Exhibit (C)(5)(B)

Project Carter II

Report to the Board of Directors of Enersis Americas

August 5th, 2016

Disclaimer—Notice to Recipient

Confidential

BofA Merrill Lynch provided these materials to the Board of Directors of Enersis Américas S.A. (“Enersis Américas”) (in its capacity as such) for the exclusive benefit and use of the Board of Directors of Enersis Américas (in its capacity as such) in connection with and for purposes of its evaluation of the Merger Transactions (as defined in slide 2 of these materials) and these materials are not rendered to or for the benefit of, may not be used or relied upon by, and shall not confer rights or remedies upon, any person (including any current or future security holder of Enersis Chile S.A., Enersis Américas S.A., Endesa Chile S.A., Endesa Américas S.A., Chilectra Chile S.A., and Chilectra Américas S.A., other than the Board of Directors of Enersis (in its capacity as such). These materials do not constitute a recommendation to any security holder as to how to vote or act in connection with the proposed Merger Transactions or any related matter.

BofA Merrill Lynch has acted as financial advisor to the Board of Directors of Enersis Américas in connection with the proposed Merger Transactions (as defined in slide 2 of this presentation) and not as an expert (perito) pursuant to applicable Chilean law or regulation. In addition, these materials do not constitute an expert report (informe de perito), an independent valuation report (informe de evaluador independiente) or any other type of opinion or report mandated by applicable Chilean law or regulation.

Disclaimer—Additional Notice to Recipient

Confidential

“Bank of America Merrill Lynch” is the marketing name for the global banking and global markets businesses of Bank of America Corporation. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including, in the United States, Bank of America, N.A., member FDIC, and in other jurisdictions by locally licensed affiliates, which may be members of local deposit-insurance agencies. Bank of America Corporation and its affiliates do not perform in any jurisdiction banking activities that are reserved by local law to licensed banks, except in those jurisdictions where its banking affiliates have procured the necessary licenses. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation, including, in the United States, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp., which are registered as broker-dealers and members of FINRA and SIPC, and in other jurisdictions, by locally registered entities. Some or all of the products offered by commercial-banking and investment-banking affiliates may not be available in certain jurisdictions.

Investment products offered by investment banking affiliates: Are Not FDIC Insured and may not be insured by local deposit insurance agencies • May Lose Value • Are Not Bank Guaranteed.

These materials have been put together by one or more subsidiaries of Bank of America Corporation for the Board of Directors of Enersis Américas S.A. (“Enersis Américas”) to whom such materials are directly addressed and delivered in connection with an actual mandate or engagement and may not be used or relied upon for any purpose or by any other person or party other than as specifically contemplated by a written agreement with us. These materials are based on information provided by or on behalf of Enersis Américas and/or other potential transaction participants, from public sources or otherwise reviewed by us. We assume no responsibility for independent investigation or verification of such information (including, without limitation, data from third party suppliers) and have relied on such information being complete and accurate in all material respects. To the extent such information includes estimates and forecasts of future financial performance prepared by or reviewed with the managements of Enersis Américas and/or other potential transaction participants or obtained from public sources, we have assumed that such estimates and forecasts have been reasonably prepared on bases reflecting the best currently available estimates and judgments of such managements (or, with respect to estimates and forecasts obtained from public sources, represent reasonable estimates). No representation or warranty, express or implied, is made as to the accuracy or completeness of such information and nothing contained herein is, or shall be relied upon as, a representation, whether as to the past, the present or the future. These materials were designed for use by specific persons familiar with the business and affairs of Enersis Américas and are being furnished and should be considered only in connection with other information, oral or written, being provided by us in connection herewith. These materials are not intended to provide the sole basis for evaluating, and should not be considered a recommendation with respect to, any transaction or other matter. These materials do not constitute an offer or solicitation to sell or purchase any securities and are not a commitment by Bank of America Corporation or any of its affiliates to provide or arrange any financing for any transaction or to purchase any security in connection therewith. These materials are for discussion purposes only and are subject to our review and assessment from a legal, compliance, accounting policy and risk perspective, as appropriate, following our discussion with Enersis Américas. We assume no obligation to update or otherwise revise these materials. These materials have not been prepared with a view toward public disclosure under applicable securities laws or otherwise, are intended solely for the benefit and use of the Board of Directors of Enersis Américas, and may not be reproduced, disseminated, quoted or referred to, in whole or in part, without our prior written consent. These materials may not reflect information known to other professionals in other business areas of Bank of America Corporation and its affiliates.

Bank of America Corporation and its affiliates (collectively, the “BAC Group”) comprise a full service securities firm and commercial bank engaged in securities, commodities and derivatives trading, foreign exchange and other brokerage activities, and principal investing as well as providing investment, corporate and private banking, asset and investment management, financing and strategic advisory services and other commercial services and products to a wide range of companies, governments and individuals, domestically and offshore, from which conflicting interests or duties, or a perception thereof, may arise. In the ordinary course of these activities, parts of the BAC Group at any time may invest on a principal basis or manage funds that invest, make or hold long or short positions, finance positions or trade or otherwise effect transactions, for their own accounts or the accounts of customers, in debt, equity or other securities or financial instruments (including derivatives, bank loans or other obligations) of Enersis Américas, potential counterparties or any other company that may be involved in a transaction. Products and services that may be referenced in the accompanying materials may be provided through one or more affiliates of Bank of America Corporation. We have adopted policies and guidelines designed to preserve the independence of our research analysts. The BAC Group prohibits employees from, directly or indirectly, offering a favorable research rating or specific price target, or offering to change a rating or price target to a subject company as consideration or inducement for the receipt of business or for compensation and the BAC Group prohibits research analysts from being directly compensated for involvement in investment banking transactions. The views expressed herein are the views solely of Global Corporate and Investment Banking, and no inference should be made that the views expressed represent the view of the firm’s research department. We are required to obtain, verify and record certain information that identifies Enersis Américas, which information includes the name and address of Enersis Américas and other information that will allow us to identify Enersis Américas in accordance, as applicable, with the USA Patriot Act (Title III of Pub. L. 107-56 (signed into law October 26, 2001)) and such other laws, rules and regulations as applicable within and outside the United States.

We do not provide legal, compliance, tax or accounting advice. Accordingly, any statements contained herein as to tax matters were neither written nor intended by us to be used and cannot be used by any taxpayer for the purpose of avoiding tax penalties that may be imposed on such taxpayer. If any person uses or refers to any such tax statement in promoting, marketing or recommending a partnership or other entity, investment plan or arrangement to any taxpayer, then the statement expressed herein is being delivered to support the promotion or marketing of the transaction or matter addressed and the recipient should seek advice based on its particular circumstances from an independent tax advisor. Notwithstanding anything that may appear herein or in other materials to the contrary, Enersis Américas shall be permitted to disclose the tax treatment and tax structure of a transaction (including any materials, opinions or analyses relating to such tax treatment or tax structure, but without disclosure of identifying information or, except to the extent relating to such tax structure or tax treatment, any nonpublic commercial or financial information) on and after the earliest to occur of the date of (i) public announcement of discussions relating to such transaction, (ii) public announcement of such transaction or (iii) execution of a definitive agreement (with or without conditions) to enter into such transaction; provided, however, that if such transaction is not consummated for any reason, the provisions of this sentence shall cease to apply. Copyright 2016 Bank of America Corporation.

Table    of Contents

    1.Transaction Overview2

    2.Enersis Americas Valuation6

    A.SOTP Discounted Cash Flow Valuation10

    B.SOTP Based on Selected Publicly Traded Companies16

    C.Historical Net Income Contribution Valuation21

    D.Current Market Prices Valuation22

    3.Enersis Americas Overview24

    Appendix26

    A.Macroeconomic Assumptions26

    B.Enersis Americas Financial Projections29

    C.DCF Valuation per Subsidiary34

    D.WACC Sensitivity Analysis53

    E. Other Enterprise Value Adjustments64

    F. Additional Information65

1. Transaction Overview

Transaction Overview

Situation Assessment & BofAML’s Mandate

On April 22, 2015, the Board of Directors of Enel (Enersis’ controlling shareholder) proposed that the Board of Directors of Enersis (“ENI” or the “Company”), Endesa Chile (“EOC”) and Chilectra (“CHI”) explore the possibility of a restructuring plan to streamline ENI’s corporate structure

The restructuring plan is intended to separate Enersis’ power generation and distribution businesses in Chile (the “Chilean Assets”) from those in other LatAm countries (the “Americas Assets”), and will be executed in two main steps (collectively, the “Transaction”):

Spin-off of (i) ENI’s Chilean Assets into a new listed company (such new company, “Enersis Chile”, and ENI after such spin-off is referred to as “Enersis Americas“ or “ENI Americas”) and (ii) EOC’s and CHI’s Americas Assets into

Situation new listed companies (such new companies, “EOC Americas” and “CHI Americas”, respectively, and together with Assessment Enersis Chile, the “NewCos”). This step was completed on March 1st, 2016.

– EOC Americas and CHI Americas will each be absorbed by incorporation into Enersis Americas (or the “Combined Entity”), in exchange for shares in Enersis Americas (the “Merger Transactions”)

The reorganization intends to eliminate overlaps, cross ownerships and duplications, all of which currently impede the full valuation of the associated assets, reduce visibility of the businesses, and make the current enterprise-wide decision-making process unnecessarily complex

On April 28, 2015, Enersis Board of Directors (“BoD”) decided to begin the assessment of the Transaction

BofAML was hired by the BoD of ENI to assist the Company and its BoD in establishing a framework to assess certain quantitative considerations in connection with the Transaction, and also prepare a Valuation Report to assist the Board in

BofAML Mandate

analyzing the Merger Transactions from a financial point of view and provide a Fairness Opinion to the Board of Directors in regards to the exchange ratios provided for the Merger Transactions (the “Proposed Exchange Ratios”)

2 Source: Company Management.

Transaction Overview

Key Transaction Landmarks in 2015

BofAML presented an initial assessment of Enersis’ corporate structure and the potential benefits derived from the

Transaction to the BoD on July 27th, 2015

A follow-up analysis was presented to the BoD’s Independent Committee on August 5th, 2015 regarding further analysis of the potential benefits from a financial point of view

On September 15th, 2015, one of ENI’s Independent Directors requested that Company Management analyze an alternative approach to the reorganization, aimed at achieving a strategic focus by business segment (Distribution and Generation)

Key Transaction instead of by country (the “Alternative Transaction”)

Landmarks

ENI’s management requested BofAML to provide assistance in this analysis from a financial point of view

On October 30th, 2015, BofAML presented additional analysis of the Transaction to the Enersis’ BoD regarding the main benefits that the Transaction would provide to the company’s shareholders

On November 5th, 2015, and along with a Summary of the Transaction’s Benefits, a Valuation Report was also delivered to assist the Board’s analysis of the Proposed Exchange Ratios from a financial point of view

On November 24th, 2015, the Board of Directors of Enersis in its ordinary meeting, approved the Proposed Exchange Ratios

In July 2016, the Company announced a

2.8 1.0 4.0 1.0 material dividend distribution of CLP$120,000

Shares Share Shares Share million to the shareholders of Chilectra Proposed Americas prior to the Merger Transactions and not reflected in CHI Americas financial 1 2

Exchange Ratios

statements as of June 2016

As result, the Proposed Exchange Ratio for Chilectra Americas will be adjusted from 5.0x to 4.0x

The Endesa Americas Proposed Exchange Ratio is maintained in 2.8x

3 ____________________ Source: Company Management.

Transaction Overview

Transaction Steps and 2016 Milestones

Spin-Offs Merger Transaction

1 Spin-off of Endesa Chile’s and Chilectra’s ex-Chile 2 Spin-off of Enersis’ Chilean assets of into a NewCo: 3 Consolidate the non-Chile Latam business through ubsidiaries into two NewCos: EOC Americas and CHI nersis Chile the merger of EOC Americas and CHI Americas into Americas Enersis Americas, while Chile entities will continue to be managed independently

Merger

(former Enersis) CHI EOC

99.1% 99.1% 60.0% 60.0%

Americas Americas

99.1% 60.0% 99.1% 60.0% 99.1% 60.0%

Endesa Chilectra Chile

CHI CHI EOC EOC CHI EOC CHI EOC CHI EOC

ARG BR COL PE Chile Americas Chile Americas Chile Chile Americas Americas Chile Chile

(former (former

Dx and Gx

Chilectra) Endesa Chile) International

Key Milestones

Mar. 1st, 2016 Enersis, Endesa Chile and Chilectra spin-offs are legally effective

Mar. 30th, 2016 Listing authorization on the New York Stock Exchange (“NYSE”)

Apr. 13th, 2016 SVS(1) enrolls Enersis Chile, Endesa Americas and Chilectra Americas in the Securities Registry Apr. 14th, 2016 Boards of Directors(2) approved share distributions

Completed Completed

Apr. 21st, 2016 New shares begin trading in Santiago and NYSE; share distribution in Chilean Stock Exchanges Apr. 26th, 2016 Share distribution in the NYSE

Apr. 27th, 2016 Enersis Americas and Enersis Chile ADRs begin trading on the NYSE

Apr. 27th and 28th , 2016 Annual Ordinary Meetings (“AOMs”) of all the relevant companies(3)

By 3Q 2016 Expected date for EGMs(4) to vote for the merger

Upcoming Concurrently with EGMs Launch of Enersis Americas’ Completed tender offer targeting Endesa Americas’ shares

Source: Company Management.

(1) SVS stands for “Superintendencia de Valores y Seguros”.

4 (2) Boards of Directors (“BoDs”) of Endesa Americas S.A. (“Endesa Americas”), Empresa Nacional de Electricidad S.A. (“EOC Chile”), Chilectra Americas S.A. (“Chilectra Americas”), Chilectra S.A. (“Chilectra Chile”), Enersis Americas S.A. (“Enersis Americas”) and Enersis Chile S.A.

(“Enersis Chile”).

(3) Endesa Americas, EOC Chile, Chilectra Americas and Chilectra Chile on April 27th, and Enersis Americas and Enersis Chile on April 28th. (4) Extraordinary General Meetings of Endesa Americas S.A., Enersis Americas S.A. and Chilectra Americas S.A.

Transaction Overview    

Workstreams    

7-May    19-May 27-Jul5-Aug13-Oct30-Oct5-NovNov/DecAugust

2015    2015 2015201520152015201520152016

Financial Advisor    Preliminary Initial AssessmentFollow-upAlternativeSummary ofFinal Valuation ReportRationale forFairness

Kick-off Meeting    Transaction of the TransactionAnalysisTransactionTransactionAnd IndicativeTransaction andOpinion

Review    AssessmentBenefitsExchange Ratios Non-Deal RoadshowSubmission

    (“NDR”)

1     2345

Preliminary Transaction    Detailed Transaction Valuation ReportOutreach toFairness Opinion

Analysis    Analysis and Exchange Ratio Shareholders

    Provide a preliminary Advice on proposed Valuation analysis primarily Assist ENI to develop a Valuation analysis to be

quantitative assessment of    reorganization structurebased on twopresentation and Equityprimarily based on two

the proposed Transaction     Key financial issuesmethodologies: Sum of theStory for the NewCosmethodologies: Sum of the

    Assist the Company in regarding theParts DCF and Sum of the Provide support in theParts DCF and Sum of the

regards to transaction    reorganization: debt andParts based on Selectedpreparation of marketingParts based on Selected

feasibility in terms of    cash allocation consideringPublicly Traded CompaniesmaterialsPublicly Traded Companies

compliance with ENI’s BoD    covenants and ratings Assist ENI to determine Provide advice on Submission of a Fairness

guidelines    restrictions, stock liquidity,valuation ranges for Enersiscommunication strategy toOpinion to the Board of

    return of capital, amongAmericas, EOC AmericasmarketDirectors in regard to the

    othersand CHI AmericasProposed Exchange Ratios

    Develop Q&A for BoD to

     Assist ENI in assessing risks ENI determines exchangeaddress potential questions

    and mitigants, especiallyratio ranges for the Mergerfrom investors

    regarding vehicles’ liquidityTransactions

    and growth potential

    BofAML became familiar with BofAML evaluated the financial BofAML assisted management in BofAML assisted management in

Enersis’ current situation    aspects of the Transaction andpreparing presentations to BoDpreparing the NDR presentation

    BofAML assisted the Board in assisted in developing an BofAML assisted in performingand addressing investor

establishing a framework to    execution strategyvaluation, based on standardconcerns

assess quantitative considerations     BofAML prepared an analysis onvaluation methodologies

of the proposed Transaction from    financial benefits, considerations

a financial point of view    and restrictions of the Transaction

    Completed

    Current Workstream

5    

2. Enersis Americas & Subsidiaries

Valuation

Enersis Americas & Subsidiaries Valuation

Valuation Methodologies

Most appropriate and relevant methodology to reflect future prospects for the business

– Performed on an individual company basis to reflect country and business risks and dynamics

Sum of the Parts – Analysis based on 2016–2020 projections and assumptions to extend projections for later years for specific subsidiaries. In all (“SOTP”) Discounted cases, projections provided by the Company management

Cash Flow (“DCF”)

Analysis Terminal value estimated as a growth perpetuity applied to a normalized unlevered cash flow Mid-year convention is used Valuation date: June 30, 2016

Market-based valuation on an individual company basis relying on comparable publicly traded companies

SOTP based on

We have determined the most relevant comparable publicly traded companies for each individual company that represents an

Selected Publicly

Americas asset, and performed a SOTP valuation based on 2017E EV / EBITDA Multiples derived therefrom and the Company’s 2017

Traded Companies projections

Analysis

EV Adjustments as of: June 30, 2016

Calculation Used for Reference Purposes Only:

Based on historical financials provided by the Company management

Contribution Used to determine Net Income contribution from each company (ENI, EOC and CHI Americas) / ownership of the Combined Entity

Analysis: Net Income

Analysis presents limitations given it does not account for the different valuations associated with each country or business segment (Gx and Dx), based on factors such as macro performance and regulatory risks

Based on current market prices and shares outstanding of the spun-off entities ENI and EOC Americas as of August 2nd, 2016 Current Market                 Used to determine the exchange ratio of shares between ENI Americas and EOC Americas only

Prices

This valuation methodology does not apply to CHI Americas given the extremely low market liquidity that the floating shares have, hence not reflecting a real market performance and inherent valuation

6 ____________________

Note: Projections and macro assumptions provided by ENI Americas Management on July 20, 2016 based on financials as of June 30, 2016. (1) Based on Pro-forma figures for ENI Americas, EOC Americas and Chilectra Americas provided by ENI’s Management.

