public, Investor Relations 23#24endesa ARGENTINA chile CHILE CONSOLIDATED 4Q15 Results Endesa Chile consolidated (including discontinued operations) Million US$ 4Q15 4Q14 Chg % Revenues 1,237 972 27% EBITDA 542 495 10% EBITDA MARGIN 42% 45% (7%) Physical Sales (GWh) 15,276 14,561 5% Million US$ 4Q15 4Q14 Chg % Revenues 626 533 17% EBITDA 297 243 19% EBITDA MARGIN 34% 30% 13% Physical Sales (GWh) 6,247 6,093 3% Million US$ Revenues EBITDA EBITDA MARGIN Physical Sales (GWh) Endesa Chile Investor Presentation FY2015 4Q15 4Q14 Chg % 58 44 34% 33 16 102% 50% 43% 16% 2,856 2,443 17% 1. Considers the total contributions of Enel Brasil recognized by Endesa Chile as an equity method investment. BRASIL 1 COLOMBIA PERU endesa chile Grupo Enel Million US$ 4Q15 4Q14 Chg % Revenues 161 146 19% EBITDA 79 79 -1% EBITDA MARGIN 50% 52% (5%) Physical Sales (GWh) 2,132 2,391 -11% Million US$ 4Q15 4Q14 Chg % Revenues 387 252 54% EBITDA 131 149 -12% EBITDA MARGIN 53% 66% (19%) Physical Sales (GWh) 4,041 3634 11% Million US$ 4Q15 4Q14 Chg % Revenues 693 1,075 19% EBITDA 130 369 22% EBITDA MARGIN 19% 34% 3% Physical Sales (GWh) 1,759 1,742 1% USE: Public, Investor Relations 24#25Argentina 2015 Results endesa chile Grupo Enel COSTANERA Million US$ 2015 2014 Change Revenues 154 115 34% EBITDA 64 45 40% 41% 39% 5% 8,168 7,051 16% Installed Capacity: Market Share*: Total Generation: 3,652 MW Thermal 2,324 MW 12% 11,406 GWh Hydro 1,328 MW EBITDA Margin Physical Sales (GWh) EL CHOCON Million US$ 2015 2014 Change Revenues EBITDA 61 46 33% 44 25 79% EBITDA Margin Physical Sales (GWh) *Based on installed capacity 72% 53% 35% 3,801 3,391 12% Financial data is converted at 2015 average exchange rate of 654.66 Ch$ / US$ for comparative purposes USE: Public, Investor Relations 25#26Chile 2015 Results Installed Capacity: Market Share*: 6,351 MW 32% endesa chile Grupo Enel Total Generation: 18,294 GWh ENDESA CHILE Million US$ 2015 2014 Chg % Los Molles: Rapel-Sauzal: Maule: Laja: Ralco-Pangue: 18 MW 466 MW 54% Hydro 875 MW 940 MW 3,456 MW 1,157 MW Revenues EBITDA 2,358 1,888 25% 790 566 41% Gas Atacama Tarapaca 780 MW 182 MW D. Almagro-Taltal: 268 MW EBITDA Margin 33% 30% 12% 44% Thermal Bocamina Huasco: 64 MW Tarapaca O Gas Atacama D. Almagro- Taltal Huasco San Isidro Los Molles Santiago Cachapoal Maule Laja Bio Bío 2,808 MW San Isidro 1 and 2: 778 MW Physical Sales (GWh) 23,558 21,156 11% Bocamina 1 and 2: 478 MW TG Quintero: 257 MW Canela: 18 MW Canela II: 60 MW 2% NCRE1 87 MW Ojos de Agua: 9 MW 1 Non Conventional Renewable Energy. *Based on installed capacity Financial data is converted at YE 2015 average exchange rate of 654.66 Ch$ / US$ for comparative purposes Endesa Chile Investor Presentation FY2015 USE: Public, Investor Relations 26#27Colombia 2015 Results EMGESA Million US$ 2015 2014 Chg % Revenues EBITDA 1,190 1,151 3% 629 755 (17%) EBITDA Margin 53% 66% (19%) Physical Sales (GWh) 16,886 15,773 7% *Based on installed capacity Endesa Chile Investor Presentation FY2015 Financial data is converted at YE 2015 