TWENTY-EIGHTH ORDINARY SHAREHOLDERS' MEETING OF …

28° Ordinary Shareholders' Meeting Aguas Andinas S.A. – 24/04/2018

TWENTY-EIGHTH ORDINARY SHAREHOLDERS' MEETING

OF

AGUAS ANDINAS S.A.

In Santiago de Chile, on April 24, 2018, at 10:06 a.m., at the offices of AGUAS ANDINAS S.A. located at Avenida Presidente Balmaceda No. 1398, 10th Floor, Santiago, the Twenty-eighth Ordinary Shareholders' Meeting of AGUAS ANDINAS S.A. takes place.-----------------------------------------------------

The Board is chaired by Mr. Guillermo Pickering De La Fuente, in his capacity as Chairman of the Board of Directors, and Mr. Camilo Larraín Sánchez, Director of Legal Affairs of the Company, acting as Secretary.-----------------------------------------------------------------------------------------------------------------------

The Chairman opened the Session of the Ordinary Shareholders' Meeting, warmly welcoming the attending shareholders and thanking them for their attendance to this Meeting. --------------------------------

He then stated that the Secretary would proceed to read and report on the various formalities that had been completed for the holding of this Meeting. -------------------------------------------------------------------------

Formalities of the Summons.

The Secretary states that the Meeting is being broadcast live and in real time through the streaming platform of the Company's website.

He added that the following formalities for the holding of this Meeting had been complied with:

1. The Meeting was summoned by resolution of the Board of Directors of the Company, approved at the meeting held on March 28, 2018.--------------------------------------------------------------------------

2. The holding of the Meeting was reported to the Financial Market Commission, the Santiago Stock Exchange, the Valparaiso Stock Exchange, the Chilean Electronic Stock Exchange and each of the shareholders via a letter dated April 6, 2018. ----------------------------------------------------

3. The notices of summons to this Meeting were published in the El Mercurio newspaper on April 6, 7 and 8, 2018. The foregoing is in accordance with the resolution adopted at the last Ordinary Shareholders' Meeting of the Company regarding the publication of the aforementioned notices.

4. The background information on the matters that will be submitted for the consideration of the Shareholders' Meeting has been available to the shareholders at the Company's offices and on its website www.aguasandinas.cl during the 15 days prior to the holding of this Meeting. ---------

5. In accordance with Article 62 of Law No. 18,046 on Corporations and Article 103 of the Corporations Regulations, only holders of shares registered in the Shareholders' Registry at midnight on the fifth business day prior to this date may participate with voice and vote in this Meeting, a circumstance which was duly mentioned in the notice inviting to this Meeting. ----------

Attendance Record.

In accordance with the Attendance Record, the shareholders listed at this Meeting, either by themselves or by proxy, and for the number of shares detailed in the document transcribed below, attend this Meeting. ------------------------------------------------------------------------------------------------------------

Name or business name of the attendee Series Owned Shares Custody Power of Attorney

Total shares

ABARCA MEZA MARIA ANGELICA AGUAS-A 7,806 0 0 7,806

ACEVEDO WALKER SEBASTIAN AGUAS-A 4,300 0 0 4,300

ALON ANACONA ANDRES AGUAS-A 271 0 0 271

ALVAREZ TORREALBA MIGUEL ANGEL AGUAS-A 169,082 0 0 169,082

ANDRADE VELASQUEZ GERMAN E AGUAS-A 68,344 0 0 68,344

APABLAZA RAMIREZ ANTONIO EDUARDO AGUAS-A 88,067 0 0 88,067

ARAYA ULLOA SUSANA DEL CARMEN AGUAS-A 2,000 0 0 2,000

AREVALO SANDOVAL JOSE ALEJANDRO AGUAS-A 70,000 0 0 70,000


AREVALO SANDOVAL JOSE ALEJANDRO AGUAS-B 7,000 0 0 7,000

ARIAS VALENZUELA CARLOS A AGUAS-A 128,122 0 0 128,122

ARRIETA SANHUEZA ROSA AGUAS-A 120,000 0 5,400 125,400

ASTORGA CANCINO ROSA LIDIA AGUAS-A 105,142 0 0 105,142

ASTORGA MENDEZ ALEJANDRO HUMBERTO AGUAS-A 232,188 0 0 232,188

ASTORGA OPAZO NANCY IVONNE AGUAS-A 0 0 13,380 13,380

BANCO DE CHILE POR CUENTA DE TERCEROS NO RESIDENTES (ALVAREZ LOBO MARIA FRANCISCA) AGUAS-A 0 724,223,325 0 724,223,325

BANCO ITAU CORPBANCA POR CTA DE INVERSIONISTAS EXTRANJEROS (CACERES GALLARDO ALEJANDRA) AGUAS-A 0 570,207,984 0 570,207,984

