Investor Presentation Disclaimer

The material that follows is a presentation of general background information about Empresa de Transporte de Pasajeros S.A. (“the Company”) as of the date of this presentation. The information in this presentation is in summary form and does not purport to be complete. This presentation is strictly confidential and may not be disclosed to any other person. This presentation may not be photocopied, reproduced, or distributed in whole or in part to others at any time. No representation or warranty, express or implied, is made concerning, and no reliance should be placed on, the accuracy, fairness, or completeness of the information presented herein. This presentation contains statements that are forward-looking within the meaning of Section 27A of the United States Securities Act of 1933, as amended and Section 21E of the United States Securities Exchange Act of 1934, as Color amended. These forward looking statements are found in various places throughout this presentation and include, without limitation, statements concerning our future business Scheme development and economic performance. Such forward-looking statements are only predictions and are not guarantees of future performance. We caution you that any such forward- looking statements are and will be, as the case may be, subject to many risks, uncertainties and factors relating to the operations and business environments of companies that may cause actual results to be materially different from any future results expressed or implied in such forward-looking statements. Although the Company believes that the expectations 208 10 44 and assumptions reflected in the forward-looking statements are reasonable based on information currently available to the Company’s management, the Company cannot guarantee future results or events. The Company expressly disclaims any duty to update any of the forward-looking statements, or any other information, contained herein. This presentation has been prepared solely for informational purposes and does not constitute an offer or invitation, or solicitation of an offer, to subscribe for or purchase any securities. Neither this 38 101 180 presentation nor anything contained herein shall form the basis of any contract or commitment whatsoever. Securities may not be offered or sold in the United States unless they are registered or exempt from registration under the United States Securities Act of 1933, as amended, and sold to investors that are both qualified institutional buyers (“QIBs”) and in reliance on Rule 144A under the Securities Act or in offshore transaction to persons other than U.S. persons as defined in Regulations under the Securities Act. Any offering of securities 127 127 127 will be made by means of, and this presentation must be read in conjunction with, a final offering memorandum that may be obtained from the Joint Bookrunners, which will contain a description of the material terms (including risk factors, conflicts of interest, fees and charges and tax aspects) relating to such security or investment product and will contain detailed information about the Company, the Company’s management and the Company’s financial statements. It is not targeted to the specific investment objectives, financial situation or 191 191 191 particular needs of any recipient. It is not intended to provide the basis for any third party evaluation of any securities or any offering of them and should not be considered as a recommendation that any investor should subscribe for or purchase any securities. Certain information has been obtained from public sources. The information contained in this material has not been independently verified by the initial purchasers or any of their respective affiliates. No representation or warranty, either express or implied, by the Company, 217 217 217 the initial purchasers or any of their respective affiliates is made as to, and no reliance should be placed on, the accuracy, fairness or completeness of the information presented or contained in this presentation. Investment decisions should be solely made on the basis of the offering memorandum and not on the basis of this presentation. This communication does not constitute an offer to the public in the United Kingdom and consequently this material is for distribution only to persons who (i) are outside the United Kingdom, or (ii) are 161 151 205 persons who have professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act of 2000 (Financial Promotion) Order 2005 (as amended, the “Order”), or (iii) are high net worth entities and other persons to whom it may lawfully be communicated, falling under Article 49(2)(a) to (d) of the Order, all such persons together being referred to as “relevant persons.” This material is directed only at relevant persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or investment activity to which this material relates is available only to relevant persons and will be engaged in only with relevant persons. This presentation is strictly confidential and is being submitted to selected recipients only. This presentation may not be reproduced (in whole or in part), distributed or transmitted to any other person without the Company’s or the initial purchasers’ prior written consent. This presentation is not intended for distribution to, or use by any person or entity in any jurisdiction or country where such distribution or use would be contrary to local law or regulation.

2 Metro at a Glance Metro at a Glance

Metro Overview Strategic Network for ’s Public Transportation

✓ Empresa de Transporte de Pasajeros Metro SA (“Metro” or the “Company”) owns and operates the entire underground transportation system of Santiago, Color Scheme ✓ It is wholly-owned by the Republic of Chile (“Chile”)

208 10 44 ✓ It is an essential part of Transantiago, the city’s integrated public transport system

38 101 180 ✓ As of December 2016, more than 60% of all daily trips on public transportation in Santiago use Santiago’s Metro 255 216 0 Current Key Subway Network Statistics

208 106 41  103.5 km of track and 108 stations on 5 lines  154 trains and 1,078 cars 54 106 41  2.3 million average trips per business day  670.0 million passengers as of December 2016

99 82 171 Financial Highlights  No subsidy required for Metro’s operations  Figures as of December 2016 totaled:  Revenues of US$479mm;  Fare Revenue: 80.4%  Non-fare Revenue: 19.6%  Adjusted EBITDA of US$124mm; and  Adjusted Operating Profit of US$15mm

Note: Figures converted to USD at the observed exchange rate as of December 31, 2016 (669.47 CLP/USD).