average exchange rate of 654.66 Ch$ / US$ for comparative purposes Installed Capacity: 3,459 MW 21% endesa chile Grupo Enel Market Share*: Total Generation: 13,705 GWh 1,213 MW 541 MW Guavio: Betania: Río Bogotá: 861 MW El Quimbo: 400 MW Cartagena: 208 MW Termozipa: 236 MW 87% Hydro 3,015 MW 13% Thermal 444 MW Cartagena Termozipa Bogota El Quimbo Betania Río Bogota Guavio USE: Public, Investor Relations 27#28Peru 2015 Results Market Share*: Installed Capacity: 1,686 MW 18% Total Generation: 8,218 GWh Cuenca Río Rímac: 582 MW EDEGEL Million US$ Revenues EBITDA 2015 2014 Chg % Yanango: Chimay: 43 MW 47% Hydro 783 MW 152 MW 584 540 8% Ventanilla: 484 MW 53% Thermal 291 282 3% 902 MW Santa Rosa: 419 MW EBITDA Margin 50% 52% (5%) Physical Sales (GWh) 8,633 9,320 (7%) *Based ondestalled capacityor Presentation FY2015 Financial data is converted at YE 2015 average exchange rate of 654.66 Ch$/US$ for comparative purposes Ventanilla Lima Sta Rosa Río Rimac Yanango Chimay endesa chile Grupo Enel USE: Public, Investor Relations 28#29FORTALEZA CACHOEIRA ENEL BRASIL Brasil 2015 Results Million US$ 2015 2014 Chg Installed Capacity: 987 MW Market Share*: 1% Revenues 3,080 3,467 (11%) Total Generation: 4,398 GWh EBITDA 555 914 (39%) Fortaleza: 322 MW EBITDA Margin 18% 26% (32%) Cachoeira: 665 MW Million US$ 2015 2014 Chg Revenues EBITDA 140 243 (42%) 102 120 (15%) EBITDA Margin 73% 49% 48% Physical Sales (GWh) 3,215 3,903 (18%) Fortaleza Million US$ 2015 2014 Chg Revenues 243 322 (25%) Cachoeira EBITDA EBITDA Margin 62 67 (7%) 25% 21% 23% Rio de Janeiro Physical Sales (GWh) *Based on installed capacity 3,326 3,205 4% Financial data is converted at YE 2015 average exchange rate of 656.44 Ch$ / US$ for comparative purposes Endesa Chile Investor Presentation FY2015 US: Public, Investor Relations 29 Thermal 322 MW Hydro 665 MW endesa chile Grupo Enel#30Summary Endesa Chile Investor Presentation 1 12015 Net Income attributable to shareholders increased 17% in 2015 Higher energy sales of 8% El Quimbo is currently in commercial operation Rating Agencies have reaffirmed Endesa Chile in BBB+ (stable) EBITDA increased by 9%, explained by a significant improvement in Chile endesa chile Grupo Enel USE: PUDIIC, Investor Relations 30#31Installed capacity and energy generation 2015 Results endesa chile Grupo Enel MW CHILE COLOMBIA 2 PERU ARGENTINA TOTAL HYDRO 3,456 3,015 783 1,328 8,582 COAL 636 236 0 0 872 Installed Capacity (MW) OIL-GAS 2,173 208 902 2,324 5,607 NCRE 87 0 0 0 87 Total 6,351 3,459 1,686 3,652 15,148 Gwh/Change1 CHILE COLOMBIA PERU ARGENTINA TOTAL HYDRO 7,699 3% 12,223 (3%) 4,653 5% 3,238 23% 31,963 4% COAL 1,334 35% 1,150 34% 0 0 2,904 2% Net Generation (GWh) OIL-GAS 4,218 (10%) 332 351% 3,565 (15%) 8,167 17% 16,624 35% NCRE 130 (37%) 0 0 0 130 (37%) Total 18,294 1% 13,705 1% 8,218 (5%) 11,405 19% 51,622 4% 1 Compared with FY14 2 Includes El Quimbo intalled capacity Endesa Chile Investor Presentation FY2015 USE: Public, Investor Relations 31#32Strong financial position endesa chile Grupo