26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

TWENTY-SIXTH ORDINARY SHAREHOLDERS MEETING

OF

AGUAS ANDINAS S.A.

In Santiago de Chile, on April 27th, 2016 at 10:10 am, the twenty-sixth Ordinary Shareholders Meeting of AGUAS ANDINAS S.A. is held at the AGUAS ANDINAS offices located on Av. Presidente Balmaceda #1398, floor 10. --------------------------------------

Presiding over the meeting is Mr. Felipe Larrain Aspillaga, in his capacity as President of the Board of Directors, acting as secretary is Mr. Camilo Larraín Sánchez, who maintains this position as well as that of the Corporate Manager of Legal Matters. --------------------------------------------------------------------------------------------------------

The President opens the Meeting by extending a cordial welcome to the present shareholders, thanking them for their attendance. -------

Next, he indicates that the Secretary, Mr Camilo Larraín Sánchez, will go over the distinct formalities that have been fulfilled prior to the holding of this meeting. -----------

Convocation Formalities.

Note that for the holding of the present Meeting, the following formalities have been met: --------------------------------------------------------------------------------

1. The Meeting was called by the Company’s Board of Directors via an agreement made in their session held on March 30, 2016.--------------------------------------------------------------------------------

2. The holding of this Meeting was reported to the Superintendence of Securities and Insurance, the Santiago Stock Exchange, the Brokers Market of Valparaiso, the Electronic Market of Chile, and each and every shareholder, by letter dated April 8, 2016. ---------------------

3. The summons to the present Meeting, were published in the El Mercurio newspaper on April 8, 11 and 12 of 2016. These notices were published in compliance with the agreement adopted in the Company’s last Ordinary Shareholders Meeting. ---------------------------------------------------------

4. Background information relating to the matters that will be submitted before the consideration of this Meeting have been made available to the shareholders at the Company’s offices and its website, www.aguasandinas.cl, during the 15 days prior to the holding of this Meeting.

5. As per Article 65 of Law #18.046 on Public Limited Companies, and Article 103 of the Regulations for Public Limited Companies, only the holders of shares inscribed in the Shareholders Registry by midnight of the fifth business day prior to this date, can participate via voice and voting in this Meeting; a circumstance that was duly noted in the notice of summons to this Meeting. --------------------------------------------------------------------------------------

Attendance Record.

According to the Attendance Record, present at this Meeting, either in person or duly represented, are the shareholders listed within, as well as the number of shares held by each party, which are transcribed below. ------------------------------------------------------------------------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

Attending Business Name Series Owned

Shares

Custody Power Total Shares

A,F.P. CAPITAL (VASQUEZ MOYANO ELIZABETH) AGUAS-A 0 0 41,831,396 41,831,396

A.F.P. CUPRUM (MORALES BARKER GONZALO) AGUAS-A 0 0 38,592,522 38,592,522

A.F.P. HABITAT (JOTTAR BILBAO PATRICIO) AGUAS-A 0 0 29,309,288 29,309,288

A.F.P. MODELO (ZUMAETA MORALES RODRIGO) AGUAS-A 0 0 3,756,478 3,756,478

A.F.P. PROVIDA (LORENZO ESPINDOLA FELIX) AGUAS-A 0 0 47,894,230 47,894,230

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

AGUILAR PINILLA CARLOS AGUAS-A 302,112 0 0 302,112

ALIAGA RETAMALES CARLOS AGUAS-A 0 0 839,967 839,967

ALVAREZ TORREALBA MIGUEL ANGEL AGUAS-A 450,866 0 0 450,866

ANDRADE VELASQUEZ GERMAN E AGUAS-A 134,820 0 0 134,820

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

ARAYA CERDA LUIS PATRICIO AGUAS-A 72,294 0 0 72,294

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

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

AREVALO TOBAR JORGE ROBINSON AGUAS-A 460,114 0 0 460,114

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

ASMAN PINO JOSE DANIEL AGUAS-A 312,546 0 0 312,546

ASTORGA CANCINO ROSA LIDIA AGUAS-A 405,142 0 0 405,142

ASTORGA MENDEZ ALEJANDRO H AGUAS-A 523,514 0 0 523,514

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

BAEZ NARANJO PAMELA LORENA AGUAS-A 150,000 0 0 150,000

BALCAZAR PINA MARIA R AGUAS-A 39,597 0 0 39,597

BANCHILE C DE B S A (FORTE GASTON ALBERTO) AGUAS-A 0 100,230,586 0 100,230,586

BANCO DE CHILE POR CUENTA DE TERCEROS NO RESIDENTES (SOLER REYES MARIO)

AGUAS-A 0 668,342,378 0 668,342,378

BANCO ITAU CORPBANCA POR CTA DE INVERSIONISTAS EXTRANJEROS (ARAYA PIÑEIRO MARIA JOSEFINA)

AGUAS-A 0 570,763,209 0 570,763,209

BANCO SANTANDER POR CUENTA DE INV EXTRANJEROS (SOLER REYES MARIO) AGUAS-A 0 261,731,986 0 261,731,986

BANCO SANTANDER-HSBC BANK PLC LONDON CLIENT ACCOUN (SOLER REYES MARIO)

AGUAS-A 0 41,288,142 0 41,288,142

BARAHONA LOYOLA PATRICIA DE L AGUAS-A 304,796 0 0 304,796

BARRIENTOS VILLEGAS MIRIAM AGUAS-A 0 0 870,793 870,793

BCI C DE B S A (ASHWELL ALEGRIA CRISTIAN) AGUAS-A 0 54,335,386 0 54,335,386

BELTRAN PULGAR IVAN AGUAS-A 0 0 978,016 978,016

BERNAL GONZALEZ SERGIO AGUAS-A 350,320 0 0 350,320

BERRIOS GOMEZ JORGE AGUAS-A 693,243 0 0 693,243

BICE INVERSIONES CORREDORES DE BOLSA S A (MEREDIZ-FUNES CORNEJO MARTIN)

AGUAS-A 0 16,629,175 0 16,629,175

BOLSA ELECTRONICA DE CHILE BOLSA DE VALORES (YERKOVIC JARA LUCIANO) AGUAS-A 0 3,391,285 0 3,391,285

BTG PACTUAL CHILE S A C DE B (DEIJ PRADO LUIS) AGUAS-A 0 15,205,866 0 15,205,866

CALDERON FLORES CARLOS AGUAS-A 0 0 468,849 468,849

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 AGUAS-A 0 0 172,192 172,192