4 Key Investment Highlights 1 Wholly-Owned by the Republic of Chile

Color Scheme

208 10 44 2 Leading Member of Santiago’s 38 101 180 Transportation System

127 127 127

191 191 191 3

217 217 217 Historically Stable Revenue Base

161 151 205

4

Solid Financial Performance

6 1 Wholly-Owned by the Republic of Chile

Strong Sovereign Backdrop The Government of Chile owns 100% of Metro Dynamic Country with a Business Friendly Framework

✓ Dynamic Economy: Avg. Real GDP growth of 4.96% between 1990-2015, one of the highest in (2) Color Ministry of Scheme 37.25% Finance

62.75% ✓ Transport Infrastructure and Modern Connectivity Integrated to the 208 10 44 World: Cutting edge telecommunications, digital network and logistics 38 101 180 facilitating business

127 127 127  Metro is wholly-owned by the Government of Chile (Aa3/AA-/A+)(1). Strongest Credit Rating in the Region

191 191 191 Nonetheless, Metro is self-sufficient and does not require direct subsidies to finance its operations

217 217 217  Metro is currently rated NR/A+/A(1) Chile Aa3 AA- A+  The Government of Chile has made periodic capital contributions to Metro, 161 151 205 which have strengthened its balance sheet A3 BBB+ BBB+  Chile authorized the partial financing of Metro’s capital expenditures related to Project 63 and the Extension Project Baa2 BBB BBB

 Between 2014 and 2015, Chile approved and subscribed for capital A3 BBB+ BBB+ increases of ~US$595mm. Furthermore, in December 2016, Chile approved an additional ~US$530mm capital increase in order to finance Metro’s Ba2 BB BB investments

Argentina B3 B- B

Sources: Company filings, the Economist Intelligence Unit, Bloomberg and Central Banks as of November, 2016. (1) Reflects Moody’s / Standard & Poor’s / Fitch long-term foreign issuer ratings. 7 (2) Central Banks from , Bolivia, Brazil, Colombia, Chile, Costa Rica, , , El Salvador, Guatemala, Honduras, Jamaica, Mexico, Nicaragua, Peru, Paraguay, , Trinidad & Tobago, Uruguay and . 1 Wholly-Owned by the Republic of Chile

Chile Presents a Favorable Macroeconomic Environment within Latin America LatAm’s Highest GDP per Capita (at PPP) Low Inflation and Unemployment Levels 2015, US$ 000s 2011–2015 Average Inflation

3.9% 1.4% 2.8% 1.0% 4.6% 4.8% 9.8% 6.1% 6.4% 4.8% 6.9% 7.3% 30% $22,3 30% Color $21,8 27.0% Scheme $17,3 $15,6 $13,8 6,7% 208 10 44 $11,2

38 101 180 3,3% 3,3% 3,4% 3,6%

127 127 127 Chile Argentina Mexico Brazil Colombia Peru Peru Colombia Chile Mexico Argentina Brazil

191 191 191 2011 – 2015 Average GDP Growth 2011 – 2015 Average Unemployment

Demographic Profile Lowest Debt Levels in the Region & Sustainable Fiscal Deficit 217 217 217 By Age Structure as of June 2016 2015 Figures (% of GDP)

43,2% 161 151 205 2.8% 2.0% 1.5% 1.1% 1.2% 1.1% 66.5% 20,3% 46.5% 49.6% 50.1% 15,5% 10,6% 10,5% 23.3% 16.7%

0-14 Years 15-24Years 25-54 Years 55-64 Years 65 Years Chile Peru Mexico Colombia Argentina Brazil

Public Debt Deficit / (Surplus)

Sources: The Economist Intelligence Unit, Central Intelligence Agency’s The World Factbook, Bloomberg and Central Banks. 8 2 Leading Member of Santiago’s Transportation System

Metro’s Operations are Essential to Santiago’s Population

Key Highlights Key Network Statistics as of December 2016

 Metro is the owner and sole operator of Santiago’s underground transportation system, one of the largest in LatAm in terms of passenger trips 154 trains 2.3mm average number of trips per Color business day Scheme and network extension