Enel (Million Ch$) 2015 2014 Chg. Chg % MM US$ 2015 Gross Debt Cash 2,063,062 2,116,462 (53,400) (3%) 2,905 149,738 336,629 (186,890) (125%) 211 Net Debt 1,913,323 1,779,833 133,490 7% 2,694 Leverage 1.05 1.05 0% 1.05 Financial Expenses Coverage 4.51 4.64 (0,13) (3%) 4.51 1Amounts translated into US$ using the exchange rate as of December (Ch$ 710,16 per US$). *Financial ratio for the Year End 2015. USE: Public, Investor Relations 32#33Healthy debt maturity profile in each country endesa chile Financial Debt Maturity¹ as of December 2015 Grupo Enel US$ Millions 2016 2017 2018 2019 2020 Balance TOTAL Chile 260 10 10 112 44 1,089 1,525 Argentina 37 15 3 2 2 31 91 Perú 75 27 37 16 10 17 183 Colombia 155 108 82 128 89 704 1,266 TOTAL 527 161 133 258 146 1,841 3,065 1 Includes arrangements and other consolidation adjustments. 2 May not total exactly due to rounding. Endesa Chile Investor Presentation FY2015 33 USE: Public, Investor Relations#345.000 Strong performance paired with a conservative financial policy endesa chile Grupo Enel 20,0 15,9 15,0 2.933 2694 11,3 1.977 10,0 1.920 1.820 5,0 1,5 1,5 1,5 2014 2015 4.000 3.535 3.336 3.000 2.000 3.116 3.106 2.248 2.097 8,9 2.994 2.014 1.661 8,0 1.000 1,5 1,5 1,5 2.1 2009 2010 2011 2012 2013 Net Debt EBITDA Net Debt/ EBITDA EBITDA/Net Financial Expenses Endesa Chile 2015 2014 Financial Expenses Coverage 11.2% 6.7% ROE (%) 14.7% 12.5% ROA (%) 8,7% 8.8% 1 EBITDA / (Financial expenses + Income (Loss) for indexed assets and liabilities + Foreign currency exchange differences, net) Endesa Chile Investor Presentation FY2015 34 USE: Public, Investor Relations#35endesa chile Grupo Enel endesa chile Grupo Enel This presentation contains statements that could constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this announcement and include statements regarding the intent, belief or current expectations of Endesa Chile and its management with respect to, among other things: (1) Endesa Chile' business plans; (2) Endesa Chile' cost-reduction plans; (3) trends affecting Endesa Chile' financial condition or results of operations, including market trends in the electricity sector in Chile or elsewhere; (4) supervision and regulation of the electricity sector in Chile or elsewhere; and (5) the future effect of any changes in the laws and regulations applicable to Endesa Chile or its subsidiaries. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of various factors. These factors include a decline in the equity capital markets of the United States or Chile, an increase in the market rates of interest in the United States or elsewhere, adverse decisions by government regulators in Chile or elsewhere and other factors described in Endesa Chile' Annual Report on Form 20-F. Readers are cautioned not to place undue reliance on those forward-looking statements, which state only as of their dates. Endesa Chile undertakes no obligation to release publicly the result of any revisions to these forward-looking statements. USE: Public, Investor Relations 35