Enersis Americas & Subsidiaries Valuation    

Jun-16 Summary Valuation    

Midpoint Valuation (US$ mm):    

    SOTP based on Selected Publicly Traded

    SOTP DCF Analysis

    Companies Trading Multiples

    Equity Value(1)Equity Value(1)

Enersis Americas     TotalTotal

Country Business    to ENIto EOCto CHIto ENIto EOCto CHI

Subsidiaries     Equity ValueEquity Value

    AMRSAMRSAMRSAMRSAMRSAMRS

Operating Companies    

Emgesa    Colombia Gx$5,596$2,111$1,504$0$3,916$1,478$1,052$0

Codensa    Colombia Dx2,6141,26502442,8531,3800267

Edegel    Peru Gx2,0181,1821,26002,0981,2301,3100

Edelnor    Peru Dx1,4311,08102231,2769640199

Coelce    Brazil Dx5163341133458537912839

Ampla(2)    Brazil Dx11510620421151062042

Fortaleza    Brazil Gx267226993038732714444

Cachoeira    Brazil Gx4323631604953645119960

CIEN    Brazil Tx2782341033144737716650

Chocon    Argentina Gx54321335504201652750

Pratil(2)    Brazil Other23319686262331968626

Costanera    Argentina Gx7835590166751250

Docksud    Argentina Gx22089002419700

Edesur    Argentina Dx37526921286164413210

Piura(2)    Peru Gx1861800018618000

Others(3)    n.m. n.m.146(29)159(5)146(29)159(5)

Holding Companies    

Enersis Americas IND    Chile HoldCo9269260092692600

Endesa Americas IND    Chile HoldCo50305005030500

Chilectra Americas    Chile HoldCo22220222222022

Endesa Brasil    Brazil HoldCo15613258181561325818

Total excl. Adjustments     $16,202 (4)$8,966$4,029$842$15,375(4)$8,926$3,776$971

Tax Adjustment(5)     96132179613217

Dividend Adjustment(5)     00(181)00(181)

Total incl. Adjustments     $9,062$4,161$678$9,022$3,908$807

Sources: Company projections, Company’s public filings and Factset as of August 2nd, 2016.

(1) Equity Value by Company calculated as Total Equity Value of each subsidiary times the proportional economic participation that EOC, ENI and CHI have in such subsidiary aggregated. Zero value denotes that the economic participation is 0% in that subsidiary.

(2) For Ampla, Pratil and Piura, the Selected Publicly Traded Companies multiples valuation is deemed non-meaningful and therefore the DCF valuation is considered for both valuation methodologies.

7 (3) Includes operating and holding companies such as: Sociedad Portuaria, Chinango, Generalima, Caboblanco, CTM, Tesa, Cemsa, Distrilec, Southern Cone, Hidroinvest. Negative equity values are due to holding companies with overhead expenses and debt.

(4) Total Equity Value includes Enersis Americas’ minorities of US$7.2bn and US$6.5bn for DCF and Trading Multiple methodologies, respectively.

(5) Details on tax and dividend adjustments described in the Additional Information section.

Enersis Americas & Subsidiaries Valuation

Jun-16 Summary Valuation (Cont’d)

Equity Values – Excluding Tax and Dividend Adjustments (US$mm)

$14,000 $13,027

$12,000 $11,579 $11,067

$9,898 $10,000

$9,313 $8,541 $8,976 $8,000 $7,587 $7,955 $6,000 $4,872 $4,176 $4,000 $3,788 $3,456 $3,376 $2,000 $1,135 $1,106 $784

$0 $667 $836

ENI Americas EOC Americas CHI Americas Combined Entity

SOTP SOTP Selected SOTP SOTP Selected SOTP SOTP Selected SOTP SOTP Selected DCF Publicly Traded DCF Publicly Traded DCF Publicly Traded DCF Publicly Traded Companies Companies Companies Companies

Equity per Share (High) $0.23 $0.20 $0.59 $0.51 $0.99 $0.96 n.a. n.a. Equity per Share (Low) $0.15 $0.16 $0.42 $0.41 $0.58 $0.73 n.a. n.a.

Share Count (millions) 49,093 49,093 8,202 8,202 1,151 1,151 n.a. n.a.

Equity Value (High)(1) $11,067 $9,898 $4,872 $4,176 $1,135 $1,106 $13,027 $11,579 Equity Value (Low)(1) 7,587 7,955 3,456 3,376 667 836 8,976 9,313

Minorities (High) 8,931 7,220 6,453 4,363 0 0 7,211 5,539 Minorities (Low) 5,792 5,678 4,247 (5) 3,482 (5) (0) 0 4,610 4,320 Net Debt(2) 907 907 1,166(5) 1,166 (5) 0 0 907 907 Other EV Adjustments(3) 1,475 1,475 586 586 0 0 1,475 1,475

Enterprise Value (High)(1) 22,380 19,499 13,076 10,290 1,135 1,106 22,619 19,499 Enterprise Value (Low)(1) 15,760 16,015 9,455 8,610 667 836 15,968 16,015

(5) (5)

Cons. EBITDA 2017E 2,588 2,588 1,227 1,227 0(4) 0(4) 2,588 2,588

EV/EBITDA ‘17E (High) 8.6x 7.5x 10.7x 8.4x n.m. n.m. 8.7x 7.5x EV/EBITDA ‘17E (Low) 6.1x 6.2x 7.7x 7.0x n.m. n.m. 6.2x 6.2x

____________________ Market Cap. as of August 2nd, 2016

Sources: Company projections, Company’s public filings and Factset as of August 2nd, 2016.

(1) For DCF, ranges consider maximum and minimum values derived from (i) variations in both WACC (+/-1.0%) and perpetuity growth (+/-0.1%) and (ii) all sensitivity cases described in Footnote #1 of next page. In the case of Selected Publicly Traded Companies multiple valuations a range of +/- 0.75x is considered.

(2) Consolidated Net Debt as provided by the Company as of June 30th, 2016.

(3) Other EV Adjustments as provided by the Company as of June 30th, 2016. Includes provisions, financial derivatives, other financial assets and liabilities, dividend receivables and payables.

8

(4) CHI Americas does not record EBITDA since it only owns minority stakes in subsidiaries, which are accounted for under the equity method.

(5) Incorporates proportional Net Debt, Other EV Adjustments and EBITDA from Brazilian subsidiaries, which are accounted for under the equity method and therefore are not reflected in reported EBITDA.

Enersis Americas & Subsidiaries Valuation

Resulting Exchange Ratios | Jun-16 Valuation

EOC / ENI Exchange Ratio

For Reference Purposes only

3.1x 3.0x Proposed Exchange Ratio: 2.8x

2.3x 2.4x

Valuation Me

SOTP based on Selected Publicly

SOTP DCF(1)(3)

Traded Companies(2)(3)

CHI / ENI Exchange Ratio – incl. Dividend Adjustment

For Reference Purposes only

4.3x 4.8x

Proposed Exchange Ratio: 4.0x

2.3x

2.0x

Valuation Me

SOTP based on Selected Publicly

SOTP DCF(1)(3)(7)

Traded Companies(2)(3)(7)

Source: Based on Company’s projections and Company’s public filings.

(1) DCF ranges consider the maximum and minimum values of different sensitivities applied: Base case (consider variations in WACC (+/-1.0%) and perpetuity growth (+/-0.1%)); Emgesa case (lowest and highest DCF valuation for Emgesa and midpoint valuation for all other companies); Codensa case (lowest and highest DCF valuation for Codensa and midpoint valuation for all other companies); Edegel case (lowest and highest DCF valuation for Edegel and midpoint valuation for all other companies); Generation (lowest and highest DCF valuation for all Gx companies and midpoint valuation for all other companies); Distribution (lowest and highest DCF valuation for all Dx companies and midpoint valuation for all other companies); Gx High/Dx Low & Gx Low/Dx High (Low range: highest DCF valuation for Gx companies and the lowest DCF valuation for Dx Companies. High range: lowest DCF valuation for Gx companies and the highest DCF valuation for Dx Companies. Midpoint valuation for holdings); and 50% Discount Argentina (50% discount over midpoint Argentina subsidiaries’ value and midpoint valuation for all other companies).

(2) SOTP Trading Multiple ranges consider the maximum and minimum values of different sensitivities applied: Base case (consider variations of 2017E EV/EBITDA multiple of +/-0.75x); Emgesa case (Emgesa’s EV/EBITDA 2017 multiple range of +/-1.5x and +/-0.75x for all other companies); Codensa case (Codensa’s EV/EBITDA 2017 multiple range of +/-1.5x and +/-0.75x for all other companies); Edegel case (Edegel’s EV/EBITDA 2017 multiple range of +/-1.5x and +/-0.75x for all other companies); Generation (Gx companies’ EV/EBITDA 2017 multiple range of +/-1.5x and +/-0.75x for all other companies); Distribution (Dx companies’ EV/EBITDA 2017 multiple range of +/-1.5x and +/-0.75x for all other companies); Gx High/Dx Low & Gx Low/Dx High (Range goes from EV/EBITDA 2017 multiple range of +1.5x for Gx companies and -1.5x for Dx companies to -1.5x for Gx companies and +1.5x for Dx companies); and 50% Discount

Argentina (50% discount to Argentina subsidiaries’ equity values).

(3) Ranges consider base case valuation plus tax adjustment as described in the Additional Information section.

9 (4) Based on Pro-forma 2014-LTM Mar-16 historical figures for ENI Americas, EOC Americas and Chilectra Americas provided by ENI’s Management.

(5) Based on market prices as of August 2nd, 2016.

(6) This reference calculation is not used for Americas given the extremely low market liquidity that the floating shares have, hence not reflecting a real market performance and inherent valuation. (7) Exchange ratios have been adjusted by dividend payment detailed in the Additional Information section.

A. SOTP Discounted Cash Flow Valuation

SOTP Discounted Cash Flow Valuation    

Summary DCF Valuation Output    

    ENIEOCCHI

    Total Equity ValueEquity Value to ENIEquity Value to EOCEquity Value to Chilectra

    StakeStakeStake

    (%)(%)(%)

Low    HighLowHighLowHighLowHigh

Operating Companies    

Emgesa    $4,500 $7,20238%$1,698$2,71727%$1,209$1,9360%

Codensa    2,058 3,45048%9961,6690%9%192323

Edegel    1,690 2,50259%9911,46662%1,0561,5620%

Edelnor    1,107 1,92376%8361,4520%16%173300

Ampla    0 38992%035817%06837%0142

Coelce    399 67565%25943822%871487%2645

Fortaleza    257 27884%21723437%9610311%2931

Cachoeira    414 45184%34937937%15416711%4751

CIEN    269 28784%22724237%10010711%3032

EN Brasil Com y Serv    195 28584%16424037%7210611%2232

Chocon    533 55539%20921865%3483630%

Piura    150 24096%1442310%0%

Costanera    76 7945%343676%57600%

Docksud    215 22540%87910%0%

Edesur    306 46272%2193311%2234%104157

Others(1)    130 161n.m.(33)(26)n.m.148171n.m.(6)(6)

Holding Companies    

Enersis Americas IND    963 865100%9638650%0%

Endesa Americas IND    54 4360%322660%54430%

Chilectra Americas    26 1699%26160%100%2616

Endesa Brasil    199 9884%1688337%743611%2211

Total     $7,587$11,067$3,456$4,872$667$1,134

10 Sources: Company Projections.    

Note: Ranges consider variations in both WACC (+/-1.0%) and perpetuity growth (+/-0.1%) for high and low valuations.    

(1) Others include Soc. Portuaria (Colombia), Chinango, Generalima and Caboblanco (Peru), CTM, Tesa, Cemsa, Distrilec, Southern Cone and Hidroinvest (Argentina).    

SOTP Discounted Cash Flow Valuation    

Summary DCF Valuation Output (Midpoint Value)    

    PV ofOtherTotal Equity ValueImplied EV/

Enersis Americas    EnterpriseNetTotal EquityEquity Value(4)

    CountryBusiness WACC FCF Value TerminalEVOwnership (%)EBITDA 2017E

Subsidiaries (US$mm)    ValueDebt(2)Value

    ValueAdj.(3)to ENIto EOC to CHIto ENI to EOCto CHIMultiple

    (a)(b)(c)=(a)+(b)(d)(e)(c)-(d)-(e)

    fs

Operating Companies    

Emgesa    ColombiaGx8.0%$2,935$4,347$7,282$1,328$357$5,596$2,111$1,504$037.7%26.9%0.0%11.6x

Codensa    ColombiaDx7.7%5132,6733,1853891822,6141,265024448.4%0.0%9.3%7.3x

Edegel    PeruGx7.9%5941,5792,174119372,0181,1821,260058.6%62.5%0.0%8.0x

Edelnor    PeruDx7.6%3071,5311,838380271,4311,081022375.5%0.0%15.6%8.6x

Coelce    BrazilDx9.4%1816578391631605163341133464.9%21.9%6.6%3.7x

Ampla    BrazilDx9.4%111,1391,150632403115106204292.0%17.4%36.7%5.4x

Fortaleza    BrazilGx10.8%2680268(39)40267226993084.4%37.1%11.3%4.0x

Cachoeira    BrazilGx10.8%3970397(44)94323631604984.2%37.0%11.2%4.6x

CIEN    BrazilTx9.4%293029344(29)2782341033184.4%37.1%11.3%4.6x

Chocon    ArgentinaGx12.6%2830283(325)64543213355039.2%65.4%0.0%7.1x

Pratil    BrazilOther9.4%182172352(0)233196862684.4%37.1%11.3%n.m.

Costanera    ArgentinaGx12.6%11001102310783559045.4%75.7%0.0%2.2x

Docksud    ArgentinaGx12.6%1590159(120)59220890040.2%0.0%0.0%3.5x

Edesur    ArgentinaDx12.6%44499543(95)262375269212871.6%0.5%34.0%2.8x

Piura    PeruGx7.9%551742293851861800096.5%0.0%0.0%4.7x

Others(1)    n.m.n.m.n.m.n.m.n.m.n.m.n.m.n.m.146(29)159(5)n.a.n.a.n.a.n.m.

Holding Companies    

Enersis Americas IND    ChileHoldCo6.7%(51)(155)(206)(997)(135)92692600100.0%0.0%0.0%n.m.

Endesa Americas IND    ChileHoldCo6.7%(10)(17)(27)(0)(77)503050060.0%100.0%0.0%n.m.

Chilectra Americas    ChileHoldCo6.7%(6)(17)(23)(30)(16)222202299.1%0.0%100.0%n.m.

Endesa Brasil    BrazilHoldCo9.4%(92)(240)(332)(502)14156132581884.4%37.1%11.3%n.m.

Total excl. Adjustments    $16,202(5)$8,966$4,029$842

Tax Adjustment(6)    9613217

Dividend Adjustment(6)    00(181)

Total incl. Adjustments    $9,062$4,161$678

Sources: Company Projections    

(1)    Others include Soc. Portuaria (Colombia), Chinango, Generalima and Caboblanco (Peru), CTM, Tesa, Cemsa, (4)Equity Value by Company calculated as Total Equity Value times the proportional economic participation that

Distrilec, Southern Cone and Hidroinvest (Argentina). Negative equity values are due to HoldCos with    EOC, ENI and CHI have in each subsidiary.

11    overhead expenses and debt. (5)Total Equity Value includes Enersis Americas’ minorities of US$7.2bn.

(2)    Consolidated Net Debt as provided by the Company as of June 30th, 2016. (6)Details on tax and dividend adjustments described in the Additional Information section.

(3)    Other debt-like items as provided by the Company as of June 30th, 2016. Includes provisions, financial

derivatives, other financial assets and liabilities, dividend receivables and payables.    

