Enel Generacion Chile S.a. · BCS:ENELGXCH

Enel Generacion Chile — Merger or Acquisition (November 2017)

13 slides from Enel Generacion Chile's merger presentation, Nov 15, 2017

  1. Slide 1: Project Elqui — Proposed Transaction key terms

    Enel Chile Project Elqui — Proposed Transaction key terms 15 November 2017 ene.

  2. Slide 2: Project Elqui Overview: Proposed transaction

    ene Project Elqui Overview boue Proposed transaction Enel Chile (“EC”) is promoting a transaction consisting in a corporate reorganization that would entail i) the merger of Enel Chile with EGP Latin America (“EGPL”), and ii) a Public Tender Offer (“PTO”) launched by Enel Chile over Enel Generacion

  3. Slide 3: Transaction rationale and conditions

    Project Elqui Overview enet, Transaction rationale and conditions (1) Consolidating Enel Chile leadership position in the Chilean energy 1. The transaction must be executed at market space terms e Increasing Enel Chile market capitalization, deriving in greater 2. The transaction must be EPS accreti

  4. Slide 4: Enel Chile proposed transaction terms

    Project Elqui Proposed Transaction ENEL CHILE proposed transaction terms enet Chile Cash ~CLP 354 60% per share Tender Offer PTO eines + on EGC price (+20.7% vs. undisturbed price') Stock Exchange ~2.88 newly 40% ratio ~7.2x _——> issued shares EC/EGC of EC EGPL CLP 1,295 per value share Merger EC an

  5. Slide 5: Proposed terms in line with independent evaluators and appraisers

    Project Elqui Proposed Transaction Proposed terms in line with independent evaluators and appraisers Evaluat Appraiser LarrainVial" fal] Oscar Molina Felipe Schmidt ene Chile CLP$ 82 95 98 Price per Share (CLP) 541 I 879 ! t g a ee 8 g Rati EGC /EC (x) enet Chile EGPL/EC Ratio (x) 15.8x I 15.0 Vi 17

  6. Slide 6: Timeline and Next Steps

    Timeline and Next Steps enel Transaction expected timetable Transaction approval (2017) Transaction execution (2018) 14 November 20 December By Mid February By Mid March By the end of 2017 2017 2018 2018 10 2018 cl cl preemptive Preemptive, Board of Directors of Board of EC EGM to EGC EGMto period s

  7. Slide 7: Post Transaction Snapshot

    Enel Chile — Post Transaction Snapshot lac Chile Undisputed leader in power generation and distribution in the energy market in Chile Installed Capacity (GW) Installed capacity 2017": 6.3 GW Net production 20171: 17.1 TWh 63% renewables: 420% 1 +18% 1 (+42% vs _ peers) I I iJ 75 20.2 s 33 . 0. 3 20

  8. Slide 8: Merger with EGPL: EGP Chile, largest renewable platform in Chile

    Enel Chile — Merger with EGPL enel. EGP Chile, largest renewable platform in Chile Plant Portfolio (1,195 MW, with 16 plants in operation) Renewables Installed Capacity (GW) Finis Terrae ]Pampa Norte Valle de los Vientos 12 Corr Papen ip ye Sierra Gorda Este 3x Lalackama | Lalackama It —— Chafiares

  9. Slide 9: Merger with EGPL: Clear path to growth through EGP Chile

    Enel Chile — Merger with EGPL Clear path to growth through EGP Chile Strong pipeline with clear construction strategy 2016 2017 Technology MW — GWhiyear_-— Awarded = Awarded ~—_Location (Gwh) (GWh) Solar PV 979 2.480 9 Wind 124 451 1°] Geo 33 236 9 Total 1,136 3,167 952 1,180 Pipeline diversified by

  10. Slide 10: Post Transaction Financials: New Enel Chile key consolidated financials

    1 Enel Chile — Post Transaction Financials enect, New Enel Chile key consolidated financials Key Financials of new Enel Chile EBITDA breakdown" CAGR 2018-20 +13% CAGR Ea fae | Ea 1,824 q 1,417 ea EBITDA’ US$ mn 1,417 1,692 1,824 +13.4% y 269 365 Payout % 60% 65% 70% na. 298 Capex US$ mn 05 05 05 nm.

  11. Slide 11: Post Transaction Financials: Optimization of financial structure

    Enel Chile — Post Transaction Financials ene. Optimization of financial structure (US$ bn) ND/EBITDA pre ND/EBITDA post 0.6x1 ~2.4xK Net debt EC Pre Net debt EGPC Cash out for PTO. Net debt post Elqui (87.5% acceptance) Enhanced company profile with an optimized capital structure 1. Net debt forecas

  12. Slide 12: Closing remarks

    Enel Chile — Closing remarks Project Elqui paves the way for a new equity story of Enel Chile RENEWED INDUSTRIAL HIGHER PROFILE CAPITALIZATION AND LIQUIDITY POTENTIAL STOCK VALUE UPSIDE DIVERSIFIED ACROSS ALL POWER SEGMENTS SHAREHOLDERS INTERESTS ALLIGNEMENT OPTIMIZED CAPITAL UNDISPUTED STRUCTURE MA

  13. Slide 13: IR Team

    Enel Chile IR Team ir.enelchile@enel.com For further information, visit our IR site at: www.enelchile.cl Susana Rey Catalina Gonzalez Head of IR Enel Chile Head of IR Enel Generacion Chile +56 2 2630 9606 +56 2 2630 9603 susana.rey@enel.com catalina.gonzalez@enel.com Guillermo Berguecio Francisco Ba

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