BANCO SANTANDER POR CUENTA DE INV EXTRANJEROS AGUAS-A 0 398,938,149 0 398,938,149

BANCO SANTANDER-HSBC BANK PLC LONDON CLIENT ACCOUN (ALVAREZ LOBO MARI FRNCISCA) AGUAS-A 0 36,967,956 0 36,967,956

BANCO SANTANDER-HSBC GLOBAL CUSTODY CLIENTS S/C (ALVAREZ LOBO MARIA FRANCISCA) AGUAS-A 0 5,813,196 0 5,813,196

BARRERA GONZALEZ PEDRO ANTONIO AGUAS-A 260,754 0 0 260,754

BARRIENTOS VILLEGAS MIRIAM DEL CARMEN AGUAS-A 0 0 620,793 620,793

BARROS RIQUELME MANUEL SEGUNDO AGUAS-A 0 0 7,282 7,282

BASCUR FAUNDEZ MARITZA SOLEDAD AGUAS-A 296,866 0 0 296,866

BERRIOS GOMEZ JORGE AGUAS-A 59,666 0 0 59,666

BRAVO VERA NELSON ROLANDO AGUAS-A 10,000 0 0 10,000

CALDERON FLORES CARLOS AGUAS-A 0 0 187,200 187,200

CANO LAUREANO AGUAS-A 0 0 3,065,744,510 3,065,744,510

CARVAJAL CAMPOS JUAN CARLOS AGUAS-A 594,906 0 0 594,906

CASTILLO GONZALEZ JOSE AGUAS-A 11,822 0 0 11,822

CASTILLO TORRES SEBASTIAN NICOLAS AGUAS-A 0 0 172,192 172,192

CERDA BOZA MYRIAM ANGELICA AGUAS-A 81,047 0 0 81,047

CISTERNA VALDES JUAN SANTIAGO AGUAS-A 451,339 0 0 451,339

CISTERNAS MUNOZ LUIS PATRICIO AGUAS-A 0 0 358,656 358,656

CONEJERA ALARCON CLAUDINA REBECA AGUAS-A 727,641 0 0 727,641

COSGROVE FUENTES SERGIO AGUAS-A 242,071 0 0 242,071

CREDICORP CAPITAL SA CORREDORES DE BOLSA (AGUIRRE PERIBONIO PABLO IGNACIO) AGUAS-A 0 71,493,441 0 71,493,441

CUELLO ESCOBAR MARIA ANGELICA AGUAS-A 139,253 0 0 139,253

DIAZ MUNOZ WALDO HECTOR AGUAS-A 10,845 0 0 10,845

DIAZ PINO MYRIAM MARGARITA AGUAS-A 678,866 0 0 678,866

DIAZ RIOS ALFONSO ARTURO AGUAS-A 106,598 0 0 106,598

DONOSO VENEGAS OSCAR GASTON AGUAS-A 100,000 0 0 100,000

ELIZONDO ARIAS CARLOS WASHINGTON AGUAS-A 5,500 0 0 5,500

ESPINOZA CASANOVA PATRICIO AGUAS-A 701,642 0 0 701,642

FAUNDEZ PEREZ LUIS ALBERTO AGUAS-A 0 0 895,879 895,879

FLORES POQUE OLGA DE LAS MERCEDES AGUAS-A 100,215 0 0 100,215

FUENTES VERGARA GLORIA DANCY AGUAS-A 463,902 0 690 464,592

GATICA ACEVEDO HANS AGUAS-A 0 0 137,217 137,217

GONZALEZ COFRE DOMINGO AGUAS-A 65,620 0 0 65,620

GONZALEZ GUTIERREZ FLAVIO AGUAS-A 3,503 0 0 3,503

GONZALEZ IBARRA BLANCA AGUAS-A 9,000 0 14,492 23,492

GONZALEZ LEIVA JOSE GREGORIO AGUAS-A 370,185 0 0 370,185

GOSTHE RISCO ALEJANDRA JUDITH AGUAS-A 40,269 0 0 40,269

GRANT CORTES ELIZABETH AGUAS-A 103,888 0 0 103,888

GUERRERO SOTO MARLYS ANDREA AGUAS-A 130,000 0 0 130,000

ILUFI RODRIGUEZ CESAR EDGARDO AGUAS-A 598,090 0 0 598,090

JENO VIDAL LUIS ANTONIO AGUAS-A 117,800 0 0 117,800

JORQUERA ALLENDES ALEJANDRA AGUAS-A 30,800 0 0 30,800

KLESSE MUNOZ JAVIER AGUAS-A 0 0 296,270 296,270

LABBE FREDES SERGIO O AGUAS-A 462,144 0 0 462,144

LARA HORMAZABAL JOSE ALBERTO AGUAS-A 82,000 0 0 82,000

LARRAIN DELGADO PATRICIO GUIDO AGUAS-B 0 0 305,948,258 305,948,258

LATORRE ESPINOZA FRANCISCO ARTEMIO AGUAS-A 653,363 0 0 653,363

LLANQUITRUF BARRIGA CARLOS JUVENAL AGUAS-A 1,104,486 0 0 1,104,486

LLANTEN CARO LUIS ALEJANDRO AGUAS-A 11,822 0 0 11,822

MALUENDA VIDELA EDUARDO EUGENIO AGUAS-A 642,091 0 0 642,091

MARTIN AIQUEL ANDRE AGUAS-A 0 0 205,000 205,000

MARTIN AIQUEL ELIO AGUAS-A 0 0 267,084 267,084

MATURANA BELLO JUAN MANUEL AGUAS-A 0 0 769,694 769,694

MENANTEAU SALINAS RODRIGO ANTONIO AGUAS-A 320 0 0 320

MEYER BRICENO ADOLFO RUBEN AGUAS-A 254,772 0 860,567 1,115,339

MIRANDA CORREA GERARDO HUMBERTO AGUAS-A 873,166 0 0 873,166

MIRANDA MORALES MIGUEL ANGEL AGUAS-A 74,440 0 0 74,440


MONSALVE LLANOS MARIA ELISA AGUAS-A 82,450 0 0 82,450

MORA CARRERA CRISTIAN AGUAS-A 284,820 0 0 284,820

MOSCOSO BUSTAMANTE ALFONSO ENRIQUE AGUAS-A 57,513 0 0 57,513

MOYA GOMEZ IGNACIO ADRIAN AGUAS-A 3,000 0 0 3,000

MUNOZ ANRIQUE JULIO RAUL AGUAS-A 44 0 672,703 672,747

MUNOZ RAMIREZ CLAUDIA MIREYA AGUAS-A 26,000 0 0 26,000

OBREGON DEL VALLE RICARDO AGUAS-A 164,357 0 0 164,357

OLAETA UNDABARRENA IGNACIO ANTONIO AGUAS-A 43,080 0 0 43,080

ORTIZ ANDRADE ROBERTO ENRIQUE AGUAS-A 35,357 0 0 35,357

OYARCE SOLIS JUAN ENRIQUE AGUAS-A 313,133 0 0 313,133

PACHECO CACERES MANUEL ROBERTO AGUAS-A 161,600 0 205,684 367,284

PADILLA ORMAZABAL ISMAELA DE LAS MERCEDES AGUAS-A 51,779 0 0 51,779

PENCO TORTI LUIS ALBERTO AGUAS-A 1,000,000 0 0 1,000,000

PERALTA GONZALEZ VICTOR AGUAS-A 309,653 0 0 309,653

PIZARRO MUNOZ FELIX ORLANDO AGUAS-A 575,856 0 0 575,856

RAMIREZ CABEZAS MARTA AGUAS-A 18,220 0 0 18,220