CISTERNAS MUNOZ DANIEL JUSTO AGUAS-A 245,151 0 0 245,151

CISTERNAS MUÑOZ LUIS AGUAS-A 0 0 839,967 839,967

CORPBANCA CORREDORES DE BOLSA SA (COIMBRA REIS JULIA) AGUAS-A 0 8,289,618 0 8,289,618

CREDICORP CAPITAL SA CORREDORES DE BOLSA (WILSON VERGARA NICOLAS) AGUAS-A 0 41,493,462 0 41,493,462

DIAZ RIOS ALFONSO ARTURO AGUAS-A 244,773 0 0 244,773

DIAZ ZAMORA LUIS EDUARDO AGUAS-A 637,154 0 0 637,154

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

ESCOBAR NUNEZ HUGO DEL CARMEN AGUAS-A 13,333 0 0 13,333

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

FERNANDEZ HERNANDEZ EDGAR AGUAS-A 626,022 0 0 626,022

FLORES POQUE OLGA DE LAS MERCEDES AGUAS-A 215,316 0 0 215,316

FUENTES VERGARA GLORIA DANCY AGUAS-A 779,570 0 0 779,570

GAETE WINKELMANN CARLOSJ AGUAS-A 23,612 0 0 23,612

GATICA ACEVEDO HANS AGUAS-A 0 0 4,000 4,000

GIBBS GONZALEZ PEGGY ELIZABETH AGUAS-A 548,631 0 0 548,631

GONZALEZ GONZALEZ JUAN CARLOS AGUAS-A 151,690 0 0 151,690

GONZALEZ GUTIERREZ FLAVIO AGUAS-A 7,462 0 0 7,462

GONZALEZ IBARRA BLANCA AGUAS-A 144,659 0 0 144,659

GONZALEZ LEIVA JOSE GREGORIO AGUAS-A 546,185 0 0 546,185

GONZALEZ QUIROZ CARLOS IVAN AGUAS-A 850,530 0 0 850,530

GUERRERO SOTO MARLYS ANDREA AGUAS-A 477,606 0 0 477,606

HERRERA CRUZ BARBARA PAULA AGUAS-A 20,000 0 0 20,000

HERRERA MARDONES LUIS PABLO AGUAS-A 13,325 0 0 13,325

HIDALGO ALBORNOZ MAURICIO ANTONIO AGUAS-A 2,670 0 0 2,670

JORQUERA ALLENDES ALEJANDRA AGUAS-A 18,800 0 0 18,800

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

LARRAIN VIAL S A CORREDORA DE BOLSA (GOMEZ SEPULVEDA MARCELA) AGUAS-A 0 54,619,002 0 54,619,002

LARRAIN VIAL S A CORREDORA DE BOLSA (GOMEZ SEPULVEDA MARCELA) AGUAS-B 0 2,730 0 2,730

LEIVA CABELLO LUIS ALFREDO AGUAS-A 237,111 0 0 237,111

LEON BURGOS JESSICA LORENA AGUAS-A 222,034 0 0 222,034

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

LOBOS CERDA VICTOR AGUAS-A 0 0 678,866 678,866

LUCERO SOTO AMADEO EDUARDO AGUAS-A 7,500 0 0 7,500

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

MANUBENS RODRIGO AGUAS-A 0 0 116,350,235 116,350,235

MARTIN AIQUEL ANDRES AGUAS-A 0 0 541,065 541,065

MARTIN AIQUEL ELIO AGUAS-A 0 0 659,869 659,869

MATURANA BELLO JUAN MANUEL AGUAS-A 0 0 889,694 889,694

MBI CORREDORES DE BOLSA S A (TAMAYO ANRIQUEZ CARLOS) AGUAS-A 0 3,420,613 0 3,420,613

MELLADO SOBARZO RAFAEL AGUAS-A 0 0 2,393 2,393

MELLADO SOBARZO RAFAEL AGUAS-B 0 0 1,721,638 1,721,638

MENANTEAU SALINAS RODRIGO ANTONIO AGUAS-A 320 0 0 320

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

MILLAR FRIAS SEBASTIAN AGUAS-A 0 0 1,379,016 1,379,016

MIRANDA CORREA GERARDO HUMBERTO AGUAS-A 873,166 0 584,711 1,457,877

MIRANDA DASSORI MARCELA P AGUAS-A 538,604 0 0 538,604

MIRANDA MORALES MIGUEL ANGEL AGUAS-A 181,440 0 0 181,440

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

MORENO VILLALOBOS ROMMY AGUAS-A 64,300 0 0 64,300

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

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

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

NEIRA NUNEZ JUAN LEONEL AGUAS-A 620,749 0 0 620,749

NORAMBUENA DUNCAN PATRICIO AGUAS-A 324,005 0 0 324,005

NUNEZ ESCUBORT ALBERTO OSIEL AGUAS-A 596,246 0 0 596,246

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

OLAVE BELLO EDUARDO ENRIQUE AGUAS-A 658,054 0 0 658,054

OLIVA ALLENDE JORGE LEONARDO AGUAS-A 400,000 0 0 400,000

OYARCE SOLIS JUAN ENRIQUE AGUAS-A 678,109 0 137,217 815,326

PACHECO CACERES MANUEL AGUAS-A 400,000 0 0 400,000

PADILLA ORMAZABAL ISMAELA DE LAS MERCEDES AGUAS-A 121,245 0 0 121,245

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

PEREZ MONTECINOS JOSE IGNACIO AGUAS-A 705,676 0 0 705,676

PIZARRO MUNOZ FELIX ORLANDO AGUAS-A 954,856 0 0 954,856

PONCE BRAVO SUSANA AGUAS-A 29,322 0 0 29,322

PRADEL VILCHES GLADYS AGUAS-A 13,150 0 0 13,150

PULGAR CLARO EDUARDO JOSE AGUAS-A 305,631 0 0 305,631

RAMIREZ CABEZAS MARTA AGUAS-A 12,200 0 0 12,200

REMENIK ZISIS MARCELO AGUAS-A 0 0 3,653,269 3,653,269

RETAMALES PINA PEDRO ANTONIO AGUAS-A 228,465 0 0 228,465

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

REYES MOYANO JESSICA PAMELA AGUAS-A 314,241 0 0 314,241

REYES PEREZ MARIA ELENA AGUAS-A 14,285 0 0 14,285

RIQUELME CORREA GERMAN EDGAR AGUAS-A 208,603 0 0 208,603

RIVERA OLGUIN VICTOR HUGO AGUAS-A 1,161,138 0 0 1,161,138

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

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

ROJAS LORCA GUILLERMO CRISTIAN AGUAS-A 250,041 0 0 250,041

ROJAS VILDOSOLA GONZALO AGUAS-A 0 0 177,440,629 177,440,629

ROZAS VARAS SERGIO SEGUNDO AGUAS-A 665,639 0 0 665,639

RUBIO CONTRERAS MARIO HERNAN AGUAS-A 643,375 0 0 643,375

SAGNIER GUIMON JORGE AGUAS-A 0 0 3,065,744,510 3,065,744,510

SAGREDO MARTINEZ LUIS AGUAS-A 20,374 0 0 20,374

SALAZAR FONSECA JAIME AGUAS-A 400 0 0 400

SALGADO REYES OLIVIA DEL CARMEN AGUAS-A 6,005 0 0 6,005

SANCHEZ AZOCAR IVAN EDUARDO AGUAS-A 925,268 0 0 925,268

SANTANDER CORREDORES DE BOLSA LIMITADA (SOLER REYES MARIO) AGUAS-A 0 20,950,177 0 20,950,177

SANTANDER LOPEZ ALBERTO ENRIQUE AGUAS-A 662,244 0 0 662,244

SANTOLALLA GARCIA JAIME AGUAS-A 140,986 0 0 140,986

SELMAN BIESTER VICTOR AGUAS-B 0 0 305,948,258 305,948,258

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 OPAZO DAVID GERARDO AGUAS-A 706,874 0 0 706,874

SOTO QUEZADA FRANCISCA AGUAS-A 0 0 550,976 550,976

STIEPOVICH GONZALEZ SARA AGUAS-A 15,100 0 724,781 739,881

TERRE FONTBONA RODRIGO AGUAS-A 10,169,950 0 0 10,169,950

TOBAR BERRIOS JOSE MIGUEL AGUAS-A 178,613 0 0 178,613

TOLEDO FUENTES ALEJANDRO AGUAS-A 614,682 0 0 614,682

TORRES ARANDA CLARA AGUAS-A 734,609 0 0 734,609

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

TRUJILLO MIQUELES LUISA AGUAS-A 1,000 0 0 1,000

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

ULLOA LOPEZ SILVIA CLOTILDE AGUAS-A 17,003 0 0 17,003

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

URIBE GONZALEZ DANIEL ANTONIO AGUAS-A 390,802 0 0 390,802

URZUA IBACETA RONARDO ARTURO AGUAS-A 715,404 0 0 715,404

VALDES DONOSO VICENTE AGUAS-A 0 0 87,660,064 87,660,064

VALDEVENITO FAUNDEZ IGNACIO AGUAS-A 13,550 0 0 13,550

VALENZUELA SAAVEDRA LEONARDO AGUAS-A 771,177 0 0 771,177

VALLEJOS TRONCOSO MARGARITA VICTORIA AGUAS-A 462,489 0 0 462,489

VASQUEZ LETNIC CARLOS AGUAS-A 530,144 0 0 530,144

VASQUEZ TORRES NESTOR ORLANDO AGUAS-A 784,674 0 0 784,674

VEGA TRONCOSO CARMEN GLORIA AGUAS-A 46,699 0 0 46,699

VICUNA PRIETO RAIMUNDO NICOLAS AGUAS-A 20,000 0 0 20,000

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

ZAMORANO POLANCO JOSE FRANCISCO AGUAS-A 538,489 0 0 538,489

47,690,748 1,860,693,615 3,932,622,469 5,841,006,832

As per the above chart, either attending personally or by proxy, are 5,533,327,206 shares from series “A”, representing 95.22% of that series, as well as 307,679.626 shares from series “B”, representing 99.92% of that series. Therefore, a total of 5,841,006,832 shares are present, representing 95.46% of the 6,118,965,160 shares that the company has issued, underwritten and paid to date. --------------------------------------------------------------------------

Given the percentage of shares present at this Meeting, and in conformity with Article 61 of Law #18.046 on Public Limited Companies, as well as Article 33 of the company bylaws, there exists a sufficient quorum for the holding of the current Ordinary Shareholders Meeting. ----------------------------------------------------------------------------------

Representative of Superintendence of Securities and Insurance.

Note that no one is present to represent the Superintendence of Securities and Insurance. ----------------------------------------------------------------------------------------------------------------------------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

Representatives of the Pension Fund Administrators.

The Secretary makes it known that if there are any representatives of the Pension Fund Administrators present at this meeting, as per the contents of Article 45 bis of DL 3.500, they should always rule on the

matters submitted before consideration of the Meeting. ----------------------------------------------------------------

Note that according to the information provided by the attendees at the Meeting, the following persons have been identified as Representatives of the Pension Fund Administrators: -----------------

- Elizabeth Vasquez Moyano, representing AFP Capital.

