Exhibit (C)(8)(F)

Exhibit (C)(8)(F)

DRAFT—PRELIMINARY VERSION

October 23, 2015

Strictly Private and Confidential

Preview of the Assessment of the Reorganization of Enersis

S. Prepared A. for the Enersis S.A. Board of Directors

DRAFT—PRELIMINARY VERSION

Important information

This document has been prepared by IM Trust Asesorías Financieras, S.A. [IM Trust Financial Consultants, S. A.] (hereinafter “IM Trust”) at the request of the Board of Directors of Enersis S.A. (“Enersis” or the “Company”) for the exclusive and private use of the Company and its Board of Directors.

The recommendations and conclusions of this document constitute the best opinion of IM Trust regarding the Reorganization of Enersis at the time of issuance of this document, considering the methodologies used for this purpose and the information that was available. This document’s conclusions may vary if additional or other background information were available. IM Trust shall be under no obligation to report such variations or when the opinions or information contained in the document are modified.

For the preparation of this document, IM Trust has based itself solely and exclusively on information provided by Enersis and public information, which IM Trust has assumed, without independent verification, to have complete and total integrity and accuracy. In this way, IM Trust assumes no responsibility with regard to the information reviewed nor the conclusions that may arise out of any error, inaccuracy and/or falsehood of such information.

Likewise, the conclusions of the document may be based on assumptions that may be subject to significant uncertainties and economic and market contingencies, such as flows, projections, estimates, and interpretations, the occurrence of which can be difficult to predict and many of which could even be beyond the reach of Enersis, so there is no certainty at all about the degree of fulfillment of such assumptions. Under no circumstances may the use or incorporation of such flows, projections or estimates be considered as a representation, warranty, or prediction by IM Trust regarding their occurrence, nor of the assumptions that underlie them.

DRAFT—PRELIMINARY VERSION

Contents

1. Introduction 4

2. Business Model Considerations 7

3. Stock Impacts of the Reorganization at Enersis 11 i. Enersis’ Stock Market Situation and Preliminary Valuations 11 ii. Business Models Differentiation and Corporate Structure Simplification 17 iii. Liquidity Considerations 23

4. Cash Flow Impacts of the Reorganization at Enersis 27 i. Impacts on EBITDA 27 ii. Tax impact 30 iii. Transaction costs (one-off) 33 iv. Summary 35

5. Conclusions 37

6. Attachments 39

DRAFT—PRELIMINARY VERSION

INTRODUCTION 1

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Preliminary Conclusions and Reflections

(September 8, 2015 Report)

Background Information on the Reorganization

Enersis has historically had a discount in its valuation with regard to the value that would be obtained from the sum of its parts

Enersis’ management and shareholder structure has been growing more complex over time, going so far as to produce inefficiencies/redundancies in decision-making and failing in the initial objective of maintaining the common businesses integrated/united.

The Company operates in five geographical markets (countries) that it has under a specific vehicle regulation, risk, growth features and different non-organic investment opportunities

Enersis’ controller and industrial shareholder shows a preference for managing its investments in an integrated way (Gx and Dx) and for markets that have similar size, regulatory dynamics and growth plans

Preliminary Reflections

• The management model preferred by the industrial shareholder and which is used by other integrated companies in the energy sector

Stby throughout the world

Business According to • The division of Chile appears to be more understandable, but the rationale of keeping the rest of the countries grouped together is less

Geography self-evident

Differentiation of • Separation into two companies with different growth, investment, and dividend offers could result in attracting new investors, reducing the

Business Models gaps in valuation compared to its comparable entities

Simplification of the • A greater visibility of flows and better organization of the structure could reduce to some extent the discount of the holding company Shareholder Structure • This is difficult to prove or quantify but the proposed simplification would go in the right direction

The lower liquidity that the three new companies would have, with regard to the two that are currently trading, may have a minimally

Liquidity significant impact on their value, because their size and flotation level should be in the upper range for companies listed in Chile

Cash Flow Factors • The impacts on cash flow (in EBITDA, cost of debt, tax issues, and transaction costs) will be relevant in the assessment

Preliminary Conclusions

From the conceptual and strategic point of view, we see that the Reorganization has more positive than negative elements, although the impact on value that the market will give them is difficult to quantify

The effect that the Reorganization will have on cash flows is not clear yet and this is an element that would directly affect the value of the Company

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Assessment Framework

Strategic Sense of • Analysis of integrated electric power companies throughout the world the Reorganization • The referred-to industrial shareholder’s management preferences Aspects addressed Stock Market and Market Factors herein (with the Simplification of the exception of the cost Business Differentiation Models of Shareholder Liquidity of the debt) Impact of the Structure Reorganization on Enersis’ Value Cash Flow Factors Impacts on Cost of Transaction Tax Impact EBITDA Corporate Debt Costs 1. Valuations: i. ENI Américas Discounted cash flow Opinion on the ii. EOC Américas Subject to Terms of the assessment of Reorganization iii. Chilectra Américas Market quotes and comparable projections by FCD 2. Reasons for the Exchange of the entitie Merger

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BUSINESS MODEL CONSIDERATIONS 2

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View of the Enel Business Model

Enel shows a preference for a business model that is segmented by geographical market Structure of ENEL by major listed companies listed throughout the world Diversified operations throughout the world Europe Capacity: 66.5 GW Enel (BIT) North America Customers: 45.8 mm Russia Capacity: 2.1 GW Capacity: 9.1 GW Endesa Enersis Enel Russia Enel Green (CATS)(SSE) Power (BIT) (MICEX) Mexico and Central America Capacity: 0.8 GW Endesa Chile (SSE) Company listed Latin America by business type Capacity: 17.4 GW Africa Companies listed by a geographical criterion Customers: 14.4 mm Capacity: 0.1 GW Recent Reorganization of Endesa Spain LatAm, the Main Destination for Investment EBITDA 2014 2015-19 CapEx Plan Enel Enel Spain and Eastern Europe 100.0% 100.0% Portugal and others Enel Iberoamérica 20% 15% Enel Iberoamérica 92.1% Italy 20.3% Endesa España Italy US$20.929 LatAm LatAm US$38.224 28% 100.0% 60.6% 70.1% 40% billion 20% 40% billion Enel Latinoamérica Enersis Endesa España 40.3% Eastern Europe Renewable Spain and Listed companies Enersis and others energies Portugal Private companies 12% 8% 17% Source: Enel Considers exchange rate USDEUR to be 0.75 for 2014 EBITDA and 0.8895 for the capex plan

Strictly Private and Confidential 8

DRAFT—PRELIMINARY VERSION

Organizational Structure of Main Integrated Electric Power Companies (Europe)

Among the European companies there are different preferences with regard to organizational structures, where Iberdrola, Engie, EDF and EDP primarily show geographical segmentation, and others such as E.ON are moving to a by-business model Company Country Market Businesses Countries Organizational structure Capitalization served (million USD) Gx Dx Tx Primary units Criterion • Europe • Iberdrola España 44,998 • United States • Scottish Power Geography • Latin America • Iberdrola USA / Iberdrola México /Iberdrola Brasil • Europe • Internacional (Brasil, Perú, Chile, otros) Mixed / 41,959 • Latin America • Europa • Asia / Africa • Gas / Infrastructure / Services Geography • France • France 36,764 • United Kingdom • United Kingdom Geography • Italy / Others • Italy / Others • VentasSales 24,113 • UnitedReino UnidoKingdom • RedesNetwork(Generación(Generationy Distribución)and Distribution Business • Retail • Europe • GeneraciónInternationalInternacionalGeneration /NegociosRegulatedReguladosBusiness 22,188 • Latin America • NegociosRetail / Wholesaleminoristas/mayoristasenergy businessde energía Mixed • LatinoamérLatin America • Europe • EnIn aprocesoprocessdeof aspin-ofspin-off 20,952 • Future E.ON: Renewables,enovables, Distributioni r bución Business • United States • Uniper: Generation, Trading, Exploration • United Kingdom • British Gas—UKReino Unido / Bord Gais—IrlandaIreland 18,291 • United States / Others • Direct Energía—Estados Unidos Mixed • Ireland • Generation, Transmssion, Trading and Storage • Portugal • Iberia 13,816 • Spain • EDP Brasil Geography • Brazil • EDP Renovables Source: Capital IQ, IM Trust and reports from the various companies

Strictly Private and Confidential 9

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Organizational Structure of Main Integrated Electric Power Companies (except Europe)

Companies with a presence in regions other than their country of origin show an organizational structure with mixed segmentation involving business and geography (Duke Energy, Sempra Energy) or mainly geographic segmentation (AES) Company Country Market Businesses Countries Organizational structure Capitalization (million USD) Gx Dx Tx served Primary units Criterion • • Utilities regulated in United States Gx, Dx) 50,654 United States • International business Mixed • Latin America • Commercial portfolio in the US • Vertically integrated utilities 28,717 • United States • Transmission and generation utilities Business • Generation and marketing • AEP Renewable Energies • United States • Generation 26,245 • Canada • Energy Sales Business • Distribution • United States • Distribution in the US 25,191 • Mexico • Generation in the US Mixed • Peru and Chile • International distribution and gas • Malasia • Generation 17,313 • Asian Pacific • Distribution Business • Others • Transmission United States • United States Several countries in • Mexico, Central America and 7,361 the Americas, Europe, • Carribean, Andes, Brazil, Europe Geography Asia and Africa • Asia • Australia • Energy markets • New Zealand • Exploration & Production 5,761 • Asian Pacific • LNG Business • Others • Others Source: Capital IQ, IM Trust and reports from the various companies