 The Company’s network connects many of the major business, retail and 1,078 cars 670.0mm passengers 208 10 44 residential areas of Santiago, making it a popular mode of transportation for residents and tourists 103.5 km of track 5 lines connecting 21 communities

38 101 180  Metro is a leading member of Transantiago, Santiago’s integrated public transport system offering bus and underground transportation 108 stations

127 127 127  As of December 31, 2016, more than 60% of the total daily passenger trips of Transantiago included a trip on the Santiago subway

191 191 191 Rides per Year (Millions)

217 217 217 CAGR (’09 – '16): 1.4%

161 151 205 682 667 668 670 672 661 662 649 652 640 642 632 621 622 608 612 602 592 2009 2010 2011 2012 2013 2014 2015 2016

Source: Company filings. 9 2 Leading Member of Santiago’s Transportation System

Significant Completion of Metro’s Most Ambitious Expansion

Project 63 & Network Strengthening Program Planned Layout for Lines 6 and 3  Expected to be fully operational by 2018, Project 63 (or the construction of new lines 6 & 3) is the most significant expansion effort in Metro’s history Color Scheme  The total estimated investment for Project 63 is expected to reach ~US$3.0bn over the next 6 years  Metro will finance a portion of the required CapEx through equity contributions from the Government of Chile 208 10 44  The Company will fund the remainder mostly through debt and cash

38 101 180 ✓ 28 new stations and 37 kilometers of track extensions

127 127 127 ✓ 37 new driverless trains with 5 cars each

191 191 191 ✓ Increase ratio of km of track per million residents from 14.2x to 19.3x Project Completion as of December 2016 New Line 6 New Line 3 217 217 217 10% ✓ Improved security by additional cameras in trains and stations 36% 161 151 205 ✓ State-of-the-art information screens and direct communication with headquarters

✓ 5 new communities 63% 90%

✓ Reduction of up to an avg. of 60% and 70% of passenger’s travelling time Completed Pending

Progress for line 6 consists of full completion Progress consists on the excavation of of the tracks, receipt of all the trains in Chile, 100% of the tunnels ✓ Benefits more than 1 million inhabitants across 11 communities 83.0% completion of the installation of overheard power cables, and assembly of the Source: Company filings. platform gates of eight out of the 10 stations 10 2 Leading Member of Santiago’s Transportation System

Constantly Expanding & Strengthening its Network

The Extension Project of Lines 2 and 3 Metro Projected Network

 The Extension Project consists of the incorporation of 8.9 km of additional rail Color and 7 new stations to the network through: Scheme  The extension of Line 2, which will add 5.1 km and four new stations to the network, servicing two new communities: El Bosque and San Bernardo 208 10 44  The extension of Line 3, which will add 3.8 km and three new stations to the network

38 101 180  Metro estimates that the Extension Project will benefit over 600,000 people by reducing their travel times by up to 80%

127 127 127  Metro expects to invest ~US$855mm during the next five years, of which US$484mm corresponds to Line 2 and US$371mm to Line 3

191 191 191  Metro announced the start of its engineering in 2017 and estimates that it will be completed by the second half of 2022

217 217 217

161 151 205

Key – Metro Lines

San Pablo - Los Dominicos La Cisterna - Vespucio Norte Plaza del Puente Alta - Tobalaba

La Cisterna - Vicuña Mackenna Interchange Stations Customer Service Office

Plaza de Maipú - Vincent Valdés Train Transfer BiblioMetro

Metro de Santiago - Chile Transfer to Interurban Buses BiciMetro

Emergency 1411 Bus Transfer MetroArte

Priority Access Bus to Airport Wi-Fi Zone

Source: Company filings. 11 3 Historically Stable Revenue Base

Transparent Fare System

Technical Fee Revenue Adjustment Formula Electrical Input ✓ Transantiago uses an integrated fare system for subway & bus transportation Price Index EUR FX Rate Electrical Energy Color 3.5% Price Index 1.8% Scheme ✓ Metro is entitled to a “Technical Fee” from Transantiago for each passenger 9.7%

208 10 44 ✓ The Technical Fee is expected to cover Metro’s long-term costs

23.7% Asset USD FX Rate Fare Revenues OpEx Debt Servicing 38 101 180 = + + Renovation (1) 61.4% Inflation

127 127 127 ✓ The Technical Fee is updated monthly based on an adjustment formula, providing a natural hedge against inflation, FX and electricity price volatility

191 191 191 Technical Fee Revisions Average Technical Fee Evolution (CLP$)