- Gonzalo Morales Barker, representing AFP Cuprum.

- Patricio Jottar Bilbao, representing AFP Habitat.

- Rodrigo Zumaeta Morales, representing AFP Modelo.

- Felix Lorenzo Espindola, representing AFP Provida.

Powers of Attorney.

Regarding the powers of attorney presently attending this Meeting, the Secretary states that they have been reviewed and considered to be in compliance with the stipulations of Articles 110 and following of the Regulations of Public Limited Companies. ----------------------------------------------------------------------------

Also, the Secretary states that he has received physical copies of the letters containing voting instructions from the following banks, in their capacities as representatives of shares on behalf of third parties, as registered in the Company Shareholders Registry: --------------------------------------------------------

- Banco de Chile, on behalf of nonresident third parties. -

- Banco Santander, on behalf of foreign investors, stock brokers, and HSBC Bank PLC London Client Account. -

- Banco Itaú, on behalf of investors. -

The Assembly is informed that the respective voting instructions shall be noted during the voting process. ----------------------------------------------------------------------------------------------------------------------------

Signing of the Minutes.

The Secretary states that, as per Article 72 of the Law on Public Limited Companies, the minutes of the present Meeting must be signed by the President, the Secretary, and by three shareholders chosen by the same Meeting.

He also notes that as per Article 122 of the Regulations on Public Limited Companies, and with Circular #1291, dated July 31, 1996, of the Superintendence of Securities and Insurance, the following names of present shareholders are proposed so at least three of them jointly sign the minutes with the President and the Secretary in order to obtain a prompt issuance of these documents:

- Inversiones Aguas Metropolitanas S.A., represented by Jorge Cosme Sagnier Guimón.

- Gilda Follador Covarrubias, represented by Carlos Calderón Flores.

- Sara Stiepovich.

- Rodrigo Reyes.

- Corporación de Fomento de la Producción (CORFO), represented by Víctor Selman Biester.

- AFP Capital, represented by Elizabeth Vasquez Moyano.

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

The shareholders unanimously agree, with the favorable and express vote of all the representatives of the pension fund administrators, that, representing the shareholders, the minutes shall be signed by any three of the above-mentioned persons. ---

Voting System.

Given the matters to be submitted before the consideration and approval of the Meeting, the Secretary proposes that a system of voting aloud be used, given that this method will ensure the simultaneous emission of votes as required by Law # 18.046 on Public Limited Companies. He also adds that only those votes cast against a given proposal, if any, will be noted on the record, thereby, if no votes are cast against a proposal, the given proposal shall be understood to be approved unanimously. -------------------------------------------------------------------------------

For the election of the Board of Directors, the Secretary proposes the application of voting via ballots or by acclamation, to be decided by this Meeting, taking the number of proposed candidates into

consideration. ----------------------------------------------------------------------------------------------------

The shareholders unanimously approve the proposal with the express and favorable vote of the representatives of the Pension Fund Administrators. -------------------------

Constitution of the Meeting.

Given the statements made by the Secretary regarding the fulfillment of all formalities required for the valid celebration of the present Meeting, and given that there is a quorum greater than that required by the law and statutes for this, the President declares the present Ordinary Shareholders Meeting to be constituted. ----------------------------------------------------------------------------------------------

The President’s Exposition.

Before proceeding with the development of the Schedule, the President directs the attention of the Assembly to the performance of the Company during the 2015 financial period. -------------------------------- He begins by referencing climate change, and the consequences of this ongoing event as seen the week before last, when intense rains adversely affected watershed conditions for the Maipo and Mapocho rivers, forcing the Company to cut water to almost a million clients for more than 24 hours. Then, and in response to questions from the press, he notes that since the year 2000, 2,253 million dollars have been invested in security projects, and that all those projects rolled out in 2013 have been operational since December of that year. He adds that there are plans for a second set of measures, to the cost of 90 million dollars, the principal project being a set of six raw water tanks with a volume of 1.5 million cubic meters, connected to the Las Vizcachas potable water production complex, which will permit an increase in the system autonomy from 9 to 32 hours. Capping off this point, he alludes to all the projects that company has developed since the year 2000, with special mentions to the Mapocho Urbano Limpio project, and the development of a “Drought and Climate Change Plan” for 2015-2030, among others. -------------------------------------------------------- He continues, referring to the organizational and cultural transformation process that the Company has begun, which entails the implementation of a new “Client Strategy,” whose goal is to strengthen the link with the users through the development of various initiatives, such as, for example, the new survey methodologies, a new system of programmed cuts, and the modernization of our contact center platforms, etc. ----------------------------------------------------------------- Then, he notes that the past financial period was marked by the entrance into effect of the new tariffs for the period ranging from 2015 – 2020, the increase in electrical costs, and the effects of a seventh year of drought. The EBITDA, of 282,624 million pesos, was 3.2% greater than 2014, and the earnings, of 129,008 million pesos, was 8% higher. He highlights the emission of Series X 23-year bonds, at 1.6 million UF and with a rate of 3.19%. He adds that with the goal of assuring the financing of 2016, in December of 2015 three new series of bonds were registered with the Superintendence of Securities and Insurance. Then, he makes special mention of the entrance of the Company into the Dow Joes Sustainability Index of Emerging Markets, and at a local level, the sustainability index of the Santiago Market. -----------------------------------------------------------------------------------------------------------------------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

The president also refers to the investigation undertaken by the Public Ministry, through which Aguas Andinas was required to provide accounting records related to slips and invoices issued in 2010, by the National Prosecutors and the Internal Revenue Service. He adds that the Company voluntarily delivered all the required documents, and began an internal investigation as well as rectified its statement of expenditure before the Internal Revenue Service. Also, the Company adopted the necessary measures to strengthen its management control. ----------------------------------------- Continuing with the highlights of 2015, he refers to the directive logical security plan, which seeks to limit the ever increasing risks of exposure of the Company on social media and the internet; as well as the implementation of talent and knowledge management plans. -------------------------------------------- He ends his presentation by thanking the collaborators of Aguas Andinas for their work and stresses the commitment to turn the Company into a leading example, on a global level, of quality of service and customer relations. ------------------------------------------------------------------------------------------------------------

The CEO’s Exposition.

The President gives the floor to the CEO, Mr. Narciso Berberana, who will go over the Company’s results, as well as other matters related to the management and administration of the Company. ---------------------------------------------------------------------------------------------------

Mr. Berberana begins his presentation by referring to the new conditions and challenges that the Company must face, as well as those facing the country. ------------------------------------------------------------ Next, he refers to the financial management during 2015, especially to the increase in results, owing to the improvements in the EBITDA, which reached $282,624 million, an increase of 8,878 million (3.2%) with respect to 2014, and to the superior financial result of $11,861 million during 2014. Then, he states that Aguas Andinas has maintained its policy of distributing 100% of its benefits to the shareholders and that the share price has had a greater performance than the IPSA. -------------------------------------------------------------------------------------------------------- Referring to the financing of the Company, he continues by mentioning the issuance of the Series X Bonds, for an amount of 1.6 million UF, with an expiry of 23 years and a rate of +3.19% UF, which obtained a risk rating of AA+. ---------------------------------------------------------------------------- Referring to investments, he signals that during 2015, the invested amount is equivalent to 98% of the profits of the year. He then highlights the principal projects of the Company such as: the fourth stage of the Mapocho-Trebal Plant, increasing its capactity from 6.6 m3/s to 8.8 m3/s; the strengthening of the northern Quilicura-Chicureo-Chamisero sector and; the implementation of a Master Plan for Hydraulic Efficiency with the goal of improving performance in terms of hydraulic requirement. Lastly, he notes that for the five year period ranging 2015-2020, the Company will seek to reinforce the continuity and security of service by investing $900 million USD to this end. –------------------ He later refers to the main milestones that were achieved during 2015. For clients, a strategic plan was rolled out oriented towards new and better alternatives, such as new external collection channels and multiple collection points, a new Contact Center platform with an increased response capacity and, soon, a Virtual Branch and Real-Estate Portal. Regarding people, the Company seeks to become a leading example in this field, so that, during 2015, it has begun an internal process of organizational and cultural transformation. To this end, the Company has undertaken an internal re-organization with several goals, such as providing a faster response time to our interest groups, the creation of early retirement programs, the incorporation of new talent, and an anticipated collective bargaining. --------------------- Then, Mr. Berberana refers to the Company’s adoption of its “best practices for corporate governance” in light of the stipulations of the NCG SVS #385, highlighting among them the orientation and training of managers, visits to the Company facilities and offices, and the approval of a Sustainability Policy and Report, among others. ---------------------- As to management and security, he mentions the different measures carried out by the Company, such as the reinforcement of electrical backups and the security of key areas, the relocation of the data center, etc. ------------------------------------------------------------------------------------- Regarding the drought, he notes that the safety projects that the Company committed to in 2013 are now operational, which has increased the potable water capacity of Santiago by 25% and has allowed us to deal with 35 high turbidity events in the Maipo river without compromising the supply of water to the city. He also presents the “Drought and Climate Change Adaptation Plan, 2015-2030” which considers an