RETAMALES PINA PEDRO ANTONIO AGUAS-A 101,025 0 0 101,025

REYES CEA RODRIGO ANDRES AGUAS-A 123,451 0 0 123,451

RIVERA OLGUIN VICTOR HUGO AGUAS-A 1,061,138 0 0 1,061,138

RIVERA SUAREZ MIRNA VERONICA AGUAS-A 993,424 0 0 993,424

ROBLES ESQUIVEL ASTRID ANDREA AGUAS-A 2,300 0 0 2,300

ROCHA IBARRA CHARY ALEJANDRA AGUAS-A 246,673 0 0 246,673

ROJAS LORCA GUILLERMO CRISTIAN AGUAS-A 114,939 0 0 114,939

SAAVEDRA GUERRERO DANIEL AGUAS-A 1,000 0 0 1,000

SALAZAR FONSECA JAIME AGUAS-A 400 0 0 400

SALGADO REYES OLIVIA DEL CARMEN AGUAS-A 8,685 0 37,052 45,737

SANCHEZ AZOCAR IVAN EDUARDO AGUAS-A 372,327 0 0 372,327

SANHUEZA HERRERA PATRICIO ANDRES AGUAS-A 104,348 0 0 104,348

SANTANDER LOPEZ ALBERTO ENRIQUE AGUAS-A 321,824 0 0 321,824

SANTOLALLA GARCIA JAIME AGUAS-A 54,498 0 0 54,498

SEPULVEDA FIGUEROA GEORGINA AGUAS-A 40,000 0 0 40,000

SEPULVEDA TOLEDO PEDRO DANIEL AGUAS-A 33,055 0 850,930 883,985

SERRANO MARTINEZ ENRIQUE AGUAS-A 354,739 0 0 354,739

SILVA CORREA JUNIOR REYNALDO AGUAS-A 759,517 0 0 759,517

SILVA MESINA AGUSTIN AGUAS-A 110,000 0 0 110,000

TERRE FONTBONA RODRIGO AGUAS-A 11,212,668 0 0 11,212,668

TOBAR BERRIOS JOSE MIGUEL AGUAS-A 0 0 605,918 605,918

TORTELLO MANETTI FLAVIO ALFREDO AGUAS-A 1,000 0 0 1,000

UBILLA VERA TERESA DEL CARMEN AGUAS-A 0 0 303,567 303,567

ULLOA LOPEZ ISABEL EULALIA AGUAS-A 24,405 0 0 24,405

ULLOA LOPEZ SILVIA CLOTILDE AGUAS-A 19,113 0 0 19,113

UMANA SAAVEDRA GABRIEL ANGEL AGUAS-A 276,813 0 0 276,813

URETA PONCE VICTOR HUGO AGUAS-A 0 0 289,496 289,496

URIBE GONZALEZ DANIEL ANTONIO AGUAS-A 132,616 0 0 132,616

URZUA IBACETA RONARDO ARTURO AGUAS-A 453,840 0 0 453,840

VALLEJOS TRONCOSO MARGARITA VICTORIA AGUAS-A 416,933 0 0 416,933

VARGAS DIAZ JORGE AGUAS-A 10,000 0 0 10,000

VARGAS JAQUE MARIA INES AGUAS-A 28,000 0 0 28,000

VASQUEZ ARANCIBIA OLGA AGUAS-A 70,430 0 0 70,430

VASQUEZ LETNIC CARLOS ANTONIO AGUAS-A 250,464 0 0 250,464

VASQUEZ TORRES NESTOR ORLANDO AGUAS-A 389,610 0 0 389,610

VILCHES CONTRERAS JOSE FRANCISCO AGUAS-A 348,989 0 0 348,989

ZAMORANO CESPED CARLOS HUMBERTO AGUAS-A 123,835 0 0 123,835

ZAMORANO POLANCO JOSE FRANCISCO AGUAS-A 137,723 0 0 137,723

33,499,658 1,807,644,051 3,379,469,914 5,220,613,623

Consequently, 4,914,658,365 Series "A" shares, representing 84.57% of that series, and 305,955,258 Series "B" shares, representing 99.35% of that series, attend in person or by proxy. Accordingly, a total of 5,220,613,623 shares, representing 85.32% of the 6,118,965,160 shares that the Company has issued, subscribed and paid up at this date; attend in person or by proxy. ----------------------------------------

As a result of the foregoing and in accordance with Article 61 of Law No. 18,046 on Corporations and 33 of the Corporate By-laws, the quorum required to hold this Annual Shareholders' Meeting is met. ----


Representative of the Commission for the Financial Market.

It is noted that no one identified as a representative of the Financial Market Commission. --------

Representatives of Pension Fund Administrators.

The Secretary hereby informs the Meeting that if there are any representatives of the Pension Fund Administrators, in accordance with the provisions of article 45 bis of Legislative Decree. No. 3,500, shall always decide on each of the matters submitted for consideration by this Meeting. --------------------------

It is recorded that no one identified as a representative of the Pension Fund Administrators. ---------------

Powers of Attorney.

Regarding the powers of attorney submitted to attend this Ordinary Shareholders' Meeting, the Secretary states that these have been reviewed and deemed to be compliant, since they are in accordance with the law as stipulated in articles 110 and following of the Corporations Regulations. -----

The Secretary also states that he has received a physical copy of the voting instructions from the following banks, in their capacity as representatives of securities on behalf of third parties, as recorded in the Company's Shareholders' Register: --------------------------------------------------------------------------------

1. Banco de Chile, on behalf of non-resident third parties.

2. Banco Santander, on behalf of foreign investors, from HSBC Bank PLC London Client Account, and HSBC Global Custody Clients.

