Empresa Nacional del Petróleo. 2Q 2012 Financial Results

Empresa Nacional del Petróleo 2Q 2012 Financial Results

Disclaimer Forward-looking statements are based on the beliefs and assumptions of ENAP s management and on information currently available to the Company. They involve risks, uncertainties and assumptions because they relate to future events and therefore depend on circumstances that may or may not occur in the future. Investors should understand that general economic conditions, industry conditions and other operating factors could also affect the future results of ENAP and could cause results to differ materially from those expressed in such forward-looking statements This presentation contains certain performance measures that do not represent Chilean GAAP and IFRS definitions, such as EBITDA and Net financial debt. These measures cannot be compared with the same previously used by ENAP and the same used by other companies Investors Presentation 2

Highlights 100% State owned, the second largest Chilean state-owned company 2011 Revenues and EBITDA of USD10,835 MM and USD 372 MM, respectively 2Q 2012 Revenues and EBITDA of USD 5,718 MM and USD 22 MM, respectively A key strategic asset for Chile The only refiner in Chile Represents approximately 40% of Chile s energy matrix Satisfies approximately 65% of Chilean demand for refined oil products World class operator with state of the art facilities and an extensive logistics network in Chile 3 refineries, marine terminals, storage facilities for crude and refined products, pipelines, and the region s first LNG terminal Stable & long-term relationships with a diverse base of suppliers & buyers Proven access to multiple sources of financing Experienced and professional management Strong investment grade ratings since 2002 (Baa2/BBB-/A) Investors Presentation 3

Agenda Section 1 Business Strategy Section 2 ENAP at-a-glance Section 3 Company Overview Section 4 Financial Performance Investors Presentation 4

Business Strategy Maintain leadership position in the growing Chilean market Continue offering a variety of refined and natural gas products at competitive prices Improve complexity of refineries and focus on providing higher value-added products Improve operating efficiency and profitability Shorten the inventory cycle and implement a more flexible hedging strategy Improve cost structure and energy independence from South America Expand international exploration and production operations, primarily in South America and Northern Africa Focus on E&P opportunities in markets with already established presence such as Egypt, Ecuador and Argentina Achieve a greater level of integration by expanding refining, logistics and distribution capabilities in the region Investors Presentation 5

Agenda Section 1 Business Strategy Section 2 ENAP at-a-glance Section 3 Company Overview Section 4 Financial Performance Investors Presentation 6

Chile s Only Oil Refiner, 100% Government-Owned ENAP represents a key strategic asset for Chile as the largest and most significant oil producer, the only refiner in Chile, and the Chilean market leader in the refined oil products market Represents approximately 40% of Chile s energy supply for transportation and power generation Satisfies approximately 65% of Chilean demand of refined oil products 100% State owned, Chile s second largest state-owned company World class operator with an extensive network for transportation, storage and distribution of crude oil, natural gas and refined products in Chile 3 refineries with a total aggregate refining capacity of 229,000 bb/day, an unmatched asset base Stable and long-term relationships with suppliers and buyers One of the highest rated oil and gas company in Latin America, with strong access to capital markets. Local Credit Rating International Credit Rating Agency Clasification Outlook Agency Clasification Outlook Feller Rate AA+ Stable Fitch Ratings A Stable Fitch Ratings AAA Stable Moody's Baa2 Negative Standard and Poor's BBB- Stable Investors Presentation 7

Strong Support from The Republic of Chile Government ownership with strong support as evidenced by: US$250 mm capital contribution in 2008 Capitalization of retained earnings at the ENAP subsidiary level Temporary suspension of dividends to the Republic of Chile The government has waived its right to receive any dividends for the past three years, allowing ENAP to strengthen its capital base Relationship with the owner Strong corporate governance, following best practices from the private sector Chilean government and its regulatory bodies closely supervise operations The Chairman of the Board is the Minister of Energy Budget and debt issuance approved by the Ministry of Finance Professional and experienced management team Investors Presentation 8

Agenda Section 1 Business Strategy Section 2 ENAP at-a-glance Section 3 Company Overview Section 4 Financial Performance Investors Presentation 9

Two Distinct Businesses: Downstream & Upstream ENAP organizes its operations into two divisions: Refining and Marketing ( R&M ) for downstream activities Exploration and Production ( E&P ) for upstream activities R&M and E&P historically have accounted for approximately 95% and 5% of revenues and approximately 60% and 40% of the net profit, respectively Downstream Upstream Refining and Marketing (R&M) Exploration and Production (E&P) International Domestic Magallanes R&L Magallanes E&P Source: ENAP Investors Presentation 10