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

investment of 90 million USD for the construction of a raw water reserve of 1.5 million m3 in Pirque, which will give an additional 32 hours of autonomy to the potable water production system for Santiago. ------------------------------------------------------------------------------------------------------------ Within the main accomplishments of 2015, he also mentions the recognition the Company received regarding sustainability, such as the entrance of Aguas Andinas into the Dow Jones Sustainability Index for Emerging Markets, the strengthening of its relationship with the community through the “Avanza Project,” good neighbor policies and the first report of the Carbon Disclosure Project among others. --- Lastly, the CEO presents the new challenges facing the Company, among which is the desire to become a sustainable enterprise whether it be financially, environmentally, or in a business sense. In a financial sense, he notes that the Company seeks to become more efficient with competitive rates, highlighting the fact that we currently have some of the lowest in the world. Environmentally, the challenges are marked by a sustainable management of resources, aligning with those of the Country in the COP 21, and the adaptation to climate change. Finally, regarding social matters, the CEO notes that Aguas Andinas looks to establish relations with interest groups, reinforce good neighbor policies, and to share innovation projects. --------------------------------------------------------------------------------------------------

Meeting Schedule.

The Secretary states that next, as per the summons sent to the shareholders and per the information published to this end, the Meeting must discuss the following matters: ------------------------------------------------------------------------------

1. Examination of the external auditing report, go over the annual report and financial statements of the period between January 1 and December 31, 2015.-

2. Agree on the profit distribution and that of the dividends from the 2015 financial period.-

3. Present the dividends policy of the Company.-

4. Go over operations with related parties (Title XVI, Law # 18.046).

5. Designate independent external auditors for the 2016 financial period.-

6. Designate risk assessors for the 2016 financial period.-

7. Renewal of the Board of Directors.-

8. Set remunerations for the Board of Directors for the 2016 financial period.-

9. Go over the Board expenses during 2015.-

10. Set remunerations and expense budget for the Committee of Directors for the 2016 financial period.-

11. Go over the activities and expenses incurred by the Committee of Directors during 2015.-

12. Determination of the periodical in which the notices of summons to shareholders meetings and other matters of business interest will be published.-

13. Other matters of business interest within the competency of the meeting.-

The schedule shall be developed next. ----------------------------------------------------------------

1.- Situation of the Company, the external auditors’ report, annual report, balance sheets and other financial statements corresponding to the financial period between January 1st and December 31st, 2015.

The Secretary states that the annual report, the balance sheet and other financial statements of the Company corresponding to the 2015 financial period, to be submitted before the approval of the Meeting, have been made available to the shareholders and duly published on the Company’s website. --------------------------------------------------------------------------------------------------------------------------

Next, the shareholders are informed that EY, the external auditing firm of the Company, as per its report dated March 30, 2016 and signed by its patner, Luis Vila Rojas, has noted that financial statements of the company reasonably represent, in all significant aspects, the accurate financial situation of the Company as of December 31, 2015. ---------------------------------------------------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

Then, in accordance with the CEO’s presentation who had previously referred to the financial management of the Company during the 2015 financial period, the approval of the annual report, balance sheet and other financial statements from this period are submitted before the consideration of the Shareholders. ----------------------------------------------------------------------------------------------------------------------------

The proposal is approved, with the favorable and express vote of the representatives of the Pension Fund Administrators, it is also noted that the votes of the different representatives of third party accounts, as inscribed in the Shareholders Registry, are those that have been delivered to the Company and corresponds to the contents of the respective letters of instruction. ----------------------------------------------------------------------------------------------------------------------

As a consequence of having approved the balance corresponding to the 2015 financial period, it is noted that the paid-in capital of the Company is $155,567,353,596, in accordance with Article 10 of Law # 18.046 on Public Limited Companies. --------------------------------------------------

2.- Distribution of Profits and allocation of dividends for the 2015 financial period.

It is proposed to the present Meeting that 100% of the liquid profits obtained by the Company in the 2015 financial period, reaching $129,008,145,407 (plus $73,428 in accumulated earnings) be distributed. ----------------------------------------------------------------------------------------------------------

It is made known that, in accordance with the agreement made by the Board in its session of December 16, 2015, the Company distributed an interim dividend, based on earnings from the last financial period, of $40,565,067,632. -------------------------------------------------------------------------------

Considering the distribution of the interim dividend as above indicated, the distributable earnings reach $88,443,151,203, which signifies a dividend of $14.4539 per share, which shall be paid out on May 25th of the next year. ------------------------------------------------------------------------------------------------------------

It is noted that the remaining $240,677, corresponding to the difference in dividend distribution shall be allocated to retained earnings. ---------------------------------------------------

Payment methods shall be those that are normally used, being: --------------------------------

1. Bank deposit to those who have requested so in writing to DCV Registros S.A.

2. Personal check, or bank draft, sent by certified mail to the address of the shareholder that is recorded in the Shareholder Registry, to those who have requested so in writing to DCV Registros S.A.

3. Check or bank draft that can be picked up at the DCV Registros S.A. offices, or in the Bank and branches that are previously determined. These shall be announced in the notice published about the payment of dividends.

If the above proposal is approved by the Meeting, the equity accounts of the Company shall be the following amounts: -----------------------------------------------------------------------------------------------

Paid-in capital $155,567,353,596 Issued premiums $164,064,038,163 Other equity interests ($5,965,551,209) Retained earnings $215,087,224,806 Equity $528,753,065,356

The floor is opened regarding this matter, and it is proposed that the distribution of incomes of the financial period, distributions of dividends, and payment procedures be those previously described. ---------------

The proposal is approved, with the favorable and express vote of the representatives of the Pension Fund Administrators, it is also noted that the votes of the different representatives of third party accounts, as inscribed in the Shareholders Registry, are those that have been delivered to the Company and corresponds to the contents of the respective letters of instruction. -----------------------------------------------------------------------------------------------------------------------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

3.- Presentation of the Dividends Policy of the Company.

In fulfillment of the terms of Circular #687 of the Superintendence of Securities and Insurance, the Meeting is informed that the Board has agreed to maintain as a dividend policy, a repartition of 30% of the liquid profits of the financial period as an obligatory dividend and the 70% remaining as an additional dividend. The above, on the understanding that the current level of capitalization of the company is maintained and that the proposed policy is compatible with those of investing and financing to be determined in the current financial period. ------------------

To date, the Board has not gone over the distribution of interim dividends. -------------------

Notwithstanding, if in the course of the present financial period the Board of Directors considers it pertinent to substantially change the dividends policy of the Company, this will be duly communicated as an essential fact to the Superintendence of Securities and Insurance, as per the already cited Circular #687.-------------------------------------------------------------------------------------------------------

Lastly, the Meeting is informed that there are no existing agreemets with financial creditors or any other such body, nor are there any capitalization of profits agreements which restrict the already discussed dividend policy. ----------------------------------------------------------------------------------------------------

However, it should be noted that, in light of the contract opening a non-revolving credit line with Banco Bilbao Vizcaya Argentaria, Chile, and the contract opening a line of credit with Banco de Credito e Inversiones, in the event of non-compliance with the obligations found within, the Company could possibly only distribute the minimum obligatory dividend as legally required. ------------------------------------

The obligation of informing the Ordinary Shareholders Meeting of the dividends distribution policy has now been fulfilled.. ---------------------------------------------

4.- Report on Transactions referred to under Title XVI of Law #18.046.