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STOCK IMPACTS OF THE REORGANIZATION AT

ENERSIS 3 i. Enersis’ Stock Market Situation and Preliminary Valuations

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Enersis Stock Market Situation

Ever since the capital increase, ENI has had a cumulative yield of 15% over the IPSA and 16% above the average of other integrated electric power companies in LatAm. Ever since the announcement of the Reorganization, the return of ENI is in line with the IPSA and the markets where it operates Evolution of ENI’s Share Price(1) ENI’s Return with Respect to Entities Comparable to it in LatAm and the IPSA 4/21/2015 240 Reorganization 110 140 announcement CLP 217.7 131,3 100 120 122,3 210 3/26/2013 113,0 Capital increase 105,9 CLP 182.0 105,6 90 100 101,0 98,4 180 84,5 ENI 88,7 90,7 10/21/2015 84,3 IPSA 86,3 Closing price 80 79,8 MERVAL 80 IPSA CLP 183.9 78,3 IGBVL 76,1 78,1 COLCAP 150 1/29/2014 70 60 58,6 Minimum price, last 67,3 BOVESPA 3 years (U3A) 49,4 120 CLP 144.0 60 40 oct-12 abr-13 oct-13 abr-14 oct-14 abr-15 abr-15jul-15 mar-13 sep-13 mar-14 sep-14 mar-15 sep-15 EV / EBITDA and Price/Earnings 2015E Discount Between Target and Actual Price(2) EV / EBITDA P / U 40.8% EV/EBITDA P/U 37.9% Promedio (ex. ENI) 7.3 x 18.6 x 59.1x Mediana (ex. ENI) 6.6 x 14.7 x 25.4% 21.0x 19.2% 20.0% 17.4x 14.7x 13.9% 11.9x 9.8x 11.9x 9.2x 6.3x 6.0x 4.6x 3.8x 6.6x 7.2x 7.9x 6.6x 6.7% Brazil Colombia Arg. Brazil Colombia (1) The return of each of the indicators considers variations in exchange rate of the local currency vs. US$ on a percent basis. For Argentina, the blue chip swap rate for the dollar was assumed (2) Target price assumes the average target price over twelve months of the think tanks with recommendations within the last three months Source: +Bloomberg, Capital IQ and IM Trust. Data as of October 21, 2015

Strictly Private and Confidential 12

DRAFT—PRELIMINARY VERSION

Electric Power Sector Multiples in LatAm Used as References for the Valuation 9.5x 11.7x 10.9x 10.6x 9.3x 9.6x 9.1x 9.6x 8.2x 8.0x 6.7x 6.5x 6.2x 6.8x 7.1x 6.3x 5.1x 4.1x 3.3x 3.3x 2.5x 1.9x 2015E EBITDA n.d. n.d. / 2016E Multiples EV 19.3x 21.4x 21.2x 19.7x Trading 17.6x 18.1x 16.8x 16.7x 17.6x 19.2x 13.2x 10.2x 13.5x 12.1x 12.3x 10.0x 11.6x Earnings 8.0x 6.6x 9.2x 8.4x 6.6x 5.8x Gx: / n.d. 2016E 2015E Price 11.0x 10.6x 10.9x 9.1x 7.2x 5.6x 6.2x 5.9x 6.0x 5.7x 4.9x 4.4x 2015E EBITDA 2016E / n.d. n.d. Multiples EV(1) 22.0x Trading 17.1x 16.2 x 11.8 x 10.3x Dx: Earnings 7.8x 6.2 x 7.5x 6.6 x 9.1x 8.6 x 7.1 x 2015E / n.d. n.d. 2016E Price(1) Source: Capital IQ, Enersis and IM Trust. Data as of October 21, 2015 (1) For purposes of valuation by multiples and in consideration of other previous transactions involving electric power Dx companies, the following multiples were used for Chilectra: EV/EBITDA 2015E of 10.5x, EV/EBITDA 2016E of 10.0x, Price/Earnings 2015E 16.0x and Price/Earnings 2016E of 15.5x

DRAFT—PRELIMINARY VERSION

Multiple used for the Valuation and Companies Valued According to their Market Capitalization EV/EBITDA Precio/Utilidad EV/EBITDA Precio/Utilidad 2015E 2016E 2015E 2016E 2015E 2016E 2015E 2016E Generation business Transmission business Average 2.9x 2.6x 9.1x 7.1x Average 5.1x 4.4x 22.0x 17.3x Argentina Median 2.9x 2.6x 9.1x 7.1x Argentina Median 5.1x 4.4x 22.0x 17.3x Multiple used 2.9x 2.6x 9.1x 7.1x Multiple used 5.1x 4.4x 22.0x 17.3x Average 6.3x 7.0x 11.4x 12.0x Average 11.2x 9.3x 12.9x 9.7x Brasil Medianaed 5.1x 6.8x 8.0x 12.1x Brasil Median 7.9x 8.2x 13.9x 10.0x Multiple used 5.1x 6.8x 8.0x 12.1x Multiple used 7.9x 8.2x 13.9x 10.0x Average 9.7x 8.7x 18.7x 17.4x Average 8.1x 8.7x 12.8x 9.3x Chile Median 10.1x 8.8x 18.4x 17.5x MILA Median 8.1x 8.7x 12.8x 9.3x Multiple used 10.1x 8.8x 18.4x 17.5x Multiple used 8.1x 8.7x 12.8x 9.3x Median Average 9.1x 9.6x 17.6x 19.2x NegocioGasastransportetratransportationrtatide gas businessi ss Colombia Multiple used 9.1x 9.6x 17.6x 19.2x Average 5.1x 4.6x 12.1x 7.9x 9.1x 9.6x 17.6x 19.2x LatAm Median 5.2x 4.4x 11.1x 8.1x Average 7.1x 6.3x 11.2x 9.2x Multiple used 5.2x 4.4x 11.1x 8.1x Perú Median 7.1x 6.3x 11.2x 9.2x Multiple used 7.1x 6.3x 11.2x 9.2x Distribution business Companies valued according to their market capitalization(3) Average 6.0x 5.7x 10.3x 7.1x Argentina Median 6.0x 5.7x 10.3x 7.1x Multiple used 6.0x 5.7x 10.3x 7.1x Average 7.7x 6.4x 12.4x 8.2x ENI Brasil Median 7.2x 5.6x 7.8x 6.6x EOC Chilectra Multiple used 7.2x 5.6x 7.8x 6.6x Company Average 11.0x 10.6x 17.1x 16.2x Participation(4) Participation(4) Participation(4) Chile Median 11.0x 10.6x 17.1x 16.2x Multiple used(1) 10.5x 10,0x 16.0x 15.5x Average NA NA NA NA Endesa Costanera 45.4% 75.7% 0.0% Colombia Median NA NA NA NA Coelce 64.9% 21.9% 6.6% Multiple used(2) 6.2x 5.9x 9.1x 8.6x Perú Average 6.2x 6.2x 5.9x 5.9x 9.1x 9.1x 8.6x 8.6x Ampla Energía 92.0% 17.4% 36.6% Median Multiple used 6.2x 5.9x 9.1x 8.6x Edegel 58.6% 62.5% 0.0% Edelnor 75.5% 0.0% 15.6% Source: Capital IQ, financial statements of the companies and IM Trust. Data as of October 21, 2015 (1) For purposes of valuation by multiples and in consideration of other previous transactions involving electric power Dx companies, the following multiples were used for Chilectra: EV/EBITDA 2015E of 10.5x, EV/EBITDA 2016E of 10.0x, Price/Earnings 2015E 16.0x and Price/Earnings 2016E of 15.5x (2) Considering that there are no listed companies in Colombia devoted solely to distribution, Peru’s multiples were assumed for the valuation of distribution assets in Colombia (3) Empresa Eléctrica Pehuenche not was valued according to its market capitalization, given the low liquidity of said company (4) Considers direct and indirect participation

DRAFT—PRELIMINARY VERSION

Preliminary Valuation According to ENI, EOC and Chilectra Market Criteria

Valuation according to the trading multiples of comparable companies and market capitalization of listed and liquid subsidiaries, made based on Company projections Equity Valuation by Sum of Parts (Millions of US$)(1) Value by Business(2) 49% 5% 16% 16% 13% 2% Tx 2,540 2,109 243 16,086 13,194 3% 7,859 762 2,573 Gx Enersis 58% Dx Holding in Chile + Market 39% Funds Capitalization 68% 4% 7% 10% 11% Tx 1,219 1,352 11,971 10,573 2% 8,106 431 864 Dx Endesa 3% Chile Gx Market 95% Capitalization Gx 73% 5% 14% 4% 4% 3% Tx 160 144 4,026 1% 2,956 208 558 3,216 Chilectra Market Dx Capitalization 96% (1) Valuation made based on Year 2015 and 2016 results projected by ENI’s management (2) Considering the value of the generation (Gx), distribution (Dx) and transmission (Tx) businesses. Not considering the valuation of the holding companies and corporations in markets other than the aforementioned