3. Banco Itaú, on behalf of investors.

The Meeting is informed that the respective instructions will be recorded at the time of voting. -----------

Signing of the Minutes.

The Secretary points out that, in accordance with Article 72 of Law No. 18,046 on Corporations, the minutes of this Meeting must be signed by the Chairman, the Secretary and three shareholders elected by the Meeting itself. Likewise, in accordance with Article 122 of the Corporations Regulations and Circular No. 1,291 of 31 July 1996 of the Financial Market Commission, the names of the following attending shareholders are proposed to this Meeting so that at least three of them, together with the Chairman and the Secretary, may sign the minutes of this Meeting in order to obtain its prompt issuance. --------------------------------------------------------------------------------------------------------------------------

1. Inversiones Aguas Metropolitanas S.A., represented by Mr. Laureano Cano Iniesta.

2. Veronica Rivera Suarez, by herself.

3. Ismaela Padilla Ormazabal, by herself.

4. Gilda Follador Covarrubias, represented by Mr. Carlos Calderón Flores.

5. Corporación de Fomento de la Producción, represented by Mr. Patricio Larraín Delgado.

The shareholders unanimously agree that the minutes shall be signed by any three of the aforementioned persons. ------------------------------------------------------------------------------------------------------

Voting System.

Regarding to the matters that must be submitted to the General Shareholders' Meeting for its consideration and approval, the Secretary proposes to the General Shareholders' Meeting that a system of vote by voice be used, in view of the fact that this system ensures the simultaneous casting of the votes required by Law No. 18,046 on Corporations. He also adds that only votes against the proposals, if any, will be recorded, so that if there are no votes against, these matters will be deemed to have been approved unanimously. -----------------------------------------------------------------------------------------

The shareholders unanimously approve the proposal. -----------------------------------------------------------


Constitution of the General Meeting.

After having taken into account what has been stated by the Secretary, regarding the fulfillment of the formalities required for the valid holding of this Meeting and in view of the existence of a quorum higher than that established by law and the By-laws of incorporation for the holding of the Meeting, the Chairman states that the current Ordinary Shareholders' Meeting has been constituted. ---------------------

Presentation by the Chairman.

Before proceeding with the development of the Agenda, the Chairman addressed the Meeting. ----------- He begins by thanking and acknowledging the commitment of all the employees who are part of the Aguas Group, who perform various functions in different areas of the Company, both at the operating and commercial levels, and who have taken on the strategic challenges and have begun a process of change in form and substance with a sense of urgency and with a broad and long-term perspective. He points out that the Company gathered the requests of the shareholders at the 2017 Ordinary Shareholders' Meeting, and the company has opened up to the community, characterized by hyper connectivity and social media in this day and age.----------------------------------------------------------------

It reviews all the projects executed and achievements made during the last year, highlighting the change in the way emergencies are dealt with, the supplier payment policy, the investments made and the improvement in customer relations. -----------------------------------------------------------------------------------

He points out that the Company has faced three important changes that are taking place in parallel, but at the same time converge; the first one is related to global warming, which has consequences related to the scarcity of water resources available both at a global and national level. Then, he addresses social change, which is caused by the demands of users and consumers, demanding better results, transparency and best practices from companies. The third change takes place in the business of a modern society, where technology and the digitalization of processes require constant review and adaptation, with the aim of becoming increasingly efficient and responsive to needs. -------------------------

Regarding the scarcity of fresh water in the world, he mentions what happened in Cape Town and Brasilia, cases that have been deeply studied by the Company, with the aim of learning and guaranteeing a continuous and high quality supply for future generations. This goes hand in hand with the strategic plan implemented by the Company "Santiago deserves a 7", particularly with the idea of resilience that has been understood as management and sustainability. -----------------------------------------

In this regard, he points out that we are all part of an ecosystem, and that it is necessary to be attentive to the manifestation of nature. Fortunately, we have the know-how of our controlling partner, the Suez Group, and the experience of Agbar in our country, which has helped us to face the consequences of climate change on our operations, such as the increase in the turbidity of the Maipo River. He mentions the projects developed which address the situation from several fronts; the Pirque Project which will allow us to have 34 hours of autonomy in the potable water service of Santiago, as well as the emergency works plan, developed in parallel, by means of the construction of 9 tanks to hold 54,000 cubic meters of potable water, the habilitation of 16 wells, the integration to the National Civil Protection System, which ensures efficient coordination with the authorities, and the agreements signed with various municipalities. ---------------------------------------------------------------------------------------------------------

He then addressed the relevance of the use of social media in customer management, pointing out that through the Company's Contact Center, users can obtain answers to their requests 24 hours a day, 7 days a week, which is an opportunity for Aguas Andinas to solve problems and respond to questions, within the framework of transparency and dissemination. Likewise, the Company is communicating all the activities carried out, through the media, events, and visits to the facilities and in general, in face-to-face activities with the citizens; all within the commitment to communicate more and better, and with the aim of building and recovering trust. --------------------------------------------------------------

Some of the projects implemented include the launch of the Company's new website, which includes a virtual office that allows customers to carry out all types of transactions, and the "Customer Counsel", which acts as an independent department and second instance mediator between the company and the customer, when the first answer given is not satisfactory to the user. He also mentions the "Cuenta Amiga" and "Aguas Andinas lends a hand" agreement programs, which aim to guarantee the right to potable water to the citizens of Santiago, bringing us closer to the most underprivileged families in the region. -----------------------------------------------------------------------------------------------------------------------------

As for the financial area, he mentions the stability and confidence that characterizes the Company in the domestic and international markets, and mentions the events that occurred during 2017 in this regard, highlighting the AA+ risk rating; the selection of the Company, for the third consecutive year, to


become part of the Dow Jones Sustainability Index of Emerging Markets and the Dow Jones Sustainability Index Chile, as well as the inclusion in the FTSE4Good Emerging Index, which measures the performance of companies that demonstrate solid practices in environmental, social and corporate governance matters. Finally, the placement in the domestic market of the first green and social bond in the country stands out. --------------------------------------------------------------------------------------------------------