The Meeting must be informed that during 2015, the following operations with related parties were approved, fulfilling the requisites and formalities as required by law. These operations were agreed upon in the following ways. -----------------------------------------------

a) In the Board’s Ordinary Session # 441, on Jan. 27, 2015, the present members agreed unanimously to hire the International Investigation Center on Water and the Environment to carry out a study analyzing the presence of certain organic compounds in the Company’s wastewaters and sewage network, for a net sum of €5,000 (approx. $3,650,000).

b) In the Board’s Ordinary Session #442, on Feb 25, 2015, all present members unanimously approved the signing of a collaboration with Aquatec, Projects for the Water Sector, S.A.U., for a total amount of €107,200 (approx. $75,576,000), with the goal of jointly developing, through a technological center with experience in nanotechnology, a study indentifying more efficient processes regarding the removal of minerals present in the raw water obtained from the different aquifers of the Maipo-Mapocho watershed.

c) In its Ordinary Session # 444 on Apr. 28, 2015, the Board unanimously authorized the following operations: (i) The signing of trading contract for raw water with the Canalist Association of the Maipo Canal, in which the Company will supply raw water from May 1 until September 30, 2015, with a maximum flow of 2.5 m3/s and a maximum volume of 28.2 Hm3, values at $8/m3; and (ii) To compensate Electrica Puntilla S.A. in light of the recent trading contract for raw water, for the reduction of water flows that are entering their hydroelectric centers, where cubic meters that are not generated will be valued according to the marginal cost of electricity generation for EPSA, taking as a reference the generation costs of its plant in Puente Alto of 110 kv, plus a fixed value of $ 1.8 per cubic meter.

d) In its Ordinary Session # 445, the Board unanimously authorized the following operations: (i) The closing of a contract for the trading of raw water with the Canalist Association of the Maipo Canal, under which they would provide the Company with surplus raw water flows generated by the cutting of the San Carlos canal between May 16-30, 2015, valued at $8/m3; (ii) To compensate Electrica Puntilla S.A. in light of the recent trading contract for raw water, for the reduction of water flows that are entering their hydroelectric centers, where cubic meters that are not generated will be valued according to the marginal cost of electricity generation for EPSA, taking as a reference the generation costs of its plant in Puente Alto of 110 kv, plus a fixed value of $ 1.8 per cubic meter; (iii) A 36-month extension in the contract with Asterion for providing services related to reengineering of

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

processes and the implementation of new information systems for customer service, as well as increasing the monthly net value from 1,163.5 UF to 2,651.5. Regarding the price change, the Board gave its approval prior to the favorable rating from the Superintendence of Sanitary Services.

e) In its Ordinary Session #446 on Jun 30, 2015, the Board unanimously approved the hiring of the Mapocho Trebal Wastewater Purifying Company Ltd. to carry out the necessary processes for the installation and reinforcement of the Archimedean screws at the La Farfana wastewater treatment plant, for the sum of 11,966 UF.

f) In the Board’s Ordinary Session #447 on July 29, 2015, the present members unanimously authorized (i) The sale of the property and laboratory facilities of Análisis Ambientales S.A., for the total sum of $3,543 million pesos; (ii) The closing of a contract for the operation and maintenance of the Methanization Plant between Aguas del Maipo S.A. and the Wastewater Purifying Company, Mapocho Trebal Ltd., for the sum of $81,000,000 with respect to decreased operations, and of $562,000,000 for normal operations should the option of extending the contract be exercised; (iii) that the Company advise the Sanitary Services Company Los Lagos S.A. in the VI Tariff Process for an elevated sum of 19,000 UF; (iv) The compensation of Electrica Puntilla S.A. regarding the raw water contracts closed with the Buin United Canal Association and the Huidobro Canal Association, considering the that the cubic meters not generated by the Puente Alto Plant (110 kv) in addition to a fixed value of $2/m3.

g) The Board, in its Ordinary Session # 448, on Aug. 26, 2015, unanimously agreed to: (i) Hire Asterion S.A. to carry out work related to the integrated system for billing, development and testing with the commercial system of the Company for a cost of 230.4 UF; (ii) Effectively extend the “Ice Pigging” potable water cleaning services contract held with Aqualogy Medioambiente S.A., for a period of 12 months.

In this session, the Board also approved, with the abstention of those directors involved or maintaining interest in the operation, the reimbursement of Agbar Chile for a sum of $101,900,000, corresponding the percentage of participation of the Company in the acquisition of Aguas Antofogasta.

h) In its Ordinary Session # 449, on Sep. 30, 2015, the Board unanimously approved the following operations: (i) To hire Aqualogy Solutions Chile Ltd., to carry out the implementation of a Virtual Office and Real Estate Portal, for the total sum of 41,772 UF; (ii) Hire Aqualogy Solutions Chile Ltd., to carry out the updating of “Oracle 10” to “Oracle 12” and the upgrading of the application “Siebel 8.0” to “Siebel 8.1”, as well as carry out the movement and update of data, and check the correct operation of the database, applications and integrations with other systems, for a total sum of $267,090,794.

i) In the Board’s Ordinary Session # 450, on Oct. 28, 2015, they unanimously agreed to: (i) Hire Analisis Ambientales S.A., for the implementation of monitoring, sampling and laboratory analysis, as well as the support of quality information and other services, which would fulfill the quality requisites mandated by the current rulings and laws, and the fixed standards of internal quality maintained by the Company, for the sum of 106,190 UF/year; (ii) The closing of a contract with Aqualogy Solutions Chile Ltd., to provide licenses for unintegrated GIS modules, for the sum of 97 UF/year.

The obligation to inform the Ordinary Shareholders Meeting of the operations covered under Title XVI of Law #18.046, on Public Limited Companies, has now been fulfilled. ----

5.- Designation of the Independent External Auditors, to examine the accounting, inventory, balance sheet and other financial statements of the Company for the 2016 Financial Period.

The designation of external auditors, for examining the accounting, inventory, balance sheet and other financial statements for the 2016 financial period corresponds to the Ordinary Meeting. -

As per the Official Circulars #718 and 764, dated Feb. 20 and Dec. 21, 2012 respectively, of the Superintendence of Securities and Insurance, quotes have been solicited from the two of the main external auditing firms of the country, EY and Deloitte. ----------------------------------------------------------------

These companies are amongst the most important external auditing firms on the national and international markets, and both possess a long history in this country and have international support, they also have audited or are auditing companies within the sanitation industry. They both comply with the conditions of independence, and have sufficient experience to perform the functions entrusted to them, and they are also inscribed the Registry of External Auditing Firms maintained by the Superintendence of Securities and Insurance, and are thusly accredited by this fiscal organization. ------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

The main factor differentiating the received proposals is the honorarium amount proposed by the firms for the required services, the proposal of EY being less than Deloitte’s. Also, the working hours, amount of available professionals, and the diversity of specialists and partner, senior and manager distribution of EY, ensure that their proposal is more adequate to the auditing and internal control needs of the Company. -------------------------------

Also, EY is a world leading professional services company, and have been the external auditors of the Company and its subsidiaries since 2011, and are currently auditing the Sociedad General de Aguas de Barcelona and Suez, parent companies of the Aguas Group, which reflects their past experience in the sanitation area. Also, it is noted that the current partner responsible for auditing the Company is Mr. Luis Vila Rojas, who has performed this function since 2013. ----------------------------

Therefore, the Board proposes to the shareholders that, as external auditors for the 2016 financial period be, in the following order, the companies: ---------------------------------------------------------------

1. EY, and

2. Deloitte.

This proposal is identical to that provided by the Committee of Directors. ----------------------------------

The floor is opened to the shareholders for discussion of this point. ------------------------------------------------

Victor Selman, the representative of the Production Development Corporation (CORFO), takes the floor stating that he will vote against this proposal, instead suggesting that Deloitte take first priority as it is a best practice to replace auditors after they have performed their functions for 5 years, as well as their represented partners after 3 years, in order to guarantee their independence. ---------------------------------

Patricio Jottar, the representative of AFP Habitat, also takes the floor, proposing Deloitte given that EY will soon fulfill five years in their current function, a change being recommended, and rejects the Board’s proposal. ----------------------------------------------------------------------------------------------------------------

The shareholders, with the favorable and express vote of the representatives of the Pension Fund Administrators for Capital, Cuprum, Modelo and Provida, approve EY as the external auditing firm of the Company, with 40,141,088 votes against the proposal from Banco de Chile, representing nonresident third parties; 23,450,558 votes against the proposal from Banco Itau, representing investors; 9,245,962 votes against the proposal from Banco Santander, representing foreign investers; 29,309,288 votes against the proposal from AFP Habitat; and with 305,948,258 votes against the proposal from CORFO. Note that the votes of the different representatives of third party accounts, as inscribed in the Shareholders Registry, are those that have been delivered to the Company and correspond to the contents of their respective letters of instruction. ---------------------------------------

6.- Designation of Risk Rating Firms for the 2016 Financial Period.

The Board as agreed, as per the proposal by the Committee of Directors, to propose to this Meeting that International Credit Rating (ICR) and Fitch Chile be designated as the risk assessors of the securities of the Company for the 2016 financial period, given their history, prestige in the sector, and excellent performance in the position, as well as the fact that they are the firms currently providing their services to the Company and they are duly accredited by the pertinent organizations. -------------------------------------------------------------------------------------------------------------------------

The floor is opened to the shareholders for discussion of this proposal.----------------------------------------------------

The proposal is approved with the favorable and express votes of the representatives of the Pension Fund Administrators, with 17,633,155 votes against from Banco de Chile, representing nonresident third parties; 16,638,764 votes against from Banco Itau, representing investors; and with 427,108 votes against from Banco Santander, representing foreign investors. Note that the votes of the different representatives of third party accounts, as inscribed in the Shareholders Registry, are those that have been delivered to the Company and correspond to the contents of their respective letters of instruction. ---------------------------------------

7.- Renewal of the Board of Directors.

