Slide 1: Latin American growth and benefits of the proposed transaction
Source: IMF Within this positive scenario, the countries in which Enersis stand out for their past and expected growth rate, generally higher than the average in the Latin-American region. Gross Domestric Product by country 2009 2010 2011 2012 2013 Argentina 0.9 9.2 8.9 2.6 3.1 Brazil -0.2 7.5 2.7 1
Slide 2: Independent Appraiser Report
IMTrust Independent Appraiser Report Board of Directors of Enersis S.A. October 24, 2012
Slide 3: Responsibility Disclosure
Responsibility Disclosure IM Trust Disclaimer: The English version of this report was translated for the convenience of the reader. This translation has not been reviewed or approved by IM Trust. This document (hereinafter the “Report’) has been prepared by IM Trust Asesorias Financieras S.A. (herei
Slide 4: Table of Contents
Table of Contents Conclusions of the Report Executive Summary A B. cl Background and Proposed Transaction General Assumptions and Methodology Used Conclusions Analysis Performed A B. Answers to the Questions Raised by Mr. Rafael Fernandez M. (Member of the Board) nt Description of the Contributed As
Slide 5: Conclusions of the Report
Conclusions of the Report! IMTrust * The Proposed Transaction makes strategic sense and in general terms would have positive effects on the Company. It increases the size of the Company and resolves a potential conflict with respect to the future expansion of the controlling shareholder in the regio
Slide 6: Executive Summary
AW Executive Summary IMTrust
Slide 7: Background and Proposed Transaction
iva Background and Proposed Transaction IMtTrust
Slide 8: Background
Background IMTrust * On June 26, 2012, the Board of Directors of Enersis S.A. agreed to summon an Extraordinary Shareholders Meeting in order to discuss, among other matters, the approval of a capital increase for the Chilean peso equivalent of up to USD 8,020 milion or such amount as the Board itse
Slide 9: Scope of the Independent Appraisal
Scope of the Independent Appraisal IMTrust * Pursuant to the request from Enersis and to comply with the requirements of the SVS in its Ordinary Official Correspondence No. 18684, in its role as independent appraiser, IM Trust prepared this Report that contains the following elements, among others:
Slide 10: Description of the Proposed Transaction
Description of the Proposed Transact! * ELE, the controlling shareholder of Enersis, owns through Endesa Latinoamérica S.A. (hereinafter “ELA") equity shares in some companies in the electricity sector in Latin America. All of which would be grouped into a ‘Spanish newco (hereinafter "Conosur’), whi
Slide 11: Description of the Proposed Transaction (Cont.)
Description of the Proposed Transaction (Cont.) IMTrust + The dissolution of Conosur by Enersis takes place though the contribution of 100% of its shares in the proposed capital increase (Figure 3) * Once contributed, Conosur would be dissolved and the assets would be held directly by Enersis * Curr
Slide 12: General Assumptions and Methodology Used
iA=™ General Assumptions and Methodology Used IMTrust
Slide 13: Available Information
Available Information IMTrust ‘1. Enersis provided a virtual Data Room where the following information was uploaded: * Financial Statements (hereinafter "FS") of the Contributed Assets at the last available date: audited as of 31/12/2011 and unaudited as of 30/6/2012! + Presentations made to the Boa
Slide 14: General Considerations Used in the Independent Appraisal
General Considerations Used in the Independent Appraisal IM Trust * Given the estimates and opinions contained in the answers provided by Enersis to IM Trust and the information available in the Data Room, for this analysis we have assumed that the Proposed Transaction: + Is considered a capital inc
Slide 15: Analysis Methodology (1 of 2)
Analysis Methodology (1 of 2) IMTrust + The conclusions with respect to the questions asked in this Report depend on the analysis and answers that addresses the following: Strategic Sense of the Proposed Transaction Market Valuation of Conosur Impact of the Proposed Transaction on Enersis’ Results D