He continues to address the importance of meeting citizens' demands for probity, best practices and transparency, cross-sectoral requirements in all sectors of the country, which has been gathered by the Company, and has made us one of the first companies in Chile to certify its Integrity and Anti-Corruption Management System under the ISO 37001 standard, the most demanding standard in this area, thanks to the encouragement of the Compliance Sub-Management. ---------------------------------------

Finally, he mentions the challenges imposed by nature and society, which are increasingly demanding in environmental matters, a challenge that has been accepted by the Company, which seeks not only to be a water utility company, but also a company that manages resources and provides environmental services, contributing to the community. ----------------------------------------------------------------------------------

In this context, he points out that the Company is moving towards energy self-sufficiency and environmental sustainability by means of bio factories, which transform waste into energy, clean water, biogas and fertilizers, all within the framework of the circular economy model, which makes us active agents in nature. One of the most remarkable examples is the case of the Mapocho River, with the "Mapocho Urbano Limpio" (Clean Urban Mapocho) project, which began to operate and which today allows family activities to be carried out on the river bed, free of odors and pollution. -----------------------

He concluded his presentation by pointing out that the challenges mentioned above require joint action by all the Company's stakeholders, stressing that this is a demanding mission, which Aguas Andinas is capable of undertaking, but which requires an open and honest debate on the public square, with a view on contributing to the well-being and quality of life of the inhabitants of our country. --------------------

Presentation by the CEO.

The Chairman gives the floor to the CEO, Mr. Narciso Berberana, who will discuss the results of the Company, as well as other matters related to its management. ------------------------------------------------------

Mr. Berberana begins by describing the complex path that the Company's management has taken since the events of early 2017, due to the cuts in the supply of potable water caused by high turbidity, pointing out that notwithstanding this complexity, the path is optimistic, discussing it in terms of management, environmental conditions and future. ---------------------------------------------------------------------

First of all, he mentioned the management implemented by the Company during last year, highlighting the sustained growth in revenue with a rate of 6%; the improvement in management in terms of sustainability and energy reflected by a 4.7% increase in EBITDA, and a 4.6% increase in earnings. This reflects continued and sustained growth, including sales in both the regulated and non-regulated sectors. It also highlights some indicators related to sustainability in the Company's operations, such as the use of renewable energy and reused bio solids, referencing the recognition by various international bodies that validate this administration, and refers to international ISO standards, managed by the Company in a single comprehensive system, which demonstrates the highest standards of compliance in the world. -----------------------------------------------------------------------------------------------------------------------

He mentions the projects developed with the aim of increasing autonomy in the potable water supply, stressing that the management and investments made have been made efficiently, notwithstanding the fact that we are in complex conditions, and that they have resulted in reasonable returns. ------------------

He goes on to mention the environmental conditions that have accompanied the Company's administration, presenting a graph that compares the tariff framework between different OECD member countries, mentioning that the tariff established in our country is the lowest and most competitive in the world, considering that it does not have a government subsidy. Likewise, he mentions the committed investments contained in the Development Plan agreed with the Superintendence of Sanitary Services, and the additional investments made, highlighting that the Company invests twice as much as legally required to obtain world class standards, making us a first class company. He then reviews the amount of the investment made since 1980, comparing the results obtained by EMOS and those obtained by Aguas Andinas, resulting in 250% more investments. ------------------------------------------------------------------

Then, he discussed the future as a company, and how the environment in which it will develop is projected, characterized by a very high demand on the part of consumers and the environment, pointing out the importance of carrying out an analysis of the needs of the Company, not only in the


water supply service, but also in waste treatment, in order to guarantee water for future generations, that is, the future of the Company goes beyond water. ----------------------------------------------------------------

He mentions the strategy "Santiago deserves a 7", mentioning its pillars and how they are planned for the future. ---------------------------------------------------------------------------------------------------------------------------

Finally, about the indices granted by the UN regarding water stress, he mentions that by 2040 Chile is projected to be short of 80% of the water needed, and presents the main uses of water in the country, human consumption representing only 6%. Due to the foregoing, the Company started up the bio factories, having reached 100% of potable water and sewerage coverage, we are focused on the idea of transforming waste into reusable resources, generating 0% pollution; the foregoing, with the aim of transforming ourselves into an environmental and social company, that is to say, that society recognizes us as an asset. -----------------------------------------------------------------------------------------------------

Agenda of the Meeting.

Mr. Secretary then states that, according to the information provided in the summons sent to the shareholders and in the publications issued for this purpose, this Meeting is responsible for deciding on the following matters: -----------------------------------------------------------------------------------------------------------

1. Examination of the External Auditors' Report, to decide on the Annual Report and financial statements for the financial year from January 1 to December 31, 2017.

2. To agree on the distribution of earnings and the distribution of dividends for the 2017 financial year.

3. Appoint Independent External Auditors for the 2018 financial year.

4. Designate risk classifiers for the 2018 financial year.

5. Set Directors' remuneration for the 2018 financial year.

6. To account for board expenses during 2017.

7. To set the remuneration and expenses budget of the Directors' Committee for the 2018 financial year.

8. To report on the activities and expenses of the Directors' Committee during 2017.

9. Report on transactions with related parties (Title XVI Law 18,046).

10. Determine the newspaper in which the notices of summons to shareholders' meetings and other matters of interest to shareholders will be published.

11. Other matters of corporate interest for the Board to decide on.

The development of the agenda is as follows. ---------------------------------------------------------------------------

1.- Situation of the Company, report of the external auditors, annual report, balance sheet and other financial statements for the financial year from January 1 to December 31, 2017.

The Secretary pointed out that the annual report, the balance sheet and the other financial statements of the Company for the 2017 financial year, which are submitted for the approval of the Shareholders' Meeting, have been made available to the shareholders and duly published on the Company's website.

