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endesa chile IR presentation p As of March 2012 Endesa Chile IR Presentation March 2012 Our company p y Multinational electricity generation company based in Chile M lti ti l l t i it ti b d i Chil Vast experience, with

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SLIDE 1

endesa chile IR presentation p

As of March 2012

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SLIDE 2

Our company

Endesa Chile IR Presentation March 2012

p y

M lti ti l l t i it ti b d i Chil V t i ith 68 f hi t Multinational electricity generation company based in Chile Vast experience, with over 68 years of history Leading position in most of the countries where it operates Efficient and diversified investment portfolio of generation assets Conservative commercial policy leading to revenue and margin stability Part of an important worldwide electricity group (Enel, Endesa S.A, Enersis)

2

Among the most actively traded companies in Chilean stock markets

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SLIDE 3

Ownership Structure

Endesa Chile IR Presentation March 2012

p

17% 4%

61% 92%

4% 17%

61% 60%

60% 15%

%

ENERSIS Chilean Pension Funds ADR Holders Other Institutional Shareholders Minority Shareholders

  • COSTANERA 70%
  • ENDESA BRASIL, 39%

AMPLA  PEHUENCHE, 93%  PANGUE, 95%

  • COSTANERA, 70%
  • EL CHOCON, 65%
  • EDEGEL, 62%
  • EMGESA, 27%

AMPLA COELCE FORTALEZA CDSA CIEN  CELTA, 100%  SAN ISIDRO, 100%  ENDESA ECO, 100%  CANELA, 75%

3

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SLIDE 4

A unique portfolio in LATAM’s Generation business

Endesa Chile IR Presentation March 2012

q p

Colombia

2 914 MW i t it

  • No. 2

Brazil

2,914 MW inst. capacity 20% market share

Brazil

987 MW inst. capacity 1% market share in ti

Peru

generation

  • No. 1

1,668 MW inst. capacity 26% market share 26% market share

Chile Argentina

  • No. 1

No 1

5,611 MW inst. capacity 32% k t h

Chile

3,652 MW inst. capacity 12% market share

  • No. 1

32% market share

Consolidated installed capacity: 13,845 MW Capacity including Brazil: 14 832 MW

4

Market shares based on installed capacity Figures as of March 2012

Capacity including Brazil: 14,832 MW Consolidated energy sales 2011: 58,012 GWh Consolidated energy sales 1Q2012: 14,433 GWh

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SLIDE 5

Latest first quarter results Endesa Chile IR Presentation March 2012 q

Million Ch$ 1Q 2012 1Q 2011 Change US$ Million 1Q 2012 Million Ch$ 1Q 2012 1Q 2011 Change 1Q 2012 R 552 293 573 935 (4%) 1 129 Revenues 552,293 573,935 (4%) 1,129 Gross margin 240,994 288,651 (17%) 493 EBITDA 186 803 201 365 (7%) 382 EBITDA 186,803 201,365 (7%) 382 EBIT 140,209 158,600 (12%) 287 Net financial expense (37,663) (29,530) 28% (77) Net income 106,317 107,122 (1%) 217 Net attibutable income 66,230 96,859 (32%) 135

  • Higher physical sales in Colombia and Argentina.
  • Higher costs primarily as a consequence of the drought in Chile and

higher fuel cost in Colombia, Chile and Peru.

  • Good results in Colombia.

5

Amounts are expressed in US$, using the average exchange rate for each period

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SLIDE 6

EBITDA Generation

Endesa Chile IR Presentation March 2012

Total Installed Capacity: 13,845 MW Total Generation (TTM): 53,094 GWh

Chile 39% Argentina 21% Chile 41% Argentina 26% Peru 17% Peru 12% 26% Colombia 23% Colombia 21%

EBITDA 1Q2012 TTM: US$ 1.962 million

Argentina 4%

US$ 1.962 million

Chile 45% Peru 15% Colombia 36%

Endesa Brasil

  • Endesa Chile’s ownership: 40% (38.9%

direct)

6

direct)

  • Net Attributable Income: US$ 233 million
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SLIDE 7