SOTP Discounted Cash Flow Valuation

Management Guidance on Free Cash Flow Adjustments for 2016-2020 Period

EBITDA BofAML has not made any adjustments to figures provided in the Management’s Projections

D&A BofAML has not made any adjustments to figures provided in the Management’s Projections

For operating companies, Tax Expense is calculated with the corresponding country corporate tax rate for each year applied to EBIT Tax Expense For holding companies, Tax Expense is calculated with the corresponding country corporate tax rate (Chile, except for Enel Brasil) for each year applied to holding costs, therefore generating a tax shield as indicated by the Company

For operating companies, Working Capital considers:

Trade receivables and payables calculated according to receivable and payable days provided by the Company for each business segment and country (except Argentina, where unchanged Business Plan figures are considered) Inventories, receivables from/payable for income taxes, other current assets and liabilities and dividends to be collected/distributed as provided in Business Plan

Changes in

Working Capital Generation Business Distribution Business Receivable Days Payable Days Receivable Days Payable Days Colombia 47 46 42 71

Brazil 37 49 59 56 Peru 30 50 34 50

Capex BofAML has not made any adjustments to figures provided in the Management’s Projections

Other Cash Flow Cash flows of Argentina Gx Companies Costanera, Chocon and Docksud include payments received from FONINVEMEM power plants Adjustments throughout the period

12 Source: Company Management. 

SOTP Discounted Cash Flow Valuation

Management Guidance on Free Cash Flow Normalization

Normalization     2021 is considered as the normalized year for all companies except for Emgesa (2025 is considered) and companies with no terminal

Date     value (Chocon, CIEN, Cachoeira, Fortaleza, Costanera and Docksud)

    Normalized EBITDA is defined as inflation–adjusted 2020E EBITDA , with the following exceptions:

     2024E EBITDA for Emgesa

EBITDA    

     Ampla’s and Coelce’s normalized EBIT margin is calculated as the average projected margin for 2017-2020

     Piura’s and Edesur’s normalized EBITDA margins is calculated as the average projected margin for 2017-2020

    For Dx companies, normalized D&A is defined as 2020E D&A

    For Gx companies, normalized D&A is calculated based on inputs provided by the Company and BofAML valuation assumptions (namely

D&A     WACC)(1)

     For Edegel, Piura and Chinango, normalized D&A was calculated as 100% of Maintenance Capex(1) plus the D&A schedule of

    Replacement Capex

    For operating companies, Tax Expense is calculated with the corresponding country corporate tax rate for each year applied to EBIT

Tax Expense     For holding companies, Tax Expense is calculated with the corresponding country corporate tax rate (Chile, except for Enel Brasil) for

    each year applied to holding costs, therefore generating a tax shield as indicated by the Company

    For operating companies, Normalized Working Capital considers:

     Trade receivables and payables calculated according to receivable and payable days provided by the Company for each business

Changes in    

    segment and country (except Argentina, where unchanged Business Plan figures are considered)

Working Capital    

     Inventories, receivables from/payable for income taxes, other current assets and liabilities and dividends to be

    collected/distributed as provided in Business Plan

    For Gx companies, normalized Capex includes: (i) a normalized maintenance Capex component, as provided by the Company, and (ii) an

    asset replacement Capex annuity, calculated based on inputs provided by the Company and BofAML valuation assumptions (namely

Capex     WACC)(1)

    For Dx companies, normalized Capex consists of a recurrent maintenance Capex calculated based on inputs provided by the Company

    and BofAML valuation assumptions (namely WACC)(1)

13    

Source: Company Management.    

(1) WACC assumptions were constructed by BofAML.

SOTP Discounted Cash Flow Valuation

Management Guidance on Subsidiaries with Projections Extended After 2020

    Concession expires in 2023 and management team expects no renewal

Chocon    

    No terminal value is considered

    Concession expires in 2027 and management team expects no renewal

Cachoeira    

    Residual value based on the book value of assets at the end of the concession

    CIEN has the concession for 2 transmission lines:

     Garabi I, which expires in June 2020

CIEN    

     Garabi II, which expires in July 2022

    Residual value for each line, to be paid at the end of the respective concession

    Projections extended to 2024 to properly reflect long term projected energy prices for the Colombian market in normalized cash flow /

    terminal value (as considered by the Company, Emgesa’s 2020E figures would still be affected by a local power market in a transition

    scenario)

    Power generation projected flat from 2020 through 2024

    2021-2024 power prices interpolated to reach the following figures by the end of 2024:

Emgesa    

     65 US$/MWh for contract sales

     60 US$/MWh for spot sales

     Reconciliation price variations modeled proportional to spot price variations

    2021-2024 Capex calculated as 2020E Capex adjusted by long-term COP inflation (3.8%)

    2021-2024 D&A calculated as 2020 D&A plus post-2020 Capex depreciation, assuming seven years of useful life for that Capex

    Current business model will have to be redefined in December 2023, when gas supply and energy sales contracts expire

    Fortaleza is assumed to become a reserve power plant starting in 2024, therefore earning a monthly capacity payment of 30-50 BRL/kW

Fortaleza     Authorization to operate expires in 2031

    2021-2023 Capex calculated as 2020E Capex adjusted by long-term BRL inflation (4.1%). 2024-2031 Capex is assumed flat at BRL25mm

    2021-2031 D&A calculated as 2020 D&A plus post-2020 Capex depreciation, assuming seven years of useful life

    Costanera, Chocon and Docksud are expected to receive payments from FONINVEMEM power plants through 2026

    Useful lives of Costanera and Docksud current equipment is expected to end in 2023. Given that Enersis Management does not

Argentina Gx    

    contemplate reinvestments at this stage, projections are extended until 2023 based on 2020 Free Cash Flows adjusted by US-inflation (no

    terminal value is considered)

14    

Source: Company Management.    

SOTP Discounted Cash Flow Valuation    

WACC Summary    

    Consolidated Summary

    Risk FreeCountry RiskUnleveredRe-LeveredCost ofPre-Tax CostCorp.Equity /Debt /Net Debt /US$ WACC

Country    ERP(4)

    Rate(1)Premium(2)Beta(3)BetaEquityof Debt(5)Tax(6)EVEVEquity(7)Lower(8) Mid(8) Upper(8)

Generation    

    5.0%7.2%

Chile    1.88% 0.82%0.710.904.0%27.0%73.3%26.7%36.4%6.04% 6.71%7.37%

    7.0%9.0%

    5.0%8.6%

Colombia    1.88% 2.33%0.710.885.8%34.0%73.3%26.7%36.4%7.34% 7.99%8.64%

    7.0%10.4%

    5.0%11.3%

Brazil    1.88% 3.08%1.031.278.8%34.0%73.3%26.7%36.4%9.84% 10.77%11.71%

    7.0%13.9%

    5.0%8.5%

Peru    1.88% 2.11%0.710.905.1%26.0%73.3%26.7%36.4%7.23% 7.90%8.56%

    7.0%10.3%

    5.0%13.9%

Argentina    1.88% 4.95%1.151.437.9%35.0%73.3%26.7%36.4%11.59% 12.64%13.69%

    7.0%16.8%

Distribution    

    5.0%6.6%

Chile    1.88% 0.82%0.650.784.0%27.0%78.1%21.9%28.0%5.78% 6.39%7.01%

    7.0%8.2%

    5.0%8.0%

Colombia    1.88% 2.33%0.650.775.8%34.0%78.1%21.9%28.0%7.12% 7.72%8.33%

    7.0%9.6%

    5.0%9.5%

Brazil    1.88% 3.08%0.770.918.8%34.0%78.1%21.9%28.0%8.69% 9.41%10.12%

    7.0%11.3%

    5.0%7.9%

Peru    1.88% 2.11%0.650.785.1%26.0%78.1%21.9%28.0%6.99% 7.60%8.21%

    7.0%9.5%

    5.0%13.4%

Argentina    1.88% 4.95%1.111.317.9%35.0%78.1%21.9%28.0%11.55% 12.57%13.60%

    7.0%16.0%

Source: Company’s public filings, Bloomberg and FactSet, as of August 2, 2016.    

(1)    Based on the spot yield of the 20YR UST, as of August 2, 2016.

(2)    Calculated as the spread between the 20YR UST and the comparable CLP, COP, BRL, PEN and ARS 20YR Bond denominated in USD, August 2, 2016. See Sovereign Bond Spreads for additional details.

(3)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading.

(4)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(5)    As per debt capital markets desk. Rates calculated in USD with a 10YR duration, reflecting risk default spread of each country.

(6)    Based on 2019 tax rate as a normalized tax rate for all countries.

(7)    Based on comparable company average excluding Brazil.

(8)    Lower and upper tiers are calculated based on each respective cost of equity. Midpoint is calculated based on the average cost of equity.

15    

B. SOTP based on Selected Publicly Traded Companies Analysis

SOTP based on Selected Publicly Traded Companies Analysis    

SOTP Valuation Analysis with 2017E Projections – Midpoint Value (in US$ mm)    

    EV/ EBITDAEnterpriseOtherTotal EquityEquity Value(5)Total Equity Value

Enersis Americas    EBITDANet

    Country Business2017EValue(4)EVValue(Midpoint)Ownership (%)

Subsidiaries    2017EDebt

    (Midpoint)(Midpoint)Adj.(4) (Midpoint) to ENIto EOC to CHIto ENI to EOCto CHI

    (a)(b)(c)=(a)*(b)(d)(e)(c)-(d)-(e)

Operating Companies    

Emgesa    ColombiaGx8.9x$629$5,602$1,328$357$3,916$1,478$1,052$037.7%26.9%0.0%

Codensa    ColombiaDx7.9x4343,4243891822,8531,380026748.4%0.0%9.3%

Edegel    PeruGx8.3x2712,254119372,0981,2301,310058.6%62.5%0.0%

Edelnor    PeruDx7.9x2141,683380271,276964019975.5%0.0%15.6%

Coelce    BrazilDx4.0x2279071631605853791283964.9%21.9%6.6%

Ampla(1)    BrazilDx4.0x2141,150632403115106204292.0%17.4%36.7%

Fortaleza    BrazilGx5.8x67388(39)403873271444484.4%37.1%11.3%

Cachoeira    BrazilGx5.8x87501(44)95364511996084.2%37.0%11.2%

CIEN    BrazilTx7.2x6446244(29)4473771665084.4%37.1%11.3%

Chocon    ArgentinaGx4.0x40160(325)64420165275039.2%65.4%0.0%

Pratil(1)    BrazilOthern.a.112352(0)233196862684.4%37.1%11.3%

Costanera    ArgentinaGx4.0x50198231016675125045.4%75.7%0.0%

Docksud    ArgentinaGx4.0x45180(120)59241970040.2%0.0%0.0%

Edesur    ArgentinaDx4.0x196783(95)262616441321071.6%0.5%34.0%

Piura(1)    PeruGx8.3x492293851861800096.5%0.0%0.0%

Others(2)(3)    n.m.n.m.n.a.n.m.n.m.n.m.n.m.146(29)159(5)n.a.n.a.n.a.

Holding Companies(3)    

Enersis Americas IND    ChileHoldCon.a.(39)(206)(997)(135)92692600 100.0%0.0%0.0%

Endesa Americas IND    ChileHoldCon.a.(11)(27)(0)(77)503050060.0%100.0%0.0%

Chilectra Americas    ChileHoldCon.a.(3)(23)(30)(16)222202299.0%0.0%100.0%

Endesa Brasil    BrazilHoldCon.a.(38)(332)(502)14156132581884.4%37.1%11.3%

Total excl. Adjustments    $15,375 (6)$8,926$3,776$971

Tax Adjustment(7)    9613217

Dividend Adjustment(7)    00(181)

Total incl. Adjustments    $9,022$3,908$807

Sources: Company projections, Company’s public filings and Factset as of August 2nd, 2016. Please refer to Appendix for further detail.    

(1)    For Ampla, Pratil and Piura, the Selected Publicly Traded Companies trading multiples valuation is deemed non-meaningful and therefore the DCF valuation is considered for both valuation methodologies.

(2)    Includes Soc. Portuaria (Colombia), Chinango, Generalima and Caboblanco (Peru), CTM, Tesa, Cemsa, Distrilec, Southern Cone and Hidroinvest (Argentina). Negative equity values are due to HoldCos with overhead expenses and debt.

(3)    DCF Valuations are considered for Others due to lack of relevant comparables, and HoldCos, due to lack of relevant comparables and no relevance for a multiples-based valuation.

16 (4)    Consolidated Net Debt and other debt-like items as provided by the Company as of June 30th, 2016. Other Debt-like items includes provisions, financial derivatives, other financial assets and liabilities, dividend receivables and payables.

(5)    Equity Value by Company calculated as Total Equity Value times the proportional economic participation that EOC, ENI and CHI have in each subsidiary.

(6)    Total Equity Value includes Enersis Americas’ minority holdings of US$6.5bn.

(7)    Details on tax and dividend adjustments described in the Additional Information section.

SOTP based on Selected Publicly Traded Companies Analysis

Criteria for Selection of Comparable Publicly Traded Companies and Other Considerations

Codensa    

(Dx)     Since there are no listed pure-play Colombian Dx companies, Peru Dx peers (Edelnor and Luz del Sur) were considered as the closest comparables

Emgesa     Isagen and Celsia were considered the closest comparables. Isagen is the third largest power generator in Colombia in terms of installed capacity, while Celsia

(Gx)     is a Colombia-focused player with presence in Panama and Costa Rica

Edelnor     Edelnor and Luz del Sur were considered the closest comparables. Luz del Sur has the distribution concession for the south of Lima, while Edelnor (Enersis

(Dx)     subsidiary) has the concession for the north

    Edelnor’s current market capitalization reflects a 10.9% discount vs. 2017E SOTP Valuation

    – Market cap affected by low stock liquidity (ADTV: ~US$0.1mm) and small free float (~14% of total shares)

Edegel     Edegel and Enersur, the third largest player in Peru in terms of installed capacity, were considered the closest comparables, given both companies are 100%

(Gx)     Peru-focused

    Edegel’s current market capitalization reflects a 17.3% premium vs. average multiple-based valuation

Ampla     Eletropaulo, the main power distributor in the Sao Paulo area, was considered the closest comparable given its relevant size and being 100% distribution-

(Dx)     focused

    Other listed companies in the sector were not considered either due to lack of consensus estimates (Ampla, Energisa and Coelce) or being distribution-focused

    integrated players (Equatorial, Light and CLSC)

    Current market capitalization not meaningful

    – Market cap affected by very low stock liquidity (ADTV: ~US$0.4k) and small free float (~0.4% of total shares)

Coelce     Eletropaulo was considered the closest comparable

(Dx)     Current market capitalization not meaningful

    – Market cap affected by low stock liquidity (ADTV: ~US$0.3 mm) and small free float (~19% of total shares)

Pratil     Subsidiary focused on providing value-added products and services to Ampla‘s and Coelce’s customers

    DCF valuation is considered due to lack of comparable companies, due to the Company’s particular business segment and its significant expected growth

    (2020E EBITDA: 5x 2017E EBITDA)

Fortaleza     Tractebel and AES Tiete, both among the most relevant private power generators in the country, were considered as the closest comparables

(Gx)     Other listed companies in the sector were not considered either due to lack of consensus estimates (Paranapanema) or different dynamics in its operation

    (CESP)

Cachoeira    

(Gx)     Tractebel and AES Tiete were considered the closest comparables

17    

Source: BofAML assumptions and Factset as of August 2nd, 2016.

SOTP based on Selected Publicly Traded Companies Analysis

Criteria for Selection of Comparable Companies and Other Considerations (Cont’d)

Cien    

(Tx)     Taesa and Alupar were considered the closest comparables

    CIEN concessions expire in 2020-2022

Costanera     A ~50% discount vs. average LatAm generation multiples (Isagen, Celsia, Tractebel, AES Tiete, Edegel and Enersur) is considered due to Argentina’s current

(Gx)     uncertain market, tariff and regulatory environment for the power sector and uncertainty regarding future developments, which results in a 3.5-4.5x range

    (the “Argentina Criteria”)

    Market capitalization reflects a 88.2% premium vs. 2017E SOTP Valuation

Chocon     3.5-4.5x range as per the Argentina Criteria

(Gx)     Adjusted EBITDA is considered, which includes dividends received from power plants in which the Company owns stakes (FONINVEMEN)

    Chocón concession expires in 2023

Docksud    

(Gx)     3.5-4.5x range as per the Argentina Criteria

Edesur     A 50% discount vs. average LatAm distribution multiples (Luz del Sur, Edelnor, Eletropaulo) is considered due to Argentina’s current uncertain environment for

(Dx)    

    the power sector and uncertainty regarding future developments, which results in a 3.5-4.5x range

18    

Source: BofAML assumptions and Factset as of August 2nd, 2016.

SOTP based on Selected Publicly Traded Companies Analysis    

Trading Comparables – Generation    

    Market CapEnterpriseEV / EBITDAP / E

    Country(US$)Value (US$)2016E2017E2018E2016E2017E2018E

Generation    

Endesa Chile    Chile$7,370$8,8038.7x9.0x8.7x12.7x11.7x12.4x

Colbun    Chile4,2535,6388.78.48.216.615.814.9

AES Gener    Chile4,1677,45311.910.49.120.118.814.9

ECL    Chile1,9662,4757.98.17.48.226.723.3

Isagen    Colombia3,5894,70211.810.59.826.421.219.3

Celsia    Colombia9162,5648.57.46.755.618.813.6

Tractebel    Brazil8,4229,0358.37.26.715.313.112.4

Paranapanema    Brazil1,2761,5715.65.65.511.010.910.5

AES Tiete    Brazil1,4281,6394.94.44.28.87.57.1

CESP    Brazil1,3101,4535.45.55.312.512.510.5

Edegel    Peru2,4622,6249.69.08.916.214.714.9

ENGIE    Peru1,5162,4607.17.78.09.010.912.3

Mean Colombia    10.18.98.341.020.016.4

Selected Colombia (Isagen—Celsia)    10.18.98.341.020.016.4

Mean Brazil    6.05.75.411.911.010.1

Selected Brazil (Tractebel—AES Tiete)    6.65.85.412.110.39.8

Mean Peru    8.48.38.512.612.813.6

19    Selected Peru (Edegel—ENGIE) 8.48.38.512.612.813.6

Sources: Factset as of August 2nd, 2016 and Company’s public filings.    