DRAFT—PRELIMINARY VERSION

Preliminary Pro Forma Valuation According to Market Criteria of New Corporations Figures in millions Cash Financial Net financial of USD Operating (1)% allocation Cap. increase (2) Total Debt (3) debt Allocation of ENI Individual 312 100% 1,217 1,529 389 -1,140 Cash and Debt Chile 131 42%—131 —131 in the Américas 181 58% 1,217 1,398 389 -1,009 Reorganization EOC Individual 93 100%—93 1,303 1,210 (As Reported by Chile 61 66%—61 1,303 1,242 ENI’s Américas 32 34%—32 —32 Administration) Chilectra 30 100%—30 —30 Chile 19 63%—19 —19 Américas 11 37%—11 —11 Preliminary Valuation by Sum of Assets’ Parts, not Incorporating Potential Holding Company Discounts (Millions of US$) 10,207 • Valuation by multiples and market capitalization of listed Preliminary 7,431 8,116 subsidiaries based on Valuation of New projections submitted by the Company Reorganization 2,988 Vehicles • Valuation does not consider tax impacts, synergies and one-off costs that result from ENI EOC Chilectra ENI Américas the Reorganization Chile (4) Chile Chile Post-merger (4) Free float 39% 40% 1% 49% (1) Source: Enersis. Data as of June 2015. Allocation of cash, defined by ENI’s administration, according to the average valuation of assets in Chile and the Americas from different think tanks (Larrain Vial (Nov. ‘14), CorpResearch (Dec.‘14), Credicorp Capital (Apr. ‘15) and Citibank (Apr. ‘15)) (2) Considers the cash to August 2015 originated from the capital increase at Enersis in 2013 (3) Source: Enersis. Data as of June 2015. (4) ENI holding company costs were assigned based on information provided by the Company

Strictly Private and Confidential 16

DRAFT—PRELIMINARY VERSION

STOCK IMPACTS OF THE REORGANIZATION AT

ENERSIS 3 ii. Business Models Differentiation and Corporate Structure Simplification

DRAFT—PRELIMINARY VERSION

ENI, EOC and Chilectra Holding Company Discount ENI Holding Company Discount (Millions of US$) • Enersis’ holding company discount is estimated at 18% 16,086 839 803 • 29% would come from EOC’s discount 1,250 13,194 1399 x 60% 811 x 99% • 28% would come from Chilectra’s discount • The holding company discount could be generated by the Total implicit discount following factors, among others: 18% Total: USD 2,892 million i. Structural subordination to the cash flows Valuation by Current market generated by the operating subsidiaries Implicit EOC Implicit Chilectra Other ii. Conglomerate effect: diversification of assets multiples capitalization discount discount discounts @ CLP 224 p.a. @ CLP 184 p.a. not necessarily desired by investors iii. Direct access to operating subsidiaries listed at the stock exchange with relevant EOC Holding Company Discount Chilectra Holding Company Discount liquidity (Millions of US$) (Millions of US$) iv. Complexity of the holding company 11,971 structure and of decision making 1,399 10,573 v. Difference in relative liquidity between the 12% 4,026 811 3216 holding corporation and its listed subsidiaries 20% Valuation by Implicit Current market Valuation by Implicit Current market multiples discount capitalization multiples discount capitalization @ CLP 999 p.a. @ CLP 882 p.a. @ CLP 2.394 p.a. @ CLP 1.912 p.a.             USDCLP exchange rate assumed to be 684.2

DRAFT—PRELIMINARY VERSION

ENI, EOC and Chilectra Holding Company Discount in the Context of the Chilean Market

ENI’ holding company discount would be in the range for holding company discounts in Chile, which range from IAM (holding company with low diversification and complexity) up to Quiñenco and Antarchile (highly diversified and complex holding companies) Holdings in Chile with Underlying Assets Listed at the Stock Current Holding Company Discounts in Chile and those of ENI, Exchange(1) EOC and Chilectra Holding Corporation Underlying asset(s) listed on stock exchange Mediana ex ENI, 40% EOC y Chilectra Antarchile Copec, Colbún 33% 29% 29% 25% Almendral Entel 20% 18% IAM Aguas Andinas 12% 12% Quiñenco Banco de Chile, CSAV, CCU, SAAM, Techpack Campos Chilenos(2) Iansa EOC IAM ENI Chilectra Almendral Campos Quiñenco Antarchile Chilenos (2) Evolution of Holding Company Discounts in Chile from 2012 to the Present Campos Chilenos Antarchile Almendral IAM Quiñenco 60% (2) Average Current Max. Mín. 50% (2) 40% Campos Chilenos 36% 46% 9% 29% 40% Antarchile 40% 45% 33% 40% 30% 33% 29% Almendral 20% 29% 9% 25% 20% 25% IAM 13% 37% 3% 12% 12% Quiñenco 37% 49% 23% 33% 10% 0% Average 29% 41% 16% 28% 2012 2013 2014 2015 Median 36% 45% 9% 29%             Source: IM Trust, Bloomberg and SVS. Data as of October 21, 2015 (1) The following was not considered in the assessment of the holding companies: Pampa Calichera (parent company of SQM) and Invercap (parent company of CAP), due to recent great variation in market valuations (2) The current discount considers the discount as of the day of the announcement of the ED & F Man OPA by Empresas Iansa and Inversiones Campos Chilenos (June 22, 2015) Strictly Private and Confidential 19

DRAFT—PRELIMINARY VERSION

Source of Decrease of Holding Company Discount: Possible Market Revaluations There could be a space for the decrease of the ENI holding company discount because of a potential revaluation effect of EOC Chile and Chilectra Chile to the degree that they reach multiples of comparable companies that have different rates and growth strategies ENI ENI Chile Potential discount Américas similar to IAM (12%) Chilectra ENI Américas Américas EOC Potential discount Chilectra similar to IAM (18%) Others3% Chile Chile • Holding company 47% Gx Operating company Operating company • Integrated Gx and Dx EBITDA(1) Pure play Gx Pure play Dx company 2015E 50% Dx Pure play in Chile Pure play in Chile • Exposure to four Relevant float • Reduced float markets 11% 24% Chilean Gx companies • There are no listed Chilean Relevant float EBITDA(1) with relevant liquidity Dx companies; Main entity of Gx and Dx companies 2015E 35% reference: Aguas Andinas with liquidity in LatAm 30% • EOC Chile and Chilectra Chile could have a revaluation effect to the • A revaluation effect would not expected at ENI Americas, as a extent that the market perceives a level of growth and future return holding company with exposure to different markets and businesses at the levels of their comparable entities (Gx and Dx) • The potential savings, expressed as a reduction of the ENI holding company discount , would be conditioned to the following: • EOC Chile and Chilectra Chile’s valuation by market multiples coming closer to the valuations of their comparable entities in Chile • ENI Chile reaching a minimum discount of 12%, to the extent that it becomes a light holding company with a clear and definite dividend policy • ENI Américas maintaining a minimum discount similar to ENI’s current levels (18%)             Source: Flows submitted by the Company and IM Trust (1) The proportional EBTDA is considered Strictly Private and Confidential 20

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Assessment on the Revaluation Space in EOC and Chilectra

EOC and Chilectra would have a revaluation space ranging from US$0 million to a maximum of US$705 million and US$624 million, respectively Possible Revaluation Space at EOC Possible Revaluation Space at Chilectra Figures in millions of USD EOC EOC Figures in millions of USD Chilectra Chilectra Chile Américas Chile Américas Net worth according to preliminary valuation Net worth according to preliminary valuation 8,116 3,855 2,988 1,039 (page 16) (page 16) Discount for potential holding 0% 18% Discount for potential holding 0% 18% Post-discount net worth for potential holding 8,116 3,162 Post-discount net worth for potential holding 2,988 852 Chilectra net worth with discount for potential EOC net worth with discount for potential 11,278 holding 3,840 holding Chilectra current market capitalization EOC current market capitalization 10,573 3,216 Additional potential value 705 Additional potential value 624 Additional potential value (% above current Additional potential value (% above current 6.7% 19.4% market capitalization market capitalization Implicit discount Implicit Descuento discount implíci o 1,399 6% 5% 811 705 693 624 187 Holding Potential Holding discount with Holding Potential Holding discount with discount savings potential savings discount savings potential savings It is assumed that EOC Chile and Chilectra Chile could potentially be valued by the market up to their theoretical values by market multiples For EOC Américas and Chilectra Américas, it is assumed that their assets are contributed to ENI Américas, maintaining a holding company discount that could potentially not be smaller than ENI’s current discount             USDCLP exchange rate assumed to be 682.4 Strictly Private and Confidential 21

DRAFT—PRELIMINARY VERSION

Space of Decrease of the ENI Holding Company Discount

The space for reduction of the ENI holding company discount could be of up to US$448 million, subject to (i) EOC Chile and Chilectra Chile approaching comparable entities’ multiples, (ii) ENI Chile becoming an efficient holding company, and (iii) ENI Américas’ discount not exceeding ENI’s current one 1 ENI’s holding company discount of according to potential savings due to revaluation of EOC and Chilectra (millions of US$) • ENI could reduce its holding company discount up to the 2,892 373 544 maximum between both implicit 1,975 917 discounts 705 x 60% x (1-12%) 624 x 99% x (1-12%) • In that sense, the maximum The potential holding company discount applies, potential savings would be the at the IAM level Potential savings in the one that would correspond to ENI Discount for current ENI Potential savings for Potential savings for ENI discount with Chile’s and ENI Américas’ holding EOC Chilectra potential savings from ENI holding discount potential discounts: EOC and Chilectra • Up to US$448 million 2 ENI holding company discount according to potential ENI Chile and ENI Américas discounts Holding company discounts in (millions of US$) Chile Potential discount at ENI(1) 10,207 x 18% x Difference between the current and potential Antarchile 40% % de ENI en discount 10,207 ENI Américas 2,892 Quiñenco 33% 1,556 1,556 2,444 7,431 Campos 29% 888 Chilenos 7,431 x 12% 8,371 888 448 Almendral 25% 6,543 ENI 15% consolidado Valuation Valuation Potential discount Potential discount Potential discount Potential savings in the Actual discount IAM 12% ENI Chile ENI Américas for ENI Chile for ENI América for ENI holding for ENI holding ENI holding discount             (1) For ENI Chile a potential discount of 12% is assumed (based on IAM’s level of discount) and for ENI Américas, a holding discount of 18% is assumed (based on the current ENI discount level) Strictly Private and Confidential 22