The President presents that he has agreed to propose that the Meeting proceed with the renovation of the Board of Directors, revoking the current and electing a new group. -------------------------------

This is in consideration of the fact that next August will be the end of the statutory 3 year period of the current Board as elected during the Extraordinary Shareholders Meeting of August 29, 2013, and in

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

compliance with the Official Ordinance #1574 of April 17, 1990 of the Superintendence of Securities and Insurance, which allows for the anticipatory renewal of the Board in the Ordinary Shareholders Meeting in the same year that the statutory term expires. ----------------------------------------------------------------------------

In compliance with Article 50 bis of Law #18.046 on Public Limited Companies, the following shareholders have presented the following independent candidates: -------

- Bethia S.A. has proposed, as a candidate for titular independent director, Mr. Gonzalo Rojas Vildósola and has his respective substitute, Mr. Jaime Cuevas Rodriguez.

- Larraín Vial Corredores de Bolsa y Asesorías and Inversiones Daramai Spa have proposed, Mr. Rodrigo Manubens Moltedo as a candidate for titular independent director, and Mr. Rodrigo Terré Fontbona as his respective substitute.

- CORFO has proposed Mrs. Nicole Nheme Zalaquett as a candidate for titular independent director, and Mr. Pedro Sierra Bosch as her respective substitute.

- The Pension Fund Administrators, Habitat and Cuprum, have proposed Mr. Felipe Perez Walker as a candidate for titular independent director, and Mr. Ricardo Waidele Cortés as his respective substitute.

- The Secretary notes that all the presented candidates have given their respective sworn declarations as required by Article 50 bis of Law #18.046 on Public Limited Companies, as well as those required by Article 73 of its bylaws. ---------------------------

The Secretary also notes that Inversiones Aguas Metropolitanas S.A., acting through its representative, has proposed the following candidates, accompanied with the respective declarations required by Article 73 of the Rulings on Public Limited Companies. ----------------------

Titular Directors Substitute Directors

Guillermo Pickering De La Fuente Christophe Cros

Felipe Larrain Aspillaga Fernando Samaniego Sangroniz

Bruno Philippi Irarrázaval Laureano Cano Iniesta

Ricardo Escobar Calderón Loreto Silva Rojas

Herman Chadwick Piñera Sonia Tschorne Berestesky

The Secretary signals that given that there are a greater number of proposed candidates than vacant positions, the meeting shall proceed with the vote for the election of the Board members, to be be carried out via paper ballots, whereupon each shareholder or representative, indicate the number of shares that they have or represent. On the referred ballots, which must be returned signed, there must be an indication who is being voted for, and the number of votes assigned to each candidate if voting for more than one, which must always be in whole numbers (voting by fractions of shares will not be allowed). Given that the voting must be simultaneous, it will not be possible to change votes after the counting has begun. -------------------------------------

The 7 candidates with the most votes shall be those elected. If within the most voted candidates there is no clear independent candidate, this will result in the election of the candidate with fewer votes, that could have been chosen. ----------------------------------------------------------------------------------------------------

With regards to Stockbrokers and Custodian Banks, the ballot will distinguish between owned and represented shares. -------------------------------------------------------------------------------------------

Also, the Secretary notes that the controller, members or related persons of such, while casting their votes, must indicate their capacity as such, which shall be duly noted in the minutes. -----------------------------------------------------------------------------------------------------

Shareholders may request support in the voting process if required. -----------------------------------------------

The Secretary invites the shareholders to take their ballots when called, in order to proceed with the vote. ----------------------------------------------------------------------------------

After the vote, the Secretary will read out each of the issued votes, which shall be noted below: ----------

Attending Business Name

Abstention Null blank

GUILLERMO PICKERING / CHISTOPHE

CROS

FELIPE LARRAIN /

FERNANDO SAMANIEGO

BRUNO PHILLIPI /

LAUREANO CANO

RICARDO ESCOBAR /

LORETO SILVA

HERNAN CHADWICK /

SONIA TSCHORNE

GONZALO ROJAS / JAIME

CUEVAS

RODRIGO MANUBENS /

RODRIGO TERRE

NICOLE NHEME / PEDRO SIERRA

FELIPE PEREZ / RICARDO WAIDELE

A.F.P. CAPITAL

(VASQUEZ MOYANO

ELIZABETH)

41,831,396

A.F.P. CUPRUM

(MORALES BARKER

GONZALO)

38,592,522

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

A.F.P. HABITAT

(JOTTAR BILBAO

PATRICIO)

29,309,288

A.F.P. MODELO (ZUMAETA

MORALES

RODRIGO)

3,756,478

A.F.P. PROVIDA

(LORENZO

ESPINDOLA FELIX)

47,894,230

ABARCA MEZA

MARIA ANGELICA 7,806

AGUILAR PINILLA

CARLOS 302,112

ALIAGA

RETAMALES

CARLOS 839,967

ALVAREZ

TORREALBA

MIGUEL ANGEL 450,866

ANDRADE

VELASQUEZ

GERMAN E 134,820

APABLAZA

RAMIREZ ANTONIO

E 88,067

ARAYA CERDA LUIS PATRICIO

72,294

AREVALO

SANDOVAL JOSE

ALEJANDRO 70,000

AREVALO

SANDOVAL JOSE

ALEJANDRO 7,000

AREVALO TOBAR JORGE ROBINSON

460,114

ARIAS

VALENZUELA

CARLOS A 128,122

ASMAN PINO JOSE

DANIEL 312,546

ASTORGA CANCINO

ROSA LIDIA 405,142

ASTORGA MENDEZ

ALEJANDRO H 523,514

ASTORGA OPAZO

NANCY 13,380

BAEZ NARANJO

PAMELA LORENA 150,000

BALCAZAR PINA

MARIA R 39,597

BANCHILE C DE B S

A (FORTE GASTON

ALBERTO)

5,174 5,781,176 21,375,973

BANCO DE CHILE

POR CUENTA DE

TERCEROS NO

RESIDENTES (SOLER

REYES MARIO)

549,088,501 7,983,122 7,983,127 7,983,127 7,983,127 7,983,127 7,983,127 55,388,866 7,983,127 7,983,127

BANCO ITAU

CORPBANCA POR

CTA DE

INVERSIONISTAS EXTRANJEROS

(ARAYA PIÑEIRO

MARIA JOSEFINA)

185,536,700 39,559,963 39,559,963 39,559,963 39,559,963 39,559,963 39,559,963 68,746,805 39,559,963 39,559,963

BANCO SANTANDER

POR CUENTA DE

INV EXTRANJEROS

(SOLER REYES

MARIO)

211,536,413 4,011,386 4,011,392 4,011,386 4,011,386 4,011,386 4,011,386 18,104,479 4,011,386 4,011,386

BANCO

SANTANDER-HSBC

BANK PLC LONDON

CLIENT ACCOUN

(SOLER REYES

MARIO)

18,840,533 2,494,178 2,494,185 2,494,178 2,494,178 2,494,178 2,494,178 2,494,178 2,494,178 2,494,178

BARAHONA

LOYOLA PATRICIA DE L

304,796

BARRIENTOS

VILLEGAS MIRIAM 870,793

BCI C DE B S A

(ASHWELL ALEGRIA

CRISTIAN)

22,306,571

BELTRAN PULGAR

IVAN 978,016

BERNAL GONZALEZ

SERGIO 350,320

BERRIOS GOMEZ

JORGE 693,243

BICE INVERSIONES

CORREDORES DE

BOLSA S A (MEREDIZ-FUNES

CORNEJO MARTIN)

320,000 2,229,597 1,944,472

BOLSA

ELECTRONICA DE

CHILE BOLSA DE

VALORES

(YERKOVIC JARA

LUCIANO)

2,491,285 900,000

BTG PACTUAL

CHILE SA C DE

B(DEIJ PRADO LUIS)

4,798,559 5,203,654 5,203,653

CALDERON FLORES

CARLOS 468,849

CARVAJAL CAMPOS

JUAN CARLOS 594,906

CASTILLO

GONZALEZ JOSE 11,822

CASTILLO TORRES

SEBASTIAN 172,192

CISTERNAS MUNOZ

DANIEL JUSTO 245,151

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

CISTERNAS MUÑOZ

LUIS 839,967

CORPBANCA

CORREDORES DE

BOLSA SA

(COIMBRA REIS

JULIA)