Slide 16: Analysis Methodology (2 of 2)
Analysis Methodology (2 de 2) IMTrust * Below is a summary of the main points that were considered to analyze the Proposed Transaction: Strategic Sense of the Proposed Transaction Market Valuation of Conosur Impact of the Proposed Transaction on Enersis’ Results Business fit between the Contributed
Slide 17: Methodology Used for Performing the Market Valuation of Conosur
Methodology Used for Performing the Market Valuation of Conosur IM Trust Discounted Gash Flow Multiples of Comparable Companies ‘The Contributed Assets and Enersis’ other subsidiaries were valued using a consistent evaluation criteria, reaching a valuation for Enersis and Conosur through a sum of th
Slide 18: Methodology Used for Analyzing the Use of Cash Proceeds Raised
Methodology Used for Analyzing the Use of Cash Proceeds Raised IM Trust Purchase of Minority Shareholders Development Projects Opportunities for Mergers and Acquisitions Use of the Remaining Cash from the Capital Contribution in ELE has announced its intention to increase (through Enersis) its owner
Slide 19: Conclusions
Khem Conclusions IMTrust
Slide 20: Strategic Sense of the Proposed Transaction
Strategic Sense of the Proposed Transaction IM Trust Business Fit and The Proposed Transaction makes strategic sense and in general terms it would have positive effects on the Company. It increases the size of the Company and resolves a potential conflict of interest with respect to the future expan
Slide 21: Valuation of Enersis and Conosur
Valuation of Enersis and Conosur IMTrust + The results of the DCF valuation of Enersis and Conosur, under consistent assumptions, are presented below * Figure 5 shows the DCF value of Enersis and its differential with its market capitalization at the closing of the announcement date of the Proposed
Slide 22: Market Value Range of Conosur and Equivalency of Contributions
Market Value Range of Conosur and Equivalency of Contributions IM Trust — + Given that = Enersis is the best comparable of Conosur because it has a similar exposure to businesses and markets, is managed by the same management and its ‘forecasts include those of the Contributed Assets; and = The Prop
Slide 23: Impact of the Proposed Transaction on Earnings Per Share
Impact of the Proposed Transaction on Earnings Per Share a) IMTrust * Below is an analysis of the impact in the EPS for Enersis under the Proposed Transaction, using the earings from Conosur, the use of cash and costs related to its execution * Based on the analysis performed, it was assumed that th
Slide 24: Conclusions of the Report
Conclusions of the Report IMTrust + The Proposed Transaction makes strategic sense and in general terms would have positive effects on the Company. It increases the size of the Company and resolves a potential conflict with respect to the future expansion of the controlling shareholder in the region
Slide 25: Analysis Performed
1A Analysis Performed IMTrust
Slide 26: Description of the Contributed Assets
128 Description of the Contributed Assets IMTrust
Slide 27: Description of the Contributed Assets (1 of 4)
WA. Description of the Contributed Assets (1 of 4) Edesur Central Dock Sud Inversora Dock Sud Yacylec Cemsa ‘Ampla Energia Coelce Business * Electricity distribution in the city of Buenos Aires and residential areas in the south of the city * Concession area of 3,309 km? * Thermal generation of elec
Slide 28: Description of the Contributed Assets (2 of 4)
WA. Description of the Contributed Assets (2 of 4) IMTrust ; Financial Figures! ing Fiqures' ELA’s Business (ee 2OrL USDeen) Operating Figures’ ownership *Run of the river hydroelectric power plant, with 10 | * Revenues: 2196 IC: 665 MW + 284% i generating units + EBITDA: 179.6 + ES: 3,986 GWh Cacho
Slide 29: Description of the Contributed Assets (3 of 4)
WA. Description of the Contributed Assets (3 of 4) Colombia Business * Combined cycle thermoelectriity generation in the region coytrr of Valparaiso jan Isidro + In 2012, San Isidro was merged with Pangue + Hydroelectric generation dam Pangue + Reservoir located inthe region of Bio Bio + In 2012, Pa
Slide 30: Description of the Contributed Assets (4 of 4)