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STOCK MARKET IMPACTS OF THE

REORGANIZATION AT ENERSIS 3 iii. Liquidity Considerations

DRAFT—PRELIMINARY VERSION

Liquidity Perspective of Enersis and Endesa Chile in the Chilean Market

According to ENI Américas’, ENI Chile’s and EOC Chile’s preliminary pro forma estimates, said companies could be among the 15 companies with greatest market float in Chile, showing reasonable ADTV(1) levels for the Chilean market Liquidity of Leading Companies in Chile(2) ENI Chile EOC Chile ENI Américas 30. 0,0 (pro forma) (pro forma) (pro forma (pbs) FALABELLA 25. 5,0 CENCOSUD UDM LAN 20. 0,0 CORPBANCA ECL BCI CHILE 15. 5,0 AGUAS-A BSANTANDER ENDESA ENERSIS promedio AESGENER CCU CMPC 10. 0,0 COLBUN SQM-B COPEC TV/Float 5.0 ,0 QUINENCO SM-CHILE B 0. ,0 0 0 1,000 . 2,000 . 3,000 . 4,000 . 5,000 . 6,000 . Free float (USD mm) Liquidity Based on the Float and ADTV (Millions of US$) of Leading Firms in Chile(3) ADTV (USD mm) ADTV UDM / Float (bps) 26, 26.9 12, 23. 23,1 12. 12,6 12. 12,8 8 22. 22,4 16, 16.8 8.,0 0 13,8 9.9,7 7 12. 12,6 6 19. 19,0 0 12, 10, 10.9 16. 16,7 7 14. 14,4 9. 9,6 6 11, 11.6 10. 10,6 6 16,2 16.2 5.,3 3 6.,0 0 ,8 12.8 13.8 12.8 2.8 8.,4 4 7.,3 3 5.,8 8 5.,5 5 5. 5,1 1 4.,7 7 4.,2 2 4.,2 2 4.1 4,1 3.7 3,7 3.6 3,6 3,3 3. 3,1 1 3.0 ,0 3.3 2.8 ,8 2.,3 3 2.,3 3 1.,7 7 1. ,3 3 1. ,1 1 0. ,8 8 0. ,4 4 0. ,4 4 LAN—B Chile Chile BCI A—CCU ECL B ENDESA Américas CHILE COPEC SQM ENI CMPC COLBUN CHILE ENERSIS—FALABELLA CENCOSUD ENI EOC CORPBANCA AGUAS AESGENER SM QUINENCO ANTARCHILE             BSANTANDER Source: Bloomberg. Data as of October 21, 2015 USDCLP exchange rate: 684.2 (1) Average Daily Trading Volume (2) The size of the circle represents the market capitalization. In order to make the calculations in a conservative way, ENI’s current discount (19%) was assumed for ENI Chile and ENI Américas and for EOC Chile the existing EOC discount (12%) was assumed (3) To calculate the new companies’ (ENI Americas, ENI Chile and EOC Chile) ADTV, the preliminary valuation of the companies was assumed, and it was assumed that the value of the companies’ ADTV/Float would be the same as the values for Enersis’ and Endesa’s, as the case may be Strictly Private and Confidential 24

DRAFT—PRELIMINARY VERSION

ENI’s and EOC Chile’s Liquidity Perspective in Relation to LatAm Electric Power Companies

Considering electric power utilities in LatAm and the levels of float and ADTV(1) that ENI Américas, ENI Chile and Chile EOC could have, based on preliminary pro forma estimates, a negative impact on valuations by multiples is not necessarily observable Liquidity of Enersis and Endesa Chile in Relation to Comparable Companies(2) ENI Chile EOC Chile 18. 8,0x 0 (pro forma) ENI Américas 15. 5,0x 0 (pro forma) (pro forma) EEB 15. 5,0x 0 2,0x AESGENER COLBUN ENDESA 12.0 TRACTEBEL 2015E 12. 2,0x 0 CPFL 2015E ENERSUR 9,0x 9.0 9,0x 9.0 EDP (Brasil) CELSIA ECL ENERSIS 6,0x 6.0 EDEGEL CESP 6,0x CEMIG 6.0 EV/EBITDA COPEL EV/EBITDA AES TIETE 3,0x 3.0 3,0x 3.0 0,0x 0.0 0,0x 0.0 0.,0 0 3. ,0 0 6.,0 0 9. ,0 0 12, 12.0 15, 15.0 0.,0 0 2. 2,0 0 4. ,0 0 6.,0 0 8.,0 0 10. 0,0 ADTV UDM (USD millones) ADTV UDM (USD millones) Liquidity Based on the Float and ADTV (Millions of US$) of Leading Electric Power Companies(3) ADTV (USD mm) ADTV UDM / Float 80, 80.7 36, 36.3 52, 52.9 38. 38,1 39. 39,8 34. 34,0 38,7 38.7 12, 12.8 12.6 12, 12.8 12,8 18. 18,4 12. 12,6 12. 12,8 8 9.,6 6 20, 20.0 10, 10.6 16, 16.2 12. 12,1 1 6.,2 2 3.,6 6 3.,1 1 13, 13.9 8.7 ,7 7.9 ,9 7.5 ,5 7.3 ,3 6.0 6,0 6.0 ,0 5.5 5,5 5.1 ,1 4.1 ,1 3.6 ,6 3.6 3,6 3.1 ,1 2.3 ,3 1.4 1,4 1. 1,3 3 1.,1 1 1. 1,0 0 0. 0,3 3 0. ,3 3 0. 0,1 1 Chile Chile ECL EEB CESP CPFL TIETE CEMIG ENERSIS COPEL(Brasil) ENDESA Américas ENI COLBUN ISAGEN CELSIA EDEGEL TRACTEBEL EDP EOC AES AESGENER ENERSUR             ENI ELETROBRAS Source: Bloomberg. Data as of October 21, 2015 USDCLP exchange rate: 684.2 (1) Average Daily Trading Volume (2) The size of the circle represents the market capitalization. In order to make the calculations in a conservative way, ENI’s current discount (19%) was assumed for ENI Chile and ENI Américas and for EOC Chile the existing EOC discount (12%) was assumed (3) To calculate the new companies’ (ENI Americas, ENI Chile and EOC Chile) ADTV, the preliminary valuation of the companies was assumed, and it was assumed that the value of the companies’ ADTV/Float would be the same as the values for Enersis’ and Endesa’s, as the case may be

DRAFT—PRELIMINARY VERSION

Main Stock Market Indexes that ENI and EOC are on

According to preliminary pro forma estimates by ENI Américas, ENI Chile and EOC Chile, it would not be expected that said companies would no longer be rated in the main indexes where ENI and EOC are currently included

Indexes Description ENI relative % EOC relative % • IPSA • 40 most liquid Chilean shares 9.09% 7.20% • IGPA • Most liquid Chilean shares MTA(1)> 10,000 UF 7.89% 6.25% • INTER-10 • 10 shares with greatest MTPA(2) that have ADRs 20.55% 16.27% • IGPA LARGE • Shares which group together 70% of the market cap of the IGPA 12.75% 10.09% • Utilities • Liquid shares with a 50% or more of their assets in the utilities sector 32.27% 25.55% • Chile-65 Latin America • 65 liquid shares with greatest stock market capitalization in Chile 6.76% 8.10% • 40 shares with greatest stock market capitalization in Latin America 1.71% 1.37% 40 • Most liquid shares with greatest stock market capitalization (large and mid cap) • Emerging Markets 0.16% 0.12% in emerging markets • Most liquid shares with greatest stock market capitalization (large, mid and • Emerging Markets IMI 0.14% 0.10% small cap) in emerging markets • Most liquid “Value” shares with greatest stock market capitalization (large and • Emerging Markets Value (IMI) 0.32% 0.08% mid cap) in emerging markets • Most liquid shares with greatest stock market capitalization (large cap) in • Emerging Markets Large Cap 0.19% 0.14% emerging markets • Emerging Markets Latin • Most liquid shares with greatest stock market capitalization (large and mid cap) 1.17% 0.85% America in Latin America • Most liquid shares with greatest stock market capitalization (large and mid cap) • Chile (IMI) 12.84% 9.35% in Chile • Most liquid shares with greatest stock market capitalization (large and mid cap) • Emerging Markets Utilities 4.81% 3.50% in the utilities sector in emerging markets • FTSE RAFI Emerging (QSR) • 350 shares with greatest RAFI(3) in emerging markets 0.25% 0.15%             (1) Annual traded amount; (2) Weighted annual traded amount; (3) Research Affiliates Fundamental Index (sales, cash flow, dividends, book value) Source: FTSE, MSCI, Santiago Stock Exchange, Electronic Stock Exchange, ETFDB and Bloomberg Note: The ETF ILF from the “Latin America 40” index was used for the weightings Strictly Private and Confidential 26