SOTP based on Selected Publicly Traded Companies Analysis    

Trading Comparables – Distribution and Transmission    

    Market CapEnterpriseEV / EBITDAP / E

    Country(US$)Value (US$)2016E2017E2018E2016E2017E2018E

Distribution    

Chilectra    Chile $2,334$2,326n.a.n.a.n.a.n.a.n.a.n.a.

Aguas Andinas    Chile 3,5685,07110.510.0n.a.16.515.8n.a.

CGE     Chile2,6095,297n.a.n.a.n.a.n.a.n.a.n.a.

EEB     Colombia5,4457,9777.46.88.0n.a.10.812.4

Equatorial    Brazil 3,2873,96610.79.28.116.513.69.9

Energisa    Brazil 2,2264,498n.a.n.a.n.a.n.a.n.a.n.a.

CPFL(1)    Brazil 7,23412,90710.08.98.122.718.215.0

Ampla    Brazil 1,0311,935n.a.n.a.n.a.n.a.n.a.n.a.

Eletropaulo    Brazil 5671,8734.74.03.421.05.74.7

Coelce    Brazil 9871,326n.a.n.a.n.a.n.a.n.a.n.a.

CLSC     Brazil2115925.14.8n.a.n.a.n.a.n.a.

Luz del Sur    Peru 1,6872,1539.59.18.513.012.511.4

Edelnor    Peru 1,1371,4887.06.75.710.810.28.5

Mean Colombia     n.a.n.a.n.a.n.a.n.a.n.a.

Selected Colombia (Luz del Sur—Edelnor)     8.27.97.111.911.39.9

Mean Brazil     7.66.76.620.112.59.9

Selected Brazil (Eletropaulo)     4.74.03.421.05.74.7

Mean Peru     8.27.97.111.911.39.9

Selected Peru (Luz del Sur—Edelnor)     8.27.97.111.911.39.9

Transmission    

Red Electrica    Spain $12,316$17,54910.5x10.2x9.9x16.9x16.3x15.5x

Terna    Italy 10,80619,46211.410.910.716.915.815.4

ITC     United States7,12711,69813.512.411.423.021.219.0

ISA     Colombia3,2987,8268.16.95.916.214.913.7

Elia     Belgium3,2476,19313.211.710.016.414.213.0

Taesa    Brazil 2,5093,5247.17.68.39.29.510.5

CTEEP(2)    Brazil 3,2113,45418.87.45.228.411.08.1

Alupar    Brazil 1,0392,7516.76.87.312.410.78.5

Transener    Argentina 2163114.74.62.379.18.33.3

Mean Brazil     10.97.36.916.610.49.0

Selected Brazil (Taesa + Alupar)     6.97.27.810.810.19.5

20 Sources: Factset as of August 2nd, 2016 and Company’s public filings.    

(1)    CPFL is an integrated power company that given its relevance in the distribution industry in Brazil is used as a reference for Distribution comparables.

(2)    2016 multiple does not reflect the regulatory reform in the transmission sector that will increase the EBITDA in 2017 and 2018 through a higher tariff.

C. Historical Net Income Contribution Valuation

Historical Net Income Contribution Valuation    

Historical Pro-Forma Net Income of Merging Entities    

Net Income of Merging Entities (US$mm)    2014A 2015ALTM Mar-16

Enersis Americas    $709 $626$686

Endesa Americas    386 276348

Chilectra Americas    30 7649

Total     $1,125$977$1,083

Adjusted Net Income (US$mm)(1)    2014A 2015ALTM Mar-16New Enersis Americas Shares (millon)2014A2015ALTM Mar-16

Enersis Americas    $709 $626$686Pre-Merger ENI Americas Shares49,09349,09349,093

% of total Net Income    82.1% 84.9%83.1%% of total Shares82.1%84.9%83.1%

Endesa Americas    154 110139A New ENI Americas for EOC exchange10,6868,6569,975

% of total Net Income    17.9% 15.0%16.9%% of total Shares17.9%15.0%16.9%

Chilectra Americas    0 10B New ENI Americas for CHI exchange195532

% of total Net Income    0.0% 0.1%0.1%% of total Shares0.0%0.1%0.1%

Net Income of Combined Entity    $864 $737$826Combined Entity Total Shares59,79857,80459,100

Resulting Exchange Ratios from Historical Net Income Contribution    

EOC / ENI Exchange Ratio    2014A 2015ALTM Mar-16CHI / ENI Exchange Ratio2014A2015ALTM Mar-16

Pre-Merger EOC Americas Shares (mm)    8,202 8,2028,202Pre-Merger CHI Americas Shares (mm)1,1511,1511,151

C Excluding shares held by ENI (60%)    3,282 3,2823,282D Excluding shares held by ENI (99%)111111

Exchange Ratio—Unadjusted (a) / (c)    3.26x 2.64x3.04xExchange Ratio—Unadjusted (b) / (d)1.83x5.15x3.02x

Tax Adjustment(2)    0.11x 0.11x0.11xTax Adjustment(2)0.04x0.04x0.04x

Dividend Adjustment(3)    0.00x 0.00x0.00xDividend Adjustment(3)(0.82x)(0.82x)(0.82x)

Exchange Ratio—Adjusted    3.37x 2.75x3.15xExchange Ratio—Adjusted1.04x4.37x2.24x

21 Source: Company information from Management.    

(1)    Adjusted Net Income excludes from EOC and CHI Net Income figures the portion that is attributable to ENI in order to reflect the Net Income of the Combined Entity.

(2)    [Tax Adjustment considers the average of the difference in the maximum and minimum exchange ratio resulting from (i) DCF’s Ba se Case valuation and (ii) DCF Base Case + Tax Adjustment.]

(3)    [Dividend Adjustment considers the average of the difference in the maximum and minimum exchange ratio resulting from (i) DCF including Dividend Adjustment and (ii) DCF excluding Dividend Adjustment.]

D. Current Market Prices Valuation

Current Market Prices Valuation

Implied Endesa Americas / Enersis Americas Exchange Ratio

3.00x

2.90x

Proposed Exchange Ratio : 2.8x

2.80x

2.70x

2.60x 2.7x

2.50x

2.40x

2.30x

2.20x

2.10x

2.00x

21/04/16 25/04/16 29/04/16 03/05/16 07/05/16 11/05/16 15/05/16 19/05/16 23/05/16 27/05/16 31/05/16 04/06/16 08/06/16 12/06/16 16/06/16 20/06/16 24/06/16 28/06/16 02/07/16 06/07/16 10/07/16 14/07/16 18/07/16 22/07/16 26/07/16 30/07/1602/08/16

22 ____________________

Source: Factset as of August 2nd, 2016.

Note: Exchange ratios derived from Enersis Americas and Endesa Americas market prices.

Current Market Prices Valuation    

Chilectra Americas—Trading Volume Analysis    

Cumulative volume traded between April 21st, 2016 and August 2nd, 2016 has been less than 0.0104% of the total shares of the Company and has

had a value of ~US$80,000. In May 31st, 2016 the price of the share of Chilectra Americas experienced a 37% decrease. That day 0.0010% of the

    ownership was traded and the total volume was ~US$7,000.

Trading Volume (US$)    Share Price (CLP)

12,000    0.14%$800

    $700

10,000    

    0.10%$600

8,000    

    $500

    0.07%

6,000    0.06%$400

    0.05%0.05%

    0.04%$300

4,000    

    0.03%

    0.02%$200

2,000    

    $100

0    $0

(1)    (2)

23    ADTV (US$) DTV (US$)Share Price (CLP)% of DTV / Free Float Total Value

Source: Factset as of August 2nd, 2016.    

(1) ADTV stands for Average Daily Trading Volume.    

(2) DTV stands for Daily Trading Volume.    

3. Enersis Americas Overview

Enersis Americas Overview    

Snapshot    

    DescriptionTransaction Snapshot

    Main Subsidiaries

    Enersis Americas is the largest privately-owned multinational electric

power corporation in Latin America with a market capitalization of    EmgesaCodensaEdegelEdelnorAmplaCoelceChocon

~US$8.5bn. Endesa and Chilectra Americas have a market    

capitalization of ~US$3.7bn and US$775mm, respectively    Country

    Participates in the electric power generation, transmission,BusinessGxDxGxDxDxDxGx

    and distribution businesses

    Merging Entities

    Presence in four countries of the region: Argentina, Brazil,

    Colombia and Peru

    Enersis Americas’ generating companies have a total net installed

capacity of 10.7 GW, and through distribution companies it supplies    

electricity to nearly 14 million clients    Stake21.6%47.8%21.1%60.1%45.3%45.2%0.0%

    Ownership

Others: 18.0%    Others: 21.2%

    Stake26.9%0.0%62.5%0.0%17.4%21.9%65.4%

PF(1): 11.6%    PF(1): 15.8%

ADRs: 9.8%    ADRs: 3.0%Others: 1.0%

Enel: 60.6%    ENI Americas: 60.0%ENI Americas: 99.1%

    Stake0.0%9.2%0.0%15.6%36.7%6.6%0.0%

    Ownerships50%+25%—50%0%—25%

    The merging entities have a total of 34 subsidiaries including the seven showed above

    Generation BusinessDistribution Business

Installed Capacity by Country    Installed Capacity by TypeClients by CountryEnergy Sold (Gwh) by Country(2)

    CoalArgentinaPeru

    Colombia2%18%22% Colombia12%

Argentina    31% 36%Brazil

    41% 10.7Oil-Gas 44% 10.7HydroPeru10%13.5Colombia 22%62,838

    GWGW54%mmGWh

    19%

    9%Peru50%30%

    Brazil

24     BrazilArgentina

Source: Company’s public filings, Factset as of August 2nd, 2016.    

(1)    PF denotes Pension funds.

(2)    2015 actual numbers.

Enersis Americas Overview    

Financial Highlights    

2Q’16 LTM EBITDA Breakdown    Revenue (US$mm)

    by Country(1)CAGR ’14-’16 LTM: 0.5%

Argentina    9,136

    15%8,1237,663

Peru    42% Colombia

22%    

    21%

Brazil    

    2014A2015ALTM Jun-16

    by Business(2)

    EBITDA (US$mm)

Distribution    

    CAGR ’14-’16 LTM: (1.6%)

47%    3,118

    53%

    2,4752,483

    Generation

2Q’16 Total Debt    

    Holding2014A2015ALTM Jun-16

Argentina    10%

    2%Net Income (US$mm)

Peru 15%    

    48%ColombiaCAGR ’14-’16 LTM: (0.1%)

    1,312

    1,1591,084

    25%

Brazil    

    ~US$ 4,205mm

    2014A2015ALTM Jun-16

Source: Company’s public filings.    

25 Note: CAGRs in local currency. Average FX rate used by year: 569.9 CLP/USD for 2014, 652.7 CLP/USD for 2015 and 687.3 CLP/USD for 2016 LTM. Year-end FX rate of 662.1 CLP/USD used to calculate 2Q’16 debt.    

(1)    Figures exclude Chile EBITDA of CLP MM (26,197).

(2)    Figures exclude holdings & eliminations EBITDA of CLP MM (50,926).

Appendix

A. Macroeconomic Assumptions

Macroeconomic Assumptions    

FX Forecasts    

    654.1 707.3694.0 704.0700.0 695.5691.0 683.5676.0 672.0668.0 659.0

    570.4 607.4

495.3 523.8    

CLP/USD    

2013    201420152016E2017E2018E2019E2020E

    3,1493,136 3,1453,154 3,1703,185 3,2063,226 3,2513,276 3,292

    2,742

    2,392

1,869 1,927    2,001

COP/USD    

2013    201420152016E2017E2018E2019E2020E

    3.23.43.53.63.73.63.53.53.53.53.43.4

2.7    2.8 2.83.0

PEN/USD    

2013    201420152016E2017E2018E2019E2020E

    3.93.94.04.04.04.04.03.93.93.93.9

    3.3

    2.7

2.2    2.3 2.4

BRL/USD    

2013    201420152016E2017E2018E2019E2020E

    15.6 16.016.3 16.616.9 17.117.3 18.319.3 19.7

    13.1

    8.18.59.2

5.5    6.5

ARS/USD    

2013    201420152016E2017E2018E2019E2020E

26 Source: Company Projections.     Average of Period End of Period

Macroeconomic Assumptions    

Real GDP Growth and Inflation    

    Real GDP GrowthInflation

4.0%     4.4%4.3%4.2%

    2.8%3.4%3.6%3.6%3.2%3.0%3.0%

    2.4%

1.9%    2.1%1.6%1.9%

2013    2014 20152016E 2017E 2018E2019E2020E2013201420152016E 2017E2018E2019E2020E

4.9%     7.1%

4.4%    

    5.0%4.8%

    3.1%2.6%2.9%3.1%3.1%3.3%4.0%4.0%3.8%

    2.9%

    2.0%

2013    2014 20152016E 2017E 2018E2019E2020E2013201420152016E 2017E2018E2019E2020E

5.8%    

    5%3.7%

    3.7%4.1%4.0%4.1%4.3%3.2%3.3.2%

    3.2%2.8%2.9%2.7%2.6%

2.4%    

2013    2014 20152016E 2017E 2018E2019E2020E2013201420152016E 2017E2018E2019E2020E

3.0%     9.0%

    1.6%2.0%2.3%7.5%

0.1%    (3.8%)(3.6%) 0.2%6.2%6.3%6.1%5.7%5.5%5.0%

2013    2014 20152016E 2017E 2018E2019E2020E2013201420152016E 2017E2018E2019E2020E

2.9%     2.9%3.0%37.6%

    2.3%31.5%

    2.1%1.8%27.1%

0.5%    (0.9%)20.7%23.0%20.0%

    17.0%14.0%

2013    2014 20152016E 2017E 2018E2019E2020E2013201420152016E 2017E2018E2019E2020E

    2.1%2.2%2.2%2.2%

2.4%    2.4%2.0%2.3%2.3%2.1%1.5%1.6%1.4%

1.5%     1.0%0.1%

2013    2014 20152016E 2017E 2018E2019E2020E2013201420152016E 2017E2018E2019E2020E

27 Source: Company Projections.    

Macroeconomic Assumptions    

Commodity Prices    

    Brent USD/BarrelWTI USD/Barrel

    58.055.7

    52.550.4

46.8    48.045.046.2

    42.842.1

37.3     37.0

2015    2016E 2017E2018E2019E2020E20152016E2017E2018E2019E2020E

    HH USD/MMBtuCoal API 2 USD/Ton

    3.13.3

    2.851.5

    2.648.046.144.545.548.5

2.3    2.3

2015    2016E 2017E2018E2019E2020E20152016E2017E2018E2019E2020E

28 Source: Company Projections.    

B. Enersis Americas Financial Projections

Enersis Americas Financial Projections    

Consolidated Financial Highlights    

Total Revenues (US$mm)    EBITDA (US$mm)Capex (US$mm)

    10,98211,722

    9,669Total ’16-’20: US$5.0 bn

8,617    

8,033    

    3,2333,296

    2,4042,5882,901

    1,2321,006958921899

2016E    2017E 2018E2019E2020E2016E2017E2018E2019E2020E2016E2017E2018E2019E2020E

    EBITDA Breakdown (2016E)EBITDA Breakdown (2020E)

By Country    By BusinessBy CountryBy Business

    11%14%

21%    21%

    25%Dx 49%51%51%49%Dx54%50%44%50%

    Gx26%Gx

43%    39%

    US$2,404mmUS$3,296mm

29 Source: Company Projections.    

Enersis Americas Financial Projections

Distribution Companies – Total Capex Projections (US$mm)

196

95

128 207 225

Edelnor Codensa 201 187 184

93 173

85 88 85 89

2016 2017 2018 2019 2020 Norm.

2016 2017 2018 2019 2020 Norm.

196 141

Ampla Edesur

273 179

249 145 143

137 130

187 172 112

152 143

2016 2017 2018 2019 2020 Norm.

2016 2017 2018 2019 2020 Norm.

117

Coelce 160

91 112 113 118 109

2016 2017 2018 2019 2020 Norm.

Average

30 ____________________

Source: Company Projections.

