TABLE OF CONTENTS  PART ONEPART TWOPART THREEPART FOURPART FIVEPART SIXPART SEVENPART EIGHT    Table of Contents   STATUTES [BY-LAWS]
ENERSIS S.A.
 
 PART ONE  Name, Domicile, Duration and Objects
 First Clause
 First Supplementary Clause
 Second Clause
 Third Clause
 Fourth Clause
 a)
    
    Promote, organize, constitute, modify, dissolve or liquidate companies of any kind whose
objects are allied or related to those of the Company.b)
    
    Propose the investment, financing and trading policies to its subsidiary companies, as well
as the accounting systems and criteria to be followed.c)
    
    Supervise the management of its subsidiary companies.d)
    
    Provide its subsidiary and affiliate companies with financial resources necessary for their
businesses and provide management services for its subsidiaries; financial, commercial,
technical and legal advice; auditing services and generally any kinds of service seeming
necessary for their best performance.
  1.
    
    The acquisition, exploitation, construction, rental, management, commercialization and
disposal of all kinds of properties [real estate] directly or through subsidiary or affiliate
companies.2.
    
    All kinds of financial assets including shares, bonds and debentures, trade papers and in
general all kinds of securities and holdings in companies, directly or through susbsidiary of
affiliate companies.
 
 PART TWO  Capital and Shares
 Fifth Clause




---



##### Table of Contents



Fifth Supplementary Clause Unidades de Fomento
 Sixth Clause:
 Seventh Clause:
 Eighth Clause Unidad de Fomento
 Ninth Clause
 Ninth Supplementary Clause
 Tenth Clause
 Eleventh Clause




---



##### Table of Contents



PART THREE  Administration
 Twelfth Clause
 Thirteenth Clause
 Fourteenth Clause
 Fourteenth Supplementary Clause
 Fifteenth Clause
 Sixteenth Clause
 Seventeenth Clause
 Seventeenth Supplementary Clause
 Eighteenth Clause




---



##### Table of Contents



PART FOUR  Shareholders Meetings
 Nineteenth Clause
 Twentieth Clause
 Twentieth Supplementary Clause
 Twenty-First Clause
 Twenty-First Supplementary Clause




---



##### Table of Contents



Twenty-Second Clause
 Twenty-Third Clause
 Twenty-Fourth Clause
 Twenty-Fourth Supplementary Clause:
 Twenty-Fifth Clause
 Twenty-Sixth Clause
 Twenty-Seventh Clause
 Twenty-Seventh Supplementary Clause




---



##### Table of Contents



PART FIVE  From the Directors Committee and the Auditing Committee
 Twenty-Eighth Clause : Ley sobre Sociedades Anónimas Superintendencia de Valores y Seguros
 Twenty-Ninth Clause:
 Thirtieth Clause:
 Thirty-First Clause:
 Thirty-Second Clause:
 Thirty-Third Clause:
 Thirty-Fourth Clause:




---



##### Table of Contents



Thirty-Fifth Clause:
 
 PART SIX  Balance Sheet, Funds and Profits [Earnings]
 Thirty-Sixth Clause st
 Thirty-Seventh Clause
 Thirty-Seventh Supplementary Clause
 Thirty-Eight Clause




---



##### Table of Contents



PART SEVEN  Dissolution and Liquidation
 Thirty-Ninth Clause
 Fortieth Clause
 Fortieth-First Clause
 
 PART EIGHT  General Provisions
 Fortieth-Second Clause:
 Fortieth-Third Clause
 TRANSITORY PROVISIONS
 First Transitory Clause El Mercurio
 Second Transitory Clause
 Subscribed and Paid Up Capital




---



##### Table of Contents



Capital Revalorization
 New Share Capital
    (i)
    
    Elesur S.A. credits, composed by two loans to the Company, that
according to an experts appraisal approved by the Companys above mentioned
shareholders meeting. Amount as of this date, including principal and
interests to 86.84% of its par value. Currently, such par value amounts
58,701,778.99 U.F. (hereinafter, the Loans; and,(ii)
    
    By way of partial or complete capitalization of Bonds No. 69,
Series B1 and B2, whose value, according to an experts appraisal approved by
the Companys above mentioned shareholders meeting, will be the result of its
par value, multiplied by the following percentages:
 (i)
    
    87.23% for Series B1 Bonds; and(ii)
    
    71.59% for Series B Bonds.
 th th
 First pre-emptive rights offering period
 Voluntary Bond Exchange. th El Mercurio
 Second pre-emptive rights offering period.




---



##### Table of Contents



Term for the Capital Increase th
  Third Transitory Clause