Conservative Commercial Policy

Endesa Chile IR Presentation March 2012

Chile Colombia Peru Chile Argentina

Physical Sales as of March 2012

32% 1% 27% 8% 18% 67% 53% 20% 64% 28% 82%

Regulated Spot Unregulated

Chile Colombia Peru Argentina

Physical Sales as of March 2011

2% 9% 18% 48% 33% 32% 2% 66% 25% 82% % 66%

Regulated Spot Unregulated

7

19%

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SLIDE 8

Strong Financial Position

Endesa Chile IR Presentation March 2012

Million Ch$ 1Q 2012 1Q 2011 Chg. Chg % US$ Million 1Q2012

g

Gross Debt 1,861,469 1,962,337 (100,867) (5%) 3,819 Cash & Equivalents 355,156 373,474 (18,318) (5%) 729 Net Debt 1,506,314 1,588,863 (82,549) (5%) 3,090 Leverage 0.90 0.96 (0.01) (1%) 0.90

Debt by Type Debt by Currency Debt by Country

Financial Expenses Coverage 4.1 5.7 (1.63) (29%) 4.1

Debt by Type Debt by Currency Debt by Country

Others, 9% Local UF-Ch, 10% Peru, 10% Bank Debt, 17% Local Currency, 36% Colombia, 31% Bonds, 75% US$, 54% Chile, 51% Argentina,

8

Amounts expressed in US$, using the exchange rate as of March 31, 2012.

8%

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SLIDE 9

Free Cash Flow

Endesa Chile IR Presentation March 2012

2,248 2,098 2,014 1,962 1,070 1,012 779 724 (305) (564) (308) (394) (235) (499) (353) (523) (251) (549) (435) (462) (271) (589) (378)

EBITDA Net Financial Result CAPEX Income Tax FCF Dividends EBITDA Net Financial Result CAPEX Income Tax FCF Dividends

1

2009 2010 2011 1Q2012 ttm

9

Amounts are expressed in US$, using the average exchange rate for each period.

1 Over Twelve Trail Months

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SLIDE 10

Evolution of demand for electricity in LATAM

Endesa Chile IR Presentation March 2012

y

162% 161% 160% 170% 146% 140% 150% h (%) 118% 133% 120% 130% al Sales in GWh 100% 110% 120% Tota 90% 100% 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 Year

CHILE COLOMBIA PERU BRAZIL ARGENTINA

10 10

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SLIDE 11

Direct relation between GDP and electricity demand

Endesa Chile IR Presentation March 2012

y

18.000 CANADA FINLAND 14.000 16.000 AUSTRALIA UNITED STATES 10.000 12.000 per cápita (Kwh) AUSTRIA FRANCE GERMANY JAPAN SPAIN IRELAND 8.000 city consumption, ARGENTINA CHILE ITALY UNITED KINGDOM RUSSIA GREECE 4.000 6.000 Electric ARGENTINA BOLIVIA BRAZIL COLOMBIA INDIA MEXICO PERU CHINA ‐ 2.000 ‐ 5.000 10.000 15.000 20.000 25.000 30.000 35.000 40.000 45.000 Income per person (Fixed PPP $)

11 11

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SLIDE 12

Competitive tariffs

Endesa Chile IR Presentation March 2012

p Final tariff to customers1 as of December 2011

200 203 177 177 162 128 158 24 Latam A

Lima Bogotá Buenos Aires Río de Janeiro

Average

Ceará Santiago

Gx & Tx Dx

12 12

1 US$/MWh. Reference values. Taxes not included.

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SLIDE 13

Projects Under Construction

Endesa Chile IR Presentation March 2012

j

BOCAMINA II

  • Location: Next to the existing coal-fired

plant Bocamina, in Bío-Bío region.

BOCAMINA II

  • Installed capacity: 370 MW, coal fired.
  • Estimated investment: US$ 841 million
  • 1Q 2012, Test on boiler burners and

blowing steam pipe finished.

  • Estimated Commercial start-up in 2H 2012.
  • Location: Huila Department upstream of

Vertedero

Río Magdalena

Vertedero

Río Magdalena

EL QUIMBO

Location: Huila Department, upstream of Emgesa’s Betania plant.