Enersis Americas Financial Projections    

Distribution Companies – Normalized Capex Calculation    

Main Assumptions     Other Normalization Assumptions

As indicated by Enersis’s Management, Normalized Capex for Distribution     Normalized EBITDA defined as 2020E EBITDA adjusted by Perpetuity Growth (US

Companies (except Ampla) should be calculated as the sum of:     long-term inflation) to the corresponding normalization year for each company, if

    applies

1     Reinvestment Capex: Required investment related to expected long-

term clients / demand growth in the business     Normalized D&A defined as the latest projected D&A available

2     Normalized D&A: Required investment to properly maintain existing Normalized Tax Expense defined as Normalized EBIT * Long-term Corporate Tax for

infrastructure and service quality    each country

Normalized Capex Calculation    

    12

    PerpetuityWACCRONIC-RONICNorm. Norm. TaxNOPATReinvestmentNorm. Normalized

    2020 InflationWACC

Company    Country FX 2020Growth(LocalWACC(LocalEBITExpense(LocalCapexD&ACapex

    (Local Currency)(US$)

    (US LT Inflation)Currency)SpreadCurrency)(US$mm)(US$mm)Currency)(US$mm)(US$mm)(US$mm)

    ABCDEFGHIJKLM

Codensa    Colombia 3,3263.8%2.2%7.7%11.8%1.0%12.8%$462($157)$1,014,067($90)($83)($173)

Ampla    Brazil 4.05.0%2.2%9.4%14.9%1.0%15.9%300(102)793(62)(80)(143)

Coelce    Brazil 4.05.0%2.2%9.4%14.9%1.0%15.9%175(59)462(36)(73)(109)

Edelnor    Peru 3.42.6%2.2%7.6%10.4%1.0%11.4%220(66)529(35)(54)(89)

Edesur    Argentina 21.514.0%2.2%12.6%28.3%1.0%29.3%275(96)3,848(85)(58)(143)

    LineLetterFormula

    WACC (Local Currency)E= ( 1 + D ) * ( 1 + B ) / ( 1 + C )—1

    RONIC (Local Currency)G= E + F

    NOPAT (Local Currency)J= ( H + I ) * A

31 Source: Company Management.     Reinvestment CapexK=—J * ( B / G ) / A

    Normalized CapexM= K + L

Enersis Americas Financial Projections    

Generation Companies – Total Capex Estimates (US$mm)    

    66167

Edegel     50Emgesa

49    

43    555052489869

    6982

    554240

-    - --------

2016    2017 201820192020Norm.20162017201820192020Norm.

65     67

    46

Piura     Costanera4856

    22

    1138n.a.

11    20-

    1091210

-    - ---------

2016    2017 201820192020Norm.20162017201820192020Norm.-

    6

Cachoeira     Chocon7

5     8

4    6753

    n.a.-n.a.-

    222

-    - ----------

2016    2017 201820192020Norm.-20162017201820192020Norm.-

    14

15    

Fortaleza    17 18DockSud

    1011

    n.a.-42n.a.

-    - ----15

    -18

2016    2017 201820192020Norm.1411-

    ------

    20162017201820192020Norm.-

    AverageMaintenanceReplacementTotal

32 Source: Company projections.    

    396

Enersis Americas Financial Projections    

Generation Companies – Normalized Capex: Annualized Replacement Capex    

    CPI indexing

    ReplacementFirstCapex20202020E Capex

    Capacity(WACC -factor to

Country    Company Type(1)CostReplacementAnnuitydiscountAnnuity

    (Gwh)CPI)(2)Reinvestment

    (US$/kW)DateUS$mm, realfactorNormalized

    year

Betania    HID5411,20020365.7%391.580.4025

Charquito    HID191,20020215.7%11.141.002

Guavio    HID1,2131,20020415.7%881.760.2742

El Limonar    HID181,20020205.7%11.111.001

La Guaca    HID3251,20020345.7%241.510.4617

La Junca    HID191,20020205.7%11.111.002

La Tinta    HID201,20020205.7%11.111.002

Paraíso    HID2771,20020345.7%201.510.4614

Tequendama    HID201,20020475.7%12.010.170

Quimbo    HID4001,20020645.7%292.900.054

Cartagena    TV1272,50020205.7%221.111.0025

Termozipa    TV2232,50020305.7%391.390.6334

Emgesa(3)    3,2011,342268167

Callahuanca    HID801,20020205.6%61.111.006

Huampani    HID301,20020305.6%21.390.471

Huinco    HID2471,20020405.6%181.720.227

Matucana    HID1291,20020405.6%91.720.223

Moyopampa    HID651,20020305.6%51.390.473

Santa Rosa    TG22960020205.6%101.111.0012

Ventanilla    CC4931,00020245.6%371.220.7433

Edegel    1,2731,0158766

Malacas TG1234    TG13160020205.6%61.111.007

Malacas TG5    TG20060020375.6%91.610.274

Piura    TG3316001511

Chimay    HID1511,20020495.6%112.100.113

Yanango    HID431,20020495.6%32.100.111

Chinango    1941,200143

Source: Company Management.    

(1) CC: Combined Cycle, HID: Hydro, TG: Turbo Generator.    

33 (2) (WACC – CPI) considers Generation business WACC for each country less long term perpetuity growth rate (US long-term inflation).    

(3) Emgesa’s Capex annuities calculated as of 2024E instead of 2020E as per indicated by Company Management.    

C. DCF Valuation per Subsidiary

DCF Valuation per Subsidiary

Emgesa – Colombia Gx

Figures in US$mm Audited Historical Figures Projections—Fiscal Year Ending December 31,

2015A 1H16A 2H16E 2017E 2018E 2019E 2020E 2024E Normalized

Net Revenues $1,192 $628 $569 $1,086 $1,204 $1,203 $1,177 $1,698 $1,735

Growth % n.a. n.a. n.a. -9.3% 10.8% 0.0% -2.2% 1.4% 2.2%

EBITDA 631 339 308 629 684 729 728 990 1,012

Margin% 52.9% 53.9% 54.2% 57.9% 56.8% 60.6% 61.9% 58.3% 58.3%

Less: D&A (60) (31) (34) (73) (75) (78) (85) (62) (138)

EBIT 571 308 274 555 608 651 643 928 875

Margin% 47.9% 49.0% 48.2% 51.1% 50.5% 54.1% 54.7% 54.7% 50.4%

Less: Taxes Paid (217) (123) (110) (228) (262) (221) (219) (316) (297)

Tax Rate 38.0% 40.0% 40.0% 41.0% 43.0% 34.0% 34.0% 34.0% 34.0%

Tax-effected EBIT 354 185 164 328 347 430 425 613 577

Plus: Depreciation & Amortization 60 31 34 73 75 78 85 62 138

Less: Net Change in Working Capital 0 8 92 (12) 24 16 (4) (3) (5)

Less: Capital Expenditures (431) (23) (75) (69) (55) (42) (82) (93) (207)

Free Cash Flow (17) 201 216 320 391 482 424 579 503

FCF Growth % n.a. n.a. n.a. -23.4% 22.3% 23.2% -12.0% -0.4% -13.1%

WACC DCF Terminal Value Enterprise Value EV Adjustments(1) Equity Value

Perpetuity Growth Perpetuity Growth Perpetuity Growth

2.1% 2.2% 2.3% 2.1% 2.2% 2.3% Net Debt 1,328 2.1% 2.2% 2.3%

7.0% $3,053 $5,596 $5,713 $5,835 $8,649 $8,766 $8,888 Cash (160) $6,964 $7,080 $7,202

7.5% 2,993 $4,868 $4,960 $5,056 7,862 7,954 8,049 Total Debt 1,489 6,176 6,268 6,363

8.0% 2,935 + $4,273 $4,347 $4,423 = 7,208 7,282 7,358—Other Adjustments 357 = 5,522 5,596 5,672

8.5% 2,878 $3,778 $3,838 $3,900 6,657 6,717 6,779 Total Equity Bridge 1,686 4,971 5,031 5,093

9.0% 2,824 $3,362 $3,411 $3,462 6,186 6,235 6,286 4,500 4,549 4,600

WACC Implied TV / Normalized EBITDA Implied EV / 16E EBITDA

Perpetuity Growth Perpetuity Growth

2.1% 2.2% 2.3% 2.1% 2.2% 2.3%

7.0% 11.8x 12.1x 12.3x 13.4x 13.5x 13.7x

7.5% 10.7x 10.9x 11.1x 12.1x 12.3x 12.4x

8.0% 9.8x 10.0x 10.2x 11.1x 11.3x 11.4x

8.5% 9.0x 9.2x 9.3x 10.3x 10.4x 10.5x

9.0% 8.4x 8.5x 8.6x 9.6x 9.6x 9.7x

Source: Company Projections.

34 Valuation Date: June 30, 2016.

(1) EV Adjustments as of June 30, 2016.

DCF Valuation per Subsidiary    

Codensa – Colombia Dx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $1,354$644$610$1,304$1,387$1,459$1,494$1,526

Growth %     n.a.n.a.n.a.4.0%6.3%5.2%2.4%2.2%

EBITDA     452215214434460510533545

Margin%     33.4%33.4%35.1%33.3%33.2%34.9%35.7%35.7%

Less: D&A     (91)(41)(39)(82)(86)(92)(83)(83)

EBIT     360174175353374418450462

Margin%     26.6%27.0%28.7%27.0%27.0%28.6%30.1%30.3%

Less: Taxes Paid     (137)(70)(70)(145)(161)(142)(153)(157)

Tax Rate     38.0%40.0%40.0%41.0%43.0%34.0%34.0%34.0%

Tax-effected EBIT     223105105208213276297305

Plus: Depreciation & Amortization     9141398286928383

Less: Net Change in Working Capital     0(34)21104(1)11(1)

Less: Capital Expenditures     (167)(94)(107)(187)(207)(225)(184)(173)

Free Cash Flow     148175811397142207214

FCF Growth %     n.a.n.a.n.a.51.2%-14.3%45.9%46.1%3.4%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$3892.1%2.2%2.3%

6.7%    $525 $3,345$3,419$3,496$3,870$3,944$4,021Cash(88)$3,298$3,372$3,450

7.2%    519 $2,949$3,008$3,0693,4683,5263,587Total Debt4772,8962,9553,016

7.7%    513 + $2,625$2,673$2,722 =3,1383,1853,235 -Other Adjustments182 =2,5662,6142,663

8.2%    507 $2,356$2,395$2,4352,8632,9022,942Total Equity Bridge$5712,2912,3302,371

8.7%    502 $2,128$2,161$2,1942,6302,6622,6962,0582,0912,124

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

6.7%     8.7x8.9x9.1x9.0x9.2x9.4x

7.2%     7.8x8.0x8.2x8.1x8.2x8.4x

7.7%     7.1x7.3x7.4x7.3x7.4x7.5x

8.2%     6.6x6.7x6.8x6.7x6.8x6.9x

8.7%     6.1x6.2x6.3x6.1x6.2x6.3x

Source: Company Projections.    

35 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Edegel – Peru Gx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $525$274$269$600$616$637$659$673

Growth %     n.a.n.a.n.a.10.6%2.5%3.4%3.5%2.2%

EBITDA     251124123271277297310317

Margin%     47.8%45.3%45.5%45.1%45.0%46.7%47.1%47.1%

Less: D&A     (73)(29)(28)(54)(58)(60)(62)(78)

EBIT     1789594217219238249239

Margin%     33.9%34.6%35.0%36.1%35.6%37.3%37.8%35.4%

Less: Taxes Paid     (53)(28)(28)(65)(66)(71)(75)(72)

Tax Rate     30.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%

Tax-effected EBIT     1256666152153166174167

Plus: Depreciation & Amortization     7329285458606278

Less: Net Change in Working Capital     0919(32)(8)(13)(4)(1)

Less: Capital Expenditures     (40)(20)(29)(43)(55)(50)(52)(113)

Free Cash Flow     1578584130148163180132

FCF Growth %     n.a.n.a.n.a.-23.3%14.2%10.1%10.4%-27.1%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$1192.1%2.2%2.3%

6.9%    $607 $1,965$2,007$2,051$2,572$2,614$2,657Cash(18)$2,416$2,458$2,502

7.4%    600 $1,739$1,772$1,8072,3392,3722,407Total Debt1372,1832,2172,251

7.9%    594 + $1,552$1,579$1,608 =2,1462,1742,202 -Other Adjustments37 =1,9912,0182,046

8.4%    588 $1,396$1,419$1,4421,9842,0072,030Total Equity Bridge$1561,8291,8511,874

8.9%    582 $1,264$1,283$1,3021,8461,8651,8851,6901,7091,729

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

6.9%     8.8x9.0x9.2x10.4x10.6x10.8x

7.4%     8.0x8.2x8.3x9.5x9.6x9.8x

7.9%     7.3x7.4x7.6x8.7x8.8x8.9x

8.4%     6.7x6.8x7.0x8.0x8.1x8.2x

8.9%     6.2x6.3x6.4x7.5x7.6x7.6x

Source: Company Projections.    

36 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Piura – Peru Gx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $89$49$53$99$110$114$104$107

Growth %     n.a.n.a.n.a.-3.1%11.3%3.2%-8.2%2.2%

EBITDA     3621244951534344

Margin%     40.1%42.4%44.7%49.5%46.5%46.3%41.2%41.2%

Less: D&A     (8)(4)(4)(8)(10)(11)(12)(16)

EBIT     2717204141423128

Margin%     30.6%34.1%37.1%41.2%37.0%36.6%30.1%26.2%

Less: Taxes Paid     (8)(5)(6)(12)(12)(12)(9)(8)

Tax Rate     30.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%

Tax-effected EBIT     1912142928292220

Plus: Depreciation & Amortization    8 44810111216

Less: Net Change in Working Capital    0 12(9)(1)(2)0(2)(0)

Less: Capital Expenditures    (8) (25)(40)(11)(10)(9)(12)(21)

Free Cash Flow     203(31)2427312014

FCF Growth %     n.a.n.a.n.a.-187.4%11.9%13.9%-36.7%-26.5%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$382.1%2.2%2.3%

6.9%    $57 $217$221$226$273$278$283Cash(48)$230$235$240

7.4%    56 $192$195$199248251255Total Debt86204208212

7.9%    55 + $171$174$177 =226229232 -Other Adjustments5 =183186189

8.4%    54 $154$156$159208210213Total Equity Bridge$43165167170

8.9%    53 $139$141$143193195197150152154

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

6.9%     7.0x7.2x7.3x6.1x6.2x6.4x

7.4%     6.4x6.5x6.6x5.6x5.6x5.7x

7.9%     5.8x5.9x6.0x5.1x5.1x5.2x

8.4%     5.3x5.4x5.5x4.7x4.7x4.8x

8.9%     5.0x5.0x5.1x4.3x4.4x4.4x

Source: Company Projections.    

37 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Edelnor – Peru Dx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $858$449$436$741$864$1,021$1,095$1,119

Growth %     n.a.n.a.n.a.-16.3%16.7%18.2%7.2%2.2%

EBITDA     21211295214237254268274

Margin%     24.7%25.0%21.8%28.8%27.4%24.9%24.5%24.5%

Less: D&A     (47)(24)(22)(46)(48)(51)(54)(54)

EBIT     1658873168189204214220

Margin%     19.3%19.6%16.8%22.7%21.9%19.9%19.6%19.7%

Less: Taxes Paid     (50)(26)(22)(50)(57)(61)(64)(66)

Tax Rate     30.0%30.0%30.0%30.0%30.0%30.0%30.0%30.0%

Tax-effected EBIT     1166251118132142150154

Plus: Depreciation & Amortization     4724224648515454

Less: Net Change in Working Capital     04(7)(5)1(6)(0)(0)

Less: Capital Expenditures     (150)(57)(71)(85)(93)(88)(85)(89)

Free Cash Flow     1233(5)7388100119119

FCF Growth %     n.a.n.a.n.a.167.5%19.7%13.5%19.3%0.4%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$3802.1%2.2%2.3%

6.6%    $315 $1,925$1,969$2,015$2,240$2,284$2,330Cash(37)$1,833$1,877$1,923

7.1%    311 $1,692$1,727$1,7632,0042,0382,074Total Debt4171,5971,6311,667

7.6%    307 + $1,503$1,531$1,560 =1,8111,8381,867 -Other Adjustments27 =1,4031,4311,460

8.1%    304 $1,346$1,369$1,3931,6501,6731,696Total Equity Bridge$4071,2431,2661,289

8.6%    300 $1,214$1,233$1,2531,5141,5331,5531,1071,1261,146

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

6.6%     9.9x10.1x10.4x10.8x11.0x11.2x

7.1%     8.9x9.1x9.3x9.7x9.8x10.0x

7.6%     8.1x8.2x8.4x8.7x8.9x9.0x

8.1%     7.4x7.5x7.7x8.0x8.1x8.2x

8.6%     6.8x6.9x7.1x7.3x7.4x7.5x

Source: Company Projections.    