DRAFT—PRELIMINARY VERSION

CASH FLOW IMPACTS OF THE REORGANIZATION

AT ENERSIS 4 i. Impacts on EBITDA

DRAFT—PRELIMINARY VERSION Impact on EBITDA based on ENI estimates Potential Business Efficiencies According to ENI in the Fiscal Year (Millions Considerations and Assumptions of US$)(1) ENI ENI • To estimate the impact • ENI has estimated a series of business efficiencies for the following years: Chile Américas on EBITDA attributable (Values estimated by the Company before taxes) to the Reorganization, • Efficiencies in operating costs the only matter • Efficiencies in staff & services (S & S) expenses Operating costs 50 143 considered is the cost Holding savings on staff & • Cash pooling (centralization of cash) Companies’ S & 13 5 • Taxes S Expenses services for ENI Chile Operators’ S & S and ENI Americas • This assessment assumes that the efficiencies that could ensue from and be Expenses 0 57 Holding Company directly attributable to the reorganization would be as follows: Cash pooling N/A 15 and FE • We understand that the • Staff & services (S & S) Expenses at ENI Chile (it is assumed that Taxes N/A 30 rest of the efficiencies could be achievable but the efficiencies occur at the ENI Chile holding company) do not directly depend • Staff & services (S & S) expenses at ENI Americas Holding Company Total 63 250 on the Reorganization ENI Américas Holding Company: Payroll and Projected Staff & Services (S & S) ENI Chile: Payroll and Projected Staff & Services (S & S) Expenses Expenses OPEX S&S externo (USD mm) OPEX S&S interno (USD mm) OPEX S&S externo (USD mm) OPEX S&S interno (USD mm) Plantilla S&S (personas) Plantilla S&S (personas) 84 474 484 431 67 419 411 51 51 51 102 100 100 14 14 94 93 11 9 10 2015E 2016E 2017E 2018E 2019E 2015E 2016E 2017E 2018E 2019E             Source: Enersis (1) Comparison of data of the year 2019 with regard to data of the year 2014 (base and homogeneous exchange rate 2014) (2) Percentage of efficiencies assumed as a direct impact of the Reorganization Strictly Private and Confidential 28

DRAFT—PRELIMINARY VERSION

Impact on EBITDA for ENI Shareholders

Based on the efficiencies estimated by the Company with regards to staff & services expenses for ENI Chile and ENI Américas Holding Company, the net present value of said efficiencies for ENI shareholders would be US$101 million Efficiencies Due to Staff & Services Expenses (Millions of US$) According to ENI Projections Adjusted by Tax(1) ENI Chile(2) ENI Américas Holding Fiscal year assumed 7 7 6 4 3 3 2 2 1 0 2016E 2017E 2018E 2019E 2020E Net Present Value (NPV) of Efficiencies in Staff & Services (Millions of US$) VPN (millions of US$) Sensitivity to Changes in the WACCs ENI Americas WACC USD + 8.83% ENI Chile WACC USD + 7.74% WACC ENI Chile 6.74% 7.24% 7.74% 8.24% 8.74% ENI Chile ENI Américas Holding 77 101 7.83% 117 110 105 100 95 18 26 Américas 8.33% 115 109 103 98 93 8.83% 114 107 101 96 91 58 ENI 24 75 9.33% 112 105 100 94 90 17 7 WACC 9.83% 111 104 98 93 89 Present value savings Net present value Present value perpetuity             2016-2020 Source: Enersis, Bloomberg and IM Trust (1) Yearly savings in fiscal year (year 2019) in comparison with data of the year 2015 (base and homogeneous 2014 exchange rate). Values adjusted according to Chile’s tax rules (2) It is assumed that the efficiencies are received at ENI Chile holding company Strictly Private and Confidential 29

DRAFT—PRELIMINARY VERSION

CASH FLOW IMPACTS OF THE REORGANIZATION

AT ENERSIS 4 ii. Tax Impact

DRAFT—PRELIMINARY VERSION

Framework Regarding the Tax Impact of the Reorganization, According to ENI Framework of tax impacts as a result of the Reorganization, identified by the Company: 3 Tax efficiency due to the reorganization at ENI Américas: Elimination of restrictions on the use of credits for taxes paid outside Chile 4 Efficiency in keeping tax accounting in foreign currency at ENI Americas: Marginal tax credit savings over the current situation, which is subject to monetary correction, which is subject to exchange-rate volatility scenarios 5 Possible eligibility and opting for a Platform CCorporation regime by ENI Américas T (year 2016) T + 5 years T + 10 years T + 15 years Reorganization T (year 2021) T (year 2026) T (year 2031) Division + Merger 1 2 Badwill by absorption of Chilectra Americas incurred at Tax cost by ENI Americas division in EOC and Chilectra Taxes in Peru and Impacts on EOC and Chilectra Argentina Impacts on ENI Américas • For the purposes of this assessment , two scenarios are considered: • Scenario that considers Effects 1, 2, and 3 • Scenario that considers Effect 4, in addition to Effects 1, 2 and 3 • Effect 4 is subject to Chile’s Internal Revenue Service authorizing ENI Américas to maintain tax accounting in foreign currency, and the benefits of said Effect 4 (marginal savings over the current situation—tax accounting in Chilean pesos) would be subject to volatility of exchange rate scenarios • In either scenario, Effect 5’s impact on the possible eligibility for and acceptance by ENI Américas of a platform corporation regime is not considered             Source: ENI

DRAFT—PRELIMINARY VERSION

Tax Impact of the Reorganization for ENI Shareholders

The net present value of the tax impact for ENI shareholders would be between US$65 and US$374 million with a payback period of between 5 and 7 years

Tax effect for ENI shareholders(1) (millions of US$) Net present value (NPV) of the tax effect (millions of US$) Tax efficiency due to ENI Americas WACC USD 106 reorganization in ENI + 8.83% 48 Américas(2) 167 11 16 15 10 Scenario 47 Impact per division in with tax Chilectra(3) 65 accounting -194 in pesos for -102 Impact per division in ENI Américas -48 EOC(3) -242 Present Valor presente value cash-flows f ujos Present value Net 2016-2020 perpetuity present value 2016 2017 2018 2019 2020 106 Tax efficiency due to ENI Americas WACC USD reorganization in ENI + 8.83% 48 55 46 52 Américas(2) Scenario 11 398 47 374 with tax Impact per division in accounting Chilectra(3) -194 in foreign Impact per division in currency for -48 EOC(3) ENI Américas -23 -242 Present Valor value presente cash-flows f ujos Present value Net 2016 2017 2018 2019 2020 2016-2020 perpetuity present value             Source: Enersis (1) Calculations based on estimates provided by the Company. The effects correspond to the tax impacts proportional to ENI shareholder participation in vehicles where said effects would be generated (2) Net impact of badwill due to absorption of Chilectra Américas (3) For the estimation of tax costs by division in Peru and Argentina, the equity value of the respective companies in Peru and Argentina was used, according to valuations estimated in this report Strictly Private and Confidential 32

DRAFT—PRELIMINARY VERSION

CASH FLOW IMPACTS OF THE REORGANIZATION

AT ENERSIS 4 iii. Transaction Costs (one-off)

DRAFT—PRELIMINARY VERSION

Transaction Costs (one-off)

Based on of the budget estimated by the Company, the present cost of the transaction (one-off costs) for ENI shareholders would be US$33 million

Considerations and Assumptions Transaction Costs Budgeted by ENI (Millions of US$) Management Necessary Optional Total • Transaction costs shown have been estimated by ENI Banks 9.6 1.9 11.5 • This budget assumes that it is not necessary to engage in liability Administration 10.6 0.0 10.6 management processes or request amendments as a result of the Reorganization Investor relations 4.7 0.6 5.4 Finances 0.1 4.4 4.5 Legal 3.2 0.7 3.9 Comunications 0.6 2.6 3.2 ICT 1.0 0.0 1.0 Human resources 0.3 0.0 0.3 Taxation 0.2 0.0 0.2 Total 30.4 10.2 40.6 Present Cost According to Shareholders of Each Company (Millions of Breakdown of Total Transaction Costs (Millions of US$) US$)(1) Chilectra Incurred curridos in en ENI ENI Incurred curridos in en EOC EOC Incurred Incur idos in Chilectra en Chilectra 3 33 3 11 = USD 41 million ENI 18 EOC 20 18 20 3 ENI EOC Chilectra             Source: Enersis (1) Proportional current cost according to participation in each company in which costs are incurred Strictly Private and Confidential 34

DRAFT—PRELIMINARY VERSION

CASH FLOW IMPACTS OF THE REORGANIZATION

AT ENERSIS 4 iv. Summary

DRAFT—PRELIMINARY VERSION

Impact on Cash Flow for ENI Shareholders

The net present value (NPV) on cash flow impacts for ENI shareholders would be ~US$288 million (2.2% of ENI market capitalization), and the NPV of the impacts over the next 5 years would have a negative value of ~US$72 million (–0.5% of ENI market capitalization)

Net present value on cash flow impacts for ENI shareholders (millions of US$) -33 288 220 2.2% over ENI market capitalization 101 To be defined EBITDA impact Taxation impact (1) Transaction cost Debt cost Impact on cash-flow Present value in the 2016 to 2020 period of cash flow impacts for ENI shareholders (millions of $US ) To be defined 24 -0.5% over ENI -63 market capitalization -33 -72 EBITDA impact Taxation impact (1) Transaction cost Debt cost Impact on cash-flow             (1) Uses the average of the tax impacts on ENI shareholders under a scenario with and without tax accounting in foreign currency for ENI Américas

Strictly Private and Confidential 36

DRAFT—PRELIMINARY VERSION

CONCLUSIONS 5

DRAFT—PRELIMINARY VERSION

Conclusions

We understand that it is natural that the organizational structure model be a control tool of the controlling shareholder and industrialist