WA. Description of the Contributed Assets (4 of 4) IMTrust ; Financial Figurest jing Fiqures" ELA’s Business (Year 2011,USD mn) OPeFating Figures’ ‘ownership * Distribution and sale of electricity to the northem part of |» Revenues: 672.2 = NC: 1.1.mn. * 18.0% Edelnor Metropolitan Lima and the provi
Slide 31: Strategic Sense of the Proposed Transaction
A=" Strategic Sense of the Proposed Transaction IMTrust
Slide 32: Business Sense and Potential Strategic Value (1 of 3)
IB. Business Sense and Potential Strategic Value (1 of 3) The Contributed Assets are assets in the electricity generation, transmission, and distribution industry in markets where Enersis is already present = Figures 9 and 10 show that the proportional income of Conosur projected through December 20
Slide 33: Business Sense and Potential Strategic Value (2 of 3)
1B. Business Sense and Potential Strategic Value (2 of 3) IMTrust + The majority of the Contributed Assets are located in markets where Enersis has stated interest to remain and grow ‘The exception would be the Argentinean companies, given the existing uncertainty in its current and future regulator
Slide 34: Business Sense and Potential Strategic Value (3 of 3)
Business Sense and Potential Strategic Value (3 of 3) IMTrust + In general, itis considered that a transaction has a strategic value for a buyer if it includes, among other things: ‘Entry to new businesses or attractive markets with a strategic or growth potential Existence of synergies as a result
Slide 35: Potential Strengthening of Enersis as a Growth Vehicle (1 of 2)
1B. Potential Strengthening of Enersis as a Growth Vehicle (1 of 2) LT] IMTrust Under the Proposed Transaction, Enersis would strengthen its capital structure, allowing the Company to be in a better position to capitalize eventual growth opportunities that require large investments In addition, in a
Slide 36: Potential Strengthening of Enersis as a Growth Vehicle (2 of 2)
1B. Potential Strengthening of Enersis as a Growth Vehicle (2 of 2) | As ofated by ELE in te roadenow presentation. Not directly confined with ELE or ‘The Proposed Transaction would establish Enersis as the main investment vehicle of its controlling shareholder in Latin America’, reducing potential
Slide 37: Possible Improvement in Market Attractiveness due to Size, Liquidity, and Visibility of Flows
IB. Possible Improvement in Market Attractiveness due to Size, Liquidity, and Visibility of Flows IM Trust a TT, Fig. 1 Traded Amount of Enersis with Respect to IPSA' + In general, an increase in liquidity might imply a greater attractiveness of the shares from a market standpoint if ‘1. The stock c
Slide 38: Valuation of Conosur
{Kem Valuation of Conosur IMTrust
Slide 39: Discounted Cash Flow Valuation
/Kem i Discounted Cash Flow Valuation IMTrust
Slide 40: General Assumptions and Adjustments
ikem General Assumptions and Adjustments IM Trust * For the DCF valuation of the Contributed Assets and Enersis, forecasts were used according to the budget of each one of Enersis’ subsidiaries, adjusted by IM Trust * For 2012 the UPA 6" was used and for the 2013 - 2021 forecasts the POA-PM 2012-202
Slide 41: Explanatory Figures of the Model
ikea Explanatory Figures of the Model IM Trust Fig. 17: DCF Methodology Fig. 18: Main Valuation Criteria (+) Revenues ~ Conosur: stand alone valuation ofeach asset and subsequent sum ofthe parts and subsequent sum ofthe parts =Total currency comerted USD usmig He Currency proyected exchange rate for
Slide 42: Main Adjustments and Assumptions for each Business and Asset
ikea Main Adjustments and Assumptions for each Business and Asset — IMTrust Main Adjustments and Assumptions by Business + Generation * Only projects that were already under construction were included + Assumptions for the construction of the energy margin = Average hydrological scenario for all yea
Slide 43: Operations in Argentina
ikem Operations in Argentina IMTrust * Background + The situation of Enersis’ operations in Argentina has been affected by the crisis in the electricity sector in that country and the lack of tariff increases for the electricity generation and distribution assets * In addition, there are restriction