38 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Fortaleza – Brazil Gx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020E2021E2024E2031E

Net Revenues     $243$104$124$225$231$243$249$230$80$110

Growth %     n.a.n.a.n.a.-0.9%2.3%5.5%2.3%-7.4%-66.7%5.0%

EBITDA     6240366790100102801623

Margin%     25.5%39.0%29.2%29.9%38.9%41.2%40.8%34.7%20.4%20.7%

Less: D&A     (9)(4)(3)(7)(7)(8)(9)(8)(10)(7)

EBIT     5337336182929372615

Margin%     21.9%35.3%26.7%26.9%35.7%37.8%37.3%31.1%7.6%14.1%

Less: Taxes Paid     (18)(12)(11)(21)(28)(31)(32)(24)(2)(5)

Tax Rate     34.0%34.0%34.0%34.0%34.0%34.0%34.0%33.2%34.0%34.0%

Tax-effected EBIT     3524224054616148410

Plus: Depreciation & Amortization    9 4377898107

Less: Net Change in Working Capital    0 23241024(0)

Less: Capital Expenditures     (25)(5)(10)(17)(18)(10)(11)(13)(6)(6)

Free Cash Flow     19251832476059451212

FCF Growth %     n.a.n.a.n.a.-25.1%46.6%27.8%-2.8%-22.6%-72.9%-0.3%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($39)2.1%2.2%2.3%

9.8%    $279 $0$0$0$279$279$279Cash(39)$278$278$278

10.3%    273 $0$0$0273273273Total Debt0273273273

10.8%    268 + $0$0$0 =268268268 -Other Adjustments40=267267267

11.3%    263 $0$0$0263263263Total Equity Bridge$1262262262

11.8%    258 $0$0$0258258258257257257

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

9.8%     n.a.n.a.n.a.3.6x3.6x3.6x

10.3%     n.a.n.a.n.a.3.6x3.6x3.6x

10.8%     n.a.n.a.n.a.3.5x3.5x3.5x

11.3%     n.a.n.a.n.a.3.4x3.4x3.4x

11.8%     n.a.n.a.n.a.3.4x3.4x3.4x

Source: Company Projections.    

39 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Cachoeira – Brazil Gx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020E2023E2025E2027E

Net Revenues     $140$116$130$210$214$186$175$187$195$204

Growth %     n.a.n.a.n.a.-14.6%1.8%-13.0%-6.0%2.2%2.2%2.2%

EBITDA     102614587988368737680

Margin%     73.1%52.8%34.9%41.3%46.0%44.4%39.1%39.1%39.1%39.1%

Less: D&A     (8)(3)(4)(7)(8)(8)(8)(9)(9)(10)

EBIT     95584179917460646770

Margin%     67.7%49.9%31.9%37.8%42.4%40.0%34.3%34.3%34.3%34.3%

Less: Taxes Paid     (32)(20)(14)(27)(31)(25)(20)(22)(23)(24)

Tax Rate     34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%

Tax-effected EBIT     63382752604940424446

Plus: Depreciation & Amortization    8 3478889910

Less: Net Change in Working Capital    0 68(0)234444

Less: Capital Expenditures    (7) (3)(3)(4)(6)(7)(8)(9)(9)(10)

Plus: End of Concession Payment (2)     133

Free Cash Flow     634537556454434648183

FCF Growth %     n.a.n.a.-31.8%14.9%-15.9%-19.2%2.2%2.2%271.0%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($44)2.1%2.2%2.3%

9.8%     $415$0$0$0$415$415$415Cash(44)$451$451$451

10.3%    406 $0$0$0406406406Total Debt0441441441

10.8%    397 + $0$0$0 =397397397- Other Adjustments9 =432432432

11.3%    388 $0$0$0388388388Total Equity Bridge($35)423423423

11.8%    379 $0$0$0379379379414414414

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

9.8%     n.a.n.a.n.a.3.9x3.9x3.9x

10.3%     n.a.n.a.n.a.3.8x3.8x3.8x

10.8%     n.a.n.a.n.a.3.7x3.7x3.7x

11.3%     n.a.n.a.n.a.3.6x3.6x3.6x

11.8%     n.a.n.a.n.a.3.6x3.6x3.6x

Source: Company Projections.    

Valuation Date: June 30, 2016.    

40 (1)    EV Adjustments as of June 30, 2016.

(2)    End of Concession Payment calculated as 2020E Shareholder’s Equity adjusted through 2027 by the perpetuity growth rate assumption (US long-term inflation). Assumed as tax-free.

DCF Valuation per Subsidiary    

Coelce – Brazil Dx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $1,239$511$549$1,102$1,172$1,214$1,323$1,352

Growth %     n.a.n.a.n.a.3.9%6.3%3.6%8.9%2.2%

EBITDA     204112106227239231260248

Margin%     16.4%22.0%19.2%20.6%20.4%19.0%19.7%18.3%

Less: D&A     (54)(31)(24)(64)(66)(70)(73)(73)

EBIT     1498182163173161187175

Margin%     12.1%15.9%14.9%14.8%14.8%13.2%14.1%12.9%

Less: Taxes Paid     (51)(28)(28)(56)(59)(55)(63)(59)

Tax Rate     34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%

Tax-effected EBIT     995454108114106123115

Plus: Depreciation & Amortization    54 31246466707373

Less: Net Change in Working Capital    0 35(26)(3)(4)(0)(6)(5)

Less: Capital Expenditures    (150) (65)(94)(91)(112)(113)(118)(109)

Free Cash Flow     355(43)7864637374

FCF Growth %     n.a.n.a.n.a.560.6%-17.8%-1.3%15.1%2.4%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$1632.1%2.2%2.3%

8.4%    $186 $786$799$812$972$985$998Cash(223)$650$662$675

8.9%    184 $712$723$734896906917Total Debt387573583594

9.4%    181 + $648$657$667 =830839848 -Other Adjustments160 =507516525

9.9%    179 $593$601$609772780788Total Equity Bridge$323449457465

10.4%    177 $545$552$558722728735399405412

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

8.4%     4.9x4.9x5.0x4.5x4.5x4.6x

8.9%     4.5x4.6x4.6x4.1x4.2x4.2x

9.4%     4.2x4.2x4.3x3.8x3.8x3.9x

9.9%     3.9x4.0x4.0x3.5x3.6x3.6x

10.4%     3.7x3.7x3.8x3.3x3.3x3.4x

Source: Company Projections.    

41 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Ampla – Brazil Dx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $1,570$554$662$1,320$1,445$1,789$1,930$1,972

Growth %     n.a.n.a.n.a.8.5%9.5%23.8%7.9%2.2%

EBITDA     1386598214268391441380

Margin%     8.8%11.7%14.9%16.2%18.5%21.8%22.8%19.3%

Less: D&A     (103)(52)(33)(68)(71)(77)(80)(80)

EBIT     351265146196314360300

Margin%     2.2%2.3%9.9%11.1%13.6%17.5%18.7%15.2%

Less: Taxes Paid     (12)(4)(22)(50)(67)(107)(122)(102)

Tax Rate     34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%

Tax-effected EBIT     2384396130207238198

Plus: Depreciation & Amortization     10352336871778080

Less: Net Change in Working Capital     026(55)04(8)(1)(7)

Less: Capital Expenditures     (286)(123)(126)(273)(152)(187)(172)(143)

Free Cash Flow     (160)(36)(105)(108)5389145129

FCF Growth %     n.a.n.a.n.a.-23.3%-148.5%68.9%63.9%-11.5%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$6322.1%2.2%2.3%

8.4%    $17 $1,363$1,384$1,407$1,379$1,401$1,424Cash(307)$344$366$389

8.9%    14 $1,234$1,252$1,2711,2481,2661,285Total Debt939213231250

9.4%    11 + $1,123$1,139$1,155 =1,1351,1501,166 -Other Adjustments403 =99115131

9.9%    9 $1,028$1,041$1,0551,0361,0501,063Total Equity Bridge$1,03511528

10.4%    6 $944$956$967950962974n.a.n.a.n.a.

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

8.4%     5.5x5.6x5.7x8.5x8.6x8.7x

8.9%     5.1x5.2x5.2x7.7x7.8x7.9x

9.4%     4.7x4.8x4.9x7.0x7.1x7.2x

9.9%     4.4x4.5x4.5x6.4x6.4x6.5x

10.4%     4.2x4.2x4.3x5.8x5.9x6.0x

Source: Company Projections.    

42 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

CIEN – Brazil Tx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020E2021E2022E

Net Revenues     $85$34$38$76$80$78$62$53$32

Growth %     n.a.n.a.n.a.6.0%5.1%-3.1%-21.0%-13.6%-40.4%

EBITDA     693030646764464024

Margin%     81.3%85.8%80.7%84.2%84.0%82.1%74.2%74.6%74.6%

Less: D&A     (17)(7)(8)(17)(19)(20)(22)(23)(23)

EBIT     52222248494324171

Margin%     61.8%64.4%58.3%62.4%60.9%55.9%38.3%32.2%1.9%

Less: Taxes Paid     (18)(8)(7)(16)(17)(15)(8)(6)(0)

Tax Rate     34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%

Tax-effected EBIT     35151431322916110

Plus: Depreciation & Amortization    17 78171920222323

Less: Net Change in Working Capital    0 0(6)(1)(1)13(1)(1)

Less: Capital Expenditures    (2) (1)(2)(2)(3)(2)(1)(1)(1)

Plus: End of Concession Payment (2)     8376

Free Cash Flow     4922154448471223197

FCF Growth %     n.a.n.a.n.a.20.3%6.8%-0.1%157.4%-74.4%210.5%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$442.1%2.2%2.3%

8.4%    $303 $0$0$0$303$303$303Cash(42)$287$287$287

8.9%    298 $0$0$0298298298Total Debt87282282282

9.4%    293 + $0$0$0 =293293293 -Other Adjustments(29)=278278278

9.9%    289 $0$0$0289289289Total Equity Bridge$15273273273

10.4%    284 $0$0$0284284284269269269

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

8.4%     n.a.n.a.n.a.5.0x5.0x5.0x

8.9%     n.a.n.a.n.a.5.0x5.0x5.0x

9.4%     n.a.n.a.n.a.4.9x4.9x4.9x

9.9%     n.a.n.a.n.a.4.8x4.8x4.8x

10.4%     n.a.n.a.n.a.4.7x4.7x4.7x

Source: Company Projections.    

43 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Pratil – Brazil Other    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $9$4$18$46$70$127$145$148

Growth %     n.a.n.a.n.a.110.2%52.1%82.0%13.9%2.2%

EBITDA     (1)(1)31121435051

Margin%     -11.0%-19.1%14.9%23.3%29.7%33.9%34.3%34.3%

Less: D&A     (0)(0)(0)(0)(1)(1)(1)(1)

EBIT     (1)(1)31020424950

Margin%     -14.0%-22.8%14.5%22.3%28.8%33.2%33.5%33.5%

Less: Taxes Paid     00(1)(3)(7)(14)(17)(17)

Tax Rate     34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%

Tax-effected EBIT     (1)(1)2713283233

Plus: Depreciation & Amortization    0 0001111

Less: Net Change in Working Capital    0 3(4)(2)(2)(6)(2)(1)

Less: Capital Expenditures    (1) (1)(7)(8)(7)(9)(11)(9)

Free Cash Flow     (1)1(9)(3)4152125

FCF Growth %     n.a.n.a.n.a.-61.5%-235.6%259.6%41.2%19.3%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$22.1%2.2%2.3%

8.4%    $19 $260$264$269$279$283$287Cash(1)$276$281$285

8.9%    18 $236$239$243254257261Total Debt3251255259

9.4%    18 + $215$217$221 =232235238 -Other Adjustments(0) =230233236

9.9%    17 $196$199$201213216219Total Equity Bridge$2211214216

10.4%    17 $180$182$185197199202195197199

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

8.4%     7.8x8.0x8.1xn.m.n.m.n.m.

8.9%     7.2x7.4x7.5xn.m.n.m.n.m.

9.4%     6.7x6.9x7.0xn.m.n.m.n.m.

9.9%     6.3x6.4x6.5xn.m.n.m.n.m.

10.4%     5.9x6.0x6.1xn.m.n.m.n.m.

Source: Company Projections.    

44 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Chocon – Argentina Gx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020E2021E2022E2023E

Net Revenues     $61$24$31$67$115$153$144$147$150$153

Growth %     n.a.n.a.n.a.21.5%70.7%33.1%-5.9%2.2%2.2%2.2%

EBITDA     43161740527264646361

Margin%     70.9%68.4%54.2%59.4%45.7%47.4%44.6%43.4%41.8%40.0%

Less: D&A     (3)(1)(2)(4)(4)(4)(4)(5)(5)(6)

EBIT     41151536486860595755

Margin%     66.4%62.3%47.2%53.0%41.9%44.4%41.7%40.1%38.1%35.9%

Less: Taxes Paid     (14)(5)(5)(12)(17)(24)(21)(21)(20)(19)

Tax Rate     35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%

Tax-effected EBIT     26101023314439383736

Plus: Depreciation & Amortization    3 124444556

Less: Net Change in Working Capital    0 8(62)(4)0(1)(4)000

Less: Capital Expenditures    (20) (1)(6)(5)(2)(2)(2)(2)(2)(3)

Plus: FONINVEMEM Payments (2)    0 5943424027232322

Free Cash Flow     924(48)61768664646362

FCF Growth %     n.a.n.a.n.a.-356.6%23.0%14.1%-25.3%0.2%-2.0%-2.4%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($325)2.1%2.2%2.3%

11.6%    $294 $0$0$0$294$294$294Cash(350)$555$555$555

12.1%    289 $0$0$0289289289Total Debt25549549549

12.6%    283 + $0$0$0 =283283283- Other Adjustments64 =543543543

13.1%    277 $0$0$0277277277Total Equity Bridge($260)538538538

13.6%    272 $0$0$0272272272533533533

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

11.6%     n.a.n.a.n.a.8.8x8.8x8.8x

12.1%     n.a.n.a.n.a.8.7x8.7x8.7x

12.6%     n.a.n.a.n.a.8.5x8.5x8.5x

13.1%     n.a.n.a.n.a.8.3x8.3x8.3x

13.6%     n.a.n.a.n.a.8.2x8.2x8.2x

Source: Company Projections.    

Valuation Date: June 30, 2016.    

45 (1)    EV Adjustments as of June 30, 2016.

(2)    FONINVEMEM Payments projected through 2026E.

DCF Valuation per Subsidiary    

Costanera – Argentina Gx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020E2021E2022E2023E

Net Revenues     $154$66$76$131$207$252$233$238$244$249

Growth %     n.a.n.a.n.a.-7.5%58.5%21.5%-7.4%2.2%2.2%2.2%

EBITDA     642838509511289919395

Margin%     41.3%42.7%50.8%37.9%45.9%44.4%38.2%38.2%38.2%38.2%

Less: D&A     (32)(13)(13)(33)(33)(35)(33)(33)(34)(35)

EBIT     31152517637756585961

Margin%     20.2%23.3%33.5%13.0%30.2%30.4%24.0%24.3%24.3%24.3%

Less: Taxes Paid     (11)(5)(9)(6)(22)(27)(20)(20)(21)(21)

Tax Rate     35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%

Tax-effected EBIT     20101611415036383939

Plus: Depreciation & Amortization    32 131333333533333435

Less: Net Change in Working Capital    0 23570(12)(43)(28)(28)(29)(29)

Less: Capital Expenditures    (84) (36)(30)(48)(56)(20)(38)(40)(41)(42)

Plus: FONINVEMEM Payments (2)    0 026653332

Free Cash Flow     (31)967111277555

FCF Growth %     n.a.n.a.n.a.364.2%-84.9%149.8%-75.3%-29.7%-0.6%-0.6%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt$232.1%2.2%2.3%

11.6%    $112 $0$0$0$112$112$112Cash(33)$79$79$79

12.1%    111 $0$0$0111111111Total Debt56787878

12.6%    110 + $0$0$0 =110110110- Other Adjustments10 =787878

13.1%    109 $0$0$0109109109Total Equity Bridge$33777777

13.6%    108 $0$0$0108108108767676

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

11.6%     n.a.n.a.n.a.1.7x1.7x1.7x

12.1%     n.a.n.a.n.a.1.7x1.7x1.7x

12.6%     n.a.n.a.n.a.1.7x1.7x1.7x

13.1%     n.a.n.a.n.a.1.6x1.6x1.6x

13.6%     n.a.n.a.n.a.1.6x1.6x1.6x

Source: Company Projections.    

Valuation Date: June 30, 2016.    

46 (1)    EV Adjustments as of June 30, 2016.

(2)    FONINVEMEM Payments projected through 2026E.

DCF Valuation per Subsidiary    

Docksud – Argentina Gx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020E2021E2022E2023E

Net Revenues     n.a.$81$69$74$88$95$90$92$94$96

Growth %     n.a.n.a.n.a.-50.2%17.9%8.5%-5.1%2.2%2.2%2.2%

EBITDA     n.a.151745323733343435

Margin%     n.a.18.7%25.0%60.3%36.6%39.0%36.5%36.5%36.5%36.5%

Less: D&A     n.a.(9)(8)(16)(21)(26)(23)(23)(24)(24)

EBIT     n.a.6929111110101111

Margin%     n.a.7.9%13.3%39.2%13.0%12.1%10.8%11.4%11.4%11.4%

Less: Taxes Paid     n.a.(2)(3)(10)(4)(4)(3)(4)(4)(4)

Tax Rate     n.a.35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%

Tax-effected EBIT     n.a.4619776777

Plus: Depreciation & Amortization    n.a. 9816212623232424

Less: Net Change in Working Capital    n.a. 121217(11)(0)6000

Less: Capital Expenditures    n.a. (3)(11)(18)(42)(1)(1)(16)(16)(16)

Plus: FONINVEMEM Payments (2)    n.a. 1114141212121212

Free Cash Flow     n.a.231648(12)4446262627

FCF Growth %     n.a.n.a.n.a.24.2%-124.1%-481.4%3.7%-42.8%1.2%1.2%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($120)2.1%2.2%2.3%

11.6%    $164 $0$0$0$164$164$164Cash(120)$225$225$225

12.1%    161 $0$0$0161161161Total Debt0223223223

12.6%    159 + $0$0$0 =159159159- Other Adjustments59 =220220220

13.1%    156 $0$0$0156156156Total Equity Bridge($62)218218218

13.6%    154 $0$0$0154154154215215215

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

11.6%     n.a.n.a.n.a.5.1x5.1x5.1x

12.1%     n.a.n.a.n.a.5.0x5.0x5.0x

12.6%     n.a.n.a.n.a.4.9x4.9x4.9x

13.1%     n.a.n.a.n.a.4.8x4.8x4.8x

13.6%     n.a.n.a.n.a.4.8x4.8x4.8x

Source: Company Projections.    