The Company's external auditors, EY, in a report dated March 28, 2018, signed by its partner Mr. Gastón Villarroel, stated that the Company's financial statements presented fairly, in all material respects, its financial position as of December 31, 2017, the results of its operations and its cash flows for the year then ended in accordance with International Financial Reporting Standards. --------------------

The shareholders are then asked to approve the report, balance sheet and other financial statements for the financial year in question. --------------------------------------------------------------------------------------------

The proposal was approved, and it is recorded that the vote of the different representatives of third party accounts, as recorded in the Shareholders' Registry, is the one given to the Company and that it corresponds to the one contained in the respective instructions letters. ---


As a result of the approval of the balance sheet for the 2017 financial year, it is hereby recorded that the Company's paid-in capital is Ch$155,567,353,596, pursuant to the provisions of Article 10 of Law No. 18,046 on Corporations. -------------------------------------------------------------------------------------------------

2.- Distribution of earnings and distribution of dividends for the 2017 financial year.

It is proposed to this Meeting that the Company's net income for 2017, which amounts to Ch$139,620,280,466, excluding the line "Other Income" of the EEFF, net of tax, leaving an amount to be distributed of Ch$137,677,083,238. Taking into account the interim dividend paid in January 2018, which amounted to Ch$41,984,667,549, a final dividend of Ch$95,692,415,689 is proposed, which would pay a dividend of Ch$15.638660 per share, payable on May 24, 2018. It is recorded that the difference in the distribution of dividends amounting to Ch$47,334 will be charged to the reserve account for future dividends.---------------------------------------------------------------------------------------------------

The payment methods shall be those normally used, consisting of: --------------------------------

a. Bank deposit to those who have requested it in writing to DCV Registros S.A.

b. Registered check or voucher sent by registered mail to the address of the shareholder listed in the Register of Shareholders, to those who have requested it in writing to DCV Registros S.A.

c. Check or voucher that may be withdrawn at the offices of DCV Registros S.A., or at the bank and branches determined for such purpose. This will be reported in the notice published about the payment of dividends.

If the proposed distribution is approved by the Meeting, the Company's shareholders' equity accounts would then read as follows: -----------------------------------------------------------------------------------------------

Issued capital $155,567,353,596

Issuance premiums $164,064,038,163

Other participations in equity $(5,965,550,209)

Accumulated earnings $233,272,518,115

equity $546,938,359,655

The floor is given on this matter and it is proposed to the Meeting that the distribution of earnings, distribution of dividends and payment procedure for the financial year be as described above. -------------

The proposal was approved and it is recorded that the vote of the different representatives of third party accounts, as recorded in the Shareholders' Registry, is the one that has been delivered to the Company and that corresponds to the one contained in the respective instructions letters. ----------------------------------------------------------------------------------------------------------

3.- Appointment of independent external auditors to examine the Company's accounts, inventory, balance sheet and other financial statements for the 2018 financial year.

The Ordinary Shareholders' Meeting shall appoint external auditors to examine the Company's accounts, inventory, balance sheet and other financial statements for the 2018 financial year. -------------

In accordance with the provisions of Circular letters No. 718 and No. 764 dated on February 10 and December 21, 2012, both issued by the Financial Market Commission, the Company's Board of Directors has requested quotes from two of the main external audit firms in the country, EY and Deloitte. -----------------------------------------------------------------------------------------------------------------------------

These companies are among the most important external audit companies in the national and international market, have extensive experience in the country and international support, and have audited or are auditing companies in the water utility industry. Both meet the conditions of independence, experience and sufficient trajectory to perform the function to be entrusted and are


registered in the Register of External Audit Companies of the Financial Market Commission, so they are accredited with the auditing body.--------------------------------------------------------------------------------------------

The main differentiating factor between the proposals received is the amount of the fees proposed by both auditing firms for the services required, with EY's proposal amounting to 4,036 Unidades de Fomento and Deloitte's to 5,000 Unidades de Fomento. --------------------------------------------------------------

In addition, EY is a word class professional services company, has been an external auditor of the Company and its subsidiaries since 2011, and currently audits Sociedad General Aguas de Barcelona, S.A. and Suez, the parent companies of the Aguas de Barcelona Group, which shows its experience in the water utility sector. Also, it is noted that the current partner responsible for the Company's audit is Mr. Gastón Villarroel, who has been in this position since 2016. ----------------------------------------------------

Consequently, the Board of Directors proposes to the current Meeting, as external auditors for 2018, in the following order of priority, the following companies: ---------------------------------------------------------------

1. EY, and

2. Deloitte.

This proposal is in line with the proposal made by the Directors' Committee. ------------------------------------

The floor is opened to shareholders on this matter.---------------------------------------------------------------------------

The shareholders approve that the external auditor of the Company for the 2018 financial year be the external auditing firm EY, with 3,531,022 votes against this decision from Banco de Chile, in its capacity as representative of non-resident third parties. It is recorded that the vote of the different representatives of third party accounts, as recorded in the Shareholders' Registry, is the one given to the Company and corresponds to the one contained in the respective instructions letters. ---------------------------------------------------------------------------------------------------------

4.- Designation of risk classifiers for the 2018 financial year.

The Board of Directors has agreed to propose to this Meeting, as proposed by the Directors' Committee, the designation of International Credit Rating (ICR) and Fitch Ratings as risk classifiers of the Company's securities for 2018, in view of their track record, reputation in the sector and good performance of the position, given that they are the companies that currently provide this service to the Company, as well as having their proper accreditation before the relevant bodies. ----------------------------

The floor is opened to shareholders on this matter.----------------------------------------------------

The shareholders approve the appointment of the firms ICR and Fitch Ratings as risk classifiers for 2018. It is recorded that the vote of the different representatives of third party accounts, as recorded in the Shareholders' Registry, is the one given to the Company and corresponds to the one contained in the respective instructions letters. ---------------------------------------------------------------

5.- To establish the remunerations of the Board of Directors for the 2018 financial year.