 The Technical Fee is revised every 3 years with the Ministry of CAGR (’10- '16): 4.8% 217 217 217 Telecommunications and Transportation, taking into account increases in installed capacity, other services, hours of operation, purchase of new trains, 161 151 205 technology & fleet modernizations and infrastructure expansions 400 384,8  The Transantiago Transportation Services Agreement was amended on 380 360,3 September, 2016, incorporating fee adjustments for total long-term costs, the 360 335,1 340 implementation of a management plan for high-impact failures and the 320 301,7 302,2 291,5 297,9 intermodal terminals 300 280  Once all increases come into effect in 2018, Metro’s Technical Fee is 260 expected to be CLP$332.1 (in Chilean pesos as of September 2012) 240 220  Furthermore, the revision also approved an increase in Metro’s Technical 200 Fee upon the start of operations of the Extension Project of lines 2 and 3 by 2010 2011 2012 2013 2014 2015 2016 up to CLP$31.2 (in Chilean pesos as of September 2012)

Source: Company filings and the Public Transportation System of Santiago Service Agreement (Convenio Para la Prestación de Servicios de Transporte al Sistema de Transporte Público de Santiago) dated as of June 26, 2013, as amended. 12 (1) Refers to assets with a useful life of no more than 40 years. 3 Historically Stable Revenue Base

Non-Fare Revenue Boosting Top-Line Growth

Non-Fare Revenue

 Non-fare revenue represented 19.6% of Metro’s total revenue during 2016. Non-fare revenue includes: Color Scheme  Sales Channel Services: Metro serves as the exclusive sales channel for Transantiago’s Tarjeta Bip! through its points of sales, collecting 100% of the sales and recharges of those cards  Metro receives a monthly fee from Transantiago for its sales channel services, which is calculated as a percentage of the total amount collected 208 10 44  Additionally, Metro is able to set-off all amounts due from the Technical Fee of its confirmed passengers directly, before transferring the remaining funds to Transantiago 38 101 180  Leasing and Selling of Commercial & Advertising Spaces: the Company leases over 400 commercial and retail spaces, 10,000 advertising spaces and several locations for ATMs, payphones, telecom towers, vending machines, among others

127 127 127

Non-Fare Revenue Evolution (CLP$mm) YTD Revenue Breakdown (December 2016) 191 191 191 Total Revenue Non-Fare Revenue $86 $94 $94 Non-Fare 217 217 217 Revenues Other Non-Fare Revenues 20,5% 20,8% 70 21,0% 161 151 205 19,6% 19,6% 68 20,0% 66 19,0% 62,723 62,713 38,4% 64 18,0% 62 17,0% 60 US$479MM US$94MM 57,567 16,0% 58 61,6% 56 15,0% 14,0% 54 80,4% 52 13,0% Sales Channel 50 12,0% Fare Services 2014 2015 2016 Revenues Non-Fare Revenue (US$mm) % of Total Revenue

Source: Company filings. Note: Figures converted to USD at the observed exchange rate as of December 31, 2016 (669.47 CLP/USD). 13 Financial Information 4 Solid Financial Performance

Strong Top-Line Growth, Coupled with Improving Profitability

Total Revenue (CLP$mm) Revenue Breakdown (%)

$427 $478 $479 Color Scheme 330 320,561 100% 300,949 310 90% 20,5% 20,8% 19,6% 281,290 290 80% 70% 208 10 44 270 60% 250 50% 230 40% 79,5% 79,2% 80,4% 210 38 101 180 30% 190 20% 170 10% 150 0% 127 127 127 2014 2015 2016 2014 2015 2016 Total Revenue (US$mm) Fare Revenues Non-Fare Revenues 191 191 191 Adjusted EBITDA (CLP$mm) Adjusted Operating Profit (CLP$mm)

217 217 217 $121 $118 $124 $8 $4 $15

161 151 205 83,159 10,227 90 79,545 77,722 11 80 10 70 9 28,3% 8 60 3,2% 50 7 6 5,179 40 5 30 25,8% 25,9% 4 2,904 20 3 1,8% 10 2 1,0% 0 1 2014 2015 2016 2014 2015 2016

Adj. EBITDA (US$mm) EBITDA Margin (%) Adj. Operating Profit (US$mm) Operating Profit Margin (%)

Source: Company filings. 15 Note: Figures converted to USD at the observed exchange rate as of December 31, 2016 (669.47 CLP/USD). 4 Solid Financial Performance

Improving Credit Metrics, Significantly Above Existing Financial Covenants

Total Financial Debt to Capitalization (Total Financial Debt / Total Interest Coverage (Adjusted EBITDA / Financial Expenses) Capitalization)