Valuation Date: June 30, 2016.    

47 (1)    EV Adjustments as of June 30, 2016.

(2)    FONINVEMEM Payments projected through 2026E.

DCF Valuation per Subsidiary    

Edesur – Argentina Dx    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $929$494$453$1,469$1,801$2,342$2,770$2,831

Growth %     n.a.n.a.n.a.55.1%22.6%30.0%18.3%2.2%

EBITDA     18311447196236261262333

Margin%     19.7%23.0%10.4%13.3%13.1%11.2%9.5%11.8%

Less: D&A     (24)(11)(21)(39)(44)(54)(58)(58)

EBIT     15910226157191207205275

Margin%     17.1%20.7%5.8%10.7%10.6%8.8%7.4%9.7%

Less: Taxes Paid     (56)(36)(9)(55)(67)(73)(72)(96)

Tax Rate     35.0%35.0%35.0%35.0%35.0%35.0%35.0%35.0%

Tax-effected EBIT     1036717102124135133179

Plus: Depreciation & Amortization    24 11213944545858

Less: Net Change in Working Capital    0 901448(35)(12)(30)0

Less: Capital Expenditures    (222) (68)(111)(137)(130)(145)(112)(143)

Free Cash Flow     (94)100(59)523324894

FCF Growth %     n.a.n.a.n.a.24.7%-93.3%826.4%51.2%93.8%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($95)2.1%2.2%2.3%

11.6%    $46 $571$577$583$617$623$629Cash(95)$450$456$462

12.1%    45 $530$536$541576581586Total Debt0408413419

12.6%    44 + $494$499$504 =538543548 -Other Adjustments262 =371375380

13.1%    43 $461$465$470504508513Total Equity Bridge$168337341345

13.6%    42 $431$435$439474477481306310314

WACC     Implied TV / Normalized EBITDAImplied EV / 16E EBITDA

    Perpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%

11.6%     3.0x3.1x3.1x3.8x3.9x3.9x

12.1%     2.9x2.9x2.9x3.6x3.6x3.6x

12.6%     2.7x2.8x2.8x3.3x3.4x3.4x

13.1%     2.6x2.6x2.7x3.1x3.2x3.2x

13.6%     2.5x2.5x2.5x2.9x3.0x3.0x

Source: Company Projections.    

48 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Enersis Americas Holding    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $0$13$0$0$0$0$0$0

Growth %     n.a.n.a.n.a.-100.0%n.a.n.a.n.a.n.a.

EBITDA     (32)(20)(19)(16)(14)(14)(13)(13)

Margin%     n.a.-152.1%n.a.n.a.n.a.n.a.n.a.n.a.

Less: D&A     (1)(0)000000

EBIT     (30)(20)(19)(16)(14)(14)(13)(13)

Margin%     n.a.-153.8%n.a.n.a.n.a.n.a.n.a.n.a.

Less: Taxes Paid     75544434

Tax Rate     n.a.24.0%24.0%25.5%27.0%27.0%27.0%27.0%

Tax-effected EBIT     (23)(15)(15)(12)(11)(10)(9)(10)

Plus: Depreciation & Amortization     10(0)00000

Less: Net Change in Working Capital     00000000

Less: Capital Expenditures     (3)0000000

Free Cash Flow     (24)(15)(15)(12)(11)(10)(9)(10)

FCF Growth %     n.a.n.a.n.a.-59.1%-13.2%-4.7%-5.5%2.2%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($997)2.1%2.2%2.3%

5.7%    ($51) ($203)($209)($215)($254)($260)($266)Cash(1,284)$877$871$865

6.2%    (51) ($174)($178)($183)(225)(229)(234)Total Debt287906902897

6.7%    (51) + ($152)($155)($158) =(202)(206)(209) -Other Adjustments(135)=929926922

7.2%    (50) ($134)($136)($139)(184)(186)(189)Total Equity Bridge($1,131)948945942

7.7%    (50) ($119)($121)($123)(169)(171)(173)963961958

Source: Company Projections.    

49 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Endesa Americas Holding    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $0$0$0$0$0$0$0$0

Growth %     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

EBITDA     0(4)(7)(2)(2)(2)(1)(1)

Margin%     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Less: D&A     00000000

EBIT     0(4)(7)(2)(2)(2)(1)(1)

Margin%     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Less: Taxes Paid     01211000

Tax Rate     n.a.24.0%24.0%25.5%27.0%27.0%27.0%27.0%

Tax-effected EBIT     0(3)(5)(2)(1)(1)(1)(1)

Plus: Depreciation & Amortization    0 0000000

Less: Net Change in Working Capital    0 0000000

Less: Capital Expenditures    0 0000000

Free Cash Flow     0(3)(5)(2)(1)(1)(1)(1)

FCF Growth %     n.a.n.a.n.a.-77.8%-18.6%-16.0%-15.8%2.2%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($0)2.1%2.2%2.3%

5.7%    ($10) ($23)($23)($24)($33)($34)($34)Cash(0)$45$44$43

6.2%    (10) ($19)($20)($20)(30)(30)(31)Total Debt0484747

6.7%    (10) + ($17)($17)($18) =(27)(27)(28) -Other Adjustments(77)=505050

7.2%    (10) ($15)($15)($16)(25)(25)(26)Total Equity Bridge($77)525252

7.7%    (10) ($13)($14)($14)(23)(23)(24)545454

Source: Company Projections.    

50 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Chilectra Americas Holding    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $0$0$0$0$0$0$0$0

Growth %     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

EBITDA     0(1)(2)(2)(2)(2)(2)(2)

Margin%     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Less: D&A     00000000

EBIT     0(1)(2)(2)(2)(2)(2)(2)

Margin%     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Less: Taxes Paid     00100111

Tax Rate     n.a.24.0%24.0%25.5%27.0%27.0%27.0%27.0%

Tax-effected EBIT     0(1)(2)(1)(1)(1)(1)(1)

Plus: Depreciation & Amortization    0 0000000

Less: Net Change in Working Capital    0 000000(0)

Less: Capital Expenditures    0 0000001

Free Cash Flow     0(1)(2)(1)(1)(1)(1)(1)

FCF Growth %     n.a.n.a.n.a.-49.8%3.9%6.6%6.5%-29.0%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($30)2.1%2.2%2.3%

5.7%    ($6) ($22)($23)($23)($28)($29)($30)Cash(19)$17$16$16

6.2%    (6) ($19)($19)($20)(25)(26)(26)Total Debt(11)202019

6.7%    (6) + ($16)($17)($17) =(23)(23)(23) -Other Adjustments(16)=232222

7.2%    (6) ($14)($15)($15)(21)(21)(21)Total Equity Bridge($45)252424

7.7%    (6) ($13)($13)($13)(19)(19)(19)262626

Source: Company Projections.    

51 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

DCF Valuation per Subsidiary    

Enel Brasil – Brazil HoldCo    

Figures in US$mm     Audited Historical FiguresProjections—Fiscal Year Ending December 31,

    2015A1H16A2H16E2017E2018E2019E2020ENormalized

Net Revenues     $0$0$0$0$0$0$0$0

Growth %     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

EBITDA     (33)(18)(20)(34)(35)(37)(38)(39)

Margin%     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Less: D&A     (0)(0)(0)(0)(0)(0)(0)(0)

EBIT     (33)(18)(20)(34)(35)(37)(39)(40)

Margin%     n.a.n.a.n.a.n.a.n.a.n.a.n.a.n.a.

Less: Taxes Paid     11671212131313

Tax Rate     34.0%34.0%34.0%34.0%34.0%34.0%34.0%34.0%

Tax-effected EBIT     (22)(12)(13)(22)(23)(24)(26)(26)

Plus: Depreciation & Amortization     00000000

Less: Net Change in Working Capital     0000000(1)

Less: Capital Expenditures     (0)(0)(1)(1)(1)(1)(1)(1)

Free Cash Flow     (22)(12)(14)(23)(24)(25)(26)(27)

FCF Growth %     n.a.n.a.n.a.-11.2%3.1%5.1%4.9%3.8%

WACC    DCF Terminal ValueEnterprise ValueEV Adjustments(1)Equity Value

    Perpetuity GrowthPerpetuity GrowthPerpetuity Growth

    2.1%2.2%2.3%2.1%2.2%2.3%Net Debt($502)2.1%2.2%2.3%

8.4%    ($93) ($288)($292)($297)($381)($386)($391)Cash(502)$107$103$98

8.9%    (92) ($261)($264)($268)(353)(357)(361)Total Debt0136132128

9.4%    (92) + ($237)($240)($244) =(329)(332)(335) -Other Adjustments14 =160156153

9.9%    (91) ($217)($220)($223)(308)(311)(313)Total Equity Bridge($489)181178175

10.4%    (90) ($199)($202)($204)(289)(292)(294)199197194

Source: Company Projections.    

52 Valuation Date: June 30, 2016.    

(1) EV Adjustments as of June 30, 2016.    

D. WACC Sensitivity Analysis

WACC Sensitivity Analysis    

Chile—Generation    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

AES Gener S.A.     1.05027.0%0.6764,1673,158

Colbun S.A.     0.76527.0%0.6374,2531,173

Edegel SAA     0.91426.0%0.8762,462142

ENGIE Energia Peru S.A.     0.74826.0%0.5121,516943

Celsia SA ESP     1.02934.0%0.8549161,233

ISAGEN SA     0.71034.0%0.7103,5891,113

Industry Average     0.86929.0%0.711

Target     27.0%0.711

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.510.610.710.810.91

Risk Free Rate (4)    1.9% 20.9%26.4%6.4%7.1%7.8%8.5%9.2%

Country Risk Premium (5)    0.8% 23.9%31.4%6.5%7.2%7.9%8.7%9.4%

Unlevered Beta    0.71 26.7%36.4%6.6%7.3%8.1%8.9%9.6%

Re-Levered Beta    0.90 29.3%41.4%6.7%7.5%8.3%9.0%9.8%

Equity Market Risk Premium (6)    6.0% 31.7%46.4%6.8%7.6%8.4%9.2%10.0%

Cost of Equity    8.1%

Pre-tax Cost of Debt (7)    4.0%

Tax Rate    27.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    2.9% Net Debt/Total Cap.Net Debt/Equity0.510.610.710.810.91

Target Net Debt/Equity (8)    36.4% 20.9%26.4%5.6%6.2%6.8%7.3%7.9%

Target Net Debt/Total Capitalization    26.7% 23.9%31.4%5.6%6.2%6.7%7.3%7.9%

WACC (9)    6.71% 26.7%36.4%5.6%6.2%6.7%7.3%7.8%

    29.3%41.4%5.6%6.1%6.7%7.2%7.8%

    31.7%46.4%5.6%6.1%6.7%7.2%7.8%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable CLP 20YR Bond denominated in USD (interpolated bond: average of 3.125% due 2025 and 3.625% due 2042), August 2, 2016.

53 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Chile—Distribution    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

Aguas Andinas     0.84627.0%0.6583,5681,394

Luz del Sur     0.79526.0%0.6601,687465

Edelnor (Lima Norte)     0.76626.0%0.6241,137352

0    0.0000.0%NA00

0    0.0000.0%NA00

0    0.0000.0%NA00

Industry Average     0.80326.3%0.647

Target     27.0%0.647

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.450.550.650.750.85

Risk Free Rate (4)    1.9% 15.3%18.0%5.7%6.4%7.1%7.8%8.5%

Country Risk Premium (5)    0.8% 18.7%23.0%5.8%6.5%7.2%7.9%8.6%

Unlevered Beta    0.65 21.9%28.0%5.9%6.7%7.4%8.1%8.8%

Re-Levered Beta    0.78 24.8%33.0%6.0%6.8%7.5%8.3%9.0%

Equity Market Risk Premium (6)    6.0% 27.5%38.0%6.1%6.9%7.7%8.4%9.2%

Cost of Equity    7.4%

Pre-tax Cost of Debt (7)    4.0%

Tax Rate    27.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    2.9% Net Debt/Total Cap.Net Debt/Equity0.450.550.650.750.85

Target Net Debt/Equity (8)    28.0% 15.3%18.0%5.3%5.9%6.5%7.0%7.6%

Target Net Debt/Total Capitalization    21.9% 18.7%23.0%5.3%5.9%6.4%7.0%7.6%

WACC (9)    6.39% 21.9%28.0%5.3%5.8%6.4%7.0%7.5%

    24.8%33.0%5.3%5.8%6.4%6.9%7.5%

    27.5%38.0%5.2%5.8%6.3%6.9%7.5%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable CLP 20YR Bond denominated in USD (interpolated bond: average of 3.125% due 2025 and 3.625% due 2042), August 2, 2016.

54 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Colombia—Generation    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

AES Gener S.A.     1.05027.0%0.6764,1673,158

Colbun S.A.     0.76527.0%0.6374,2531,173

Edegel SAA     0.91426.0%0.8762,462142

ENGIE Energia Peru S.A.     0.74826.0%0.5121,516943

Celsia SA ESP     1.02934.0%0.8549161,233

ISAGEN SA     0.71034.0%0.7103,5891,113

Industry Average     0.86929.0%0.711

Target     34.0%0.711

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.510.610.710.810.91

Risk Free Rate (4)    1.9% 20.9%26.4%7.8%8.5%9.2%9.9%10.6%

Country Risk Premium (5)    2.3% 23.9%31.4%7.9%8.6%9.4%10.1%10.8%

Unlevered Beta    0.71 26.7%36.4%8.0%8.8%9.5%10.2%11.0%

Re-Levered Beta    0.88 29.3%41.4%8.1%8.9%9.6%10.4%11.2%

Equity Market Risk Premium (6)    6.0% 31.7%46.4%8.2%9.0%9.8%10.6%11.3%

Cost of Equity    9.5%

Pre-tax Cost of Debt (7)    5.8%

Tax Rate    34.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    3.9% Net Debt/Total Cap.Net Debt/Equity0.510.610.710.810.91

Target Net Debt/Equity (8)    36.4% 20.9%26.4%7.0%7.5%8.1%8.7%9.2%

Target Net Debt/Total Capitalization    26.7% 23.9%31.4%6.9%7.5%8.0%8.6%9.1%

WACC (9)    7.99% 26.7%36.4%6.9%7.4%8.0%8.5%9.1%

    29.3%41.4%6.9%7.4%7.9%8.5%9.0%

    31.7%46.4%6.8%7.4%7.9%8.4%9.0%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable COP 20YR Bond denominated in USD (interpolated bond: average of the 4.000% due 2024 and 5.625% due 2044), August 2, 2016.

55 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Colombia—Distribution    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

Aguas Andinas     0.84627.0%0.6583,5681,394

Luz del Sur     0.79526.0%0.6601,687465

Edelnor (Lima Norte)     0.76626.0%0.6241,137352

0    0.0000.0%NA00

0    0.0000.0%NA00

0    0.0000.0%NA00

Industry Average     0.80326.3%0.647

Target     34.0%0.647

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.450.550.650.750.85

Risk Free Rate (4)    1.9% 15.3%18.0%7.2%7.9%8.6%9.2%9.9%

Country Risk Premium (5)    2.3% 18.7%23.0%7.3%8.0%8.7%9.4%10.1%

Unlevered Beta    0.65 21.9%28.0%7.4%8.1%8.8%9.5%10.2%

Re-Levered Beta    0.77 24.8%33.0%7.5%8.2%8.9%9.7%10.4%

Equity Market Risk Premium (6)    6.0% 27.5%38.0%7.6%8.3%9.1%9.8%10.6%

Cost of Equity    8.8%

Pre-tax Cost of Debt (7)    5.8%

Tax Rate    34.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    3.9% Net Debt/Total Cap.Net Debt/Equity0.450.550.650.750.85

Target Net Debt/Equity (8)    28.0% 15.3%18.0%6.7%7.3%7.8%8.4%9.0%

Target Net Debt/Total Capitalization    21.9% 18.7%23.0%6.7%7.2%7.8%8.3%8.9%

WACC (9)    7.72% 21.9%28.0%6.6%7.2%7.7%8.3%8.8%

    24.8%33.0%6.6%7.1%7.7%8.2%8.8%

    27.5%38.0%6.5%7.1%7.6%8.2%8.7%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable COP 20YR Bond denominated in USD (interpolated bond: average of the 4.000% due 2024 and 5.625% due 2044), August 2, 2016.