Slide 44: Discount Rates Used by Country and Business
ikem Discount Rates Used by Country and Business IM Trust * Below are the discount rates used to value the Contributed Assets and Enersis’ subsidiaries Levee Beta” os o7e oe? ngs] DE 20h ATK (SOK OORT SOSH STH OOH SOCIO IK OH ma Asset Beta 070 oes ©7585 eos] Eauty Beta oss 072 0m om =m Coster US T20
Slide 45: DCF Valuation of Contributed Assets
ikem DCF Valuation of Contributed Assets" IMTrust — ‘Adjusiments® — Terminal Value enn | ein [compar tine |amsowneie| Aenevain [Mifmnaze) MAmens | coy | Papen | leviearonne| wren | mnt’ % uso | usom | _usom | _usom | usm w H o 7am a a 5 a 0 = = = ame a o 7 a 0 m m m 2am a a 3 a o ce = = 00% a o y o
Slide 46: DCF Valuation of Enersis and Implicit Discount
er DCF Valuation of Enersis and Implicit Discount IM Trust DCF Valuation 250 Implicit Discount 150 CLP price shares 8 Baal Chiesa Endess Others Colombia Peru Argentina Total Sane Chil) slene() Market Valuation Jul2s-2012 Oct-23-2012 Share Price (CLP) 187.0 1622 USD million Discountbetween 12.5% and
Slide 47: Valuation Using Market Multiples
|Rew Valuation Using Market Multiples IMTrust
Slide 48: Valuation by Market Multiples (1 of 2)
lez. Valuation by Market Multiples (1 of 2) IM Trust The analysis of market multiples was used as a reference to the results obtained for the DCF valuation of the Contributed Assets The multiples analysis was done as follows: 1. Universe of comparable companies: a sample of electricity companies lis
Slide 49: Valuation by Market Multiples (2 of 2)
He.2. Valuation by Market Multiples (2 of 2) IM Trust country susiness company Name | ELRsOwnership | Enuiy Vaive | ProPeronslEauty | ey yesiron ose | preante x Usdin uso mn 9 «0 oo eee oa a a = = (SSI cover Dock Sua 000% a a na na [fo nam ° ° a8 a8 (nln: 36.00% a a na na Hold [nerser Dok Sod arie%
Slide 50: Valuation Using Market Consensus
|Kemm Market Consensus Valuation IMTrust
Slide 51: Valuation by Market Consensus (1 of 2)
Hes, Valuation by Market Consensus (1 of 2) IM Trust ‘The market consensus represents the opinion of analysts that follow Enersis, Enel, ELE andior the Contributed Assets The following procedure was used to prepare the market consensus: 1. Universe of reports: Reports starting in the year 2012 from
Slide 52: Valuation by Market Consensus (2 of 2)
Hes, Valuation by Market Consensus (2 of 2) IM Trust Research Date wace uty Vae eins [| Proportional country | susiess [company Name Reporte Range Medan ‘Soa onverstip | equity Vaoe + 2012 vessn | Mniman | Mismum x Uso me | > og 7 JanSept 172% 307 220 3 ay ae (SHI Cerra! Dock Sua 7 Sept Na a ° a 40.
Slide 53: Summary of Contributed Assets Valuation
Rez. Summary of Contributed Assets Valuation IMTrust
Slide 54: Summary of Contributed Assets Valuation
ilkers Summary of Contributed Assets Valuation IMtTrust uty value Proportional Equity Value fom Jowtnos fomeemteme | ovaccip [ cor | eee [asmaneccr an] [nner | nant | [ rope set | oroctasraran | | mutipioss | consensus» | | ‘Manat cap vay Ee Er 7 7 7 7 a a 7 2 oo 500% ° ° ° ° a a co [ano Enews 2.08%
Slide 55: Impact of the Proposed Transaction on the Results of Enersis
1825 Impact of the Proposed Transaction on the Results of Enersis IMTrust
Slide 56: Use of Funds from the Cash Contribution of the Capital Increase
{82m Use of Funds from the Cash Contribution of the Capital Increase IMTrust
Slide 57: Purchase of Minority Shareholders (1 of 2)
Wot Purchase of Minority Shareholders (1 of 2) IM Trust * Figure 20 shows the opportunities to purchase minority shareholders 20: Opportunity for Purchase of Minority Shareholders' identified by Enersis, from which a selection of potential purchases was feounty ‘company Publ Company Considered Float
Slide 58: Purchase of Minority Shareholders (2 of 2)
Wo Purchase of Minority Shareholders (2 of 2) IM Trust Fig. 22: Calculation of Purchase of Minority Shareholders! Figures in USD million Market Cap Premium Over Proposed Transaction Announcement Day Price Company Taam Implied Premium as of Name October 23, 2012 Pri ‘As of October 23, Day of the a av
Slide 59: Organic Development Projects