0,46x Color 0,45x 0,44x Scheme 1,66x 1,59x 1,55x

208 10 44 1.10x

38 101 180

127 127 127 2014 2015 2016 2014 2015 2016

Minimum Interest Coverage Covenant 191 191 191 Shareholders’ Equity (CLP$bn) Total Financial Debt / Equity

217 217 217 $2.8 $2.9 $3.4 1.70x 2,246 161 151 205

1,897 1,927 0,86x 0,88x 0,79x

0.7

2014 2015 2016 2014 2015 2016 Shareholders’ Equity (US$bn) Min. Shareholders’ Equity Covenant Maximum Debt / Equity Covenant

Source: Company filings. Note: Figures converted to USD at the observed exchange rate as of December 31, 2016 (669.47 CLP/USD). 16 4 Solid Financial Performance

Diversified Sources of Debt Financing

Total Financial Debt Maturity Profile (US$mm, as of Dec’16) (1) $ 1.806

Color Scheme

208 10 44 $ 409 $ 250 $ 225 38 101 180

< 1 Year 1 - 3 Years 3 - 5 Years > 5 Years 127 127 127 Total Financial Debt Breakdown (as of Dec’16) 191 191 191 By Type (2) By Currency (1) By Guarantees

217 217 217 Derivatives Guaranteed by the International Bond Government of Bank Loans 0,03% Chile 161 151 205 18,73% 24,81% 31,4% USD & EUR 43.5% US$2.7bn US$2.7bn US$2.7bn 56.5% UF(3) 68,6%

56,44% Not Guaranteed by the Government

Local Bonds of Chile

Source: Company filings. Note: Figures converted to USD at the observed exchange rate as of December 31, 2016 (669.47 CLP / USD). (1) Excludes derivatives and megaproject contract retentions. 17 (2) Excludes megaproject contract retentions. (3) Refers to a unit of inflation-indexed CLP. 4 Solid Financial Performance

Capital Expenditures in Line with Santiago’s Network Development Requirements

Metro Has Maintained High Levels of Capital Expenditures to Support its Expansions and Renovations… 760 647 Color Scheme 159% 449 144% 107% 208 10 44

38 101 180

2014 2015 2016 127 127 127 CapEx (US$mm) CapEx as a % of Revenue

191 191 191 …And It Expects to Continue Investing in its Operations to Better Serve its Users

217 217 217

161 151 205

New Lines 6 & 3 Expansion of Lines 3 & 2 Other Modernizing & Improvement Remaining CapEx: Total CapEx: Projects Total CapEx:

~US$940mm ~US$855mm ~US$610mm(1)

Source: Company filings. Note: Figures converted to USD at the observed exchange rate as of December 31, 2016 (669,47 CLP / USD). (1) Includes total investments in Integration of Fleet, Automated Control System, Strengthening of Metro’s Infrastructure, Maintenance Plan for High Impact Failures and Safety Projects. 18 1 Wholly-Owned by the Republic of Chile

Color Scheme

208 10 44 2 Leading Member of Santiago’s 38 101 180 Transportation System

127 127 127

191 191 191 3

217 217 217 Historically Stable Revenue Base

161 151 205

4

Solid Financial Performance

19 Appendix Appendix

Summary Financials

Key Income Statement Items(1) US$mm 2014 2015 2016 Total Revenue $ 421 $ 451 $ 479 Color Scheme Fare Revenue 335 357 385 Sales Channel Services 55 61 58 Other Non- Fare Revenue 32 33 36 208 10 44 Cost of Sales (381) (403) (411) Gross Profit $ 41 $ 48 $ 68 38 101 180 Gross Margin 9.8% 10.7% 14.2% Adj.EBITDA $ 119 $ 116 $ 124 EBITDA Margin 28.3% 25.8% 25.9% 127 127 127 Adj. Operating Profit $ 8 $ 4 $ 15 Operating Profit Margin 1.9% 0.9% 3.2% 191 191 191 Net Income $ (195) $ (232) $ (45) Net Income Margin (46.4%) (51.4%) (9.5%)

217 217 217 Key Balance Sheet Items(1) 161 151 205 US$mm 2014 2015 2016 Current Assets 522 308 315 Non-Current Assets 4,751 5,358 5,997 Total Assets $ 5,272 $ 5,666 $ 6,312 Short-Term Liabilities 282 370 413 Long-Term Liabilities 2,148 2,408 2,544 Total Liabilities $ 2,430 $ 2,779 $ 2,957 Total Shareholder's Equity $ 2,842 $ 2,887 $ 3,355

Source: Company filings. (1) Figures converted to USD at the observed exchange rate as of December 31, 2016 (669.47 CLP / USD).

21