  • Installed capacity: 400 MW, hydro.
  • Estimated investment: US$ 837 million

Casa de máquinas 400 MW Dique Conducción Casa de máquinas 400 MW Dique Conducción

Estimated investment: US$ 837 million

  • In 2009 the environmental license and

building permissions were granted

  • River detour completed on March 2012

Presa h = 151 m Túnel de desviación Bocatoma Presa h = 151 m Túnel de desviación Bocatoma

13 13

  • River detour completed on March 2012
  • Estimated start-up: December 2014

Embalse 720 msnm Embalse 720 msnm

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SLIDE 14

Projects Under Study

Endesa Chile IR Presentation March 2012

j y

Neltume, hydro Los Condores hydro Neltume, hydro run-of-the-river plant  Installed capacity: 490 MW Los Condores, hydro power plant  Installed capacity: 150 MW Punta Alcalde, coal-steam power plant  Installed capacity: Curibamba, hydro power plant  Installed capacity: 740 MW  Installed capacity: 188 MW Hydroaysen, hydro power plant power plant  Installed capacity:  2,750 MW

14 14

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SLIDE 15

HidroAysén

Endesa Chile IR Presentation March 2012

  • One of the most efficient hydroelectric

projects in the world

  • Installed capacity: 2,750 MW.
  • Endesa Chile owns 51% and Colbún 49%

projects in the world.

  • Renewable resources

Endesa Chile owns 51% and Colbún 49%.

  • CO2 emissions: Reduction of 16.2 million

tons/year

Energy/ FloodedSurface

  • Average load factor 77%
  • May 9, 2011: EIA was approved.

312 250 300 350

km2

Energy / Flooded Surface

  • June 2011: Pto Montt Court of Appeals issued

an injunction, leaving the resolution in state of abeyance.

144 134 81 81 75 69 65 54 54 53 45 41 29 100 150 200

GWh / year‐k

abeyance.

  • April 2012: The Supreme Court of Justice

rescinded seven protection requirements t d t t th t ti f th j t

41 29 23 12 12 7 50

presented to stop the construction of the project.

  • The

Commission is preparing the Environmental Impact Study

  • f

the Aysen

15 15

p y y Transmission System.

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SLIDE 16

Seasonal Streaming from Hidroaysen and SIC rivers

Endesa Chile IR Presentation March 2012

g y

1,200 1,400 1,200 1,400 600 800 1,000

w [ m³/s]

600 800 1,000 200 400

Water Flow

200 400

  • Apr-10

may jun jul ago sep

  • ct

nov dec Jan-11 feb mar Timeline

  • MAIPO RIVER IN CABIMBAO

BIOBIO RIVER IN RUCALHUE MAULE IN ARMERILLO (R N ) MAIPO RIVER IN CABIMBAO BIOBIO RIVER IN RUCALHUE MAULE IN ARMERILLO (R.N.) CENTRAL BAKER 2 CENTRAL PASCUA 2.2

SIC : 23% SIC : 21% SIC + Hidroaysen : 9% SIC + Hidroaysen : 12% Seasonal Variability Annual Variability 16 16

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SLIDE 17

Hidroaysen Technical information

Endesa Chile IR Presentation March 2012

Power Plants Zone HVDC Land Line HVDC Land Line HVDC Submarine Line 1.112 km 160 km 640 km

17 17

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SLIDE 18

Market Value and Dividends

Endesa Chile IR Presentation March 2012

Dividends EBITDA (Ch$xShare) (US$ Million)

26 8 32.5 27 2

Dividend Yield: 3.1%

5 35 9,31 6 42 5 1 11,6 16,0 17,5 26,1 22,1 13.8 21.3 26.8 27.2 1.503 1.671 2.033 2.248 2.098 2.014 1.962 2,19 5,35 , 6,42 5,1 2007 2008 2009 2010 2011 Provisional Definitive 2006 2007 2008 2009 2010 2011 2012 ttm

Market Value (US$ Million)

10 072 10 393 13.953 15.364 12.093 14.771 10.072 10.393 9.428

18 18

Amounts are expressed in US$, using the average exchange rate for each period 2006 2007 2008 2009 2010 2011 1Q12

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SLIDE 19

Endesa Chile’s Investor Relations Team

Endesa Chile IR Presentation March 2012

Susana Rey Investor Relations Director (56-2) 630 96 06 susana.rey@endesa.cl Juan Pablo Vicuña Investor Relations Executive (56 2) 630 9585 Catalina Gonzalez Head of Investor Relations (56 2) 630 96 03 Guillermo Berguecio Investor Relations Executive (56 2) 630 9506 (56-2) 630 9585 jpvp@endesa.cl (56-2) 630 96 03 cbgs@endesa.cl (56-2) 630 9506 gabb@endesa.cl Contact us at: ir@endesa.cl @