not Organic Development Projects IMTrust + As presented in Figure 23, Enersis has announced that it has a portfolio of more than 11,000 MW + In presentations made to the market, ELE has stated that if the Proposed Transaction is realized, it would be possible to bring forward the development of some
Slide 60: Mergers and Acquisitions Opportunities
04 Mergers and Acquisitions Opportunities + The creation of value through mergers and acquisitions (hereinafter, “MBA") depends on various factors, some being the: = Probability of closing the opportunities analyzed * Price and relative valuations = Disbursement time + As shown in Figure 24, the Lat
Slide 61: Impact of the Proposed Transaction in Earnings Per Share
A? Impact of the Proposed Transaction in Earnings Per Share IMTrust
Slide 62: Purchase of Minority Shareholders and Remainder Kept as Cash (1 of 3)
1D.2. Purchase of Minority Shareholders and Remainder Kept as Cash (1 of 3) | for the capital increase IMTrust Impact Analysis on EPS / Current Price as of October 23, 2012 Figures in USD million, except numbers per share Below we present a sensitivity analysis for the scenario presented in the Exec
Slide 63: Purchase of Minority Shareholders and Remainder Kept as Cash (2 of 3)
1D.2. Purchase of Minority Shareholders and Remainder Kept as Cash (2 of 3) IM Trust | * Below we present a sensitivity analysis for the scenario presented in the Executive Summary depending on the value of Conosur’s contribution and the price set for the capital increase Impact Analysis on EPS / Pr
Slide 64: Cash Investment Scenario
1D.2. Cash Investment Scenario IM Trust * Below is presented the same analysis as on the prior pages, but assuming that the use of proceeds for the capital increase in cash would remain as cash + Forillustrative purposes, we used: + The value of Conosur’s contribution at the mean point of the range
Slide 65: Answers to the Questions Raised by Mr. Rafael Fernandez M.
iif’ Answers to the Questions Raised by Mr. Rafael Fernandez M. (Member of the Board) IMTrust
Slide 66: Answers to the Questions Raised by Members of the Board (1 of 11)
Answers to the Questions Raised by Members of the Board (1 of 11) IM Trust 1) 2 3 4) Identify restrictions and impact on income and costs view of the transfer of ownership of equity interests in each one of the companies covered under the transaction that could be imposed by the né nal, state or pro
Slide 67: Answers to the Questions Raised by Members of the Board (2 of 11)
Answers to the Questions Raised by Members of the Board (2 of 11) IM Trust SE 5) Identify restrictions and greater costs in view of the transfer of ownership of equity interests in each one of the companies covered under the transaction that are in the credit agreements of each company involved, suc
Slide 68: Answers to the Questions Raised by Members of the Board (3 of 11)
Answers to the Questions Raised by Members of the Board (3 of 11) IM Trust SE iil) LA's contribution of interests in companies not controlled by Enersis: These contributions would mean incorporating into the company’s balance sheets the book values of the assets and liabilities recorded at those com
Slide 69: Answers to the Questions Raised by Members of the Board (4 of 11)
Answers to the Questions Raised by Members of the Board (4 of 11) IM Trust 9) 10) 11) Review accounting provisions for Derivatives and Litigation. Summarize impact on them and on costs, deriving from the transaction. Information provided by Enersis when we requested an answer to your question: “Ther
Slide 70: Answers to the Questions Raised by Members of the Board (5 of 11)
Answers to the Questions Raised by Members of the Board (5 of 11) IM Trust SE 12) Summary by country of the autonomy of each company covered under this transaction to determine and pay dividends; and for access to acquire currencies and transfer them abroad. Evaluate the impact of costs on each comp
Slide 71: Answers to the Questions Raised by Members of the Board (6 of 11)
Answers to the Questions Raised by Members of the Board (6 of 11) 13) From the analysis of volatility of prices to generators in Brazil and Colombia, given the hydrology of their electrical systems, state an opi ‘commercial policies applied and their impact on income in the next few years. Informati