In accordance with the provisions of section 1 of article 33 of Law No. 18,046 on Corporations, the General Shareholders' Meeting shall establish the remuneration of the Board of Directors for the current financial year. ------------------------------------------------------------------------------------------------------------

In this regard, it is proposed that the Board maintains the remuneration established by the Board for the previous financial year, i.e., that is to say: ---------------------------------------------------------------------------------

a. As fixed income: 100 Unidades de Fomento per month for the Chairman; 75 Unidades de Fomento per month for the Vice-Chairman; 70 Unidades de Fomento per month for directors, named and alternate.

b. For attending each session 80 Unidades de Fomento for the Chairman; 60 Unidades de Fomento for the Vice-Chairman; 20 Unidades de Fomento for named directors; and 20 Unidades de Fomento for alternate directors, only when they replace named directors.

In turn, it is proposed to establish the following remuneration for the participation of the members of the Board of Directors in various Committees that are established for the management or control of the Company, except for the Directors' Committee of article 50 bis of Law No. 18,046 on Corporations, which has its remuneration established by this Meeting:


c. Remuneration for participation in Committees: 20 unidades de fomento to each director for each actual participation in the respective Committee, with a limit of 4 sessions per year.

The floor is opened to shareholders on this matter. --------------------------------------------------------------------

The proposal was approved with 23,805,337 votes against it from Banco de Chile, in its capacity as representative of non-resident third parties, and 400,797 votes against it from Banco Itaú, in its capacity as representative of foreign investors. It is recorded that the vote of the different representatives of third party accounts, as recorded in the Shareholders' Registry, is the one given to the Company and corresponds to the one contained in the respective instructions letters. Likewise, the abstention of 305,948,258 votes from the Corporación de Fomento de la Producción represented by Mr. Patricio Larraín Delgado is also recorded. --------------------------------

6.- Expenses of the Board of Directors during the 2017 financial year.

In compliance with the provisions of Article 39 of Law No. 18,046 on Corporations, the Shareholders' Meeting is informed that during 2017, the Company's Board of Directors incurred expenses amounting to Ch$57,871,715. --------------------------------------------------------------------------------------------------------------

Consequently, the obligation to report to the Ordinary Shareholders' Meeting the expenses incurred in by the Board of Directors during the respective financial year was complied with. ----

7.- To establish the remuneration and expenses budget of the Directors' Committee for the 2018 financial year.

For this purpose, it is proposed that the remuneration of the members of the Directors' Committee, which had been established for the previous financial year is maintained, this is: -----------------------------

a. Fixed monthly remuneration: 25 Unidades de Fomento for named and alternate directors.

b. Remuneration for attending each session: 20 Unidades de Fomento, for named directors; and 20 Unidades de Fomento for alternate directors, only when they replace the named directors.

It is also proposed that the annual expenditure budget for the Directors' Committee be set at 3,000 Unidades de Fomento, which is the same amount as in the previous year. --------------------------------------

The floor is opened to shareholders on this matter. --------------------------------------------------------------------

The proposal was approved with 23,805,337 votes against it from Banco de Chile, in its capacity as representative of non-resident third parties, and 400,797 votes against it from Banco Itaú, in its capacity as representative of foreign investors. It is recorded that the vote of the different representatives of third party accounts, as recorded in the Shareholders' Registry, is the one given to the Company and corresponds to the one contained in the respective instructions letters. Likewise, the abstention of 305,948,258 votes from the Corporación de Fomento de la Producción represented by Mr. Patricio Larraín Delgado is also recorded. --------------------------------

8.- Accounting of the activities and expenses of the Directors' Committee during the 2017 financial year.

The Board is informed of the main activities of the Directors' Committee during the financial year ended on December 31, 2017: -------------------------------------------------------------------------------------------------------

a. Review of Operations between Related Parties.

b. Review of the remuneration and compensation system for Managers, Senior Executives and Workers of Aguas Andinas S.A.

c. Proposal to the Board of Directors of the external auditors and risk classifiers for the 2017 financial year.

d. Review of the quarterly, half-yearly and annual balance sheet and financial statements as of December 31, 2017, of the essential facts report for the period, as well as the report of the external auditors.

e. Review and approval of the Administration's proposal of contracting the company EY to perform the additional work for purposes other than the external audit.


f. Review of the report on fines applied by the SISS to the companies of the Aguas Group in comparison with the rest of the companies of the water utility industry.

g. Review of information provided by the administration regarding related party transactions.

The Board is informed that a more detailed description of the Directors' Committee's activities during 2017 is included in the Company's Annual Report, which is available on the Company's website. ---------

It is also reported that the total expenses of the Directors' Committee during 2017 amounted to Ch$58,538,245, corresponding to the remuneration of its Secretary and the payment of the advisory services contracted during the previous financial year. -----------------------------------------------------------------

Consequently, the obligation to report to the Ordinary Shareholders' Meeting on the activities and expenses of the Directors' Committee during the 2017 financial year was complied with. -----

9.- Report on transactions covered under Title XVI of Law No. 18,046.

The Ordinary Shareholders’ Meeting is informed that during 2017 the following transactions with related parties were approved, in compliance with the requirements and formalities established by law, which were agreed in the manner specified below. ------------------------------------------------------------------------------

a) Session No. 465, dated January 25, 2017: (i) approval of a lease agreement with the

Chilean Water Research Corporation (Corporación Chilena de Investigación del Agua - Cetaqua) for the second floor of the Los Pozos Agency, located in the municipality of Las Condes, owned by the subsidiary Aguas Cordillera S.A., for a monthly value of UF 42.5 plus VAT, for a period of 36 months; (ii) Contract Suez Advanced Solutions Chile Limitada to supply network materials, automatically opening and closing valves for dynamic micro sectorization and potable water meters, which was awarded to it for those items in which it submitted the best bid, for an amount of $1,502,045,000; (iii) the amendment of the "San Antonio Recycling Plant Project" contract between the subsidiary Aguas Cordillera S.A. and the consortium formed by Suez Medioambiente S.A. and Ecoriles S.A., to carry out additional works, for an amount of UF 7,854.89; and, (iv) Contracting Suez Medioambiente Chile S.A., for the development of the updating of the Operating Control Center of the company, for an amount of UF 316,817.