19 19

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SLIDE 20

Endesa Chile IR Presentation March 2012

EXHIBITS

20 20

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SLIDE 21

Highlights in 1Q 2012

Endesa Chile IR Presentation March 2012

g g Q

Growth of 7% in electricity demand in the region y g Growth of 2% in physical sales on a consolidated basis Growth of 2% in physical sales on a consolidated basis Growth of 9% in operating costs, primarily as a consequence of higher G o t

  • 9%
  • pe at

g costs, p a y as a co seque ce o g e transmission costs in Chile B tt i i ti i C l bi d P Better gross margins in generation in Colombia and Peru Growth of 4% in related company results primarily due to Endesa Growth of 4% in related company results, primarily due to Endesa Brasil and GNL Quintero Dry conditions still affecting Chile.

21 21

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SLIDE 22

Analysis by country – Colombia

Endesa Chile IR Presentation March 2012

Installed Capacity: 2,914 MW

y y y

Installed Capacity: 2,914 MW Market Share: 20%

EMGESA

C

Guavio: 1,213 MW Betania: 541 MW Río Bogotá 716 MW

85% Hydro 2,471 MW

Cartagena

Río Bogotá: 716 MW

15% Thermal 444 MW

Cartagena: 208 MW T i 236 MW

Bogotá

444 MW

Termozipa: 236 MW Million US$ 1Q 2012 1Q 2011 Change Revenues 276 236 17% EBITDA 178 74 139% EBITDA Margin 64.4% 31.6% 104%

22 22

Physical Sales 3,737 3,631 3%

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SLIDE 23

Analysis by country – Chile

Endesa Chile IR Presentation March 2012

Installed Capacity: 5,611 MW Market Share: 32%

y y y

Market Share: 32%

ENDESA CHILE

Tarapaca

Los Molles: 18 MW

  • D. Almagro–Taltal

Huasco L M ll

Rapel-Sauzal: 466 MW Maule: 884 MW Laja: 940 MW Ralco-Pangue: 1,157 MW

62% Hydro 3,465 MW

San Isidro Los Molles Cachapoal

Santiago

a co a gue , 5

37% Thermal

Tarapaca-G.Atacama: 572 MW

  • D. Almagro–Taltal:

269 MW Huasco: 64 MW

Bocamina Laja Maule Bio Bio

2,068 MW

San Isidro 1 and 2: 778 MW Bocamina: 128 MW TG Quintero: 257 MW

1% Wind

Canela: 18 MW

1% Wind 78 MW

Canela: 18 MW Canela II: 60 MW

Million US$

1Q 2012 1Q 2011 Change g Revenues 591 674 (12%) EBITDA 116 241 (52%) EBITDA M i 19 6% 35 7% (45%) 23 23 EBITDA Margin 19.6% 35.7% (45%) Physical Sales 5,191 5,169 0%

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SLIDE 24

Analysis by country – Peru

Endesa Chile IR Presentation March 2012

Installed Capacity: 1,668 MW

y y y

Installed Capacity: 1,668 MW Market Share: 26%

EDEGEL

Cuenca Río Rímac: 552 MW Yanango: 43 MW Chimay: 151 MW

45% Hydro 747 MW

Ventanilla: 493 MW Santa Rosa: 429 MW

55% Thermal 922 MW

y

Lima:

  • Edegel (Gx)

Million US$

1Q 2012 1Q 2011 Change Revenues 144 122 18% EBITDA 76 66 16% EBITDA Margin 52.8% 54.0% (2%) a g 52.8% 54.0% ( %) Physical Sales 2,439 2,391 2% 24 24

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SLIDE 25

Analysis by country – Argentina

Endesa Chile IR Presentation March 2012

y y y g

Installed Capacity: 3,652 MW Installed Capacity: 3,652 MW Market Share: 12%

EL CHOCON

El Chocon: 1,328 MW

Hydro 1,328 MW

Million US$

1Q 2012 1Q 2011 Change R 23 23 (1%)