Slide 72: Answers to the Questions Raised by Members of the Board (7 of 11)
Answers to the Questions Raised by Members of the Board (7 of 11) IM Trust 15) In Brazil, evaluate the impact of the measures announced by the Government regarding electr Concession Contracts and on costs at the companies covered under this transaction, ity prices and rates. Analyze possible impact
Slide 73: Answers to the Questions Raised by Members of the Board (8 of 11)
Answers to the Questions Raised by Members of the Board (8 of 11) IM Trust SE 17) At Dock Sud and Yacilec in Argentina, real situation versus situation promised by the Government, regarding the payment of Operation and Maintenance costs. Real versus book cash flow situation, Information provided by
Slide 74: Answers to the Questions Raised by Members of the Board (9 of 11)
Answers to the Questions Raised by Members of the Board (9 of 11) IM Trust 19) b. Report on real current and potential rights to compensation, for ENERSIS due to the proceeding before the “CIADI”. Answer received from Enersis was answered by the company to the Director. Based on information provided
Slide 75: Answers to the Questions Raised by Members of the Board (10 of 11)
Answers to the Questions Raised by Members of the Board (10 of 11) IM Trust SE 20) What would be the discount on the market price of each asset that should be demanded to offset the ENERSIS holding company discount? ‘The analysis of the market discount in comparison to the discounted cash flow valua
Slide 76: Answers to the Questions Raised by Members of the Board (11 of 11)
UL Answers to the Questions Raised by Members of the Board (11 of 11) IM Trust 25) From the same standpoint, explain what the situation of Yacilec, Dock Sud and Piura would be. Information provided by Enersis when we requested an answer to your question: “In Dock Sud, control is acquired (with agree
Slide 77: Expert appraisal report: sworn affidavit
DISCLAIMMER: The English version of this report was translated for the convenience of the reader. This translation has not been reviewed or approved by the expert appraiser. Expert appraisal report in connection with the valuation of ENDESA, S.A.’s capital contribution to ENERSIS S.A. through its di
Slide 78: Valuation methodology by asset
Edesur Yacylec Cemsa Dock Sud Endesa Brasil Pratl Fortaleza Dourada Cien AmplaEnergia Coelce Holdings Main methodology Control Business Overview v TVassumptions Projects methodologi 5 = Perpetuity growth model 7 = pistrbution DCF with explicit projections 0 tS) x ~Trading multiples until end of 2021
Slide 79: Table 6: Valuation Results
TABLE 6: Valuation Results a) Quantitative Results (a) (b) (c) = (a) - (b) - (c) Country Company Currency Assets Net Debt Other adjustments (1) Economic equity value Argentina Edesur US$ million Yacylec (2) US$ million Cemsa US$ million -12 Inversora Dock Sud (3) US$ million Dock Sud US$ million -57
Slide 80: Source: FactSet July 12, 2012
4 Source: FactSet July 12, 2012
Slide 81: Largest Transactions - Generation
Target business EV/LTM (x) EV(R$m)/MW(x) Ann date Acquirer Target Country Sales EBITDA EBIT Capacity ($) Target business EV/LTM (x) EV($m)/MW (x) Ann date Acquirer Target Country Sales EBITDA EBIT Capacity ($) Target business EV/LTM (x) EV($m)/MW (x) Ann date Acquirer Target Country Sales EBITDA EBI
Slide 82: (1)San Isidro is the merger between San Isidro and Pangue (where Endesa Lam hold
(1)San Isidro is the merger between San Isidro and Pangue (where Endesa Lam hold a 5.0%)
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Slide 84: Edesur: Shareholders Structure
Edesur: Shareholders Structure Chilectra (CHI)
Slide 85: Yacylec: Shareholders Structure
Yacylec: Shareholders Structure Cemsa: Shareholders Structure
Slide 86: Dock Sud: Shareholders Structure
Dock Sud: Shareholders Structure
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Slide 174: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. ENERSIS S.A. By: /s/ Ignacio Antoñanzas Alvear --------------------------------------------