56 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Brazil—Generation    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

AES Tiete Energia SA     1.07934.0%0.9831,428211

ENGIE Brasil Energia SA     1.11234.0%1.0688,422525

Industry Average     1.09534.0%1.025

Target     34.0%1.025

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.830.931.031.131.23

Risk Free Rate (4)    1.9% 20.9%26.4%10.8%11.5%12.2%12.9%13.6%

Country Risk Premium (5)    3.1% 23.9%31.4%10.9%11.7%12.4%13.1%13.8%

Unlevered Beta    1.03 26.7%36.4%11.1%11.8%12.6%13.3%14.1%

Re-Levered Beta    1.27 29.3%41.4%11.3%12.0%12.8%13.6%14.3%

Equity Market Risk Premium (6)    6.0% 31.7%46.4%11.4%12.2%13.0%13.8%14.6%

Cost of Equity    12.6%

Pre-tax Cost of Debt (7)    8.8%

Tax Rate    34.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    5.8% Net Debt/Total Cap.Net Debt/Equity0.830.931.031.131.23

Target Net Debt/Equity (8)    36.4% 20.9%26.4%9.7%10.3%10.8%11.4%12.0%

Target Net Debt/Total Capitalization    26.7% 23.9%31.4%9.7%10.3%10.8%11.4%11.9%

WACC (9)    10.77% 26.7%36.4%9.7%10.2%10.8%11.3%11.9%

    29.3%41.4%9.7%10.2%10.7%11.3%11.8%

    31.7%46.4%9.6%10.2%10.7%11.2%11.8%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable BRL 20YR Bond denominated in USD (interpolated bond: average of the 4.250% due 2025 and 5.000% due 2045), August 2, 2016.

57 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Brazil—Distribution    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

Eletropaulo     1.62434.0%0.851567780

Light S.A.     1.73234.0%0.6858702,015

Industry Average     1.67834.0%0.768

Target     34.0%0.768

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.570.670.770.870.97

Risk Free Rate (4)    1.9% 15.3%18.0%8.8%9.4%10.1%10.8%11.5%

Country Risk Premium (5)    3.1% 18.7%23.0%8.9%9.6%10.3%11.0%11.6%

Unlevered Beta    0.77 21.9%28.0%9.0%9.7%10.4%11.1%11.8%

Re-Levered Beta    0.91 24.8%33.0%9.1%9.8%10.6%11.3%12.0%

Equity Market Risk Premium (6)    6.0% 27.5%38.0%9.2%10.0%10.7%11.5%12.2%

Cost of Equity    10.4%

Pre-tax Cost of Debt (7)    8.8%

Tax Rate    34.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    5.8% Net Debt/Total Cap.Net Debt/Equity0.570.670.770.870.97

Target Net Debt/Equity (8)    28.0% 15.3%18.0%8.3%8.9%9.5%10.0%10.6%

Target Net Debt/Total Capitalization    21.9% 18.7%23.0%8.3%8.9%9.4%10.0%10.6%

WACC (9)    9.41% 21.9%28.0%8.3%8.9%9.4%10.0%10.5%

    24.8%33.0%8.3%8.8%9.4%9.9%10.5%

    27.5%38.0%8.3%8.8%9.4%9.9%10.5%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading. The target unlevered beta for Brazil Distribution corresponds to the

target beta for Chile, Brazil and Colombia, given current macroeconomic volatility in Brazil which has affected market performance and capital structures of the Brazilian entities.    

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable BRL 20YR Bond denominated in USD (interpolated bond: average of the 4.250% due 2025 and 5.000% due 2045), August 2, 2016.

58 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Peru—Generation    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

AES Gener S.A.     1.05027.0%0.6764,1673,158

Colbun S.A.     0.76527.0%0.6374,2531,173

Edegel SAA     0.91426.0%0.8762,462142

ENGIE Energia Peru S.A.     0.74826.0%0.5121,516943

Celsia SA ESP     1.02934.0%0.8549161,233

ISAGEN SA     0.71034.0%0.7103,5891,113

Industry Average     0.86929.0%0.711

Target     26.0%0.711

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.510.610.710.810.91

Risk Free Rate (4)    1.9% 20.9%26.4%7.7%8.4%9.1%9.8%10.5%

Country Risk Premium (5)    2.1% 23.9%31.4%7.8%8.5%9.2%10.0%10.7%

Unlevered Beta    0.71 26.7%36.4%7.9%8.6%9.4%10.2%10.9%

Re-Levered Beta    0.90 29.3%41.4%8.0%8.8%9.6%10.3%11.1%

Equity Market Risk Premium (6)    6.0% 31.7%46.4%8.1%8.9%9.7%10.5%11.3%

Cost of Equity    9.4%

Pre-tax Cost of Debt (7)    5.1%

Tax Rate    26.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    3.8% Net Debt/Total Cap.Net Debt/Equity0.510.610.710.810.91

Target Net Debt/Equity (8)    36.4% 20.9%26.4%6.8%7.4%8.0%8.5%9.1%

Target Net Debt/Total Capitalization    26.7% 23.9%31.4%6.8%7.4%7.9%8.5%9.1%

WACC (9)    7.90% 26.7%36.4%6.8%7.3%7.9%8.5%9.0%

    29.3%41.4%6.8%7.3%7.9%8.4%9.0%

    31.7%46.4%6.7%7.3%7.8%8.4%8.9%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable PEN 20YR Bond denominated in USD of 8.750% due 2033, August 2, 2016.

59 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Peru—Distribution    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

Aguas Andinas     0.84627.0%0.6583,5681,394

Luz del Sur     0.79526.0%0.6601,687465

Edelnor (Lima Norte)     0.76626.0%0.6241,137352

0    0.0000.0%NA00

0    0.0000.0%NA00

0    0.0000.0%NA00

Industry Average     0.80326.3%0.647

Target     26.0%0.647

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.450.550.650.750.85

Risk Free Rate (4)    1.9% 15.3%18.0%7.0%7.7%8.4%9.1%9.8%

Country Risk Premium (5)    2.1% 18.7%23.0%7.1%7.8%8.5%9.2%9.9%

Unlevered Beta    0.65 21.9%28.0%7.2%8.0%8.7%9.4%10.1%

Re-Levered Beta    0.78 24.8%33.0%7.3%8.1%8.8%9.6%10.3%

Equity Market Risk Premium (6)    6.0% 27.5%38.0%7.4%8.2%9.0%9.7%10.5%

Cost of Equity    8.7%

Pre-tax Cost of Debt (7)    5.1%

Tax Rate    26.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    3.8% Net Debt/Total Cap.Net Debt/Equity0.450.550.650.750.85

Target Net Debt/Equity (8)    28.0% 15.3%18.0%6.5%7.1%7.7%8.3%8.8%

Target Net Debt/Total Capitalization    21.9% 18.7%23.0%6.5%7.1%7.6%8.2%8.8%

WACC (9)    7.60% 21.9%28.0%6.5%7.0%7.6%8.2%8.7%

    24.8%33.0%6.4%7.0%7.6%8.1%8.7%

    27.5%38.0%6.4%7.0%7.5%8.1%8.6%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable PEN 20YR Bond denominated in USD of 8.750% due 2033, August 2, 2016.

60 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Argentina—Generation    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

Endesa Costanera SA     1.27335.0%1.15331250

Industry Average     1.27335.0%1.153

Target     35.0%1.153

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.951.051.151.251.35

Risk Free Rate (4)    1.9% 20.9%26.4%13.5%14.2%14.9%15.6%16.3%

Country Risk Premium (5)    5.0% 23.9%31.4%13.7%14.4%15.2%15.9%16.6%

Unlevered Beta    1.15 26.7%36.4%13.9%14.6%15.4%16.1%16.9%

Re-Levered Beta    1.43 29.3%41.4%14.1%14.8%15.6%16.4%17.1%

Equity Market Risk Premium (6)    6.0% 31.7%46.4%14.3%15.1%15.8%16.6%17.4%

Cost of Equity    15.4%

Pre-tax Cost of Debt (7)    7.9%

Tax Rate    35.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    5.1% Net Debt/Total Cap.Net Debt/Equity0.951.051.151.251.35

Target Net Debt/Equity (8)    36.4% 20.9%26.4%11.8%12.3%12.9%13.4%14.0%

Target Net Debt/Total Capitalization    26.7% 23.9%31.4%11.7%12.2%12.8%13.3%13.9%

WACC (9)    12.64% 26.7%36.4%11.6%12.1%12.6%13.2%13.7%

    29.3%41.4%11.5%12.0%12.5%13.1%13.6%

    31.7%46.4%11.4%11.9%12.4%13.0%13.5%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable ARS 20YR Bond denominated in USD of 8.280% due 2033, August 2, 2016.

61 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

WACC Sensitivity Analysis    

Argentina—Distribution    

    Weighted Average Cost of Capital

    LeveredMarginalUnleveredMarketNet

    Beta (1)Tax Rate (2)Beta (3)Value (US$mm)Debt (US$mm)

Pampa Energia SA     1.21035.0%1.1061,880274

Industry Average     1.21035.0%1.106

Target     35.0%1.106

    Capital StructuresCost of Equity at Various Unlevered Betas and Capital Structures

WACC Calculation    Net Debt/Total Cap.Net Debt/Equity0.911.011.111.211.31

Risk Free Rate (4)    1.9% 15.3%18.0%12.9%13.6%14.2%14.9%15.6%

Country Risk Premium (5)    5.0% 18.7%23.0%13.1%13.8%14.5%15.1%15.8%

Unlevered Beta    1.11 21.9%28.0%13.2%14.0%14.7%15.4%16.1%

Re-Levered Beta    1.31 24.8%33.0%13.4%14.2%14.9%15.6%16.3%

Equity Market Risk Premium (6)    6.0% 27.5%38.0%13.6%14.3%15.1%15.8%16.6%

Cost of Equity    14.7%

Pre-tax Cost of Debt (7)    7.9%

Tax Rate    35.0% Capital StructuresWACC at Various Unlevered Betas and Capital Structures (USD) (9)

After-tax Cost of Debt    5.1% Net Debt/Total Cap.Net Debt/Equity0.911.011.111.211.31

Target Net Debt/Equity (8)    28.0% 15.3%18.0%11.7%12.3%12.8%13.4%14.0%

Target Net Debt/Total Capitalization    21.9% 18.7%23.0%11.6%12.1%12.7%13.3%13.8%

WACC (9)    12.57% 21.9%28.0%11.5%12.0%12.6%13.1%13.7%

    24.8%33.0%11.4%11.9%12.5%13.0%13.6%

    27.5%38.0%11.3%11.8%12.3%12.9%13.4%

Source: Companies’ Reports, Brokers’ Reports, Bloomberg, Factset.    

(1)    Based on Bloomberg monthly average adjusted Beta of peer universe versus the MSCI World Index for the longer of 5 years or the period the security has been trading, if less than 5 years.

(2)    Based on 2019 tax rate as a normalized tax rate for each country.

(3)    Based on Bloomberg monthly average adjusted Beta versus its respective local index for the longer of 5 years or the period the security has been trading.

(4)    Based on last yield of the UST 20-yr Bond as of August 2, 2016.

(5)    Calculated as the spread between the 20YR UST and the comparable ARS 20YR Bond denominated in USD of 8.280% due 2033, August 2, 2016.

62 (6)    Equity risk premium relative to twenty year U.S. Government bond yield per BofA Merrill Lynch estimates, based upon analysis of long-term historical data of the broad U.S. equity market.

(7)    As per debt capital markets desk. Rate calculated in USD with a 10YR duration, reflecting the risk default spread of the country.

(8)    Target ratio is calculated with all the comparable universe by business excluding Brazil based on book Value of Net Debt to Market Value of Equity as of August 2, 2016.

(9)    WACC equals ((Net Debt/Capitalization * (Cost of Debt * (1—Tax Rate))) + (Equity/Capitalization * Levered Cost of Equity)).

Target Capital Structure    

Net Debt to Market Equity    

Generation    

Market Value    Net DebtNet Debt toThe target capital structure was defined by business

Company    (US$mm) (US$mm)Market Equitysegment taking into consideration the comps

AES Gener S.A.    $4,166.5 $3,158.175.8%universe selected for this transaction, and excluding

Colbun S.A.    4,252.5 1,173.527.6%the Brazilian comps given current macroeconomic

    volatility in Brazil which has affected market

Edegel SAA    2,461.7 142.35.8%

    performance and market capitalization, resulting in

ENGIE Energia Peru S.A.    1,516.2 943.562.2%

    unusually high capitalization ratios

ISAGEN SA    3,589.0 1,112.931.0%

Endesa Costanera SA    311.7 49.816.0%

AES Tiete Energia SA    1,427.6 211.514.8%

ENGIE Brasil Energia SA    8,422.3 524.86.2%

Average     29.9%

Average ex-Brazil     36.4%

Distribution    

Market Value    Net DebtNet Debt to

Company    (US$mm) (US$mm)Market Equity

Aguas Andinas    $3,567.9 $1,393.739.1%

Luz del Sur    1,687.4 465.127.6%

Edelnor (Lima Norte)    1,136.9 351.630.9%

Pampa Energia SA    1,879.5 273.614.6%

Eletropaulo    567.0 779.6137.5%

Light S.A.    869.6 2,015.4231.8%

Average     80.2%

Average ex-Brazil     28.0%

63 Source: Companies’ Reports and Factset as of August 2, 2016.    

E. Other Enterprise Value Adjustments

Other Enterprise Value Adjustments    

Debt-Like Items Breakdown as of Jun-16    

    ColombiaBrazilPeruArgentinaTotal

(US$mm)    EndesaGenera-

Codensa Emgesa Ampla Coelce Fortaleza Cachoeira CIEN    Pratil Edelnor EdegelPiura ChinangoEdesurCostanera Chocon Docksud

    Brasillima

1    rivatives $0$3($1)($0)$5$0$0$0$0$0$0$0($0)$0$0$0$0$0$8

2    rovisions 851613369301500191250092590822

3    vidends 961641422397025(0)0(4)0(0)01(0)(0)0367

Others    1295345(5)0(34)(12)(0)829001216955659414

Total    182357403160409(29)14(0)27375012262106459

1    Derivatives Mainly related to Enersis 2016 USD bond, which is swapped to CLP

     Includes provisions for:

2    

    -Post-employment obligations: Related to diverse post-employment benefits for all or some of the Americas subsidiaries’ active or

    retired employees, including complementary pensions. Provision represents the difference between the actuarial liability from

    defined benefit commitments and the fair value of the related assets

    -Legal proceedings: Enersis’ Americas subsidiaries are involved in certain legal and tax proceedings. The Company has estimated the

Provisions    probable outflows of resources for resolving these claims after consulting its legal and tax advisors and evaluating potential

    outcomes, assuming a combination of litigation and settlement strategies

    -Decommissioning and other costs: Estimated future disbursements that Enersis Americas will have to make to close its facilities

    (dismantling or restoration) are recorded at present value. The Company reviews these estimate annually

    -Suppliers and services

    -Other

3    Net Dividend Corresponds to the net amount of dividends and profits to be distributed, net of amounts to be collected

Payables    

64 Source: Company Projections and information.    

F. Additional Information

Additional Information    

Illustrative Resulting Corporate Structure    

EOC Americas and CHI Americas will be absorbed by incorporation into ENI Americas in exchange of shares at ENI Americas

Enersis Americas Main OpCos and HoldCos    

    OthersEnelAFPs

    27.78%60.62%11.60%

Others     Others

    ENI Americas

40.0%    60.0% 99.08% 0.92%

    50.1%

EOC Americas    CHI Americas

    38.6%11.3%

    Enel Indirect StakeEnel BrasilEnel Indirect Stake

    36.36%60.04%

    Operating Companies

Dx Ampla    13.68% 31.37% 46.89%DxCodensa39.13%9.35%DxEdelnor60.10%15.60% Dx Edesur15.32% 0.50% 34.05%

Dx Coelce    15.18% 58.87%GxEmgesa21.60% 26.87%GxEdegel21.14% 62.46%Gx El Chocón67.67%

Gx Cachoeira     99.80%GxPiura96.50%Gx Costanera75.67%

Gx Fortaleza     100.00%Gx Dock Sud40.00%

Tx Cien     100.00%

    ENI DirectEOC AmericasCHIEnel Brasil

    StakeDirect StakeDirect StakeDirect Stake

65 Source: Companies Public Filings.    

Other Adjustments    

Tax and Dividend Effects    

    Phase 1 – Spin-off (US$mm)Phase 2 – Merger (US$mm)

    Estimated Value -Real Payment-Estimated Value –

Chile    October 2015March 2016June 2016

Tax in    Endesa Chile 251174Endesa Americas26

    Chilectra Chile2722Chilectra Americas3

Without    Recovery Total Enersis Chile

    (Proportional)179127Total29

Tax Effect     Estimated Value -Real Payment-

    October 2015March 2016The tax effects generated because of the merger will

Recovery    (24%) Endesa Chile191132affect all Enersis Americas’ shareholders in the same

    proportion post-merger, and therefore those costs will not

Tax    Chile Chilectra Chile2117generate any additional effect/adjustment to the

in    Total Enersis Chile

With     13596proposed exchange ratio

    (Proportional)

As directed by Enersis’ management, both Endesa Americas and Chilectra Americas are considered to have an additional asset of

    US$132mm and US$17mm, respectively

    Dividend payment in Chilectra Americas

    US$mm

    Dividend Paid by Chilectra Americas(181)

Dividend    

Effect     Dividend Received by Enersis Americas (~99.1% ownership)179

As informed by Enersis’ management, Chilectra Americas is expected to distribute a dividend of CLP120,000mm (~US$181mm) prior

to the consummation of the Proposed Merger Transactions with no value impact in Enersis Americas and therefore not affecting

    the EOC Américas / ENI Américas Proposed Exchange Ratio

66 Source: Company Management