CIEN Line (2x1.050 MW) Interconnection with Brazil

Revenues 23 23 (1%) EBITDA 12 12 (1%) EBITDA Margin 53.4% 53.4% 0%

COSTANERA

El Chocon Costanera Physical Sales 673 675 0%

Costanera: 2,324 MW

Thermal 2,324 MW

Million US$

1Q 2012 1Q 2011 Change Revenues 96 119 (19%) EBITDA 0.3 19 (99%) EBITDA Margin 0 3% 15 6% (98%)

25 25

EBITDA Margin 0.3% 15.6% (98%) Physical Sales 2,392 2,306 4%

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SLIDE 26

Analysis by country - Brazil

Endesa Chile IR Presentation March 2012

Installed Capacity: 987 MW

y y y

Market Share: 1%

CACHOEIRA

Fortaleza

Cachoeira: 665 MW

Hydro 665 MW

Cachoeira

Million US$

1Q 2012 1Q 2011 Change

Rio de Janeiro

g Revenues 69 61 13% EBITDA 45 45 (0%) EBITDA Margin 64.7% 73.3% (12%)

FORTALEZA CIEN: Transmission Brazil-Argentina Interconnection

Physical Sales 1,075 835 29%

Fortaleza: 322 MW

Thermal 322 MW

Two 500 Km lines Total interconnection capacity: 2,100 MW

g

Milli $

1Q 2012 1Q 2011 Ch

Million $

1Q 2012 1Q 2011 Change Revenues 39 3 1338% EBITDA 27 (2) (1520%)

Million US$

1Q 2012 1Q 2011 Change Revenues 66 87 (24%) EBITDA 26 26 0%

26 26

EBITDA Margin 68.6%

  • 69.5%

(199%)

EBITDA Margin 39.4% 30% 31% Physical Sales 707 663 7%

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SLIDE 27

Customers Installed Capacity, Output

Endesa Chile IR Presentation March 2012

p y, p

MW as of 1Q 2012 Chile Brazil Peru Colombia Argentina Total

I t ll d

Chile Brazil Peru Colombia Argentina Total Total 5,611 987 1,668 2,914 3,652 11,180 Hydro 3,456 665 746 2,471 1,328 7,338 Nuclear

Installed Capacity

Nuclear Coal 286 322 236 843 Oil-Gas 1,782 922 208 2,324 2,912 CHP / Renewables 87 87 CHP / Renewables 87 87 GWh as of 1Q G as o Q 2012

  • chg. Vs. 1Q 2011

Chile Brazil Peru Colombia Argentina Total

Output

Total 4,875 0% 975 (11%) 2,273 (3%) 3,073 12% 1,088 (62%) 12,285 (8%) Hydro 2,715 7% 892 60% 1,327 (3%) 2,945 13% 544 2% 8,423 11% Nuclear

  • 0%

Coal 477 (4%)

  • 63

(20%)

  • 540

(6%) Oil-Gas 1,634 (9%) 84

  • 946

(3%) 65 36% 2,352 2% 5,081 (1%) CHP / Renewables 49 12%

  • 49

12%

27 27

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SLIDE 28

Healthy Debt Profile

Endesa Chile IR Presentation March 2012

y

Financial Debt Financial Debt

US$ Million 2012 2013 2014 2015 2016 Balance TOTAL Chile 230.3 419.8 153.7 219.4 15.3 923.5 1,961.9 Argentina 103.1 66.4 56.5 35.1 34.3

  • 295.3

Perú 52.0 52.1 50.5 33.7 57.4 129.2 374.9 C l bi 170 2 79 0 139 5 798 0 1 186 8 Colombia 170.2

  • 79.0

139.5

  • 798.0

1,186.8 TOTAL 555.6 538.3 339.6 427.7 106.9 1,850.7 3,818.9

  • Feb. 2010
  • Jan. 2010
  • Apr. 2011

Since: Credit Risk Ratings Credit Risk Ratings BBB+ Baa2 BBB+

BBB Baa3 BBB

28 28

Affirmed: Jan 2012 May 2012

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SLIDE 29

Principal Financial Ratios

Endesa Chile IR Presentation March 2012

p

Net debt/EBITDA EBITDA/Net financial expenses

2,0 1,5 1,5 1,5 1,6 5,6 7,4 8,9 8,0 7,3 2008 2009 2010 2011 1Q12 TTM 1 2008 2009 2010 2011 1Q12 TTM 1

Endesa Chile

1Q12 1Q11 Net Debt/ EBITDA 1.6 1.6 ROE (%) 16.4% 23.2% ROA (%) 9.10% 10.7% ( )