8,289,618

CREDICORP

CAPITAL SA

CORREDORES DE

BOLSA (WILSON

VERGARA NICOLAS)

40,515,820

DIAZ RIOS ALFONSO

ARTURO 244,773

DIAZ ZAMORA LUIS

EDUARDO 637,154

ELIZONDO ARIAS

CARLOS

WASHINGTON 5,500

ESCOBAR NUNEZ

HUGO DEL CARMEN 13,333

ESPINOZA

CASANOVA

PATRICIO 701,642

FERNANDEZ

HERNANDEZ EDGAR 626,022

FLORES POQUE

OLGA DE LAS

MERCEDES 215,316

FUENTES VERGARA

GLORIA DANCY 779,570

GAETE

WINKELMANN

CARLOSJ

23,612

GATICA ACEVEDO

HANS 4,000

GIBBS GONZALEZ

PEGGY ELIZABETH 548,631

GONZALEZ

GONZALEZ JUAN

CARLOS 151,690

GONZALEZ

GUTIERREZ FLAVIO 3,000 4,000 462

GONZALEZ IBARRA BLANCA

144,659

GONZALEZ LEIVA

JOSE GREGORIO 546,185

GONZALEZ QUIROZ CARLOS IVAN

850,530

GUERRERO SOTO

MARLYS ANDREA 477,606

HERRERA CRUZ BARBARA PAULA

20,000

HERRERA

MARDONES LUIS

PABLO 13,325

HIDALGO

ALBORNOZ

MAURICIO

ANTONIO

2,670

JORQUERA

ALLENDES ALEJANDRA

18,800

LARA

HORMAZABAL JOSE

ALBERTO 82,000

LARRAIN VIAL S A

CORREDORA DE

BOLSA (GOMEZ

SEPULVEDA

MARCELA)

21,888,437 14,538,648 18,191,917

LARRAIN VIAL S A

CORREDORA DE

BOLSA (GOMEZ

SEPULVEDA

MARCELA)

2,730

LEIVA CABELLO

LUIS ALFREDO 237,111

LEON BURGOS

JESSICA LORENA 222,034

LLANQUITRUF

BARRIGA CARLOS

JUVENAL 1,104,486

LOBOS CERDA

VICTOR 678,866

LUCERO SOTO

AMADEO EDUARDO 7,500

MALUENDA VIDELA

EDUARDO EUGENIO 642,091

MANUBENS

RODRIGO 116,350,235

MARTIN AIQUEL

ANDRES 541,065

MARTIN AIQUEL

ELIO 659,869

MATURANA BELLO

JUAN MANUEL 889,694

MBI CORREDORES

DE BOLSA S A

(TAMAYO

ANRIQUEZ CARLOS)

2,075,084

MELLADO SOBARZO

RAFAEL 2,393

MELLADO SOBARZO

RAFAEL 1,721,638

MENANTEAU

SALINAS RODRIGO

ANTONIO 320

MEYER BRICENO

ADOLFO RUBEN 400,000 515,339 200,000

MILLAR FRIAS

SEBASTIAN 1,379,016

MIRANDA CORREA GERARDO

HUMBERTO 1,457,877

MIRANDA DASSORI

MARCELA P 538,604

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

MIRANDA MORALES

MIGUEL ANGEL 181,440

MONSALVE LLANOS

MARIA ELISA 82,450

MORENO

VILLALOBOS

ROMMY 64,300

MOYA GOMEZ IGNACIO ADRIAN

3,000

MUNOZ ANRIQUE

JULIO RAUL 72,747 600,000

NEIRA NUNEZ JUAN LEONEL

620,749

NORAMBUENA

DUNCAN PATRICIO 324,005

NUNEZ ESCUBORT ALBERTO OSIEL

596,246

OLAETA

UNDABARRENA

IGNACIO ANTONIO

43,080

OLAVE BELLO

EDUARDO ENRIQUE 658,054

OLIVA ALLENDE

JORGE LEONARDO 400,000

OYARCE SOLIS

JUAN ENRIQUE 815,326

PACHECO CACERES

MANUEL 200,000 200,000

PADILLA

ORMAZABAL

ISMAELA DE LAS

MERCEDES

121,245

PENCO TORTI LUIS ALBERTO

1,000,000

PEREZ

MONTECINOS JOSE

IGNACIO 705,676

PIZARRO MUNOZ

FELIX ORLANDO 954,856

PONCE BRAVO

SUSANA 29,322

PRADEL VILCHES

GLADYS 13,150

PULGAR CLARO

EDUARDO JOSE 305,631

RAMIREZ CABEZAS

MARTA 12,200

REMENIK ZISIS

MARCELO 3,653,269

RETAMALES PINA

PEDRO ANTONIO 228,465

REYES CEA

RODRIGO ANDRES 123,451

REYES MOYANO

JESSICA PAMELA 314,241

REYES PEREZ

MARIA ELENA 14,285

RIQUELME CORREA

GERMAN EDGAR 208,603

RIVERA OLGUIN

VICTOR HUGO 1,161,138

RIVERA SUAREZ

MIRNA VERONICA 993,424

ROCHA IBARRA

CHARY ALEJANDRA 246,673

ROJAS LORCA

GUILLERMO

CRISTIAN 250,041

ROJAS VILDOSOLA GONZALO

177,440,629

ROZAS VARAS

SERGIO SEGUNDO 665,639

RUBIO CONTRERAS MARIO HERNAN

643,375

SAGNIER GUIMON

JORGE 613,148,902 613,148,902 613,148,902 613,148,902 613,148,902

SAGREDO MARTINEZ LUIS

20,374

SALAZAR FONSECA

JAIME 400

SALGADO REYES

OLIVIA DEL

CARMEN 6,005

SANCHEZ AZOCAR

IVAN EDUARDO 925,268

SANTANDER

CORREDORES DE

BOLSA LIMITADA

(SOLER REYES

MARIO)

20,382,259 567,918

SANTANDER LOPEZ ALBERTO ENRIQUE

662,244

SANTOLALLA

GARCIA JAIME 140,986

SELMAN BIESTER VICTOR

305,948,258

SEPULVEDA

FIGUEROA

GEORGINA 40,000

SEPULVEDA

TOLEDO PEDRO

DANIEL 883,985

SERRANO MARTINEZ ENRIQUE

354,739

SILVA CORREA

JUNIOR REYNALDO 200,000 200,000 200,000 159,517

SILVA OPAZO DAVID GERARDO

706,874

SOTO QUEZADA

FRANCISCA 550,976

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

STIEPOVICH

GONZALEZ SARA 739,881

TERRE FONTBONA

RODRIGO 10,169,950

TOBAR BERRIOS

JOSE MIGUEL 178,613

TOLEDO FUENTES

ALEJANDRO 307,341 307,341

TORRES ARANDA

CLARA 734,609

TORTELLO MANETTI FLAVIO

ALFREDO 1,000

TRUJILLO

MIQUELES LUISA 1,000

ULLOA LOPEZ ISABEL EULALIA

24,405

ULLOA LOPEZ

SILVIA CLOTILDE 17,003

UMANA SAAVEDRA GABRIEL ANGEL

276,813

URIBE GONZALEZ

DANIEL ANTONIO 390,802

URZUA IBACETA RONARDO ARTURO

715,404

VALDES DONOSO

VICENTE 87,660,064

VALDEVENITO FAUNDEZ IGNACIO

13,550

VALENZUELA

SAAVEDRA

LEONARDO 771,177

VALLEJOS

TRONCOSO

MARGARITA

VICTORIA

462,489

VASQUEZ LETNIC

CARLOS 530,144

VASQUEZ TORRES

NESTOR ORLANDO 784,674

VEGA TRONCOSO

CARMEN GLORIA 46,699

VICUNA PRIETO

RAIMUNDO NICOLAS

20,000

VILCHES

CONTRERAS JOSE

FRANCISCO

348,989

ZAMORANO

POLANCO JOSE

FRANCISCO

538,489

1,045,553,907 43,080 8,289,618 667,870,298 674,488,450 667,202,730 668,210,573 667,197,556 288,349,304 451,913,463 362,915,649 219,416,849

Luego del escrutinio de los votos, el resultado de la votación es el siguiente: ------------------------