Extensive Refining and Logistics Assets Leadership position based on refining capacity and extensive oil and gas network in Chile which delivers natural gas and refined products to key energy centers Unmatched asset base which is critically important to Chile Three refineries located in central and southern Chile (Aconcagua, Bío Bío and Gregorio) which in 2011 produced an average of 192.3 thousand barrels of refined products per day, including a wide range of products. During 2Q2012 ENAP s refineries has produced an average of 188.7 thousand barrels of refined products per day Crude oil storage facilities with an aggregate storage capacity of approximately one million cubic meters Refined products storage facilities with a total capacity of approximately 1.5 million cubic meters Marine terminals next to the Aconcagua and Bío Bío refineries, with sufficient capacity to receive 100% of the refineries crude oil and imported refined product requirements Gas pipelines in the Magallanes region which connect Tierra del Fuego island with the continent and which connect our facilities to our industrial customers Pipelines in Magallanes connecting crude oil producing wells with the Gregorio refinery and the marine terminal 1 Concón: Refinery Aconcagua Santiago: ENAP Headquarters 2 Linares: Terminal Hualpén: Refinery Bío Bío Refinery Locations ENAP s Refining Capacity 46.7% 47.0% Santiago: ENAP Sipetrol S.A. (HQ) Maipú: Terminal San Fernando: Terminal Chillán: station 3 Punta Arenas: Refinery Gregorio 6.3% Aconcagua Bío Bío Gregorio Investors Presentation 11

Use Rate Advanced & Flexible Refining Capacity Highlights ENAP s refineries process crude oil, substantially all of which is purchased from foreign third parties ENAP has improved its refineries capacity for refining heavy crude oils 100% 75% ENAP s Refining Utilization Rate (%) 94,9% 87,7% 89,1% 83,7% 76,4% 69,4% 72,1% Heavy crude oils are less expensive than light crude oils and are abundant in South America, shortening ENAP s inventory cycle 50% 25% The utilization rate, as of June 30, 2012, reached 72.1% Given refining margins in the current market, ENAP is making better use of its refineries Despite oil price volatility, several factors have helped ENAP s efficiency and operations: Advanced and capable refineries Import parity pricing mechanism Dominant market share in Chile High-value and quality products 0% 2006 2007 2008 2009 2010 2011 2Q2012 International Refining Margins (Dated Brent) Source: ENAP Investor Presentation 12

Energy Cost Gross Heating Value, MMBtu/Bbl : 5.77 Investor Presentation 13

Increase in Crude Oil Cost due to WTI/Brent Spread in 2011-2012 Spread vs Brent (US$/Bbl) Marlim Vasconia Oriente Jan-Sep 2011-12,3-4,8-11,7 Oct-Dec 2011-6,6-3,1-5,7 Increase in cost +5,7 +1,7 +6,0 Jan-Jun 2011-12,5-5,0-11,8 Jan-Jun 2012-8,9-4,0-6,6 Increase in cost +3,6 +0,9 +5,1 0-2 Ene-11 Feb-11-2,8-3,2-3,1-3,4-3,4-4,1-4,2-4,1-3,9-3,7-4 -4,6-4,5-4,3-5,1-5,7-5,7-5,6-6,0-6,0-6,4-5,6-6 -5,5-6,8-7,2-7,1-6,3-7,3-7,8-8 -7,8-9,6-9,4-8,1-8,1-9,8-8,8-10 -10,7-9,2-9,4-9,8-10,2-11,8-10,9-12,5-12 -11,8-12,1-11,9-13,1-13,6-12,4-14 -13,4-13,8-15,2-14,6-16 Marlim 19,9 (Bra) Vasconia 24,5 (Col) Oriente 23,6 (Ecu) Source: Platts Mar-11 Abr-11 May-11 Jun-11 Jul-11 Ago-11 Sep-11 Oct-11 Nov-11-2,0 Dic-11 Ene-12 Feb-12 Mar-12 Abr-12 May-12 Jun-12 Investor Presentation 14

Undisputed Leadership in Refined Products Crude Oil Volume Processed Refined Products Production Investor Presentation 15

Undisputed Leadership in Refined Products Market Share in Chile Investor Presentation 16

Comprehensive downstream chain with a diverse base of clients and products Refining Capacity Sales Breakdown Aconcagua (46.7%) Bío Bío (47.0%) Gregorio (6.3%) Crude Oil Supply by Country Refined Products Crude oil Natural Gas LPG Gasoline Kerosene Diesel Fuel oil Petrochemicals Storage Facilities Refineries & Distribution Companies End User Direct Products Copec, Shell, Petrobras, Terpel Source: ENAP Investor Presentation 17