29 29

1 “EBITDA“ and “Net Financial Expenses” are over Twelve Trail Months

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SLIDE 30

Integrated risk management capability

Endesa Chile IR Presentation March 2012

g g p y

Risk variables affecting margins Risk variables affecting margins

Output and sales targets for future years

100%

  • Rainfall
  • Growth in demand

F l i g g g g

Extreme

  • Fuel prices
  • Exchange rates
  • Inflation

Spot

hydro volatility

Hydro

Risk limit Risk limit

Hydro Regulated d

75%

Risk limit Real margin ≥ 0.9x expected margin Risk limit Real margin ≥ 0.9x expected margin

Thermal and unregulated contracts

Our goal is to ensure a 95% reliability with a margin of at least 90% of budget even in the following scenarios:

Target

  • utput

Target sales

Results

g

  • Lower rainfall than historical levels
  • Increases in fuel prices
  • Higher growth in demand

ive Frequency

Results

MaR 95%

30 30

g g

Relati

MMUS$ 5%

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SLIDE 31

Effective Commercial Policy in long term

Endesa Chile IR Presentation March 2012

Consolidated EBITDA (Quarterly) 2001-2012 vs. Chilean SIC Hydrology

y g

8.000 2,5 22% 26% 6.000 7.000 2,0 26% 28% 27% 32% 32% 5.000 1,5 ume, Hm3

  • n

24% 26% 23% 27% 27% 28% 25% 26% 28% 3.000 4.000 1,0 Average Volu US $ Milli 27% 27% 21% 24% 24% 21% 26% 19% 28% 30% 25% 24% 27% 26% 24% 19% 2.000 0,5 22% 23% 29% 24% 26% 22% 26% 20% 27% 21% 21% 19% 23% 23% 27% % 1.000 0,0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 ttm1

31 31

1 Percentage over Twelve Trail Months Amounts are expressed in US$, using the average exchange rate for each period.

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 1Q EBITDA 2Q EBITDA 3Q EBITDA 4Q EBITDA SIC Reservoir Levels (Avg Vol, hm3)

ttm

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SLIDE 32

Relevant Stock Presence

Endesa Chile IR Presentation March 2012

USA Stock Market Spain Stock Market p NYSE (US$) Price 1Q 2012 TTM (Avg) 50.4 LATIBEX (€) Price 1Q 2012 TTM (Avg) 36.3 Max 1Q 2012 TTM 57.6 Min 1Q 2012 TTM 40.5 Daily Avg Trans Vol (million ADR) 0.13 Max 1Q 2012 TTM 41.3 Min 1Q 2012 TTM 30.4 Daily Avg Trans Vol (million shares) 0.01 y g ( ) Avg Daily Trans (US$ million traded) 6.33 y g ( ) Avg Daily Trans (€ million traded) 0.6 Chilean Stock Market BOLSA DE SANTIAGO (CLP) Price 1Q2012 TTM (Avg) 812.6 Max 1Q2012 891.1 Min 1Q2012 700.5 Daily Avg Trans Vol (million shares) 5.08 Avg Daily Trans (CLP million traded) 4 126 7

32 32

Avg Daily Trans (CLP million traded) 4,126.7

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SLIDE 33

Corporate Governance Excellence

Endesa Chile IR Presentation March 2012

p

LATIN AMERICA´S INVESTOR RELATIONS AWARDS – LIRA 2011

  • Best Communication of Corporate Governance:

1st Place 1st Place

  • Best Communication of Financial Results:

1st Place

  • Best Investor Relations Officer:

3rd Place

  • Best Investor Relations Department:

3rd Place

33 33

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SLIDE 34

Disclaimer

Endesa Chile IR Presentation March 2012

This presentation contains statements that could constitute forward-looking statements within the 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) E d Chil ’ b i l (2) E d Chil ’ t d ti l (3) t d ff ti E d 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 ( ) y g g pp 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 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 while undertakes no obligation to release publicly the result of any revisions to

these forward-looking statements.

34 34

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SLIDE 35

Endesa Chile IR Presentation March 2012