TITULAR SUBSTITUTE # OF VOTES

1 Felipe Larrain Aspillaga Fernando Samaniego Sangroniz 674,488,450

2 Ricardo Escobar Calderón Loreto Silva Rojas 668,210,573

3 Guillermo Pickering De La Fuente

Christophe Cros 667,870,298

4 Bruno Philippi Irarrazabal Laureano Cano Iniesta 667,202,730

5 Herman Chadwick Piñera Sonia Tschorne Berestesky 667,197,556

6 Rodrigo Manubens Moltero Rodrigo Terré Fontbona 451,913,463

7 Nicole Nehme Zalaquett Pedro Sierra Bosch 362,915,649

8 Gonzalo Rojas Vildósola Jaime Cuevas Rodriguez 288,349,304

9 Felipe Pérez Walker Ricardo Waidele Cortés 219,416,849

Blank 8,289,618

Null 43,080

Abstention 1,165,109,262

Total 5,841,006,832

The President indicates that, the present and resented shareholders, agree to renew the Board, choosing as titular and substitute directors, the following persons for a statutory period of 3 years: -----------------------------------------------------------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

Titular Directors Substitute Directors

1. Guillermo Pickering De La Fuente Christophe Cros

2. Felipe Larrain Aspillaga Fernando Samaniego Sangroniz

3. Bruno Philippi Irarrazabal Laureano Cano Iniesta

4. Ricardo Escobar Calderón Loreto Silva Rojas

5. Herman Chadwick Piñera Sonia Tschorne Berestesky

6. Rodrigo Manubens Moltero Rodrigo Terré Fontbona

7. Nicole Nehme Zalaquett Pedro Sierra Bosch

The President notes that the titular directors, Mr. Rodrigo Manubens and Mrs. Nicole Nehme, as well as their respective substitutes, Rodrigo Terre and Pedro Sierra, have been chosen as independent directors. ------------------------------------------------------------------------------------- For their part, the titular directors, Guillermo Pickering, Felipe Larrain, Bruno Philippi, Ricardo Escobar and Herman Chadwick, as well as their respective substitutes, Christophe Cros, Fernando Samaniego, Laureano Cano, Loreto Silva and Sonia Tschorne, have been elected with the vote of the controller. ---- Finally, the President thanks all the directors that have formed part of this Company in the last 3 years, which will not continue on in the new financial period. He adds, speaking for Aguas Andinas, his thanks to them for having formed part of the administration of the Company, and having participated in the growth and consolidation process of the Company in the sanitary sector of our country. ---------------------

8. Setting the Remunerations of the Board of Directors for the 2016 Financial Period.

As per paragraph 1 of article 33 of Law #18.046 on Public Limited Companies, it falls to this Meeting to set the remunerations for the Board for the present financial period. -----------------

To this end, it is proposed that the Meeting maintain the remunerations set by the Meeting last period: -

- Fixed monthly remunerations: 100 UF for the president; 75 UF for the Vice President; 70 UF for titular and substitute directors.

- For attendance at each session: 80 UF for the President; 60 UF for the Vice President; 20 UF for titular directors, and for substitute directors only when replacing the main directors.

The floor is opened to the shareholders for discussion of this matter. ----------------------------------------------

The proposal is approved with the favorable and express vote of the representatives of the Pension Fund Administrators, and with 19,966,216 votes against from Banco de Chile, representing nonresident third parties; 16,638,764 votes against from Banco Itau, representing investors; and with 427,108 votes against from Banco Santander, representing foreign investors. Note that the votes of the different representatives of third party accounts, as inscribed in the Shareholders Registry, are those that have been delivered to the Company and correspond to the contents of their respective letters of instruction. --------------------------------------------------------------

9.- Expenses of the Board of Directors for the 2015 financial period.

In fulfillment of Article 39 of the Law on Public Limited Companies, I report to the assembly that during the 2015 financial period, the Board of Directors of the Company incurred expenses reaching $2,997,000, which shall be duly noted in the minutes of the present meeting. -----------------------------------

This fulfills the obligation of informing the regular Shareholders meeting of the expenses incurred by the Board during the respective financial period. ------------------

10.- Setting Remunerations and Expense Budget for the Committee of Directors for the 2016 Financial Period.

To this effect, it is proposed that the current remunerations of the members of the Committee of Directors be kept identical to those of the last period: --------------------------------------------------------------------------------------------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

- Fixed monthly remunerations: 25 UF for titular and substitute directors.

- Remunerations for attendance at each session: 20 UF titular directors, and for substitutes only when replacing the titular directors.

It is also proposed that the annual expense budget for the Committee be fixed at 3000 UF, the same as the past financial period. ------------------------------------------------------

The floor is opened to the shareholders for discussion of this matter. ----------------------------------------------

The proposal is approved with the favorable and express vote of the representatives of the Pension Fund Administrators, with 17,633,155 votes against from Banco de Chile, representing nonresident third parties; 16,638,764 votes against from Banco Itau, representing investors; and 427,108 votes against from Banco Santander, representing foreign investors. Note that the votes of the different representatives of third party accounts, as inscribed in the Shareholders Registry, are those that have been delivered to the Company and correspond to the contents of their respective letters of instruction. ---------------------------------------

11.- Activities and Expenses of the Committee of Directors during the 2015 financial period.

The Meeting is informed of the principal activities undertaken by the Committee of Directors during the financial period ending December 31, 2015: ------------------------------------------------------------------------

i) Proposed risk rating firms for 2015 to the Meeting of that year. ii) Proposed EY (priority 1) and Deloitte (priority 2), as the external auditing firms of the company to

the Board and Shareholders Meeting for the 2015 financial period. iii) Examined the progress of the measures undertaken to address the observations of the Internal

Control Report made by the External Auditors during 2014. iv) Examined the reports of the external auditors, the balance sheet, and other financial statements

as of Dec. 31, 2014, presented by the administrators of the Company, and spoke on these matters before their presentation to the shareholders.

v) Examined the quarterly reports of the external auditors, balance sheet and other financial statements of the company.

vi) Revised the external auditing plan for the 2015 financial period. vii) Examined and approved the administration’s proposal to hire EY to produce the “2014 Verification

of the Aguas Andinas Sustainability Report”. viii) Examined and approved the administration’s proposal to hire EY to revise the key controls of the:

Code of Ethics, Press Releases, Expense Notes, Legal Matters and Tax Management. ix) Examined the Internal Control System of Aguas Andinas S.A. and the other companies of the

Aguas Group. x) Examined the remuneration systems and compensation plans for the managers, main executives

and workers of the Company. xi) Examined the report issued to the administration by the external auditors (EY), on November 30,

2015, on Internal Control, as well as the administration’s comments on each observation. xii) Reviewed the progress of Approved Processes. xiii) Analyzed the procedures and application of rules for dealings with related parties, and also

examined the background information of each of the operations carried out during the financial period.

xiv) Examined the information provided by the Administration concerning the fines and sanctions applied by the SISS to the companies of the Aguas Group in comparison with the rest of the companies from the sanitary industry

The Meeting is informed of another detail of the activites of the Committee of Directors during the 2015 financial period regarding the Annual Report, which is at the disposition of any interested persons on the Company website. ----------------------------------------------------------------------

The total expenses of the Committee of Directors during 2015 reached $27,875,000, corresponding to the honorariums of the Secretary and the payments to the hired advisors throughout the period. ----------------------------------------------------------------------------------

The obligation of informing the Ordinary Shareholders Meeting of the activities and expenses of the Committee of Directors throughout the 2015 financial period has now been fulfilled. -----------

26th Ordinary Shareholders Meeting Aguas Andinas S.A. – 27/04/2016

12.- Determination of the Santiago Publication in which the notices of convocation to Shareholders Meetings and Other Matters of Interest will be Printed.

After evaluating the relative circulation of the different periodicals amongst the company, the public to which they are directed, and the publication costs, the Board has agreed to propose to the Shareholders Meeting that they designate El Mercurio for the publication of notices of convocation to shareholders meetings and any other information directed to the shareholders. ---------------------------------------------------------------------------

The floor is opened to the shareholders for discussion of this point. ------------------------------------------------

The proposal is approved with the favorable and express vote of the representatives of the Pension Fund Administrators, and with 211,933 votes against from Banco de Chile, representing nonresident third parties. Note that the votes of the different representatives of third party accounts, as inscribed in the Shareholders Registry, are those that have been delivered to the Company and correspond to the contents of their respective letters of instruction. ----------------------------------------------------------------------------------------

13.- Otras materias de interés social y de competencia de la Junta.

I offer the floor to the shareholders for discussion of any other matters of business interest that are within the scope of the present Ordinary Shareholders meeting. ----------------------------------------------------

There being no other matters to discuss, the President thanks the shareholders for their attendance at the Meeting, and at 12:07pm, officially ends the Twenty-Sixth Ordinary Shareholders Meeting of AGUAS ANDINAS S.A. ---------------------------------------------------

Felipe Larrain Aspillaga President

Camilo Larraín Sánchez Secretary

Jorge CosmeSagnier Guimón p.p. Inversiones Aguas Metropolitanas S.A.

Víctor Selman Biester p.p. Corporación de Fomento de la

Producción

Sara Stiepovich Gonzalez