We don’t see a predominant organizational model among the main integrated electric power companies (business, geographical, mixed, etc.) Business Model Enel shows a preference for a business model that is organized mainly by geographical market Considerations From the point of view of simplification and discount reduction, the division of Chile is understandable, but the rationale of keeping the rest of the countries grouped together is less self-evident

From the standpoint of market similarity and dynamics it could be logical to also separate Brazil or leave Chile, Peru and Colombia together

The idea that the Reorganization could contribute to a reduction in ENI’s holding company discount has been raised

According to preliminary estimates, ENI’s holding company discount is 18%, which is in line with other Chilean holding companies

The main source of reduction of said discount could occur due to a possible revaluation of EOC Chile and Chilectra Chile when their status as Differentiation of pure-play operating companies in the Chilean Gx and Dx market, respectively, is reinforced Business Models The savings space due to the revaluation of EOC Chile and Chilectra Chile would be subject to potential ENI Chile and ENI Américas discounts

& • Our preliminary estimate is that said space of savings (expressed as a reduction of ENI’s holding company discount) could be as high as Simplification of the US$448 million, which mainly depends on the following considerations:

Shareholder

That EOC Chile and Chilectra Chile come closer to the multiples of local comparable entities that have different growth rates and

Structure strategies

That ENI Chile’s holding company be very cost-effective and that cash flows from the subsidiaries be fully transferred to shareholders with an explicit dividend policy (such as IAM’s)

That ENI Américas’ discount does not wind up being greater than ENI’s current discount (18%)

While ENI Americas, ENI Chile and EOC Chile would have a stock market capitalization and float lower than those of ENI and EOC, as the case may be, their size and level of float should be in the upper range for companies listed in Chile with levels of liquidity also in the upper range

Liquidity

Based on valuations of electric power utilities in LatAm, there is no evidence that the possible lower liquidity of the new corporations can necessarily generate a significant impact on their value

Based on estimates and budgets prepared by ENI, and subject to the cost of debt impact assessment, the net present value (NPV) on cash flow impacts on ENI shareholders could be approximately US$288 million (2.2% of the market capitalization of ENI) Cash Flow Factors ~US$33 million in transaction costs, ~US$101 million in EBITDA impacts, and ~US$220 million in tax impact

The profile of said impacts shows an initial net cost (tax reorganization and transaction costs) offset by potential net benefits (tax efficiencies and holding company cost savings) to be received over time, which adds risk to the estimated NPV

Strictly Private and Confidential 38

DRAFT—PRELIMINARY VERSION

ATTACHMENTS 6

DRAFT—PRELIMINARY VERSION

Difference in Valuation by Multiples Between ENI and EOC

1

2015E EV/EBITDA of Gx and Dx companies 2015E EBITDA proportional distribution ENI EOC 10.1x 10.5x 13% 17% 7.1x 12% 6.2x 34% 58% EOC has greater presence that ENI in 9.1x 22% 11% markets that traded 6.2x (1) 7% with higher 6% 20% 5.1x multiples 7.2x Gx Dx 52% 2.9x 48% Gx 6.0x Dx 95% 5% Gx Dx Takes into account the median of the selection made 2 ENI Holding Company Discount (millions of US$) EOC Holding Company Discount (millions of US$) 16,086 2,892 ENI has a greater 13,194 11,971 1,399 18% 10,573 holding company 12% discount than EOC Valuation per Implicit Market Valuation per Implicit Market multiples discount capitalization multiples discount capitalization             USDCLP exchange rate assumed to be 682.4 Source: Enersis and Capital IQ. Data as of October 21, 2015 (1) Considering that there are no listed companies in Colombia devoted solely to distribution, Peru’s multiples were assumed for the valuation of distribution assets in Colombia Strictly Private and Confidential 40

DRAFT—PRELIMINARY VERSION

Breakdown of the Value of ENI, EOC and Chilectra According to the Valuation Methodology Used

ENI EOC Chilectra 1.6% 0.4% 1.0% 0.8% 4.0% 8.6% 2.8% 4.0% 9.8% 10.2% 16.0% 10.3% 5.2% 3.6% 11.7% 4.5% 20.3% 13.9% 13.4% 2.8% 7.7% Total equity Total equity Total equity USD 16,086 mm USD 11,971 mm USD 4,026 mm 4.4% 79.7% 86.1% 86.6% 49.6% 67.7% 73.4% Valuation by market multiples Valuation according to market capitalization Company ENI EOC Chilectra Participation(2) Participation(2) Participation(2) Companies Valued Endesa Costanera 45.4% 75.7% 0.0% According to their Market Coelce 64.9% 21.9% 6.6% Capitalization(1) Ampla Energía 92.0% 17.4% 36.6% Edegel 58.6% 62.5% 0.0% Edelnor 75.5% 0.0% 15.6%             (1) Empresa Eléctrica Pehuenche not was valued according to its market capitalization, given the low liquidity of said company (2) Considers direct and indirect participation

DRAFT—PRELIMINARY VERSION

ENI: Evolution of the EBITDA and Growth Plan by Country

In the last five years, the participation of Chile in the consolidated EBITDA has declined by ~10%, giving space mainly to Colombia and Peru, having a volatility in EBITDA greater than the rest of the countries together

EBITDA Breakdown by Country (Millions of US$) EBITDA Variation and Volatility by Country Chile Otros Total Chile Brasil Colombia Perú Argentina 2010 2011 2012 2013 2014 4,433 4,401 4,548 22.7% 15.6% 13.6% 167 72 4,023— 412 4,034 2.4% 1.3% 2.4% 2.2% 0.5% 384 483 557 43 482 573 -2.9% -8.3% -5.9% -8.4% -12.5% 1,125 1,119 -22.6% -33.8% 1.399 1,423 1,457 Volatility 40.7% 1,336 1,413 12.2% 9.9% 9.0% 1.277 1,113 5.3% 4.4% 1,045 1,422 1,314 1,042 Chile Otros Brasil Colombia Perú Argentina 864 917 2010 2011 2012 2013 2014 EBITDA Breakdown by country, Years 2010 and 2014 Historical CAPEX Breakdown (Millions of US$) Chile Brasil Colombia Perú Argentina CAC (%) Chile 4.8% Chile Otros 3.8% 1.1% Otros 12.7% 8.7% 14.2% 1,564 22.7% 1,092 1,195 1,306 32.1% Year 2010 Year 2014 302 258 259 347 25.4% 36.1% 2011 2012 2013 2014 25.9% 22% 18% 17% 18% 30.1% 78% 82% 83% 82%             Source: Presentations of Enersis results, briefs and projections Strictly Private and Confidential 42

DRAFT—PRELIMINARY VERSION

Deviation Between the Reported and Market-Estimated Results(1)

During the last 5 years, ENI and EOC have shown a deviation between reported and online-market-estimated results, and in some cases lower, with respect to the deviation of other power companies in Chile ENI: Deviation Between Reported and Analyst-Estimated Results EOC: Deviation Between Reported and Analyst-Estimated Results % Dev. EBITDA % Dev. Desv. Earnings Utilidad % Dev. EBITDA % Dev. Desv. Earnings Utilidad Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 Q1 2010 Q1 2011 Q1 2012 Q1 2013 Q1 2014 Q1 2015 60% 60% 30% 30% 10% 10% 0% 0% -10% -10% -30% -30% -60% -60% EBITDA Deviation and Volatility by Company(2) Earnings Deviation and Volatility by Company(2) Volatility 18% 6% 7% 622% 18% 11% Volatility 16% 12% 33% 210% 289% 15% 83.8% 22.1% 41.7% 7.5% 8.7% 26.1% 5.8% 6.6% 17.5% 12.7% 1.4% 8.0% ENI EOC AES Gener Colbún E.CL Aguas Andinas ENI EOC AES Gener Colbún E.CL Aguas             Andinas (1) The deviations that are displayed are calculated as the ratio between the reported result and the result estimated by analysts each quarter (2) The graph shows the median quarterly deviations in absolute terms since 2010 for each company Source: Bloomberg

DRAFT—PRELIMINARY VERSION

Tax Impact of the Reorganization for ENI Shareholders

The present net value of the tax impacts on EOC shareholders would be in a range of US$(-126 million) and 12 million Tax effect for EOC shareholders(1) (millions of US$) Net present value (NPV) of the tax effect (millions of US$) 99 Tax efficiency due to ENI Americas WACC USD 22 reorganization in ENI + 8.83% 78 7 7 5 Américas(2) 75 Scenario Impact per division in with tax EOC(3) -324 accounting -201 -126 in pesos for ENI Américas -324 2016 2017 2018 2019 2020 Present value cash-flow Present value Net 2016-2020 perpetuity present value 99 ENI Americas WACC USD + 8.83% 22 25 20 23 Tax efficiency due to 177 Scenario 78 reorganization in ENI Américas(2) with tax 12 accounting -324 in foreign Impact per division in EOC(3) currency for -165 ENI Américas -324 Present value cash-flows Present value Net 2016 2017 2018 2019 2020 2016-2020 perpetuity present value             Source: Enersis (1) Calculations based on estimates provided by the Company. The effects correspond to the tax impacts proportional to EOC shareholder participation in vehicles where said effects would be generated (2) Net impact of badwill due to absorption of Chilectra Américas (3) For the estimation of tax costs by division in Peru and Argentina, the equity value of the respective companies in Peru and Argentina was used, according to valuations estimated in this report Strictly Private and Confidential 44