Select Base of E&P Assets Focused on ENAP s Areas of Expertise and Furthering Regional Integration ENAP s E&P operations have allowed the Company to develop expertise in the field and deepen relationships with E&P partners and crude oil suppliers ENAP s main goal for its E&P operations is to increase the quantity of its oil and gas reserves both in Chile and abroad The Company s operations are focused on Latin America & North Africa with fields in Chile, Argentina, Ecuador and Egypt producing crude oil and natural gas ENAP also actively manages its E&P portfolio through sales and acquisitions In March 2009, the Company sold its 50% stake in Egypt s North Bahariya block for a profit of US$45.7 mm From the renegotiation of tariffs required under the new contract in Ecuador, ENAP obtained a new block called Intracampos to carry out exploration work between the PBH and MDC blocks located in Ecuador s eastern basin In 2011, 3 new discoveries were put into production in Egypt with average daily production of 4,300 barrels per day In 2011, the signature of the exploration agreement in Block 3 Jambelí in Ecuador, this will allow the exploration of 4.000 km2 in the Guayaquil Gulf with an investment of US$ 43 million. Egypt (Branch) East Ras Qattara (50%) Proved Oil & Gas Reserves Egypt 6% Ecuador (Branch) (1) PBH (100%) MDC (100%) Ecuador 33% Chile 41% Chile (Headquarters) Magallanes Chile (100%) (1) Service contracts Argentina (Subsidiary) Area Magallanes (50%) CAM 2/A Sur (50%) E2 (33%) * Camp. Central (50%) * Pampa del Castillo (100%) (%) Ownership * Blocks where ENAP is not an operator Argentina 20% Jun-12: 122,46 mm boe (2) Investors Presentation 18 (2) Developed and Undeveloped reserves

Exploration & Production Performance Until the 1980s, the production of crude in Magallanes, Chile represented approximately 50% of the crude required by ENAP s refineries. Currently approximately 2% of the crude oil produced in Magallanes is used by ENAP s refineries. The natural gas produced in Magallanes is the main source of the power generation and heating system used for the city of Punta Arenas, and currently supplies one train of ethanol production. In 1991, ENAP created an international affiliate, Sipetrol, to explore and produce crude oil and natural gas internationally. The total production of crude oil from our E&P division currently represents approximately a 10% of the crude oil required by the refineries, though the crude is not actually used in the refineries. Source: ENAP Investors Presentation 19

Agenda Section 1 Business Strategy Section 2 Company Overview Section 3 ENAP at-a-glance Section 4 Financial Performance Investors Presentation 20

Consolidated Financial Highlights 2008-2Q2012 ENAP Financial Summary US$ MM FY2008 FY2009 FY2010 FY2011 2Q2012 Revenues 12,183 7,098 8,179 10.835 5.718 Cost of Sales (12,927) (6,835) (7,933) (10.663) (5.814) Gross margin (744) 263 246 172 (96) EBITDA (641) 546 402 372 22 EBITDA Margin -6,0% 7.7% 4.9% 3,4% 0,4% Net Profit (956) 200 70 (69) (171) Net Financial Debt / EBITDA (LTM) NA 5.3x 8.1x 9,85x 50,61x EBITDA / Financial Expense NA 3.2x 2.2x 2,12x 0,22x Net Financial Debt / Total Equity 11.6x 6.5x 7.2x 9,63x 18,38x US$ MM FY2008 FY2009 FY2010 FY2011 2Q2012 Cash and Equivalents 150 77 62 284 204 Current Assets 2,203 2,231 2,283 2.919 3.060 Properties Plant & Equipment Net 2,463 2,598 2,634 2.672 2.669 Total Assets 5,318 5,560 5,733 6.203 6.443 Current Liabilities 2,875 2,151 1,961 1.052 1.416 Long-Term Liabilities 2,246 2,965 3,315 2.985 2.940 Net Financial Debt 2,271 2,891 3,289 3.668 3.715 Total Liabilities 5,121 5,116 5,277 5.822 6.241 Total Equity 197 444 456 381 202 Investors Presentation 21

Financial Summary Capital Expenditure (USD MM) Equity (USD MM) $381 $320 $264 $168 $444 $456 $381 $202 2009 2010 2011 2Q2012 2009 2010 2011 2Q2012 Total Financial Debt (USD MM) $2.968 $3.348 $3.951 $4.265 2009 2010 2011 2Q2012 Source: ENAP Investors Presentation 22

Financial Summary Consolidated Quarterly EBITDA 181 182 168 153 127 117 122 107 60 53 70 37-19 -15 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 Consolidated Last Twelve Months EBITDA 510 556 573 425 406 342 402 372 189 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 73 Investors Presentation 23

Debt Profile as of June 30, 2012 Financial Debt and Supplier Credit US$ Millions Investors Presentation 24

Debt Maturity Profile as of June 30, 2012 Net Debt Maturity Profile as of June 30, 2012 US$ millions The weighted average life of ENAP s Net Debt is 5,8 years Investors Presentation 25

Investors Presentation 27