b) Session No. 466, dated February 28, 2017: approval of (i) the awarding of the "Work for the Expansion of the Talagante Wastewater Treatment Plant" contract to the consortium formed by Suez Medioambiente Chile S.A. and MST Limitada, for an amount of UF 228,459.54; and, (ii) Renewal of the civil liability insurance policy for Directors and Executives with Orión Seguros Generales S.A., for an annual premium of US$ 58,000.

c) Session No. 467, dated March 29, 2017: Approval of the awarding to the consortium

formed by Aquambiente, Servicios para el Sector del Agua S.A.U., and Empresa Depuradora de Aguas Servidas Mapocho-Trebal Limitada, of the international public tender known as "Development of the plan for the adaptation to bio factories of the wastewater treatment plants of the Greater Santiago area and management of the resources generated", for an amount of UF 990,334.

d) Session No. 468, dated April 28, 2017: (i) the approval of a contract with Suez

Medioambiente Chile S.A. for its engineering services for Phase II of the Master Plan for Hydraulic Efficiency, for the period 2017-2019, for an amount of UF 15,885; and, (ii) Contracting the Aquambiente/Edam consortium to execute the projects for: a) nitrogen treatment at the La Farfana plant, b) nitrogen treatment at the Mapocho-Trebal plant, and c) cogeneration at the Mapocho-Trebal plant, for an amount of UF 990,334, within the framework of the "Development of the plan for the adaptation to bio factories of the wastewater treatment plants in the Greater Santiago area and management of the resources generated" bidding process.

e) Session No. 469, dated May 30, 2017: approval was granted to (i) Contract Suez Medioambiente Chile S.A. to start up, operate and maintain the micro-sectoring system, in order to comply with the objectives of the Master Plan for Hydraulic Efficiency developed by the Company, for an amount of UF 33,581; (ii) Contract Suez


Medioambiente Chile S.A. for the supply of adsorption medium in arsenic abatement plants, for water quality compliance, for an amount of US$1,049,760.

f) Session No. 471, dated July 27, 2017: Approval of the signing of an agreement between the subsidiary Aguas Manquehue S.A. and the Association of Channelists of the Maipo Channel (Asociación de Canalistas Sociedad Canal del Maipo), within the framework of the start-up of the Chamisero Potable Water Plant, whose budget is estimated at $500,000,000.

g) Session No. 473, dated September 27, 2017: it was approved to (i) Contract Suez Medioambiente Chile S.A. for the execution of the technological testing services for the search for leaks in the distribution network, for an amount of $46,900,222; and (ii) Contract the company Gestión y Servicios S.A. for Phase II for the repair of faults, for an amount of $473,675,273. Both contracts are part of the Hydraulic Efficiency Plan developed by the Company.

h) Session No. 474, dated October 31, 2017: the contracting of AQUATEC, an expert

drainage company for the development of an advisory service on rainwater problems within the Aguas Group, for an amount of UF 310 is approved.

Consequently, the obligation to inform the Ordinary Shareholders' Meeting of the operations of Title XVI of Law No. 18,046 on Corporations was complied with. ---------------------------------------------

10.- Decision on the Santiago newspaper in which the notices of summons to shareholders' meetings and other matters of interest to shareholders will be published.

After evaluating the circulation of the different newspapers of the Company's registered office, the target audience and the costs of publishing, the Board of Directors has agreed to propose to this Meeting that the El Mercurio newspaper be designated for the publication of notices of summons to shareholders' meetings and other information addressed to shareholders. ---------------------------------------

The floor is opened to shareholders on this matter. ---------------------------------------------------------------------

The proposal was approved with 2,039,847 votes against it from Banco de Chile, in its capacity as representative of non-resident third parties, and it is recorded that the vote of the different representatives of third party accounts, as recorded in the Shareholders' Registry, is the one given to the Company and that corresponds to the one contained in the respective instructions letters. ----------------------------------------------------------------------------------------------------------------------------

11.- Other matters of corporate interest and competence of the Ordinary Shareholders’ Meeting.

Shareholders are offered the floor on any other matter of corporate interest that falls within the competence of the Ordinary Shareholders' Meeting. --------------------------------------------------------------------

Shareholder Mr. Nelson Bravo took the floor and asked whether the change made to the IFRS accounting standards that were published in January of this year affected the Company's dividend distribution policy in any way, question to which the answer was: that the change did not have an impact on the Company's dividend policy. --------------------------------------------------------------------------------

Shareholder Mr. Oscar Donoso asked whether there is reserve capital for the distribution of future dividends by the Company. The CEO points out that there is indeed a reserve capital fund, which is composed mainly of the proceeds of the sale of real estate, which is not intended to be used in the near future for the distribution of dividends, but for investments. -----------------------------------------------------------

Shareholder Mr. Flavio González points out that human consumption of water should be privileged over other uses, such as consumption by the mining industry, considering that it is a scarce resource, and that the Company should have a protective attitude towards this issue. The President points out that the legislation does not currently establish human consumption of water as a priority over other uses of water, however, a reform of the Water Code is currently in the process of being proposed that would prioritize human consumption over other uses of water resources, and that the Company fully supports the reform on this matter. ----------------------------------------------------------------------------------------------------


Since there were no other matters to discuss, the Chairman thanked the shareholders for their attendance and, at 11:27 a.m., closed the Twenty-eighth Ordinary Shareholders' Meeting of AGUAS ANDINAS S.A. ------------------------------------------------------------------------------------------------------------------

Guillermo Pickering De La Fuente Chairman

Camilo Larraín Sánchez Secretary

Laureano Cano Iniesta pp. Inversiones Aguas Metropolitanas S.A.

Carlos Calderón Flores pp. Gilda Follador Covarrubias

Patricio Larraín Delgado pp. Corporación de Fomento de la

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