DRAFT—PRELIMINARY VERSION

Tax Impact of the Reorganization on Chilectra Shareholders

The present net value of the tax impacts on Chilectra shareholders would be between US$(-6 million) and 31 million Tax effect for EOC shareholders(1) (millions of US$) Net present value (NPV) of the tax effect (millions of US$) Tax efficiency due to ENI Americas WACC USD reorganization in ENI + 8.83% 17 Américas(2) 6 2 2 1 20 Scenario 12 with tax accounting -48 Impact per division in -6 in pesos for Chilectra(3) -26 ENI Américas -48 Present value cash-flows Present value 2016 2017 2018 2019 2020 2016-2020 Net perpetuity present value ENI Americas WACC USD 17 Tax efficiency due to + 8.83% reorganization in ENI Scenario 6 7 5 6 Américas(2) with tax 12 48 accounting 31 in foreign -48 Impact per division in currency for Chilectra(3) 3) -48 ENI Américas -16 Present value cash-flows Present value Net 2016 2017 2018 2019 2020 2016-2020 perpetuity present value             Source: Enersis (1) Calculations based on estimates provided by the Company. The effects correspond to the tax impacts proportional to Chilectra shareholder participation in vehicles where said effects would be generated (2) Net impact of badwill due to absorption of Chilectra Américas (3) For the estimation of tax costs by division in Peru and Argentina, the equity value of the respective companies in Peru and Argentina was used, according to valuations estimated in this report Strictly Private and Confidential 45

DRAFT—PRELIMINARY VERSION

Trading Multiples of Companies in the Electric Power Sector (1/4)

Entreprise

Market Cap EV / EBITDA EV / Sales Price / Earnings

Country Value B / L

Company

USD mm USD mm UDM 2015E 2016E UDM 2015E 2016E UDM 2015E 2016E

Generation

Endesa Costanera SA Argentina 131 193 4.3 x NA NA 1.5 x NA NA 1.4 x NA NA 2.2 x Capex S.A. Argentina 151 358 4.3 x NA NA 2.5 x NA NA 113.8 x NA NA 1.4 x Argentina YPF Argentina 10,058 15,861 3.4 x 3.3 x 3.3 x 1.0 x 1.0 x 0.8 x 10.3 x 11.6 x 8.4 x 1.2 x Petrobras Argentina Argentina 1,460 1,660 4.1 x 2.5 x 1.9 x 0.7 x 0.7 x 0.6 x 18.2 x 6.6 x 5.8 x 1.1 x

Promedio 4.0x 2.9x 2.6x 1.4x 0.8x 0.7x 35.9x 9.1x 7.1x 1.4x Mediana 4.2x 2.9x 2.6x 1.2x 0.8x 0.7x 14.2x 9.1x 7.1x 1.3x

AES Tietê Brazil 1,397 1,729 12.3 x 5.1 x 6.2 x 2.2 x 2.6 x 4.0 x 34.2 x 8.0 x 10.2 x 3.5 x Brasil CESP—Companhia Energética de São Paulo Brazil 1,357 1,362 2.0 x 4.1 x 8.0 x 1.5 x 2.4 x 4.3 x NA 6.6 x 13.5 x 0.7 x Tractebel Energia Brazil 5,587 6,229 7.6 x 9.6 x 6.8 x 3.7 x 3.8 x 3.7 x 14.0 x 19.7 x 12.1 x 3.6 x

Promedio 7.3x 6.3x 7.0x 2.5x 2.9x 4.0x 24.1x 11.4x 12.0x 2.6x Mediana 7.6x 5.1x 6.8x 2.2x 2.6x 4.0x 24.1x 8.0x 12.1x 3.5x

Endesa Chile Chile 10,344 14,335 8.8 x 9.5 x 8.2 x 3.9 x 4.3 x 4.2 x 21,3 x 17.6 x 13.2 x 2.7 x AES Gener Chile 4,097 7,285 11.1 x 11.7 x 10.9 x 3.6 x 3.5 x 3.4 x 23.9 x 19.3 x 18.1 x 1.8 x Chile Colbún Chile 4,792 5,604 15.4 x 10.6 x 9.3 x 4.5 x 4.3 x 4.1 x NA 21.4 x 16.8 x 1.4 x E-CL Chile 1,521 2,067 7.1 x 6.7 x 6.5 x 1.9 x 1.9 x 1.8 x 18.2 x 16.7 x 21.2 x 0.9 x

Promedio 10.6x 9.7x 8.7x 3.5x 3.5x 3.4x 21.2x 18.7x 17.4x 1.7x Mediana 9.9x 10.1x 8.8x 3.7x 3.9x 3.8x 21.3x 18.4x 17.5x 1.6x

Col. Isagen Colombia 2,729 3,857 11.0 x 9.1 x 9.6 x 4.6 x 4.4 x 4.3 x NA 17.6 x 19.2 x 2.4 x

Promedio 11.0x 9.1x 9.6x 4.6x 4.4x 4.3x NA 17.6x 19.2x 2.4x Mediana 11.0x 9.1x 9.6x 4.6x 4.4x 4.3x NA 17.6x 19.2x 2.4x

Per. Edegel Peru 1,978 2,204 7.7 x NA NA 4.2 x NA NA 12.1 x 12.3 x NA 2.5 x EnerSur Peru 1,361 2,191 7.2 x 7.1 x 6.3 x 3.4 x 3.4 x 3.0 x 7.1 x 10.0 x 9.2 x 1.7 x

Promedio 7.5x 7.1x 6.3x 3.8x 3.4x 3.0x 9.6x 11.2x 9.2x 2.1x Mediana 7.5x 7.1x 6.3x 3.8x 3.4x 3.0x 9.6x 11.2x 9.2x 2.1x

Source: Capital IQ, financial statements of the companies and IM Trust. Data as of October 21, 2015

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DRAFT—PRELIMINARY VERSION

Trading Multiples of Companies in the Electric Power Sector (2/4)

Entreprise EV / Sales

Market Cap EV / EBITDA Price / Earnings

Company Country Value B / L

USD mm USD mm UDM 2015E 2016E UDM 2015E 2016E UDM 2015E 2016E

Distribution

Arg. Edenor Argentina 825 973 6.4 x 6.0 x 5.7 x 2.5 x 2.7 x 1.2 x 11.7 x 10.3 x 7.1 x 7.0 x

Promedio 6.4x 6.0x 5.7x 2.5x 2.7x 1.2x 11.7x 10.3x 7.1x 7.0x Mediana 6.4x 6.0x 5.7x 2.5x 2.7x 1.2x 11.7x 10.3x 7.1x 7.0x

Ampla Brazil 943 1,512 7.2 x NA NA 1.2 x NA NA 15.6 x NA NA 1.4 x Companhia Energética do Ceará—Coelce Brazil 755 1,046 4.4 x NA NA 1.0 x NA NA 7.8 x NA NA 1.5 x Brasil Eletropaulo Metropolitana Eletricidade de São Paulo S.A. Brazil 430 971 2.5 x 4.9 x 4.4 x 0.3 x 0.4 x 0.4 x 3.4 x 7.8 x 6.2 x 0.6 x Equatorial Energia S.A. Brazil 1,754 2,317 5.7 x 10.9 x 9.1 x 1.2 x 1.8 x 1.6 x 4.8 x 22.0 x 11.8 x 2.0 x Light SA Brazil 655 2,487 5.3 x 7.2 x 5.6 x 0.9 x 0.9 x 1.0 x 4.8 x 7.5 x 6.6 x 0.7 x

Promedio 5.0x 7.7x 6.4x 0.9x 1.0x 1.0x 7.3x 12.4x 8.2x 1.3x Mediana 5.3x 7.2x 5.6x 1.0x 0.9x 1.0x 4.8x 7.8x 6.6x 1.4x

. Chilectra S.A. Chile 3,216 3,162 9.1 x NA NA 1.8 x NA NA 11.9 x NA NA 1.7 x Ch Aguas Andinas S.A. Chile 3,167 4,341 10.8 x 11.0 x 10.6 x 6.5 x 6.7 x 6.5 x 17.4 x 17.1 x 16.2 x 3.6 x

Promedio 9.9x 11.0x 10.6x 4.2x 6.7x 6.5x 14.6x 17.1x 16.2x 2.7x Mediana 9.9x 11.0x 10.6x 4.2x 6.7x 6.5x 14.6x 17.1x 16.2x 2.7x

Col. Promigas S.A. E.S.P. Colombia 1,948 2,800 15.0 x NA NA 4.2 x NA NA 16.2 x NA NA 2.4 x

Promedio 15.0x NA NA 4.2x NA NA 16.2x NA NA 2.4x Mediana 15.0x NA NA 4.2x NA NA 16.2x NA NA 2.4x

. Luz del Sur S.A.A. Peru 1,428 1,873 9.1 x NA NA 2.2 x NA NA 10.6 x NA NA 2.5 x Per Empresa De Distribucion Electrica De Lima Norte S.a.a. Peru 920 1,305 6.9 x 6.2 x 5,9 x 1.7 x 1.6 x 1.6 x 10.1 x 9.1 x 8.6 x 2.2 x

Promedio 8.0x 6.2x 5,9x 2.0x 1.6x 1.6x 10.4x 9.1x 8.6x 2.4x Mediana 8.0x 6,2x 5.9x 2.0x 1.6x 1.6x 10.4x 9.1x 8.6x 2.4x

Source: Capital IQ, financial statements of the companies and IM Trust. Data as of October 21, 2015

(1) Considering that there are no listed companies in Colombia devoted solely to distribution, Peru’s multiples were considered or the valuation of distribution assets in Colombia.

Strictly Private and Confidential 47

DRAFT—PRELIMINARY VERSION

Trading Multiples of Companies in the Electric Power Sector (3/4)

Entreprise EV / Sales

Market Cap EV / EBITDA Price / Earnings

Value B / L

Company Country

USD mm USD mm UDM 2015E 2016E UDM 2015E 2016E UDM 2015E 2016E

Transmission

Arg. Compania de Transporte de Energia Argentina 247 330 8.7 x 5.1 x 4.4 x 1.9 x 2.0 x 1.6 x 8.8 x 22.0 x 17.3 x 3.2 x

Promedio 8.7x 5.1x 4.4x 1.9x 2.0x 1.6x 8.8x 22.0x 17.3x 3.2x Mediana 8.7x 5.1x 4.4x 1.9x 2.0x 1.6x 8.8x 22,0x 17.3x 3.2x

CTEEP Brazil 1,601 1,797 14.5 x 17.9 x 13.0 x 6.0 x 7.5 x 5.1 x 17.7 x 17.6 x 11.4 x 1.2 x Bra. Transmissora Aliança de Energia Elétrica S.A. Brazil 1,709 2,538 5.6 x 7.8 x 8.2 x 5.9 x 6.9 x 7.1 x 5.8 x 7.2 x 7.7 x 1.5 x Alupar Investimento S.A. Brazil 780 2,097 7.2 x 7.9 x 6.7 x 5.5 x 5.8 x 5.3 x 9.2 x 13.9 x 10.0 x 1.2 x

Promedio 9.1x 11.2x 9.3x 5.8x 6.7x 5.8x 10.9x 12.9x 9.7x 1.3x Mediana 7.2x 7.9x 8.2x 5.9x 6.9x 5.3x 9.2x 13.9x 10.0x 1.2x

MILA Interconexión Eléctrica S.A. E.S.P. Colombia 2,507 6,476 8.1 x 8.1 x 8.7 x 4.5 x 4.5 x 4.7 x NA 12.8 x 9.3 x 1.1 x

Promedio 8.1x 8.1x 8.7x 4.5x 4.5x 4.7x NA 12.8x 9.3x 1.1x Mediana 8.1x 8.1x 8.7x 4.5x 4.5x 4.7x NA 12.8x 9.3x 1.1x

Gas transportation

Gas Ecopetrol SA Colombia 19,018 31,982 5.2 x 5.2 x 4.4 x 1.6 x 1.7 x 1.5 x NA 15.3 x 9.7 x 1.2 x Petróleo Brasileiro S.A.—Petrobras Brazil 29,870 112,390 5.7 x 5.4 x 5.1 x 1.4 x 1.3 x 1.2 x NA 9.8 x 6.0 x 0.4 x

Tx

Companhia de Gás de São Paulo—COMGÁS Brazil 1,286 1,807 5.2 x 4.8 x 4.4 x 1.1 x 1.0 x 1.0 x 8.9 x 11.1 x 8.1 x 1.7 x

Promedio 5.4x 5.1x 4.6x 1.3x 1.3x 1.2x 8.9x 12.1x 7.9x 1.1x Mediana 5.2x 5.2x 4.4x 1.4x 1.3x 1.2x 8.9x 11.1x 8.1x 1.2x

Source: Capital IQ, financial statements of the companies and IM Trust. Data as of October 21, 2015

Strictly Private and Confidential 48

DRAFT—PRELIMINARY VERSION

Trading Multiples of Companies in the Electric Power Sector (4/4)

Entreprise

Market Cap EV / EBITDA EV // Sales Ventas Price / Earnings P / U

Compañí Company Country País Value B / L USD mm USD mm UDM 2015E 2016E UDM 2015E 2016E UDM 2015E 2016E

Integrated

Pampa Energia Argentina 1,355 1,875 5.6 x 6.6 x 4.3 x 2.6 x 3.1 x 2.3 x 8.7 x 14.7 x 13.5 x 3.3 x Enersis Chile 13,060 19,444 5.9 x 6.3 x 5.7 x 1.8 x 1.9 x 1.9 x 12.6 x 11.9 x 10.6 x 1.5 x CPFL Brazil 3,855 8,289 8.4 x 9.8 x 8.3 x 1.6 x 1.8 x 1.7 x 17.2 x 17.4 x 13.4 x 2.1 x EDP (Brasil) Brazil 1,384 3,048 6.7 x 6.0 x 6.0 x 1.3 x 1.2 x 1.1 x 4.2 x 11.9 x 10.6 x 1.0 x LatAm Eletrobras Brazil 3,358 12,992 18.3 x 36.4 x 27.7 x 1.5 x 1.6 x 1.9 x NA NA 12.4 x 0.2 x CEMIG Brazil 2,387 5,365 3.9 x 4.6 x 6.2 x 1.0 x 1.1 x 1.2 x 3.0 x 3.8 x 6.5 x 0.7 x COPEL Brazil 1,915 3,460 5.2 x 6.6 x 5.0 x 0.9 x 0.9 x 0.9 x 7.8 x 7.2 x 5.4 x 0.5 x EEB Colombia 5,269 7,544 22.3 x 9.2 x 10.7 x 8.6 x 5.0 x 7.4 x 18.8 x 21.0 x 11.1 x 1.7 x Celsia Colombia 797 2,353 10.3 x 7.9 x 7.2 x 2.5 x 2.1 x 2.2 x NA 54.0 x 13.5 x 0.7 x

Promedio 9.6x 10.4x 9.0x 2.4x 2.1x 2.3x 10.4x 17.8x 10.8x 1.3x Mediana 6.7x 6.6x 6.2x 1.6x 1.8x 1.9x 8.7x 13.3x 11.1x 1.0x

Source: Capital IQ, financial statements of the companies and IM Trust. Data as of October 21, 2015

Strictly Private and Confidential 49

DRAFT—PRELIMINARY VERSION

View of EOC and Gx companies in Chile

In the context of a EOC revaluation event to Colbún and AES Gener levels, it is important to point out certain differences that could impact their valuations by multiples, including the rate of growth of the EBITDA and relative plans of expansion between companies

EBITDA UDM Growth (CAC %) Dividend yield

Endesa Chile Colbún AES Gener E.CL Endesa Chile Colbún AES Gener E.CL 63.4% 8% 45.8% 6% 36.5% 4% 25.3% 22.3% 18.2% 14.4% 2% 9.3% 11.4% 0.6% n.d. 6.4% 0% 5 5 years años 33 years años 11 year año 2011 2012 2013 2014 (1) Investment Plan Leverage (Jun. ‘15) Current MW in % growth Developing Company MW MW projects countries 148.0% Endesa Chile 15,722 550 3.5% 80.9% Colbún 3,278 554 16.9% 55.2% 43.5% AES Gener 5,057 1,256 24.8% E.CL 2,108 381 18.1% Endesa Chile Colbún AES Gener E.CL             (1) The leverage is calculated as the ratio between financial debt and the controlling equity as of June 30, 2015 Source: Financial statements and presentations by the companies, the Santiago Stock Exchange and IM Trust Strictly Private and Confidential 50

DRAFT—PRELIMINARY VERSION Structure of the Reorganization I II Merger of Endesa Américas and Chilectra Américas into Enersis Division of Enersis, Endesa Chile and Chilectra Américas Enel SpA Enel SpA 100.0% 100.0% Enel Enel Enel Enel Iberoamérica Latinoamérica Iberoamérica Latinoamérica 2 60.6% 60.6% 60.6% > 50.0% Enersis Chile Enersis Américas Enersis Chile Enersis Américas Chilectra Endesa 1 Américas Américas: 99.1% 60.0% 99.1% 60.0% 99.1% 60.0% Merger by absorption Chilectra Endesa Chilectra Endesa Chilectra Endesa Chile Chile Américas Américas: Chile Chile 1. 1 Division of assets outside Chile of Chilectra and Endesa Chile into new • Merger by absorption by Enersis Américas of corporations Chilectra Américas and Endesa Américas corporations called Chilectra Américas and Endesa Américas, respectively • The estimated exchange relations for the merger shall be defined at the 2 respective boards of shareholders that approve the Reorganization 2. Division of Enersis’ Chilean assets into a new corporation to be called Enersis Chile New corporations originated by the Reorganization Strictly Private and Confidential 51

DRAFT—PRELIMINARY VERSION Current Shareholder Structure of Enersis 60% 99% Latinoamérica exChile Chile 51% 51% 0.01% 60% 40% 4% 22% Fortaleza 22% CIEN 45% Costanera—Edelnor—Dock Sud 58% Celta 11% 11%—15% — 51% 45% 0,01% 39% 22% 4% Cachoeira 22% 10% Ampla 39% El Chocón—Codensa—Yacilec 58% Gas Atacama Dourada 11% 36%—9% — 30% 38% 22% 16% 46%—13% Coelce 0,3% Edesur 16% Emgesa—Cundinamarca—EEPSA 56% Pehuenche 22% 34%—4% — 21% 2% 37% Edegel 29% Transquillota — 55% 0.01% Central 27% Cemsa 31% Hidroeléctrica — de Aysen Symbols Ownership Propiedad( (1) ) ENI NI Operating Generation Distribution Ownership Propiedad (1) EOC OC Chile Chile 1) subsidiary Transmission Marketing Ownership Propiedad (1) Chilectra Chi ectra (1) Direct and indirect participation Strictly Private and Confidential 52

DRAFT—PRELIMINARY VERSION Santiago Office Avenida Apoquindo 3721, Piso 9 Las Condes 7550177 Chile +56 (2) 2450 1600